Business, Free News Articles, Software

National Bankers Association Endorses Promontory MortgagePath for Mortgage Fulfillment Services and POS Technology

DANBURY, Conn. -- Leading digital mortgage and fulfillment solutions provider Promontory MortgagePath LLC today announced the National Bankers Association (NBA) has endorsed its mortgage fulfillment services and proprietary point-of-sale technology, Borrower Wallet®.

Founded in 1927, NBA has served as a voice for minority-owned banks. Its members include Black, Hispanic, Asian, Pacific Islander, Native American and women-owned banks across the country, all working to help low- and moderate-income communities that are underserved by traditional banks and financial service providers. NBA's endorsement recognizes Promontory MortgagePath's mortgage fulfillment service and POS technology for their ability to help minority depository institutions (MDIs) build their mortgage businesses.

Utilizing Promontory MortgagePath, NBA's member banks can offer a full suite of mortgage products without the need to invest in significant internal infrastructure while also lowering their origination costs. In addition, Promontory MortgagePath facilitates secondary market investor relationships to support clients' mortgage origination activities.

"Providing our member banks with technology and solutions that will help them increase access to financial services in minority communities is essential to our work," said Nicole Elam, president and CEO, NBA. "We are pleased to have successfully vetted Promontory MortgagePath, which will offer member MDIs shared access to a mortgage fulfillment solution necessary to making homeownership a possibility in communities aspiring to build generational wealth."

Founded by former U.S. Comptroller of Currency Gene Ludwig, Promontory MortgagePath began with a mission of empowering community banks to participate profitably in mortgage lending. Promontory MortgagePath's community development and minority-owned bank initiative is focused on increasing access to homeownership in underserved communities. Via the initiative, Promontory MortgagePath provides competitive pricing models, access to its user-friendly technology, dedicated U.S.-based teams of mortgage experts and robust strategies to help clients drive origination growth, with the overall goal of helping build long-term wealth in communities through increased homeownership.

"Minority depository institutions are critical conduits for financial services in the communities they serve," said Ludwig, founder and CEO of Promontory MortgagePath. "We are proud to have the endorsement of the National Bankers Association, which for nearly 100 years has supported these important institutions. Promontory MortgagePath is committed to working with the NBA to increase access to homeownership, which is central to wealth building in these communities and the American Dream."

The National Bankers Association joins the Community Development Bankers Association (CDBA) and American Bankers Association (ABA), as well as a growing list of state banking associations, in endorsing Promontory MortgagePath's services and technology.

About National Bankers Association

Founded in 1927 as the Negro Bankers Association, today, the association NBA has expanded its membership to also include Hispanic-American, Asian-American, Native American, and women-owned banks. Member banks are located in twenty-two states and the District of Columbia. Recognized as the voice of minority banking in the U.S., the NBA continues its role as chief advocate for these banks in the nation's capital. Through the decades, NBA has helped to shape public policy at the White House, on Capitol Hill, within the regulatory community and throughout the federal bureaucracy. For more information, visit https://www.nationalbankers.org/.

About Promontory MortgagePath LLC | NMLS ID 1532373

Promontory MortgagePath is a fast-growing team of passionate problem solvers on a mission to fundamentally change the way lenders approach their mortgage business. The company combines an intuitive, collaborative digital mortgage platform with modern, comprehensive fulfillment services, giving lenders the progressive technology and scalability required to profitably compete in today's rapidly changing residential mortgage market. Promontory MortgagePath's founder, former U.S. Comptroller of the Currency Gene Ludwig, is widely recognized as a visionary thinker on the critical issues confronting financial services, and his companies are renowned for helping community lenders resolve their most pressing challenges. To learn more, visit https://www.mortgagepath.com.

Related link: https://www.mortgagepath.com/

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Business, Free News Articles, Software

Down Payment Resource welcomes Marcy Ash, AMP, as Director of Strategic Projects

ATLANTA, Ga. -- Down Payment Resource (DPR), the nationwide database for U.S. homebuyer assistance programs, today announced it has appointed Marcy Ash, AMP, as director of strategic projects. In her role at DPR, Ash will manage relationships with state Housing Finance Agencies (HFAs) and spearhead industry partnerships and strategies that help DPR deliver greater value to its customers.

