Advertising and Marketing, Business, mortgage secondary marketing technology, Optimal Blue

Mortgage Industry Veteran Sara Holtz Joins Optimal Blue as Chief Marketing Officer

PLANO, Texas -- Optimal Blue announced today that it has appointed Sara Holtz as chief marketing officer. As a seasoned marketing and communications leader, Holtz brings more than 20 years of career experience, including a decade of driving change in the mortgage industry. As chief marketing officer, Holtz will drive unified marketing and communications strategies to advance Optimal Blue's business priorities and further extend the company's influence.

"As the only comprehensive capital markets solution in the mortgage industry, Optimal Blue helps lenders realize greater profitability and operational efficiency, which plays an essential role in making the dream of homeownership attainable for the American borrower," said Holtz. "It's an honor to join Optimal Blue - a company that's been regarded for its innovation and expertise for decades. I am energized by the opportunity to build on the company's momentum to drive meaningful transformation for Optimal Blue's valued clients and the borrowers they serve."

Holtz joins Optimal Blue from ICE Mortgage Technology, where she most recently served as vice president of demand marketing and communications. In this role, she led a dynamic team focused on generating sales opportunities and engaging industry audiences. Holtz joined ICE with the company's acquisition of Ellie Mae in 2020. During her tenure at Ellie Mae, Holtz helped advance the company's corporate communications strategies, including both internal and external brand narratives.

"Sara is a highly respected professional and her unique blend of experience makes her the perfect addition to Optimal Blue's senior leadership team," says Scott Smith, interim CEO of Optimal Blue. "She has a track record of proven leadership, and she will play an integral role as we continue to expand our position as the leader in mortgage secondary marketing technology."

Holtz was honored as a HousingWire Marketing Leader in 2023, a prestigious award that celebrates the most creative and influential minds of the housing economy.

About Optimal Blue:

Optimal Blue is a market leader in mortgage secondary marketing technology. The company facilitates transactions among mortgage market participants through its Marketplace Platform, actionable data, and technology vendor connections. The platform supports a range of functions for originators and investors to automate and optimize core processes related to product, pricing, and eligibility, hedge analytics, MSR valuation, loan trading, social media compliance, and counterparty oversight. The company's premier products are used by 68% of the top 500 mortgage lenders in the U.S.

For more information on Optimal Blue's end-to-end secondary marketing automation, visit OptimalBlue.com.

Related link: https://www2.optimalblue.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Argyle, Business, Software

Argyle brings the mortgage industry’s highest-converting VOIE platform to The Mortgage Collaborative

NEW YORK CITY, N.Y. -- Argyle, a platform providing automated income and employment verifications for some of the largest lenders in the United States, has joined The Mortgage Collaborative (TMC), the nation's largest independent cooperative network serving the mortgage industry, as a preferred partner. As a member of TMC's Preferred Partner Network, Argyle will provide the cooperative's lender members discounted access to its exemplary customer service and award-winning income and employment verification (VOIE) services, which outperform legacy verification services for a fraction of their cost.

Argyle empowers mortgage lenders to verify income and employment, auto-retrieve paystubs and W-2s and qualify for Day 1 Certainty(r)-all at 60-80% less cost. Its coverage of the U.S. workforce, which includes 99% of the Fortune 1000, is superior to the three largest credit bureaus and delivers hit rates higher than other data providers.

Founded in 2013, TMC empowers mortgage lenders across the country with networking and professional development opportunities and by facilitating the sharing of best practices and technologies that drive market growth, efficiency and profitability. Of the more than 65 U.S. mortgage lenders that switched to Argyle in the last year, 18 are current TMC lender members. Argyle also offers native integrations with three TMC Preferred Partners: nCino, Dark Matter Technologies and FinLocker.

Argyle will make its debut as a TMC preferred partner at the cooperative's The Mane Event conference taking place March 24-26 in Louisville, Kentucky. Argyle's Chief Operating Officer Brian Geary will join LMCU Vice President of Mortgage Strategy John Harpst in presenting a case study session chronicling the credit union's time savings, reduced costs and enhanced member experience since implementing Argyle.

"Argyle's approach to lowering origination costs while enhancing the lender and borrower experience is well aligned with our mission of helping lenders better themselves and the communities they serve," said TMC President and CEO Melissa Langdale. "We're pleased to add to our Preferred Partner Network an income and employment verification platform that provides a meaningful competitive edge."

