Loans

504 Loan Program Assists Nation's Small Businesses with Record $1.28 Billion Funding in September

Friday, September 18, 2020 - 5:11pm

Additionally, small businesses continue to benefit from SBA's April 2018 introduction of a 25-year maturity option for 504 loans which complemented the program's 10- and 20-year terms.

Key Points: 
  • Additionally, small businesses continue to benefit from SBA's April 2018 introduction of a 25-year maturity option for 504 loans which complemented the program's 10- and 20-year terms.
  • The historic funding in September continues to validate the need and importance for community-based, mission lenders like our CDCs and for important tools like our 504 loan program in providing much needed access to capital to small businesses.
  • The 504 Loan Program is an SBA business loan program authorized under the Small Business Investment Act of 1958.
  • In fiscal year 2019, CDCs approved 6,099 SBA 504 loans totaling almost $5 billion supporting 53,347 jobs across the United States.

United Shore Named Best and Brightest in Michigan for Wellness and Best and Brightest Place to Work in Metro Detroit

Friday, September 18, 2020 - 3:26pm

1 wholesale lender in the nation, United Wholesale Mortgage (UWM), was recently named on a 2020 Michigan's Best and Brightest in Wellness as well as a 2020 Best and Brightest Place to Work in Metro Detroit.

Key Points: 
  • 1 wholesale lender in the nation, United Wholesale Mortgage (UWM), was recently named on a 2020 Michigan's Best and Brightest in Wellness as well as a 2020 Best and Brightest Place to Work in Metro Detroit.
  • "I am proud that our company is being recognized for our efforts in wellness and that our team members continue to see United Shore as a great place to work."
  • United Shore has been a Best and Brightest in Wellness award recipient for four consecutive years.
  • Founded in 1986, United Shore is home to United Wholesale Mortgage (UWM), the #1 wholesale mortgage lender in America.

NewRez Welcomes Stacy Blair as Jacksonville, Florida Region Manager

Friday, September 18, 2020 - 1:28pm

NewRez LLC (NewRez, the Company), a national mortgage lender and servicer, announced today that Stacy Blair has joined the company as Region Manager for the Greater Jacksonville, Florida region.

Key Points: 
  • NewRez LLC (NewRez, the Company), a national mortgage lender and servicer, announced today that Stacy Blair has joined the company as Region Manager for the Greater Jacksonville, Florida region.
  • We are thrilled to have Stacy join NewRez to lead our growth in the Jacksonville region, said Debbie Knotts, Senior Vice President of DTC Lending.
  • Blair brings more than 25 years of success in the mortgage industry to his role at NewRez.
  • The NewRez organization shares my commitment to exceptional service and offers a wide breadth of products that todays consumers are demanding, said Blair.

KBRA Europe Assigns Preliminary Ratings to BlackRock European CLO X Designated Activity Company

Thursday, September 17, 2020 - 10:42pm

Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to five classes of notes to be issued by BlackRock European CLO X Designated Activity Company (BlackRock Euro CLO X DAC), a cash flow collateralised loan obligation (CLO) back primarily by a diversified portfolio of Euro-denominated corporate loans and bonds.

Key Points: 
  • Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to five classes of notes to be issued by BlackRock European CLO X Designated Activity Company (BlackRock Euro CLO X DAC), a cash flow collateralised loan obligation (CLO) back primarily by a diversified portfolio of Euro-denominated corporate loans and bonds.
  • BlackRock Euro CLO X DAC is managed by BlackRock Investment Management (UK) Limited (BlackRock UK or the collateral manager).
  • The collateral in BlackRock Euro CLO X DAC will mainly consist of broadly syndicated leveraged loans and bonds issued by corporate obligors diversified across sectors.
  • BlackRock UK currently has 3.8 billion in AUM across 9 European CLOs as of June 2020 and has been a consistent European CLO issuer since 2015.

Benefitfocus Adds PayActiv as Financial Wellness Partner

Thursday, September 17, 2020 - 9:15pm

PayActiv, a Public Benefit Corporation and Certified B-Corp, is a holistic financial wellness platform that gives employees on-demand access to earned but unpaid wages.

Key Points: 
  • PayActiv, a Public Benefit Corporation and Certified B-Corp, is a holistic financial wellness platform that gives employees on-demand access to earned but unpaid wages.
  • Businesses that partner with PayActiv see significant cost reductions through increased recruitment, engagement and retention.
  • Employees love PayActiv because it eliminates the expensive between-paychecks tolls of payday loans, bank overdrafts and late fees.
  • PayActiv also offers a suite of financial services that include savings and budgeting tools, bill payment and financial health measurement.

Mortgage Connect Ranked No. 209 In Financial Services On Inc 5000

Thursday, September 17, 2020 - 8:42pm

It's the second time Mortgage Connect, a national mortgage services provider for the nation's largest financial institutions, investors, and servicers, has made Inc. Magazine's list - the most prestigious ranking of its kind.

