NEW TO MARKET JUNE 2020
UWM Announces Conquest Conventional Purchase Program United Wholesale Mortgage unveiled a new program called Conquest a conventional, lowrate-initiative purchase program that CEO Mat Ishbia says is “very competitive” compared to the rest of the industry. Conquest is designed for borrowers who have not closed with UWM within the past 18 months. Conquest’s features include: Rates ranging from 2.5% to 3%, including 30-year fixed, availability for purchases and rate/ term refinances, primary and secondary residences, exact rate and flex term available, lock anywhere from 8-22 days (UWM average is 11 days sub to CTC), and no max comp plan. “Some people said we’d never see interest rates drop below 3% on a 30-year mortgage, but it’s now available when borrowers work with an independent mortgage broker,” said Ishbia. “We believe that the housing market is going to be strong and we want to do our part to help more people get into their dream homes as we get through this pandemic together as a nation.” _____________________________________________________ Bradford Technologies Launches OnSight Inspection App For Social Distancing Bradford Technologies launched OnSight, a web-based application that enables appraisers to adhere to social distancing protocols, while collecting property data remotely with the homeowner’s assistance. During the coronavirus pandemic, housing finance regulators are allowing temporary flexibilities to appraisal inspections and reporting requirements, such as providing appraisers with authorization to use and rely on third-party data-including homeowner supplied data. OnSight facilitates this flexibility and provides time-stamped, geocoded authenticated photos and information to the appraiser. Using a unique link, the homeowner activates OnSight and is led through a series of questions about the property, such as when the home was last upgraded, the age of the roof, and the last time the house was painted. There are certain required photos, but a homeowner can take as many photos as needed to fully show the home’s features. “Our goal is to protect the health of appraisers and homeowners and to keep mortgage transactions moving on pace as our entire industry continues to work remotely,” said Jeff Bradford, CEO at Bradford Technologies. “Additionally, the information collected is sent directly to the appraiser, maintaining privacy.”
NewDay USA Introduces SafeClose Program To Protect Veterans In efforts to help veteran homebuyers feel safer during the COVID-19 pandemic, NewDay USA introduced the SafeClose program, which enables veterans and servicemembers to sign mortgage closing documents without the requirement of a notary agent entering their home. “SafeClose opens up entirely new possibilities for servicemembers and veterans who are seeking to purchase a home as well as those looking to refinance their existing VA mortgages,” said Rob Posner, founder and CEO of NewDay USA. Veterans can use their computers to review and sign loans documents, five documents will be delivered to the veterans front door, and finally, the signature will be made outside the door in view of a notary, who will be observing from a safe distance. “With SafeClose, NewDay USA is taking every possible precaution to take care of our veterans and keep them safe during the current health environment,” said NewDay USA Executive Chairman, Admiral Tom Lynch (USN, Ret.). “With our eSign capabilities, veteran borrowers can also complete almost all of their mortgage documents online, which saves time and further reduces person-to-person contact.” _____________________________________________________ Pavaso Launches Alternative For In-Person Notarization Pavaso announced the launch of Essential Notary, an alternative to in-person notarization that can be used in accordance with state emergency mandates and requirements. Essential Notary is a Remote Ink-Signed Notarization (RIN) solution that allows a signer and notary in different locations to complete the signing and notarization of real estate closing documents on paper. A signer’s identity is validated through third-party identification verification services before the signing. Signers must correctly answer a set of knowledge-based authentication (KBA) questions generated from their public and credit records, and use a smartphone to facilitate automated authentication of a government-issued photo ID. Each document is electronically reviewed on the platform so that any questions can be addressed. Additionally, Pavaso’s platform allows for multiple witnesses and observers to join the session as needed or required. Unlike Remote Online Notarization (RON), electronic signatures and notarizations are not used; printed documents are provided to the signer(s) for wet ink signatures to be applied. Documents are signed in view of the webcam, while the notary witnesses the signing of each document requiring a signature. In some cases, the signer may need to hold the paper up to the camera for the notary to see it. When the signing session is complete, the signer(s) follow instructions for sending the documents to the notary for application of the seal. The platform can also capture, via webcam, the assembly and sealed packaging of the wet-signed documents for delivery to the notary, where necessary. NATIONAL MORTGAGE PROFESSIONAL MAGAZINE |
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