CrossCountry invests in builders with new division

CrossCountry Mortgage announced Thursday a significant investment in its newly formed builder division.

The lender did not disclose the size of the investment, but it reinforced CrossCountry's commitment to the homebuilder market, the company said. The division will offer a comprehensive suite of residential lending programs and commercial lending solutions, such as builder construction loans, small balance commercial loans, bridge loans and fix-and-flip financing. Builders can also utilize forward commitments, the release said.

CrossCountry has been focused on providing more ways to get buyers to the closing table, and "the Builder Division is a strategic investment in that commitment. By working more closely with builders, this team will help create stronger partnerships and open the door to more homeownership opportunities for borrowers," founder and CEO Ron Leonhardt said in a press release.

CrossCountry HoldCo, the parent company of the lender, also invested in homebuilders last September when it expanded its asset management arm, which grew the company's non-qualified mortgage investment platform and added complementary asset classes, such as construction and vertical builder finance.

Builders recently pushed back against the 21st Century ROAD to Housing Act, as it would require large institutional investors purchasing build-to-rent properties to sell units they purchase after seven years. This would essentially end any future build-to-rent activity, the National Association of Home Builders said.

Better and Credit Karma partner to help lower payments

Better Home & Finance also announced Tuesday it will power Credit Karma Home Loans, an AI-fueled refinance platform, to help improve affordability and lower mortgage payments for homeowners.

The platform helps Credit Karma members find the best rates and refinance in as little as 10 days. The two companies aim to save American families more than $1 trillion in mortgage interest through the partnership, Better Founder and CEO Vishal Garg said in a LinkedIn post.

"Millions of homeowners are stuck paying more than they should simply because refinancing feels confusing or out of reach," he said in a press release. "By combining Credit Karma's scale with the Tinman AI Platform and Betsy, the first AI voice-based mortgage loan agent, we're helping to remove the uncertainty from refinancing and giving Americans a clearer, faster path to a lower monthly payment – and real savings they can feel."