"My passion is helping low- to moderate-income borrowers realize their dreams of homeownership, so I am thrilled to join DPR as the newest member of its dedicated team of housing industry experts," said Ash. "I look forward to building upon the company's exceptional reputation by connecting even more lenders, real estate agents and borrowers with the award-winning digital tools they need to expand sustainable homeownership accessibility."

Prior to joining the DPR team, Ash was assistant vice president and senior product manager at Huntington Bank, where she was responsible for developing, implementing and managing the company's affordable lending products and programs. As a result of Ash's efforts, Huntington Bank saw a 700% increase in the number of closed loans for low- to moderate-income borrowers through the Ohio Housing Finance Agency.

"Marcy brings over 28 years of valuable mortgage lending and product development experience to our organization," said DPR CEO Rob Chrane. "With her extensive expertise and proven passion for DPR's mission of connecting borrowers with down payment assistance programs, Ash will play a vital role in nurturing our organization's strategic projects and partnerships."

Ash is a state-certified continuing education instructor for Realtors in Ohio, Michigan and Kentucky. She has also been an annual guest speaker and moderator for the Ohio Housing Conference and has served as a member of the Ohio Housing Lender Advisory Board.

About Down Payment Resource:

Down Payment Resource (DPR) is a nationwide database of down payment assistance and affordable lending programs. The company tracks funding status, eligibility rules, benefits and more for approximately 2,000 programs in 11 categories. Its award winning technology helps the housing industry connect more homebuyers to the down payment help they need. DPR has been recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100™. DPR is licensed to Multiple Listing Services, Realtor Associations, lenders and housing counselors across the country. DPR's subscription based service, Down Payment Connect, helps agents and loan officers match buyers to available programs.

For more information, please visit https://downpaymentresource.com/ and on Twitter at @DwnPmtResource.

Related link: https://www.downpaymentresource.com/

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Business, Free News Articles

New Jersey Bankers Association endorses Promontory MortgagePath’s mortgage fulfillment services and POS technology

DANBURY, Conn. -- Promontory MortgagePath LLC, a leading provider of comprehensive digital mortgage and fulfillment solutions, announced today the New Jersey Bankers Association (NJBankers) has officially endorsed its mortgage fulfillment services and proprietary point-of-sale technology Borrower Wallet®.

As an endorsed service provider, NJBankers recognizes Promontory MortgagePath's mortgage technology and end-to-end fulfillment services as a solution to help banks maintain profitability and enter or reenter the mortgage business. Promontory MortgagePath's solutions reduce mortgage origination expenses and infrastructure while enabling community banks to retain a full product suite. Through this technology, community banks can shift from fixed mortgage-operation costs to a variable cost model, providing the ability to maintain staffing and reduce impact from market cyclicality.

"We're excited to bring on Promontory MortgagePath as an Endorsed Provider," said John E. McWeeney, Jr., President and CEO of NJBankers. "Its product and service offerings will provide value and operational efficiencies to our member banks."

Residential lending provides banks an opportunity to increase revenue and create opportunities for core deposits and customer cross-selling. Promontory MortgagePath is committed to empowering banks to participate profitably in mortgage lending by offering mortgage technology and end-to-end fulfillment services - boosting community banks' ability to build franchise value and expand relationships with their customers while establishing mortgage businesses that can withstand market conditions. Despite Promontory MortgagePath's comprehensive model, providing both the technology - including a POS and LOS - and back-office operational support, such as processors, underwriters and closers, all loans are issued in the bank's name. Banks retain control over the product mix and pricing, ensuring mortgage operations remain in line with the bank's overall risk appetite and growth plans.

"Our mission is to strengthen the community bank franchise model with a mortgage platform that enables them to expand their customer base and increase profits," said Paul Katz, managing director and head of bank relations at Promontory MortgagePath. "Being endorsed by the preeminent advocate for N.J. banking validates PMP's solution and the outstanding value it brings to the NJBankers members."

About NJBankers:

Founded in 1903, the New Jersey Bankers Association (NJBankers) is a trade association representing 70 banks and 176 service providers. NJBankers provides a variety of services to members including government relations at both the state and national levels, education and professional development, and employee health and welfare insurance programs through its licensed insurance brokerage facility, Bankers Cooperative Group.

