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.
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.
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).
On March 11, 2021, Fannie Mae announced in Lender Letter LL-2021-08 that they are implementing a tighter restriction on Second Homes and Investment properties.
This restriction came about after a recent agreement between FHFA and the U.S. Department of Treasury jointly deciding not to restructure the government-sponsored enterprises (GSE’s), Fannie Mae and Freddie Mac, and allowing the entities to retain more of their earnings. However, FHFA is stating this still may not be an adequate amount of money to avoid failure if there is another housing crisis. Some see this as a great risk for the market, predicting the GSE’s will focus on raising profit margins rather than helping serve the underserved communities, first-time homebuyers, and properties such as second homes and investments.
Earlier this week, Mortech announced a new integration with National MI® Rate GPS that will allow lenders to quote live mortgage insurance premiums from National MI’s Rate GPS within Mortech’s product and pricing engine.
By using our pricing engine platform to quote live MI, lenders can confidently compare scenarios in a single location for a more efficient workflow that:
As we enter the second week of February 2021, we wanted to share a few upcoming agency updates that you should be mindful of.
USDA announced in a recent bulletin on February 3rd that Single Family Housing (SFH) is increasing the appraisal fee to $700 and the conditional commitment fee to $775 under the direct programs. This is a $100 increase from the previously $600 and $675 fees respectively. These new fees are to take effect 30 days from the announcement date. Prior to 2020 the fees were rarely assessed and adjusted but moving forward, these fees will be assessed and adjusted annually.
We have added another industry leading solution to our ever growing list of marketplace platforms, in hopes to continue to provide our mutual lenders with the ability to quote their mortgage offers live to a more diverse audience digitally, where home buying continues to thrive. Home Lending Pal is a mortgage research software that gives potential borrowers the ability to see what amount they can afford on a home loan and compare the likelihood of approval from a variety of lending partners.
This week on Meet Mortech we want to introduce you all to our Senior Mortgage Data Specialist, Zack Zortman!
Favorite part of the job: For me it's been learning an entirely different side of the mortgage industry. My background is secondary marketing and lending, so being more behind the scenes managing data has been a great learning opportunity. Included with that, I've really enjoyed moving to a company that truly values, believes in, and trusts their employees.
Favorite things to do on his days off: Outside of spending time with my wife and son, for me it's golf. I've been fortunate enough to have an understanding wife who has let me convert a portion of the garage into an indoor simulator bay, so I haven't had to take the winter completely off this year. It's been a blessing. I'm also an avid reader, writer, sunset watcher, occasional wine drinker and meat smoker.
Favorite places to travel: I love the mountains, so any chance I get to take a drive through the Rockies and spend some time in Vail or Aspen, I take. Also, I love Scottsdale, Hilton Head and the Riviera Maya.
On December 2nd, 2020, Freddie Mac announced that they will be implementing reduced loan-to-value (LTV) maximums to the Home Possible program. Their December bulletin stated that this change will be effective on April 1, 2021. The Home Possible amendment largely affects 2- to 4- units for conforming loan limits.
As 2020 comes to a close and rates still hover at historic lows, the time is now to set yourself up for success in the upcoming year by advertising your live mortgage offers online where home shoppers are currently searching for their financing needs. Working with us to quote your rates online is super easy and gives you the ability to quote the products you want to the platforms that make the most sense for your business’ needs and goals.