Key Points: 
  • It's the second time Mortgage Connect, a national mortgage services provider for the nation's largest financial institutions, investors, and servicers, has made Inc. Magazine's list - the most prestigious ranking of its kind.
  • Headquartered in Pittsburgh, PA, Mortgage Connect LP is one of only seven financial services companies in the state to make the list and is the only one from Pittsburgh.
  • Mortgage Connect is a Pittsburgh, PA headquartered national mortgage services provider, serving the Origination, Default, Valuation, Critical Communications, Loss Mitigation and Capital Markets sectors.
  • Mortgage Connect employs 1000+ professionals with additional offices in New York, Texas, California, Colorado, Nevada and Alabama.

Greystone Provides $52 Million Fannie Mae DUS® Loan to Refinance a Manufactured Housing Community in San Jose, California

Thursday, September 17, 2020 - 5:00pm

NEW YORK, Sept. 17, 2020 (GLOBE NEWSWIRE) -- Greystone , a leading national commercial real estate finance company, has provided a $52,250,000 Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a 434-unit manufactured housing community in San Jose, California.

Key Points: 
  • NEW YORK, Sept. 17, 2020 (GLOBE NEWSWIRE) -- Greystone , a leading national commercial real estate finance company, has provided a $52,250,000 Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a 434-unit manufactured housing community in San Jose, California.
  • The $52.3 million Fannie Mae financing has a 10-year term and 30-year amortization, with a fixed rate and full-term interest only payments.
  • At approximately 53% loan-to-value, the mortgage enables the borrower to refinance their existing Greystone loan and monetize their existing equity in the property.
  • Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates.

Black Knight Introduces Digital Origination Suite; Enhances Mortgage Application and Approval Process for Loan Officers and Borrowers Alike

Thursday, September 17, 2020 - 2:00pm

Borrower Digital simplifies the loan application process by leveraging Black Knight's artificial intelligence capabilities at the point of sale and throughout the approval process, while LO Digital gives loan officers the ability to provide superior support to their customers anytime, anywhere.

Key Points: 
  • Borrower Digital simplifies the loan application process by leveraging Black Knight's artificial intelligence capabilities at the point of sale and throughout the approval process, while LO Digital gives loan officers the ability to provide superior support to their customers anytime, anywhere.
  • LO Digital now brings that ability to loan officers everywhere," said Rich Gagliano, president of Black Knight Origination Technologies.
  • "Combined with the intuitive functionality the Borrower Digital application brings to the customer experience, Black Knight has further transformed, streamlined and simplified the loan prequalification and application process for everyone involved."
  • The solution also provides a single application for loan officers to access loan products, pricing, pipeline, rate-locking, loan status and automated third-party service orders.

AloStar Capital Finance Rebrands as Cadence Business Finance

Thursday, September 17, 2020 - 1:04pm

Cadence Bank today announced the rebrand of AloStar Capital Finance, a division of the bank that provides asset-based lending (ABL) and specialty finance solutions, to Cadence Business Finance (CBF).

Key Points: 
  • Cadence Bank today announced the rebrand of AloStar Capital Finance, a division of the bank that provides asset-based lending (ABL) and specialty finance solutions, to Cadence Business Finance (CBF).
  • Norbert Norb Schmidt has been appointed executive vice president and director of capital finance of Cadence Business Finance.
  • Schmidt has spent the past nine years at AloStar, now Cadence Business Finance, and has more than 25 years of asset-based lending and commercial finance experience through his work at AloStar, Textron Financial, CIT and Chase Bank.
  • Norbs expertise in asset-based lending and specialty finance and his relationship-oriented approach are essential to the transformation of Cadence Business Finance, said Hank Holmes, president of Cadence Bank.

National MI Integrates with Lender Price

Thursday, September 17, 2020 - 1:00pm

EMERYVILLE, Calif., Sept. 17, 2020 (GLOBE NEWSWIRE) -- National Mortgage Insurance Corporation (National MI) , a subsidiary of NMI Holdings, Inc. (NASDAQ: NMIH), announced that it is fully integrated with Lender Price, a leading cloud-based product, pricing and eligibility (PPE) engine provider for the mortgage finance industry.

Key Points: 
  • EMERYVILLE, Calif., Sept. 17, 2020 (GLOBE NEWSWIRE) -- National Mortgage Insurance Corporation (National MI) , a subsidiary of NMI Holdings, Inc. (NASDAQ: NMIH), announced that it is fully integrated with Lender Price, a leading cloud-based product, pricing and eligibility (PPE) engine provider for the mortgage finance industry.
  • Loan officers now have instant access to National MIs risk-based Rate GPS through the Lender Price PPE platform.
  • National MI is excited to team with Lender Price, said Norm Fitzgerald, National MIs chief sales officer.
  • We are very pleased to partner with National MI, said Dawar Alimi, Lender Price co-founder and CEO.