"Joining The Mortgage Collaborative feels like coming home, because collaboration with our customers and integration partners has always been at the heart of Argyle's journey," said John Hardesty, general manager of Argyle's mortgage division. "We could not have built the fastest, most cost-effective and most accurate income and employment verification platform without a profound understanding of the practical challenges lenders face every day. We look forward to the opportunity to serve and learn from the exceptional lenders within The Mortgage Collaborative community."

About Argyle:

Founded in 2018, Argyle is the leading provider of direct-source access to income and employment data. As an authorized report supplier for Fannie Mae's Desktop Underwriter(r) validation service, a component of Day 1 Certainty(r), Argyle empowers mortgage lenders to auto-retrieve paystubs and W-2s, understand consumers' ability to pay and reduce repurchase risk-all at 60-80% less cost. Argyle's commitment to innovation is backed by investors including Bain Capital Ventures, SignalFire, Checkr, and Rockefeller Asset Management.

For more information on Argyle's industry-leading platform, please visit https://argyle.com/.

To stay up to date on all Argyle news, sign up for our newsletter here: https://argyle.com/blog/.

About The Mortgage Collaborative:

The Mortgage Collaborative (TMC) was founded in 2013 by four notable industry leaders and is the nation's largest independent mortgage cooperative network. TMC is singularly focused on creating an environment of collaboration and innovation for small to mid-size mortgage lenders across the country to reduce cost, increase profitability, and better serve the dynamic and changing consumer base in America. For more information, visit https://www.mortgagecollaborative.com/.

Tags: @withArgyle @The Mortgage Collaborative #fintech #mortgage #mortgagelending

RELATED LINKS:

https://www.mortgagecollaborative.com/preferred-partners.html

https://web.cvent.com/event/72de6f1c-8527-4ad3-8405-582bc53f37d5/summary?session=53bc8371-c5cc-4435-afa4-6138c1219215

https://argyle.com/customers/lake-michigan-credit-union/

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

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, government-insured mortgage products, One-Time Close loans, Real Estate

Click n’ Close Announces One-Time Close Program to Address Home Buyer Challenges in Rural America

ADDISON, Texas -- Click n' Close, a multi-state mortgage lender serving consumers and mortgage originators through its wholesale and correspondent channels, announced its latest mortgage product, One-Time Close (OTC) loan programs for government-insured mortgage products. This product is designed to aid homebuyers in rural America with down payment assistance, with availability in select markets.

"Given current market conditions, affordability is the number one challenge among potential homebuyers," said Click n' Close Owner and CEO Jeff Bode. "As prospective borrowers venture further out from cities and traditional suburban markets, Click n' Close stands as a resource, providing powerful financing tools for both wholesale lenders and borrowers to make homeownership possible."

Click n' Close's OTC program offers 100% loan-to-value (LTV) financing covering land, construction and closing costs, with no down payment or minimum investment required and the ability to finance the 1% USDA Guarantee Fee up to 101% LTV.

Other product features include:

* Flexible debt-to-income ratios;

* Eligibility for credit scores of 640 and above;

* No prepayment penalties;

* First-time homebuyer eligibility;

* Absence of required reserves;

* Seller/builder concessions up to 6%;

* Utilization of eligible gifts for closing costs; and

* Contingency account financing up to 10%.

To learn more about Click n' Close's wholesale team and check availability in your market, reach out to Soliman Martinez, Adam Rieke or Kerry Webb. For existing clients, contact your Click n' Close account executive to learn more.

About Click' n' Close, Inc.:

Click 'n' Close, Inc., formerly known as Mid America Mortgage, is a multi-state mortgage lender serving consumers and mortgage originators through its wholesale and correspondent channels and is also the nation's leading provider of Section 184 home loans for Native Americans. In operation since 1940, Click' n' Close has thrived by retaining its entrepreneurial spirit and leading the market in innovation, including its adoption of eClosings and eNotes.

Combining this culture of innovation with a risk management mindset enables Click' n' Close to deliver new products to market that address the challenges facing both borrowers and third-party originators (TPOs). These innovations include its USDA one-time close construction loans, proprietary down payment assistance (DPA) program and reverse mortgage division. Its direct relationships with Fannie Mae, Freddie Mac, Ginnie Mae and private investors afford Click' n' Close direct access to the capital markets, thus ensuring maximum liquidity for its product innovations. By servicing its loan programs in-house, Click' n' Close provides its wholesale and correspondent partners with an additional level of certainty regarding loan salability and superior borrower service over the life of the loan.

Learn more at https://www.clicknclose.com/.