About Promontory MortgagePath LLC | NMLS ID 1532373

Promontory MortgagePath is a fast-growing team of passionate problem solvers on a mission to fundamentally change the way lenders approach their mortgage business. The company combines an intuitive, collaborative digital mortgage platform with modern, comprehensive fulfillment services, giving lenders the progressive technology and scalability required to profitably compete in today's rapidly changing residential mortgage market. Promontory MortgagePath's founder, former U.S. Comptroller of the Currency Gene Ludwig, is widely recognized as a visionary thinker on the critical issues confronting financial services, and his companies are renowned for helping community lenders resolve their most pressing challenges. To learn more, visit https://www.mortgagepath.com.

Related link: https://www.mortgagepath.com/

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Business, Free News Articles, Regional Events, Software

ACES Quality Management adds Mortgage Bankers Association Economist Dr. Edward Seiler to ACES ENGAGE agenda

DENVER, Colo. -- ACES Quality Management® (ACES), the leading provider of enterprise quality management and control software for the financial services industry, announced it has added Dr. Edward Seiler, housing economist at the Mortgage Bankers Association (MBA) and executive director of the MBA's think tank Research Institute for Housing America, to its speaker line-up for the upcoming ACES ENGAGE conference, where he will share his thoughts and observations on the economic outlook heading into the second half of 2022. Seiler joins New York Times Bestselling Author Aron Ralston and mortgage quality control and risk expert Steve Spies as headlining speakers for this year's event.

"Given the impact of macroeconomic events on the financial services landscape, industry risk and quality management professionals need to stay on top of the latest economic outlooks and trends to adequately adjust their strategies in the pursuit of maintaining compliance, protecting loan quality and mitigating risk," ACES CEO Trevor Gauthier said. "As one of the key contributors to the MBA's forecasts and policy positions, Seiler has his fingers on the pulse of what's next from an economic perspective, making him a natural fit to help round out our ACES ENGAGE line-up, and we eagerly await the key insights he'll have to share with the ACES ENGAGE audience."

Taking place at the historic Broadmoor Hotel in Colorado Springs on May 23-25, 2022, ACES ENGAGE is designed to bring together the nation's top financial services quality management professionals to discuss industry trends and best practices across the mortgage lending, loan servicing and consumer lending spectrums. Through a mix of general session presentations, panel discussions and breakout session tracks, attendees will have the unique opportunity to learn from industry experts and thought leaders, network and leave with the knowledge necessary to increase efficiencies, improve productivity and further quality at their organizations.

Register to attend ACES ENGAGE and learn more at https://www.acesquality.com/aces-engage-2022

About ACES Quality Management

ACES Quality Management is the leading provider of enterprise quality management and control software for the financial services industry. The nation's most prominent lenders, servicers and financial institutions rely on ACES Quality Management & Control Software® to improve audit throughput and quality while controlling costs, including:

* 3 of the top 5 and more than 50% of the top 50 independent mortgage lenders;

* 7 of the top 10 loan servicers;

* 11 of the top 30 banks; and

* 1 of the top 3 credit unions in the USA.

Unlike other quality control platforms, only ACES delivers Flexible Audit Technology, which gives independent mortgage lenders and financial institutions the ability to easily manage and customize ACES to meet their business needs without having to rely on IT or other outside resources. Using a customer-centric approach, ACES clients get responsive support and access to our experts to maximize their investment. For more information, visit https://www.acesquality.com/ or call 1-800-858-1598.

Related link: https://www.acesquality.com/

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Awards and Honors, Business, Free News Articles

Down Payment Resource Presents 2021 Beverly Faull Affordable Housing Leadership Award to Ruth Johnson

ATLANTA, Ga. -- Down Payment Resource (DPR), the nationwide database for U.S. homebuyer assistance programs, today announced that Ruth Johnson, founder and CEO of Homes for Heroes, has been selected the winner of its fourth annual 2021 Beverly Faull Affordable Housing Leadership Award. Each year, the Beverly Faull Affordable Housing Leadership Award recognizes an individual or organization that has demonstrated outstanding leadership in broadening access to homeownership and affordable housing finance solutions.

Johnson was selected for founding Homes for Heroes, a national network of real estate, mortgage and local business specialists that provide housing services at a reduced cost to healthcare professionals, teachers, first responders, active military and veterans. To date, Homes for Heroes has helped give back $100 million in Hero Rewards to more than 50,000 heroes and their families so they can reach their homeownership dreams.

Each year, DPR makes a financial donation to the recipient's housing nonprofit of choice. Johnson has requested the donation be made to the Homes for Heroes Foundation, 501(c)3 nonprofit that aids heroes suffering from housing insecurity with housing assistance and home modification services. The foundation recently celebrated raising $1 million dollars to support heroes in need.

