LoanCity, an online wholesale lender based in San Jose, Calif., has announced enhancements to its line of alternative-A mortgage products.The enhancements include an 80/20 purchase option, streamlined documentation requirements, flexible qualifying options, and competitive pricing, the company said. "We're committed to offering the edge that brokers need to be profitable," said Rick Soukoulis, founder and chief executive officer of LoanCity. The company can be found on the Web at http://www.loancity.com.
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Rocket, United Wholesale Mortgage and Pennymac said they will use the new government-sponsored enterprise credit metric as large lenders get on board.
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Meet the top loan originators in the 28th edition of National Mortgage News' annual ranking and learn how they approach purchase business.
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One-time Rocket exec Mike Fawaz founded brokerage and tech firm Origna8 with his former adversary's backing, which both say will enable it to quickly scale.
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Federal Reserve Chair Jerome Powell told reporters Wednesday that he would remain on the Fed board after his term as chair expires next month, resolving the last and most significant open question about his departure and the onset of Kevin Warsh's leadership at the central bank.
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President Biden had issued a rule in 2024 requiring newly constructed homes to abide by an energy mandate to be eligible for FHA- or USDA-backed mortgages.
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Eligible purchases with the Better Home Equity Card, which lets homeowners instantly spend funds drawn from a home equity line of credit, earn 1% cashback.
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