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

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Taxes and Accounting

Tax Relief CPA Alerts Delinquent Taxpayers as IRS Intensifies Collection Efforts and Audit Activities for 2024

LOS ANGELES, Calif. -- James Cha, a CPA and a Certified Tax Resolution Specialist from Ace Plus Tax Resolution, alerts that the IRS is ramping up collections and tax audits in 2024, and urges taxpayers to act with tax relief strategies.

:: IRS Increasing Audits, Collections, and Tax Levies in 2024

For years, the IRS paused many collection actions due to COVID-19, halting notices from its Automated Collection System. But in 2024, that reprieve ends as the agency ramps up collections and audits with increased funding.

If you haven't received IRS notices recently about unfiled returns or unpaid taxes, expect that to change. The IRS is hiring more auditors and resuming collection notices aggressively. Be prepared for stepped-up IRS collections efforts in 2024.

:: 2024 IRS Hiring Increase and Enforcement Efforts to Surge with New Funding

The Inflation Reduction Act provided $80 billion for the IRS to modernize and enhance tax enforcement. With the funds, the agency plans to hire thousands of new auditors, revenue officers, and personnel. The hiring blitz is already underway.

James states, "The IRS currently has about 14,000 enforcement personnel but aims to rapidly expand its workforce, with a 55% auditor increase targeted for 2024 alone according to watchdog reports."

:: Resumption of IRS Collection Notices

During the COVID-19 pandemic, the IRS took many steps to help taxpayers, including increased tax credits, new tax credits for employers, and halting many collection activities.

As of 2024, the IRS is sending out new collection notices, and it's using Letter LT38 to alert taxpayers about upcoming collection notices. The agency is also sending out demands for payment and notices about unfiled returns.

If you have unpaid taxes or unfiled tax returns, expect to see the following notices soon:

* LT38 - This notice alerts you of your unpaid tax debt and advises you that the agency is going to start sending out notices again. It also informs taxpayers of automatic penalty relief on failure-to-pay penalties for tax years 2020 and 2021 for taxpayers with assessed balances of $100,000 or less for each tax year.

* CP59 - The IRS sends this notice to people with unfiled tax returns. You can respond by filing the enclosed Form 15103 which allows you to explain why you haven't filed or why you're not required to file. If you don't respond, the IRS may issue a substitute for return to assess tax against you more than you were supposed to owe and start the collections process.

* CP3219N - The IRS uses this notice of deficiency to alert people with unfiled returns about a proposed tax assessment made against them. When you receive this notice, you have 90 days (150 days if you're out of the country) to file a tax return, appeal in Tax Court, or agree with the assessment.

* CP504 - The IRS sends this notice to people with unpaid taxes before it seizes their state tax refunds and starts to seize other assets (wages, bank accounts, personal/business property, real estate, etc.). The IRS started sending these notices to people who owe for 2022 and older tax debts.

The IRS is boosting compliance efforts, intensely targeting high-income non-filers. In a Feb 29 announcement, the agency said it issued over 125,000 notices for unfiled 2017-2022 returns. Around 25,000 cases involve taxpayers with over $1 million income, while 100,000 are for those earning $400,000-$1 million.

However, that doesn't mean you don't have to worry if you have unpaid taxes and your income is lower than the above thresholds. Janet Yellen did not deny a claim that 90% of new IRS audits would be on individuals making less than $400,000 annually. Also, The IRS still uses the $200,000 threshold to measure high-income returns since it defined high-income taxpayers as those with a total positive income of $200,000 or more.

As the IRS continues to increase collection efforts through 2024 and beyond, the agency will reach out to millions of taxpayers at all kinds of income levels.

:: Taxpayer Options for Unpaid Taxes

Unpaid taxes can be extremely stressful, but there are options. The IRS offers the following payment plans and relief options to taxpayers who owe back taxes:

* Installment agreement - Take up to the collection expiration date to make monthly payments on your tax debt. Interest and a small late payment penalty will continue to accrue on your account, but the IRS won't pursue any collection actions against you.

* Partial payment installment agreement - A special type of monthly payment plan with a reduced amount where the IRS waives the remaining balance at the end of the payment plan, but you must provide financial disclosure to prove that you're paying the highest monthly payments that you can afford.

* Offer in compromise - You pay the most you can afford to pay based on your income and assets in a lump sum or 24 monthly payments with this one-time settlement. The IRS forgives the remaining balance, but you must stay compliant with certain rules for the next five years or you risk losing the agreement.