"I am incredibly honored to be named a Beverly Faull Affordable Housing Leadership Award recipient," said Johnson. "In the age of Covid, it is more important than ever to give back to the brave heroes that have remained dedicated to serving our country and its diverse communities throughout this crisis. Helping those heroes has been a lifelong passion of mine, and I look forward to continuing this mission with Homes for Heroes for years to come."

The Beverly Faull Affordable Housing Leadership Award is named in memory of Beverly Faull, a highly regarded housing industry veteran and one of DPR's first employees, who fully embraced the company's mission to provide greater visibility and access to down payment assistance programs.

Previous winners of this award include The National Association of Real Estate Brokers (NAREB), the oldest professional organization for Black and minority real estate professionals, Tonya Todd, Housing Director for Hilltop Securities, Inc. and John O'Callaghan, President and CEO of the Atlanta Neighborhood Development Partnership, Inc.

For more information about Johnson's ongoing work with Homes for Heroes, visit https://www.homesforheroes.com/.

About Down Payment Resource:

Down Payment Resource (DPR) is a nationwide database of down payment assistance and affordable lending programs. The company tracks funding status, eligibility rules, benefits and more for approximately 2,300 programs in 13 categories. Its award-winning technology helps the housing industry connect more homebuyers to the down payment help they need. DPR has been recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100(tm).

DPR is licensed to Multiple Listing Services, Realtor Associations, lenders and housing counselors across the country. DPR's subscription-based service, Down Payment Connect, helps agents and loan officers match buyers to available programs. For more information, please visit DownPaymentResource.com and on Twitter at @DwnPmtResource.

Related link: https://www.downpaymentresource.com/

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Alliances and Partnerships, Business, Free News Articles, Software

Mortgage Coach expands partnership with NAMMBA to grow diversity, equity and inclusion in housing finance

IRVINE, Calif. -- Mortgage Coach, a borrower conversion platform empowering mortgage lenders to educate borrowers with interactive presentations that model home loan performance over time, has expanded its relationship with the National Association of Minority Mortgage Bankers of America (NAMMBA). Through the partnership, Mortgage Coach and NAMMBA will develop material educating lenders on strategies that can improve homeownership affordability for borrowers. Mortgage Coach will also work collaboratively with NAMMBA to cultivate greater racial and gender diversity among mortgage industry leadership.

As part of its expanded partnership, Mortgage Coach is providing NAMMBA members who are exploring careers in the housing finance industry with access to its interactive technology platform, which illustrates the costs and benefits of home lending programs given borrowers' financial scenarios. Additionally, Mortgage Coach has pledged the use of its platform to support NAMMBA's consultative services that help lenders better communicate with and meet the housing needs of communities and has pledged to continue advocating for policies and practices that reduce the minority homeownership divide.

"As a technology platform and a corporate culture, Mortgage Coach is aligned with NAMMBA's mission of cultivating a more diverse housing finance workforce and strengthening engagement with underserved communities through improved homeownership outcomes," said NAMMBA Founder and CEO Tony Thompson, CMB. "I look forward to growing NAMMBA's impact with the partnership of Mortgage Coach."

Mortgage Coach is a long-time supporter of NAMMBA's initiatives. At NAMMBA's inaugural conference in 2018, Mortgage Coach President Joe Puthur spoke on the topics of improving access to homeownership and borrower education. Since then, both Puthur and Mortgage Coach Founder and CEO Dave Savage were designated NAMMBA Visionaries for volunteering executive mentorship and industry education to women college students and college students of color pursuing careers in housing finance.

"Mortgage Coach is passionate about helping build a diverse community of housing finance professionals and helping underserved communities build generational wealth with improved financing outcomes," said Mortgage Coach President Joe Puthur. "We are dedicated to equipping mortgage lenders with technology and education to help underserved consumers benefit from homeownership. For example, Total Cost Analysis presentations that instantly model the impact of reducing monthly mortgage payments with Fannie RefiNow or Freddie Refi Possible loans and Mortgage Coach's Spanish-language borrower education each help NAMMBA's crucial industry mission succeed."

