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.

We are excited to add another platform to our growing list of industry leading online marketplaces. Lantern by SoFi - owned and operated by digital personal-finance company SoFi - is a solution designed to make financing easier for their members who are in need of a financial solution ranging from personal loans, student loan refinance loans, credit cards, small and medium business (SMB) loans and most recently have added mortgage loans to their list of products. With this new integration, the two solutions want to assist their mutual lending partners in broadening their market reach and growing their business by advertising their live mortgage offers online, where most home buyers are shopping.

On November 24^th, 2020 the Federal Housing Finance Agency (FHFA) announced the new adjusted 2021 loan limits. A majority of the U.S. counties will see an increase, while 18 counties will remain unchanged. Loan limits did not decrease anywhere in the U.S. or its territories.

We are excited to announce that Mortech’s online mortgage rate quoting platform is now integrated with Roofstock, a real estate investment marketplace that assists those looking to purchase and own residential investment properties. With this new integration, the two solutions are looking to seamlessly connect those looking to invest in a rental property with industry leading lenders by providing them with a vibrant and cost-effective marketplace where they can interact with one another. 

In March of this year, FHFA published a news release granting flexibilities for appraisals on purchase and rate term refinance loans. This decision is designed to help borrowers and lenders during the COVID-19 pandemic. FHFA has extended the loan flexibilities numerous times since. It has now been extended once again until November 30, 2020, according to the latest news release from FHFA on October 19, 2020.

We are excited to announce that Mortech is now integrated with Own Up, a mortgage marketplace with a goal to bring clarity and ease to digital borrowers beginning their journey in the outdated mortgage industry. With this new integration, the two solutions are looking to provide every aspect of the digital mortgage experience to home buyers in one easy-to-use platform.