* Currently not collectible - To get your account marked as currently not collectible, you must prove to the IRS that you can't afford to pay anything. Then, the IRS pauses all collection actions against you until your finances improve.

There are also other relief programs that may be able to help you. For example, unpaid payroll taxes can lead to severe consequences from the IRS, including the Trust Fund Recovery Penalty, levies, and seizures, but seeking professional tax representation can help resolve these issues and protect your business from the IRS's aggressive collection actions.

Penalty abatement can reduce or eliminate penalties based on reasonable cause or first-time incidents. The IRS's Innocent Spouse program helps taxpayers who are facing tax debt due to actions their spouse took without their knowledge. Additionally, depending on the situation, you may also want to look into tax appeals, OICs based on doubt of equity, or OICs based on effective tax administration.

:: Steps Towards Compliance: Responding to 2024 Notices

IRS Commissioner Danny Werfel said, "The IRS is now taking swift and aggressive action to close the tax gap and has a variety of efforts underway to improve compliance in overlooked areas."

If you receive an LT38, CP59, CP504, or any other IRS collection notice, don't ignore it. Failure to respond will lead to increased penalties and more interest, and it could subject you to involuntary collection actions such as tax liens, wage garnishments, tax levies, and passport revocation or denial.

A tax relief professional can also help you identify the best option and negotiate with the IRS on your behalf.

:: Get Ready for IRS Collections 2024

James advises, "There are numerous tax relief options that are put forth by the government, but individuals and business owners should seek an experienced tax relief specialist who can strategize, take full advantage, and save considerable sums of money for taxpayers."

About Ace Plus Tax Resolution:

Ace Plus Tax Resolution provides customized solutions to taxpayers with IRS and state tax problems. James Cha is a CPA and Certified Tax Resolution Specialist at Ace Plus Tax Resolution, and has been representing his clients and dealing with the IRS for 35 years. His practice is in Los Angeles, yet his clients are all across the nation. Learn more at: https://aceplustaxresolution.com/

Contact him at (213) 600-7388 or James@AcePlusTaxResolution.com for a free consultation.

MULTIMEDIA:

VIDEO Channel (YouTube) - https://tinyurl.com/3tk6vmu6

Related link: https://aceplustaxresolution.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Legal and Law, Petrova Law PLLC, tax resolution law firm, Taxes and Accounting

Tax attorney to millionaires, Allie Petrova, warns about new IRS tactics against taxpayers

GREENSBORO, N.C. -- It is official now: The Internal Revenue Service is going after high-income taxpayers who need to be filing returns, reporting income, and coming to terms with overdue taxes, penalties, and interest, cautions renowned tax attorney and national speaker Allie Petrova, founder of Petrova Law PLLC, a premier tax resolution law firm.

In its effort to improve tax compliance in the high-income categories, the IRS has started mailing out compliance letters to more than 25,000 individuals and families with more than $1 million in income earned during tax years 2017 through 2021. IRS compliance letters have also gone out to over 100,000 high-income earners with incomes between $400,000 and $1 million for the same period.

"Clients typically feel overwhelmed in these situations. It is important to not delay and to consult with a specialized tax attorney right away because deadlines are tight. The last thing you want is to miss an IRS deadline," cautions attorney Petrova, who guides taxpayers with high-stakes tax debt in the six and seven digits. Attorney Petrova works with clients from all over the country.

Curiously enough, this is all low-hanging fruit for the IRS because these cases were flagged based on Forms W-2 and 1099 received by the IRS from third parties. The IRS was unable to match this income data with corresponding returns, which indicated that these high-income earners received income, but did not file tax returns.

What does that mean to you? Make sure you open your incoming mail, particularly from the IRS and the state tax authorities. Muster some courage and open it right away, do not let it linger on your desk or the kitchen counter.

In some cases, the IRS can file on behalf of taxpayers what is called a substitute for return based on income reported on Forms W-2 and 1099s. That leads to exorbitantly high taxable income because the IRS does not take into account all applicable deductions. Then, the taxpayer has the daunting task to prove that this taxable income should be lower.

If a taxpayer hasn't filed tax returns for any of the immediately preceding couple of years, the first action to take would be having these returns prepared and filed after a consultation with a tax attorney.

"When a client came to my office recently, we discovered that her family - she and her husband - owed the IRS a balance of over $600,000. While she expected some balance due to non-routine transactions, the magnitude was a bit of a surprise. IRS balances can snowball with the added interest and penalties," shares tax attorney Allie Petrova.