About Mortgage Coach:

Mortgage Coach is an award-winning borrower conversion platform that gives consumers the confidence to transact with educational presentations that model loan performance over time. The company's side-by-side loan comparisons allow borrowers to make faster, more informed mortgage decisions while enabling lenders to consistently deliver an on-brand, consultative home financing experience that increases borrower conversion, repeat business and referrals. To date, more than 120 enterprise independent mortgage banks, depository banks and credit unions rely on Mortgage Coach to deliver personalized, modern service that grows revenue and customer loyalty. To learn more about Mortgage Coach, visit https://www.mortgagecoach.com or follow @MortgageCoach.

About NAMMBA:

The National Association of Minority Mortgage Bankers of America is a purpose-driven organization that is dedicated to the inclusion of minorities and women in the mortgage industry who are advocates for sustainable homeownership in local communities. To fulfill its mission, NAMMBA provides programs and initiatives to introduce minorities and women into the mortgage industry, including recruiting, advisory, networking and training for enterprises and individual professionals. For more information, visit: https://www.nammba.org/.

Related link: https://mortgagecoach.com/

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Advertising and Marketing, Business, Free News Articles, Software

Sales Boomerang’s Reverse Mortgage Alert helps lenders bring timely home-equity opportunities to more homeowners

BALTIMORE, Md. -- Sales Boomerang, the mortgage industry's top-rated automated borrower intelligence and retention system, today announced the launch of Reverse Mortgage Alert, a new addition to its pantheon of automated borrower intelligence products, as well as significant enhancements to the company's existing Rate Alert product.

The all-new Reverse Mortgage Alert notifies lenders when a past borrower or prospect would be a good candidate for a home-equity conversion mortgage (HECM), also known as a reverse mortgage. Sales Boomerang's Reverse Mortgage Alerts helps lenders identify contacts who could benefit from a reverse mortgage based on their current age and accumulated home equity. With American homeowners sitting on historic levels of untapped home equity, Reverse Mortgage Alert gives lenders the head start they need to connect with reverse mortgage prospects ahead of the competition.

Reverse mortgages include both HUD-insured and proprietary home-equity loan products that offer unique ways for older homeowners - generally, those age 62 and above - to tap their home equity. Reverse mortgages can be used to finance the purchase of a new home, make improvements to an existing home, pay for long-term care or medical expenses, or supplement a homeowner's retirement income, among other purposes.

"With untapped home equity at an all-time high, this latest expansion to our award-winning line of automated borrower intelligence and retention alerts is extremely timely," said Sales Boomerang Vice President of Product Mike Spotten. "By activating Reverse Mortgage Alerts, ​Sales Boomerang users can build healthier loan pipelines while helping customers access loan options they may otherwise have learned about from a competitor - or perhaps not have learned about at all."

Sales Boomerang has also enhanced its existing Rate Alert. A new feature enables users to limit the frequency of alerts they receive. In addition, a tighter integration with Optimal Blue eliminates the need for lenders to manually update their rates in Sales Boomerang; instead, lenders receive timely and accurate Rate Alerts based on Optimal Blue Mortgage Market Indices™. For more information about Sales Boomerang's Rate Watch and Reverse Mortgage alert offerings, contact your client success representative or email sales@salesboomerang.com.

About Sales Boomerang:

Sales Boomerang transformed the relationship between mortgage lenders and borrowers with the introduction of the first automated borrower intelligence system in 2017. The company's intelligent alerts notify lenders as soon as a past customer or prospect is ready and credit-qualified for a loan. As the mortgage industry's #1 borrower retention tool, Sales Boomerang is trusted by more than 150 lenders - including brokers, independent mortgage companies, credit unions and banks - to help build lasting borrower relationships that maximize lifetime customer value. To date, Sales Boomerang alerts have enabled lenders to close more than $150 billion in additional loan volume that would have otherwise been overlooked and achieve customer retention rates that outperform industry norms by an average of 3-5X. To learn more about Sales Boomerang and its No Borrower Left Behind™ ethos, visit https://www.salesboomerang.com.

Related link: https://www.salesboomerang.com/

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Business, Free News Articles

Mortgage Coach unveils redesigned website

IRVINE, Calif. -- Mortgage Coach, a borrower conversion platform empowering mortgage lenders to educate borrowers with interactive presentations that model home loan performance over time, has announced the launch of a newly designed website. The website redesign offers visitors an enhanced user experience featuring immersive brand exploration opportunities and an enriched library of lender resources.

