Industry Briefs, Oct. 16, 2024
(Image courtesy of Markus Winkler via pexels.com)
Candor Technology Automates Underwriting for FHA Loans, Offers Buyback Warranty
Candor Technology, Alpharetta, Ga., announced the expansion of its Loan Engineering System to include Federal Housing Administration loans.
Candor’s LES automates underwriting decisions for FHA loans and offers a warranty on income calculations and cleared conditions for funded FHA loans–Candor pointed to that as an “industry first.”
The Candor LES integrates with lenders’ loan origination software, allowing it to calculate income, assets and other qualifying credit criteria while cross-referencing FHA guidelines. It generates and clears dynamic, loan-specific conditions and is backed by a warranty from an AAA-rated insurer for up to 60 months post-closing.
A&D Mortgage Opens DSCR Loan Program to First-Time Buyers
A&D Mortgage, announced the expansion of its Debt Service Coverage Ratio loan program to include first-time homebuyers.
The qualified first-time buyers include both U.S. residents and foreign nationals.
The DSCR loan allows them to leverage the property’s rental income instead of traditional income verification methods, and provides flexible terms, making real estate investing more accessible to domestic buyers and international clients.
FHA Posts Appraisal Review and Reconsideration of Value Policy Q&A From Webinar
The Federal Housing Administration posted a questions and answers document addressing inquiries from stakeholders regarding FHA’s Mortgagee Letter: “Appraisal Review and Reconsideration of Value” announced in FHA INFO 2024-24.
The webinar was hosted on Aug. 8, to prepare mortgagees and other stakeholders for the implementation of the ROV policy. Subject matter experts briefed participants on the ROV policy and processes and addressed questions submitted prior to and during the webinar.
The document includes a summary of questions asked during the webinar and those that there weren’t time for.
Calque Announces Additional Partners
Calque, Austin, Texas, announced Bayshore Mortgage Funding, New Castle Lending Partners and Mustache Mortgage now offer The Trade-In Mortgage.
The product provides homeowners with a way to utilize their home equity to secure a new property before selling their current one.
Calque also announced that Financial Dwellings, a mortgage firm serving Colorado, has partnered with it to provide The Trade-In Mortgage and Contingency Buster–another product that helps homeowners with loan qualification by excluding their current home from their debt-to-income ratio during underwriting.