The IRS has been strengthening its enforcement efforts for a while now. Thanks to Inflation Reduction Act funds, it finally has the budget and funding to be impactful.

Many of Ms. Petrova's clients are high net worth individuals who value privacy, peace of mind, and reliable solutions. "We look at tax issues from every angle and do everything possible to discover the best solution for each client and minimize the tax impact," remarks attorney Petrova.

For more information about tax attorney Allie Petrova, visit: https://www.petrovalaw.com/who-we-are/galina-allie-petrova/

About Petrova Law PLLC:

Petrova Law is a national tax law firm which exclusively represents high-income taxpayers and businesses with high-stakes, high-value tax debt before the IRS and state tax authorities.

For more information about Patrova Law, visit: http://petrovalaw.com/.

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

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Legal and Law, Petrova Law PLLC, tax resolution law firm, Taxes and Accounting

Tax attorney to millionaires, Allie Petrova, warns about new IRS tactics against taxpayers

GREENSBORO, N.C. -- It is official now: The Internal Revenue Service is going after high-income taxpayers who need to be filing returns, reporting income, and coming to terms with overdue taxes, penalties, and interest, cautions renowned tax attorney and national speaker Allie Petrova, founder of Petrova Law PLLC, a premier tax resolution law firm.

In its effort to improve tax compliance in the high-income categories, the IRS has started mailing out compliance letters to more than 25,000 individuals and families with more than $1 million in income earned during tax years 2017 through 2021. IRS compliance letters have also gone out to over 100,000 high-income earners with incomes between $400,000 and $1 million for the same period.

"Clients typically feel overwhelmed in these situations. It is important to not delay and to consult with a specialized tax attorney right away because deadlines are tight. The last thing you want is to miss an IRS deadline," cautions attorney Petrova, who guides taxpayers with high-stakes tax debt in the six and seven digits. Attorney Petrova works with clients from all over the country.

Curiously enough, this is all low-hanging fruit for the IRS because these cases were flagged based on Forms W-2 and 1099 received by the IRS from third parties. The IRS was unable to match this income data with corresponding returns, which indicated that these high-income earners received income, but did not file tax returns.

What does that mean to you? Make sure you open your incoming mail, particularly from the IRS and the state tax authorities. Muster some courage and open it right away, do not let it linger on your desk or the kitchen counter.

In some cases, the IRS can file on behalf of taxpayers what is called a substitute for return based on income reported on Forms W-2 and 1099s. That leads to exorbitantly high taxable income because the IRS does not take into account all applicable deductions. Then, the taxpayer has the daunting task to prove that this taxable income should be lower.

If a taxpayer hasn't filed tax returns for any of the immediately preceding couple of years, the first action to take would be having these returns prepared and filed after a consultation with a tax attorney.

"When a client came to my office recently, we discovered that her family - she and her husband - owed the IRS a balance of over $600,000. While she expected some balance due to non-routine transactions, the magnitude was a bit of a surprise. IRS balances can snowball with the added interest and penalties," shares tax attorney Allie Petrova.

The IRS has been strengthening its enforcement efforts for a while now. Thanks to Inflation Reduction Act funds, it finally has the budget and funding to be impactful.

Many of Ms. Petrova's clients are high net worth individuals who value privacy, peace of mind, and reliable solutions. "We look at tax issues from every angle and do everything possible to discover the best solution for each client and minimize the tax impact," remarks attorney Petrova.

For more information about tax attorney Allie Petrova, visit: https://www.petrovalaw.com/who-we-are/galina-allie-petrova/

About Petrova Law PLLC:

Petrova Law is a national tax law firm which exclusively represents high-income taxpayers and businesses with high-stakes, high-value tax debt before the IRS and state tax authorities.

For more information about Patrova Law, visit: http://petrovalaw.com/.

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

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Real Estate

NotaryCam Achieves Record RON Growth in 2023

HOUSTON, Texas -- NotaryCam®, a Stewart-owned company and leading remote online notarization (RON) provider for real estate and legal transactions, announced significant growth in 2023, expanding its independent notary platform customer base by 46% and the number of loss mitigation-related RON transactions by 115%. The company also increased its medical credentialling remote notarizations by 45%, executing transactions in 160 out of 192 countries worldwide, and augmented its nationwide footprint by becoming an approved RON provider in North Carolina, Delaware and Illinois. With the passage of California's RON legislation in late 2023, NotaryCam also prepared its platform to begin supporting transactions in this state.