"After many months of development, we are thrilled to debut the website, which reflects our commitment to helping lenders of all stripes earn customer loyalty with modern, technology-supported consultative service," said Mortgage Coach VP, Marketing, Shannon Baldwin. "The redesign better showcases the strength of our platform, the success of our customers and the source of our ongoing motivation - empowering borrowers to attain the best mortgage outcome for their financial and homeownership goals."

"We invite everyone to visit the new website, explore our award-winning Total Cost Analysis presentations, watch lender success stories, tour insightful blogs from CEO and thought leader Dave Savage and immerse themselves in the value of taking the 'Coach Approach' to helping people achieve their homeownership dreams," continued Baldwin.

The refreshed website makes it easier for lenders, real estate professionals and homeowners to locate valuable information about how Mortgage Coach helps solve their unique challenges. An enhanced library of free educational resources is available to help lenders build lasting borrower relationships with personalized mortgage advice. The Top Producer Insights page features video interviews where successful lending professionals - including top-U.S. loan originator Shant Banosian - share how they use Mortgage Coach to attract leads, win borrower business and generate referrals. The website also features on-demand training to help Mortgage Coach users at all levels optimize the platform.

Additionally, in many prominent areas, including the homepage, images of superusers were used instead of stock photos to celebrate the vibrant community of mortgage professionals who use Mortgage Coach to help borrowers attain their homeownership goals.

Coming just days after Philadelphia-based private-equity firm LLR Partners announced its investment in Mortgage Coach, the refreshed website is the company's first step in a series of interface and product enhancements designed to bring more value to the lenders it serves.

Mortgage Coach is relied on by over 130 enterprise credit unions, depository banks and independent mortgage banks - including 8 of the top-10 independent mortgage banks - to improve borrower conversion and reduce price exceptions with valuable home financing education. Through dozens of technology integrations, Mortgage Coach helps make it possible for lenders to compliantly deliver on-brand, consultative lending services to borrowers at scale.

To view the new Mortgage Coach website, visit https://mortgagecoach.com/.

About Mortgage Coach:

Mortgage Coach is an award-winning borrower conversion platform that gives consumers the confidence to transact with educational presentations that model loan performance over time. The company's side-by-side loan comparisons allow borrowers to make faster, more informed mortgage decisions while enabling lenders to consistently deliver an on-brand, consultative home financing experience that increases borrower conversion, repeat business and referrals. To date, more than 130 enterprise independent mortgage banks, depository banks and credit unions rely on Mortgage Coach to deliver personalized, modern service that grows revenue and customer loyalty. To learn more about Mortgage Coach, visit https://www.mortgagecoach.com or follow @MortgageCoach.

Related link: https://mortgagecoach.com/

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Business, Free News Articles, Reports and Studies

Sales Boomerang releases Q4 2021 Mortgage Market Opportunities Report

WASHINGTON, D.C. -- Sales Boomerang, the mortgage industry's top-rated automated borrower intelligence and retention system, today released its latest Mortgage Market Opportunities Report. The Q4 2021 report identified increasing opportunities for mortgage lenders to assist borrowers with tappable home equity, lending credence to analysts' expectations for a surge in home-equity-related mortgage activity in 2022.

Methodology

The Mortgage Market Opportunities Report draws on Sales Boomerang system data to identify market opportunities of relevance to today's borrowers and lenders. To generate the report, Sales Boomerang reviewed data from more than 160 residential mortgage lenders that use its borrower intelligence and retention tools to monitor millions of customer and prospect records. Sales Boomerang then calculated and compared the aggregate frequency with which those contact records triggered loan-opportunity, prescriptive-scenario and risk-and-retention alerts during the third and fourth quarters of 2021.

Key Findings*

Sales Boomerang's loan-opportunity alerts identify the contacts inside a lender's database who are actively shopping for a mortgage loan or who may be able to benefit from a new mortgage loan. Across the sample group, the frequency of each alert type in Q4 2021 was as follows:

* Mortgage Inquiry Alert: 4.42% of monitored contacts (down 16.13% from Q3)

A customer or prospect has shopped with a competitor in the last 24 hours.

* EPO Alert: 1.84% of monitored contacts (down 17.49% from Q3)

A customer or prospect whose loan closed ≤ 6 months ago has shopped with a competitor in the last 24 hours.

* Credit Improvement Alert: 1.14% of monitored contacts (down 13.64% from Q3)

A customer or prospect has improved their FICO score.

