Industry Briefs, April 26, 2024
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Matic Launches Partnership With USA Mortgage
Matic Insurance, Columbus, Ohio, has launched a partnership with USA Mortgage, Saint Louis, Mo., to provide property and casualty insurance products to USA Mortgage customers.
Matic’s insurance marketplace will be integrated into the USA Mortgage home lending experience. Borrowers will be able to explore personalized rates and coverage as part of the process.
USA Mortgage customers will gain access to a wide array of P&C insurance products through Matic’s digital platform. In addition to home and auto insurance, Matic will offer umbrella, jewelry, flood, dwelling fire, pet and other personal lines of insurance to customers.
Mortgage Capital Trading Rolls Out New Advancement
Mortgage Capital Trading, San Diego, has rolled out an Enhanced Best Execution solution, a bridge between MCTlive! (live whole loan/SRP execution) and MSRlive! (loan level MSR valuation).
MCT clients will have accurate insight into how loans are trading and what investors are paying, among other features.
It will provide automation to streamline the process, making all the essential execution data elements accessible.
Click n’ Close Expands DPA Mortgage Product Suite
Click n’ Close, Addison, Texas, announced it has expanded its suite of down payment assistance loan products to include a shared appreciation option.
Click n’ Close’s DPA with Shared Appreciation program offers a below-market interest rate for first-lien FHA and USDA loans and a repayable DPA second lien in exchange for up to 40% the home’s appreciation during the first five years. After the five-year accumulation period, the shared appreciation amount is added to the second lien and amortized over the remaining term. Program rates start at 4.75% for a 5-1 adjustable rate mortgage (ARM), the company said.
The new offering is available through Click n’ Close’s retail and wholesale divisions.
FormFree Updates Passport Wallet App
FormFree, Athens, Ga., announced enhancements to Passport Wallet, designing it to make it easier for consumers to understand their ability to pay and match with lenders.
The app is now available in the Apple App Store and Google Play.
Changes include a streamlined user interface, VantageScore as the primary credit model and a Universal Connect Widget for Improved Asset Validation.
LoanCare Receives Fitch Rating for Closed-End Second Lien Products
LoanCare, Virginia Beach, Va., announced that Fitch Ratings assigned the company the U.S. residential primary servicer for specialty Closed-End Second Lien products rating of RPS2+; Outlook Stable.
Fitch also affirmed LoanCare’s U.S. residential primary servicer for Prime product and specialty subservicer ratings at RPS2+ in 2023.