"We have taken massive strides this past year toward nationwide acceptance of RON and eNotary services," said NotaryCam president Brian Webster. "With a 10% increase in year-over-year total transactions - even in a down market - NotaryCam is poised to drive even more RON adoption across multiple verticals in 2024 while also continuing to champion mortgage lenders' digital transformation efforts."

NotaryCam's accomplishments contributed to maintaining its industry-leading 99.8 percent customer satisfaction rating and the highest Net Promoter Score (NPS) amongst the best global tech brands.

The company's other 2023 achievements include:

* Suzanne Singer's appointment as Director of Sales and Marketing;

* President Brian Webster's selection as a 2023 Vanguard awards program recipient by HousingWire and recognition as one of 2023's Best in Finance by Inman;

* The additional integration with Asurity® Partners' cutting-edge mortgage document generation platform - Propel™; and

* Inclusion in HousingWire's annual TECH100 awards program for the fifth year.

About NotaryCam, a Stewart Company:

NotaryCam, a Stewart-owned company, is the leader in online notarization and mortgage eClosing solutions, having notarized documents worldwide for more than a million customers in all 50 states and more than 146 countries. The company's eClose360® platform delivers the "perfect" online mortgage closing in every jurisdiction and supports all eClosing scenarios with a flexible workflow for document recording and unparalleled identity verification, security and customer convenience. In addition to real estate transactions, NotaryCam provides RON services to many Fortune 500 companies as well as small and midsize businesses. The company also proudly maintains an industry-leading 99.8 percent customer satisfaction rating and the highest Net Promoter Score (NPS) amongst the best global tech brands.

Visit https://www.notarycam.com/ for additional information or to get a document notarized today.

MULTIMEDIA:

IMAGE LINK for media: https://www.notarycam.com/wp-content/uploads/2024/03/NotaryCam-2023-Infographic.jpg

Image caption: NotaryCam Achieves Record RON Growth in 2023.

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

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Optimal Blue, Originations Market Monitor, Reports and Studies

Spring Buying Season Kicks Off With an Uptick in Purchase Applications Despite Climbing Interest Rates

PLANO, Texas -- Today, Optimal Blue released its February 2024 Originations Market Monitor report, which reveals that the spring homebuying season has kicked off with a jump in monthly purchase mortgage locks. The seasonal spike in purchase locks propelled a net increase in origination activity, even as higher interest rates led to steep declines in mortgage refinances.

Key findings from the February 2024 Originations Market Monitor report, which reflects month-over-month changes in mortgage lock data, show:

* Lock activity up despite steep decline in refinances: Rate lock volumes saw a 5% increase due to a notable 8.3% increase in purchase activity. The rise in purchase activity outpaced the decrease in refinancing activity, which fell by 22.5% for rate/term refinances and 3.1% for cash-out refinances.

* Purchase market nearing its floor: Purchase lock counts, which control for changing home prices, rose 7%, a significant growth compared to the 2% increase in the same period last year during a similar uptick in interest rates. The 7% year-over-year decline in lock activity was the smallest such drop since the Fed began hiking interest rates in March 2022.

* Interest rate trend reverses: The benchmark Optimal Blue Mortgage Market Indices (OBMMI) observed an end to three consecutive months of rate declines - the result of strong economic readings, which significantly lowered market expectations of a near-term rate cut. The OBMMI 30-year conforming rate index rose 36 bps to 6.89%, FHA rose 28 bps to 6.66%, VA rose 41 bps to 6.50%, and jumbo rose 37 bps to 7.35%.

* Non-conforming products see gains: Non-conforming loan products, including jumbo and non-QM loans, claimed an additional 183 basis points of market share, ending the month with 11% of the total volume. Meanwhile, conforming loans maintained a steady 57%, with slight decreases in FHA and VA loans.

* ARMs become slightly more popular: The rate increase nudged the share of ARM loans up, though they still account for only 6% of total production volume. The current economic scenario, particularly the inverted yield curve, will likely constrain further demand growth for these products.

* Credit quality and loan amounts continue upward trend: Credit quality continued to improve across all loan products, except VA loans, which held steady. The average loan amount increased from $355.6K to $359.3K, while the average home purchase price climbed from $444.9K to $454.1K.

"As the spring buying season commenced, we saw a resurgence in purchase locks, despite the rise in interest rates," said Brennan O'Connell, director of data solutions at Optimal Blue. "Although lock counts were down on a year-over-year basis, the rate of decline is decelerating and suggests we may be nearing a floor for purchase lending in the current rate environment."