* New Listing Alert: 0.64% of monitored contacts (down 38.46% from Q3)

A customer or prospect has listed their home for sale.

* Equity Alert: 8.61% of monitored contacts (up 7.36% from Q3)

A customer or prospect's home equity has increased.

* Rate Alert: 5.07% of monitored contacts (down 27.16% from Q3)

The interest rate of a customer or prospect's existing mortgage is significantly higher than current prevailing rates.

Sales Boomerang's prescriptive-scenario alerts analyze not only whether a consumer could benefit from a given loan type, but also whether the consumer is credit-qualified to apply for financing. This additional layer of intelligence makes prescriptive-scenario alerts among the highest-converting available to mortgage lenders today. The frequency of each alert during Q4 2021 was as follows:

* Cash-Out Alert: 5.08% of monitored contacts (up 17.87% from Q3)

A borrower is credit qualified and has built sufficient equity to tap into the cash in their home.

* Rate-and-Term Alert: 10.05% of monitored contacts (up 160.36% from Q3)

A borrower is credit qualified and can benefit from the current interest rates for a refinance.

* Debt Alert: 1.33% of monitored contacts (down 23.12% from Q3)

A borrower is credit qualified and can benefit from paying off other debts with the equity in their home.

* FHA MI Removal Alert: 14.01% of monitored contacts (up 92.71% from Q3)

An FHA borrower has exceeded 20% equity and can remove mortgage insurance (MI).

For a subset of lenders that maintain servicing portfolios, the frequency of risk-and-retention alerts was as follows:

* Risk & Retention Alert: 31.18% of monitored contacts (down 13.82% from Q3)

A customer is engaging in one or more of 15 credit activities that may put their serviced loan at risk

Analysis*

* When a borrower puts less than 20% down on an FHA-insured loan, they are required to pay mortgage insurance (MI) premiums on top of their monthly principal and interest payments. FHA borrowers with MI may be unaware they have the option to remove their MI once they reach 20% equity. With a nearly 93% quarter-over-quarter increase in FHA MI Removal alerts, lenders have the opportunity to deliver immediate monthly savings to borrowers.

* Since Sales Boomerang's Cash-Out alerts only trigger for credit-qualified contacts, continued gains in this alert category show that borrowers are growing their credit scores alongside their equity. Lenders should prepare for continued cash-out refinance and HELOC activity in the coming months.

* Keen observers will notice that the Rate and Rate-and-Term alerts trended in opposite directions from Q3 to Q4. Following a year of interest rate growth, fewer consumers are positioned to benefit from a refinance solely based on the difference between their current interest rate and prevailing market rates - thus, the decline in Rate alerts. But a higher frequency of Rate-and-Term alerts indicates that even if the overall refi market is down, there's a growing subset of consumers who have the home equity and credit profiles necessary to benefit from a refinance.

* Mortgage Inquiry and EPO alerts declined for a third consecutive quarter, and New Listings were down for a second quarter in a row. With fewer consumers actively putting themselves in the market for mortgage products, lenders will need to be proactive in bringing financially advantageous opportunities to potential customers.

* Q4's 14% drop in Risk & Retention alerts was the category's first significant decline in 2021. Nonetheless, with nearly one in three borrowers still exhibiting risky credit behaviors, mortgage servicers should keep a close eye on their portfolios for default risk.

"Borrowers aren't always aware of the multitude of ways they can leverage their home equity, yet it's becoming increasingly clear that equity is creating some of the best financial opportunities for borrowers and lenders today. It is up to us to help mortgage advisors bring these opportunities to the table for their customers," said Sales Boomerang CEO Alex Kutsishin. "Experts may have predicted 2022 would be a year to focus on purchase transactions, but our data shows lenders would be well-served to shine equal light on home-equity lending."

*Key findings and analysis provided for informational purposes only. The data represented in the Mortgage Market Opportunities report is historical. Past performance is not a reliable indicator of future results. Sales Boomerang accepts no responsibility or liability for readers' use of the key findings or analysis included in this report.

