6 reasons to watch the digital mortgage space

August 5, 2022 10:47 AM

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A home buying frenzy has many lenders considering new technology as a means to address the needs and preferences of future clients.

Mortgage lender Lower has introduced a cash-offer option for home buyers in need of financing, while First American Data & Analytics has released a new risk management tool.

Read more about these and other recent developments in the digital mortgage space in our roundup.

Lower rolls out cash-down program

Mortgage fintech Lower announced the launch of their new program Mortgage Pass, a cash-offer option for home buyers in need of financing. The program is designed to help pre-approved borrowers in their attempts to purchase a home, while giving certainty to sellers that the sale will be completed.

"We're sitting on billions of dollars in pre-approvals. And we're literally watching our customers not win homes," said Dan Snyder, CEO and co-founder of Lower. "We're going to try to do this both direct-to-consumer, and we're going to also distribute it to our local brands and our local branches so that they can use it with their local Realtors."

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Lower rolls out cash-down program

TRIPPLAAR KRISTOFFER/SIPA/Sipa USA via AP

Home equity loan fraud prevention tool launched by First American

First American Data & Analytics launched their new risk management tool, FraudGuard Home Equity, in an effort to help lenders streamline their use of third-party vendors.

By helping lenders determine undisclosed borrower liabilities, this program validates their identity, detects occupancy discrepancies and checks on all applicable loan participants against industry exclusionary lists. The tool can be used with both HELOCs and closed-end home equity loans.

"Lenders can assess the risk on a potential home equity loan using one centralized tool that analyzes all appropriate risk categories," said Paul Harris, general manager, mortgage analytics for First American Data & Analytics.

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Home equity loan fraud prevention tool launched by First American

Roostify, Indecomm team up to streamline income verification

Roostify, a mortgage point-of-sale fintech, has added income-calculation technology from automation specialist Indecomm to its platform. This new tool will help streamline the origination and underwriting processes for non-QM lending.

"With the integration of IncomeGenius, we can now simplify and automate calculations for self-employed borrowers, an increasingly important use case as the gig economy expands," said Roostify CEO Rajesh Bhat.

The partnership showcases the emphasis the mortgage industry is placing on a more efficient asset-verification process, including self-employed and gig economy workers. Roostify also partnered with ICE Mortgage Technology to expedite eClosings through new technology.

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Roostify, Indecomm team up to streamline income verification

Fintech Maxwell adds eClosing with Snapdocs pairing

Denver-based Maxwell is partnering with Snapdocs to add new eClosing software, a tool it says can save lenders hundreds of dollars on their per-loan costs.

"It's amazing that there's still closing statements out there that have wrong data in wrong places," Maxwell CEO John Paasonen said. "Having a like-minded partner like Snapdocs, focused on quality, accuracy and time saving, is really important to us."

Snapdocs has also partnered with other lenders and Freddie Mac on digital mortgage management and most recently with MISMO to form the eEligibility Exchange to provide comprehensive information regarding digital closing criteria.

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Fintech Maxwell adds eClosing with Snapdocs pairing

Digital lender Beeline to issue mortgages for investor platform Stessa

Digital mortgage lender Beeline is partnering with Stessa, a management platform for single family rental investors. As part of the agreement, Beeline will provide Stessa with conventional and Debt Service Coverage Ratio mortgages.

"Our platform will fit snugly with Stessa, and our ability to give early certainty, then close quickly will help build confidence with investor borrowers," Beeline CEO Nick Liuzza said.

Through their financial management software, Stessa's users are tracking $45 billion in assets, or more than 170,000 properties.

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Digital lender Beeline to issue mortgages for investor platform Stessa

Maxwell product facilitates mortgage offerings for real estate agencies

Maxwell announced the introduction of Maxwell Private Label Origination, a system of tools for real estate or financial services companies to add mortgage lending to their product lines.

"Our goal is to offer everything in a compliant way to our customers, so they're able to deliver launch-to-market," said John Paasonen, co founder and CEO of Maxwell. "We have our own legal and compliance team that will be there, supporting them and helping them with the filings."

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Maxwell product facilitates mortgage offerings for real estate agencies