View the full February 2024 Originations Market Monitor report for more detail: https://www2.optimalblue.com/wp-content/uploads/2024/03/OB_OMM_FEB2024_Report.pdf

About the OMM Report:

Each month, Optimal Blue issues the Originations Market Monitor report, which provides early insight into U.S. mortgage trends. Leveraging lender rate lock data from the Optimal Blue PPE - the mortgage industry's most widely used product, pricing, and eligibility engine - the Originations Market Monitor provides a view of early-stage origination activity.

Nothing herein shall be construed as, nor is Optimal Blue providing, any legal, trading, hedging, or financial advice.

About Optimal Blue

Optimal Blue is a market leader in mortgage secondary marketing technology. The company facilitates transactions among mortgage market participants through its Marketplace Platform, actionable data, and technology vendor connections. The platform supports a range of functions for originators and investors to automate and optimize core processes related to product, pricing, and eligibility, hedge analytics, MSR valuation, loan trading, social media compliance, and counterparty oversight. The company's premier products are used by 68% of the top 500 mortgage lenders in the U.S.

For more information on Optimal Blue's end-to-end secondary marketing automation, visit https://OptimalBlue.com/.

Related link: https://www2.optimalblue.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Business, Porch Group Inc, Product Launches, Software

Floify introduces flexible pricing with the introduction of Lender Edition

BOULDER, Colo. -- Floify, the mortgage industry's leading point-of-sale (POS), today announced the launch of Lender Edition, a newly badged version of the popular mortgage point-of-sale that introduces a flexible per-loan pricing option for mortgage lenders.

Floify Lender Edition is the counterpart to Broker Edition, a one-stop lending platform configured for the needs of mortgage brokers that was introduced in December 2023. Lender Edition is specifically designed to address the challenges faced by mortgage lenders, such as supporting best-in-class borrower experience, while maintaining efficient production and controlling costs.

Lender Edition maintains core features popular among Floify users such as an intuitive interface for borrowers and lenders, automated document management workflows, free native eSign functionality, verification of income and employment waterfall functionality, loan progress transparency, and much more.

In the coming months, Floify will introduce new integrations with popular borrower verification report providers and an eClosing vendor, as well as enhanced functionality with existing integration partners.

"While some vendors are squeezing lenders on pricing during market hardship, Floify is committed to being a supportive partner by being flexible on pricing without compromising access to product features or quality. Lender Edition is designed to tackle the industry's biggest challenges head-on, providing unparalleled support for creating optimal borrower experiences and achieving operational excellence," said Floify President and General Manager Sofia Rossato. "We make it possible for lenders to provide a sleek and intuitive loan management portal for borrowers and manage pipelines effectively at a cost-effective price point."

Lender Edition can be quickly deployed and comes equipped with dozens of native integrations, which gives lenders rich, plug-and-play functionality that reduces operational redundancy.

Visit https://bit.ly/3OZjbt3 to learn more about Lender Edition.

About Floify:

Floify is a digital mortgage automation solution that streamlines the loan process by providing a secure application, communication, and document portal between lenders, borrowers, referral partners, and other mortgage stakeholders. Loan originators use the platform to collect and verify borrower documentation, track loan progress, communicate with borrowers and real estate agents, and close loans faster. The company is based in Boulder, Colorado and is a subsidiary of Porch Group, Inc. ("Porch Group") (NASDAQ: PRCH). For more information, visit the company's website at https://floify.com/ or on social media at Facebook, LinkedIn, or Twitter / X.

