We are excited to share that Mortech is partnering with omnichannel conversation platform, Botsplash, to deliver a more innovative, digital experience for both borrowers and lenders. Botsplash is known for its customizable solutions that can make any lending institution stand out amongst competitors by providing lenders access to digital messaging channels where borrowers are looking for answers to their home financing questions. By integrating Mortech’s product and pricing engine with Botsplash’s web chat widget, lenders not only can share their real-time rates with borrowers, but also connect, engage, and interact with them instantly in real-time all within a single platform. Through this lenders could see higher customer engagement and increased lead conversion.  

The mortgage industry continues to digitally transform using technology to automate sales and operational workflows into streamlined processes for both borrowers and lenders. With partnerships like Mortech’s newest integration with Relcu, industry professionals are working together to give lenders like you, a platform to accurately advertise your real-time mortgage rates and loan proposals to borrowers who are researching home financing information online.   

We are pleased to share the news that we recently added online marketplace, Solve Finance, to our list of marketplace partners. Through this partnership, our mutual lenders will have the opportunity to advertise their mortgage offers live to consumers leveraging Solve Finance’s platform to find mortgage products, refinance options, and more.

On November 30^th, 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.

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.

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.

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.

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.

On May 26^th, 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%).

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.