much more, all users are able to work from one corporate lending platform, thus streamlining the process and eliminating the potential for costly mistakes. â€œWe take great pride in working with our clients to always provide the greatest efficiency in technology and this new FHA interface is another example of thatâ€? said Kevin Roczey, president of ProLender Solutions. For more information, visit www.prolender.com.
LoanSifterâ€™s product and pricing engine now available to eMagic users
eMagic has announced that LoanSifterâ€™s real-time product and pricing engine is now available to eMagic users through a seamless integration, allowing lenders and originators to identify, price and process loans with greater accuracy and speed than ever before. The integration empowers eMagic users to further grow profits and stay compliant with a growing number of industry regulations and evolving investor guidelines. "Our relationship with LoanSifter provides eMagic customers a competitive advantage and better profitability. It also streamlines the mortgage loan process,â€? said Chad Northington, managing director of eMagic. â€œeMagic customers now have up-to-the-minute access to price loan scenarios in LoanSifter with lead or loan information gathered in eMagic. This includes
underwriting guidelines, pricing incentives and rejection details. eMagic customers can upgrade to load any investor rate sheet, as well as their own. The results can also be automatically sent back to eMagic.â€? eMagic.com is an e-commerce subsidiary of Mortgage Guaranty Insurance Corporation (MGIC). LoanSifterâ€™s products provide instant, up-to-the-minute pricing, product and guidelines on over 150 correspondent and wholesale investors, including MGICâ€™s own mortgage insurance pricing and eligibility guidelines. Through an upgrade to LoanSifterâ€™s solutions, eMagic customers can have access to auto-quoting sites, automated email alerts and drip marketing, open house flyers, scenario tracking and alerts. â€œIn todayâ€™s environment, mortgage lenders need seamless tools that give them a competitive edge,â€? said Bruce Backer, president of LoanSifter. â€œWhat we bring to eMagic customers is just thatâ€”an opportunity to remain nimble with an automated workflow that offers improved, accurate data quality, better control and compliance, and improved profitability.â€? For more information, visit www.LoanSifter.com or www.eMagic.com.
Embrace Home Loans launches Streamline 203(K) home improvement loans Embrace Home Loans, a direct lender for Fannie Mae and Freddie Mac, approved by the Federal Housing Administration (FHA) and
U.S. Department of Veterans Affairs (VA), and an issuer for Ginnie Mae, announced that it has begun offering Streamline 203(k) loans. The company said the loans cover a variety of home improvements and repairs and allow borrowers to take out a single mortgage covering the purchase and rehabilitation of a dwelling. Much like other FHA loans offered by the company, the FHA insures the 203(k) loan in a partnership with Embrace Home Loans. Streamline 203(k) loans can accommodate repair costs up to $35,000. To be eligible for the program, a property can only contain between one and four dwelling units and must have been constructed for at least one year. Not all home improvements are covered under the 203(k) program. "Embrace Home Loans has already helped hundreds of thousands of families with their mortgage financing needs," said Kurt Noyce, president of Embrace Home Loans. "We look forward to helping many more families revitalize communities by offering Streamline 203(k) loans. The program streamlines the complicated process of buying a home requiring rehabilitation, allowing homebuyers to combine the cost of purchase and improvement in a single loan, making it a great choice for many prospective and current homeowners." Streamline 203(k) loans cover the repair or replacement of roofs, gutters, HVAC systems, plumbing, electrical systems and flooring. They can also be used to cover minor, non-structural remodeling projects, painting, weatherization, disability access improvements and appliance replacement. They cannot be used
for major remodeling projects, new construction, structural repair, environmental mitigations, landscaping, luxury improvements or certain, more complicated home improvement projects. "The 203(k) loan program was created by the Federal Housing Administration in order to rehabilitate older neighborhoods and to expand home ownership opportunities," said Noyce. "By adding Streamline 203(k) loans to our product offerings, we are able to continue this noble project and assist in the revitalization of communities across the United States. And because Embrace Home Loans is an experienced FHA insured loan lender, we are well equipped to manage the 203(k) loan program smoothly and effectively. We are very proud to serve communities and families by providing this important loan product." For more information, visit www.embracehomeloans.com.
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