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Loan Limit Increases for 2022

Posted by Anna Deibert on Dec 2, 2021 9:31:08 AM

On November 30th, 2021 the Federal Housing Finance Agency (FHFA) announced the new adjusted 2022 loan limits. Most of the U.S. counties will see an increase, while only four counties will remain unchanged. Loan limits did not decrease anywhere in the U.S. or its territories.

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Mortgage Industry Updates

Posted by Anna Deibert on Sep 29, 2021 8:33:06 AM

Fees and restrictions lifted on second homes and investment properties

 

In July of this year, I wrote about the stricter requirements for second homes and investments. At the time, many lenders chose not to offer mortgages for those specific property types.

 

On September 13, 2021, FHFA announced they will be suspending the restrictions on the PSPA provisions which include:

  • Limits on the GSE’s cash windows (loans acquired for cash consideration)
  • Multifamily lending
  • Loans with higher risk characteristics
  • Second homes and investment properties

Lenders are already requesting to have their fees and/or adjustments removed from our pricing engine platform.

 

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Mortech Integrates Pricing Engine with BestMoney.com to Provide Lenders with Expanded Borrower Reach

Posted by Alexus Matulka on Sep 15, 2021 10:16:18 AM

 

We are excited to announce the addition of BestMoney, a Natural Intelligence company, to our list of marketplace partners. Through this integration, our mutual lenders will have the opportunity to advertise their mortgage offers live to millions of potential borrowers leveraging BestMoney’s platform, and to specifically be matched with home buyers in need of home financing.

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Fees Continue to Climb for Second Homes and Investment Properties

Posted by Anna Deibert on Jul 23, 2021 9:04:51 AM

During the pandemic, many people moved to a work-from-home structure and those that had the means to do so, began looking for a new place to call home and hold on to their current residence as an investment property. The demand for second homes increased during 2020 until the amended PSPA was announced in March of

this year.

 

 

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Meet Mortech: Natasha Toor

Posted by Alexus Matulka on Jul 13, 2021 8:50:05 AM

 

This week on Meet Mortech we want to introduce you all to our Product Manager, Natasha Toor! 

 

Favorite part of the job: The people I get to work with! They are intelligent, encouraging, friendly, and even funny. They can make work (especially from home) feel less like work. Zoom calls feel less awkward and emails and chats feel more like open conversations. The easy collaboration allows us to kick butt and deliver a great product!

 

Favorite things to do on days off: I love to cook, sip on a drink, and listen to music to relax, preferably outside and with family and friends! I enjoy reading fiction and watching movies, and I have been trying to get into gardening but the little critters in the ground are making it an itchy process.

 

Favorite places to travel include: The Staples Center in LA! I love the buzz around the building and have many wonderful memories there and feel giddy just being near it! If I need a vacation, then I'd travel anywhere in the mountains or in Hawaii. If I need to see a familiar face, then I'd travel to see family in Canada, England and India.

 

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Fannie Mae Temporarily Suspends High LTV Refinance Program

Posted by Anna Deibert on Jun 25, 2021 9:48:26 AM

On May 26th, Fannie Mae sent out an announcement informing that the High LTV refinance program will temporarily be halted beginning Thursday, July 1st, 2021.

 

Background on this refinance program

 

Back in November 2018, Fannie Mae High LTV and Freddie Mac Enhanced Relief Refinance programs were an alternative to the HARP program (Home Affordable Refinance Program). These programs were designed to help borrowers who were looking to refinance their mortgage but didn’t have enough equity in their home due to a decrease in home value since it was purchased (owing more than the home is worth). To qualify for a High LTV program, a borrower with a Fannie Mae-backed mortgage would need to have less than 3% equity in their home, (or their loan-to-value will need to be over 97%).

 

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Mortech Integrates PPE with Mortgage Insurance Provider, Essent

Posted by Alexus Matulka on Jun 23, 2021 8:59:15 AM

 

Last week, Mortech announced the addition of private mortgage insurer, Essent, to their growing list of industry-leading mortgage insurance (MI) providers. Through this integration, lenders can now quote MI premiums through Essent’s risk-based pricing engine, EssentEDGE®, within Mortech’s product and pricing engine platform. 

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New Product Features Now Available within Mortech’s Encompass Integration

Posted by Alexus Matulka on May 26, 2021 12:47:20 PM

Mortech’s enhanced pricing integration with Encompass® streamlines and automates secondary desk and lock processes by securely passing pricing data between Mortech’s pricing engine and the Encompass platform. Loan officers leveraging the integration are able to create a custom, detailed workflow that fits their business needs.   

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Refinance Option Program Now Available for Low-Income Families

Posted by Anna Deibert on May 13, 2021 8:22:46 AM

On April 28th, FHFA announced the launch of a new refinance option program specifically for low-income families.

 

Earlier this month, Fannie Mae introduced the new program under the name RefiNow which will be available on June 5th. Freddie Mac version of the program, Refi Possible, will be available on August 30th.

 

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Meet Mortech: Gowri Sivanathan

Posted by Alexus Matulka on Mar 30, 2021 1:54:47 PM

 

This week on Meet Mortech we want to introduce you all to our Senior Manager of Product Management, Gowri Sivanathan! 

 

Favorite part of the job: The people. Being in product management, I engage with stakeholders, engineers and customers often. I love working cross-functionally.  

 

Favorite things to do on days off: Read, cook, evening walks and travel. I cannot wait to resume travel once again! 

 

Speaking of travel, favorite places to visit include: Canada, Switzerland, New Zealand (on my wish-list). I prefer spending my time in the wilderness - mountains, greenery, lakes - over busy towns/crowded tourist spots. Not much of a beach person though, given I cannot swim (fun fact). 

 

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