Mortgage Daily Logo

The Wholesale Mortgage Wire

Mortgage News

One wholesale mortgage lender has upgraded its technology, while another has launched a reverse mortgage product lineup. A consultant is helping wholesalers beef up their businesses.

New and prospective wholesale lenders are being courted by
The Business Loan Connection LLC. The company promises to help wholesale lenders develop their business strategy and get closer to their broker clients.

“For each assignment, I will visit the client at their office,” Bob Rubin, owner of the Southfield, Mich.-based firm, said in a written statement. “I believe in evening and weekend sessions; have knowledge will travel.”

Wholesale One recently announced three charter mortgage broker members: The Advantage Mortgage Group, Advantage Rate Mortgage and Ultimate Rate Mortgage Co. In addition, two wholesale lenders were approved by the national mortgage cooperative.

Wholesale One, which is based in St. Louis, is managed by a division of Ocwen-affiliate Altisource Portfolio Solutions.

United Wholesale Mortgage reported this month that
its wholesale lending business has grown “400 to 500 percent in the last four to five years, and roughly 1,000 percent over the last eight years.” Parent United Shore hopes to add between 400 and 500 new employees this year.

Last month, Troy, Mich.-based United Wholesale
unveiled UTrack, a significantly enhanced loan tracking system. The technology reportedly enables mortgage brokers and correspondent clients to provide a link to borrowers and real estate agents so they can track their loan process in real time.

“When the borrower or real estate agent clicks on the UTrack link to follow their loan’s progress, they don’t see UWM anywhere,” United Wholesale Mortgage President and Chief Executive Officer Mat Ishbia said in the Feb. 26 statement. “This tool was designed specifically with the broker in mind, so they are the hero and UWM remains invisible to the client.”

The tracking tool was announced one month after United Wholesale launched a new loan origination system.
The LOS was developed by an in-house team of 150 information technology professionals and took nearly a year to develop.

Dubbed EASE, the LOS utilizes
drag-and-drop technology and automatically populates its product-and-pricing engine.

United Wholesale recently launched its Investor Edge product for financing investor properties.
No income verification is required, and the debt-to-income ratio is based solely on the subject property’s proposed cash flow.

In Austin, Texas, Open Mortgage LLC announced last month that it has opened a wholesale reverse mortgage channel.

Open Mortgage’s entry into reverse mortgages follows its recent acquisition of 360 Mortgage’s reverse mortgage origination business.

Kirk O’Connor was hired by Open Mortgage as the new director of wholesale development.

Related Posts

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Third-Quarter 2012 Mortgage Litigation Index

Lawsuits involving excessive fees, servicing fees and loan fees beyond state maximums. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Fannie Mae and Freddie Mac Orangeburg County, Richland County, South...

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Net Branch Lawsuits

Litigation involving net branch operations. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story PHH Mortgage Corp. Mathews Supreme Court of Virginia na Court held that the term "branch office" includes not only...

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Whistleblower Lawsuits

Litigation related to loan servicing, including escrow issues, transfer of servicing and servicing borrowers in bankruptcy and foreclosure.   Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Bank of...

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming paperwork has been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and furniture need to...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand-new mortgage loan can be a difficult task, especially for first-time homeowners.   After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first...

Newsletter

Don’t worry, we don’t spam