Forward-Looking Statements

Certain statements in this release may be considered "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Although the Company believes that its plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, assumptions, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Generally, statements that are not historical facts, including statements concerning the Company's possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words "believes," "estimates," "expects," "projects," "forecasts," "may," "will," "should," "seeks," "plans," "scheduled," "anticipates," "intends," or similar expressions.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Porch and its management at the time they are made, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) expansion plans and opportunities, and managing growth, to build a consumer brand; (2) the incidence, frequency, and severity of weather events, extensive wildfires, and other catastrophes; (3) economic conditions, especially those affecting the housing, insurance, and financial markets; (4) expectations regarding revenue, cost of revenue, operating expenses, and the ability to achieve and maintain future profitability; (5) existing and developing federal and state laws and regulations, including with respect to insurance, warranty, privacy, information security, data protection and taxation, and management's interpretation of and compliance with such laws and regulations; (6) the Company's reinsurance program, which includes the use of a captive reinsurer, the success of which is dependent on a number of factors outside management's control, along with reliance on reinsurance to protect us against loss; (7) uncertainties related to regulatory approval of insurance rates, policy forms, insurance products, license applications, acquisitions of businesses or strategic initiatives, including the reciprocal restructuring, and other matters within the purview of insurance regulators; (8) reliance on strategic, proprietary relationships to provide the Company with access to personal data and product information, and the ability to use such data and information to increase transaction volume and attract and retain customers; (9) the ability to develop new, or enhance existing, products, services, and features and bring them to market in a timely manner; (10) changes in capital requirements, and the ability to access capital when needed to provide statutory surplus; (11) the increased costs and initiatives required to address new legal and regulatory requirements arising from developments related to cybersecurity, privacy, and data governance and the increased costs and initiatives to protect against data breaches, cyber-attacks, virus or malware attacks, or other infiltrations or incidents affecting system integrity, availability and performance; (12) retaining and attracting skilled and experienced employees; (13) costs related to being a public company; and (14) other risks and uncertainties discussed in Part I, Item 1A, "Risk Factors," in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, and in Part II, Item 1A, "Risk Factors," in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, as well as those discussed in subsequent reports filed with the Securities and Exchange Commission ("SEC"), all of which are available on the SEC's website at www.sec.gov.

Nothing in this release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. Unless specifically indicated otherwise, the forward-looking statements in this release do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this release. Porch does not undertake any duty to update these forward-looking statements, whether as a result of changed circumstances, new information, future events or otherwise, except as may be required by law.

TAGS @Floify #mortgage #IMB #creditunion #bank #fintech #housingfinance

Related link: https://floify.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

ACUMA, Business

iEmergent brings actionable mortgage market intelligence to credit unions as ACUMA affiliate member

DES MOINES, Iowa -- iEmergent, a forecasting and advisory services firm for the financial services, mortgage and real estate industries, announced it has joined the American Credit Union Mortgage Association (ACUMA) as an affiliate member. Since its founding nearly a quarter century ago, iEmergent has worked with credit unions and other lenders to identify missed mortgage opportunities and close gaps in market coverage. As an ACUMA affiliate, iEmergent will leverage its deep experience and award-winning technology to help the trade association's nearly 400 credit union members build and execute data-driven mortgage growth, recruitment and referral partner strategies.

Mortgage MarketSmart, iEmergent's cutting-edge market intelligence and forecasting platform, reveals mortgage opportunity down to the neighborhood level by projecting loan production metrics on maps that can be overlaid with robust external data sets like historical lending metrics, demographic and income data, real estate agent and listing intelligence, community points of interest, census tract-level opportunity forecasts and more. Mortgage MarketSmart gives credit unions everything they need to quantify and act on market growth opportunities, including diverse lending and recruiting strategies that support financial institutions' fair lending and Community Reinvestment Act (CRA) obligations.

"We bring mortgage opportunities to life for credit unions, showing them exactly where their members are and where their gaps in coverage lie, and then we work hand in hand to build effective strategies for closing those gaps," said iEmergent CEO Laird Nossuli. "We look forward to helping ACUMA members-all credit unions that have made a conscious investment in mortgage lending-capture more markets and, in so doing, better serve the home financing needs of members."

ACUMA is a non-profit organization dedicated to empowering credit unions and credit union service organizations (CUSOs) to provide premier real estate and home loan services for their members. Its membership encompasses a diverse group including federal and state-chartered credit unions, CUSOs, mortgage insurance firms, secondary market investors, investment banking entities and technology providers specializing in mortgage lending solutions.

"It's our goal to provide credit unions with access to the best education and resources within the housing finance industry. This is supported by iEmergent's ability to identify and close market gaps in mortgage lending," stated ACUMA President Peter J. Benjamin. "We're excited to welcome iEmergent and present this valuable resource to our members."

About iEmergent

Founded in 2000, iEmergent provides mortgage lending forecasts and analytics to the lending, housing and real estate industries. The company offers an extensive variety of forecast and market intelligence products, including Mortgage MarketSmart, a visualization tool that helps lenders quantify how mortgage markets will change. For more information, visit https://www.iemergent.com/.

TAGS: @iemergent @ACUMA #creditunions #housingfinance #housingequity #housingeconomy #mortgage

RELATED LINKS:

https://acuma.org/

https://www.iemergent.com/mortgage-marketsmart

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

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022