Real estate investment platform Upright, formerly known as Fund that Flip, is making debt-service-coverage ratio (DSCR) rental loans available for the first time. Fixed-rate, adjustable-rate and interest-only loan options of 15 and 30 years are available for single-family residences and for multifamily properties with up to 10 units, with a maximum loan-to-value ratio of up to 80% for purchases and rate-and-term refinances, or up to 75% for cash-out refis. The minimum loan amount is $75,000; a minimum FICO of 640 is required.
Rocket Homes announced that its iOS app is now available on infotainment screens through Apple CarPlay. Homes listed for sale can be seen in the “Nearby” tab of the Rocket Homes app on CarPlay. With a tap of the vehicle’s screen, drivers can get directions to the home, call an agent or save the listing to their favorites. Once they reach their destination, users can take a deeper dive into detailed photos and specifications of each home from the app on their iPhone.
Thrive Mortgage and Lower announced a merger agreement, with Thrive CEO Selene Kellam and production head Randell Gillespie to join the combined executive team with Lower under the leadership of Lower CEO and co-founder Dan Snyder. In accordance with the agreement, the closing is expected to occur in the first quarter of 2024, subject to satisfaction of conditions to closing, including receipt of required regulatory approvals.
Newfi Lending launched EquityChoice, a new type of shared appreciation loan. It is a residential second mortgage that gives homeowners immediate access to cash at a below-market, fixed interest rate while sharing in a portion of their home’s future appreciation.
Intercontinental Exchange (ICE) announced that its MSP loan servicing system now features the ability for the automated release of the lien once a mortgage has been paid off. The new Automated Lien Release capability combines document creation and automated workflows into one solution, then routes lien-release packages for e-signing and e-recording, adhering to local regulations for the more than 2,500 U.S. counties where e-recording is available.
Symmetry Lending announced the official launch of its First Lien HELOC solution.