About Sales Boomerang:

Sales Boomerang transformed the relationship between mortgage lenders and borrowers with the introduction of the first automated borrower intelligence system in 2017. The company's intelligent alerts notify lenders as soon as a past customer or prospect is ready and credit-qualified for a loan. As the mortgage industry's #1 borrower retention tool, Sales Boomerang is trusted by more than 150 lenders - including brokers, independent mortgage companies, credit unions and banks - to help build lasting borrower relationships that maximize lifetime customer value. To date, Sales Boomerang alerts have enabled lenders to close more than $150 billion in additional loan volume that would have otherwise been overlooked and achieve customer retention rates that outperform industry norms by an average of 3-5X. To learn more about Sales Boomerang and its No Borrower Left Behind™ ethos, visit https://www.salesboomerang.com.

Related link: https://www.salesboomerang.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles, Real Estate, Reports and Studies

Down Payment Resource releases Q4 2021 Homeownership Program Index

ATLANTA, Ga. -- Down Payment Resource (DPR), the nationwide database for U.S. homebuyer assistance programs, today announced the release of its latest Homeownership Program Index (HPI). The firm's analysis of 2,192 homebuyer assistance programs in its DOWN PAYMENT RESOURCE® database showed measurable quarter-over-quarter gains in program funding levels and an increased prevalence of programs aimed at assisting community heroes.

Methodology

Published quarterly, DPR's HPI surveys the funding status, eligibility rules and benefits of U.S. homebuyer assistance programs administered by state and local housing finance agencies, municipalities, nonprofits and other housing organizations. DPR communicates with over 1,200 program administrators throughout the year to track and update the country's wide range of homeownership programs, including down payment and closing cost programs, Mortgage Credit Certificates and affordable first mortgages, in the DOWN PAYMENT RESOURCE® database.

Key Findings

The Q4 2021 HPI examined a total of 2,192 homebuyer assistance programs that were active as of January 6, 2022. Key findings are as follows.

* Funding levels are on the rise. 84% of programs had funds available for eligible homebuyers. That level of funding reflects a nearly 2% increase from Q3 2021.

* More programs now target community heroes. Nearly 9% of all homebuyer assistance programs available in Q4 benefit teachers, first responders, law enforcement officers, firefighters, healthcare workers and other providers of critical community services. Another 11% of programs offer benefits for veterans, members of the military and surviving spouses.

* Three out of four programs (73%) focus on helping homebuyers with down payments and/or closing costs. This figure includes repayable, partially forgivable and fully forgivable programs. Other major categories of assistance include affordable first mortgage programs (11%), Mortgage Credit Certificates (5%), matched savings programs and Housing Choice Vouchers.

* Assistance is available for repeat homebuyers and landlords. Approximately 38% of programs do not have a first-time homebuyer requirement. In addition, 27% of programs allow buyers to purchase a multi-family property as long as the buyer occupies one of the units.

* Availability varies by location. Three out of four (74%) programs are targeted to properties in specific locales such as cities, counties or neighborhoods, with the balance of programs available statewide through state housing finance agencies. The states with the most homebuyer assistance programs are California, Florida and Texas.

* Support for manufactured housing is increasing. While homebuyer assistance programs have historically favored site-built homes, as of Q4, 28% of programs allow manufactured housing as an eligible property type, up nearly 2% from the previous quarter.

"First responders, military, educators and other community service roles have been front and center for their extraordinary pandemic contributions," said DPR CEO Rob Chrane. "Many locales - especially in higher-cost markets - are determined to find creative ways to recruit and retain these workers, including by helping them make homeownership more affordable."

Further analysis of the Q4 HPI findings, including infographics and examples of many of the programs described in this release, can be found on DPR's website at https://downpaymentresource.com/professional-resource/homeownership-program-index-highlights-programs-for-community-heroes/.

For a complete, state-by-state list of homebuyer assistance programs, visit https://downpaymentresource.com/wp-content/uploads/2022/01/HPI-state-by-state-data.Q42021.pdf.

About Down Payment Resource:

Down Payment Resource (DPR) creates opportunity for homebuyers, REALTORS® and lenders by uncovering programs that get people into homes. The company tracks funding status, eligibility rules, benefits and more for more than 2,000 homebuyer assistance programs through partnerships with state and local program providers. DPR has been recognized by Inman News as a "Most Innovative New Technology" and named to HousingWire's Tech100(TM) list of the most innovative companies serving the mortgage and real estate industries. DPR is licensed to multiple listing services, REALTOR® associations, lenders and housing counselors across the United States and offers a subscription service, Down Payment Connect, to help agents and loan officers match buyers to available programs. For more information, visit https://www.downpaymentresource.com.

Related link: https://www.downpaymentresource.com/

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