HSBC Bank has licensed RateReset’s ARM loan solution

New York based HSBC Bank USA, N.A., (HSBC), part of the HSBC Group, partnered with RateReset to license its award-winning platform, KNOCK-KNOCK. Branded “EasyReset” for HSBC, the platform allows homeowners to reset existing Adjustable Rate Mortgage (ARM) loans with one click.

When a customer is eligible for a rate reset, EasyReset generates an offer automatically sent via email, enabling the borrower to review the offer, sign and accept it in less than 90 seconds.

The Reset Mortgage loan pre-approval software allows customers to reset the term of an existing mortgage loan “based on the financial institutions criteria,” according to the company website.

“EasyReset provides us with a digital solution that helps streamline the customer experience and allows the bank to retain and recapture loans,” said Raman Muralidharan, Head of Mortgage for HSBC’s Wealth and Personal Banking business. For existing customers, “it takes a complex and long refinance process, and transforms it to a digital journey that is completed in minutes,” he added, increasing loan processing efficiency and leading to stronger long-term customer relationships.

“As a lender that holds loans on our balance sheet rather than sells them to the secondary market, retaining our existing mortgage portfolio is a key component of our overall business strategy,” added Arun Tripathi, Head of Mortgage Products at HSBC Bank USA.

The partnership resulted from a shared vision and commitment to innovation in the financial services industry, Keith Kelly, Co-founder and Chief Executive Officer of RateReset. Together, HSBC and RateReset “are delivering a positive banking experience designed to meet the financial needs of today’s consumers.”

The RateReset platform solutions make it simple and fast for a financial institution to acquire or recapture other types of customers. In addition to mortgage loans, its platforms serve auto loans, personal loans and credit cards.

Hyperion partners with First Community, broadens services

Following its 2019 expansion into the Atlanta market, Hyperion Bank is now broadening the footprint in surrounding areas with the launch of Hyperion Mortgage, LLC, a joint venture between Hyperion Bank, founded in 2006 in Philadelphia, Pa., as a community bank, and First Community Mortgage (FCM).

Hyperion Mortgage will offer a mix of the bank’s existing programs with new mortgage options provided through FCM.

Based in Murfreesboro, Tenn., FCM operates retail-lending offices in the South and the Mid-West, along with correspondent and wholesale lending divisions that support small banks, credit unions, independent mortgage bankers and mortgage brokers. The partnership will offer local level service that complements the existing services provided by Hyperion Bank through many types of loan products and competitive pricing. 

This hybrid approach, explained Charles B. Crawford, Jr., CEO and Chairman of Hyperion, gives Hyperion’s mortgage bankers access to a larger pool of mortgage products, and ultimately benefit customers with more options, and high-touch mortgage lending support from experienced professionals.

Co-located with Hyperion Bank in Piedmont Center, Atlanta’s financial district, initially, Hyperion Mortgage will focus operations in and from the Atlanta market. Its product menu includes conventional, jumbo, Federal Housing Administration and Veterans Affairs loans, construction-to-permanent, home renovation, home equity loans, portfolio mortgages.

Home lending veteran, Carol Lynn Upshaw will join Hyperion Mortgage as its first loan originator, who will tap the latest products and technology. Based in Buckhead, she will serve customers across the Metro Atlanta area and beyond in Florida and Alabama.

Upshaw has 25 years’ experience in the mortgage industry and has earned the Georgia Association of Mortgage Brokers ‘Top Gun’ award for 14 consecutive years, said Crawford, Jr. “Carol Lynn is an exceptional mortgage banker with a proven track record of exceptional performance…We’re excited to add her expertise and industry leadership to our seasoned team.”

COVID-19 has motivated 53% of homebuyers to shop in 2021

Historically low mortgage rates coupled with the long COVID-19 quarantine appear to motivate a majority of homebuyers to purchase a home in the coming year, according to a LendingTree commissioned survey of more than 1,000 prospective buyers’ house shopping plans. Up to 53% said they are more likely to buy a home in 2021 due to the pandemic.

More specifically, the survey found there are two primary motivations for all buyers who are planning to purchase in the next 12 months. Most, at 67% said they want to take advantage of the very low mortgage rates. Yet 32% said, because they have been able to save “a larger down payment because of reduced spending.”

Qualifying for a mortgage because of the pandemic is an issue that worries 44% of all homebuyers, including more than half, or 58% of first-time buyers who said they are “especially anxious,” about lenders’ flexibility with their minimum mortgage requirements.

The housing demand assessment survey also differentiates how homebuyers relate to money management and home buying technology.

Conducted from April 24-30, 2020, the survey found the pandemic has affected how much money 65% of the respondents plan to spend on a new home, and most, or 44% plan to buy a less expensive home, compared to 21% who want to purchase a more expensive property.

At 61%, about 6 in 10 homebuyers in the survey have toured a house virtually over the previous two months. Another 33% have not participated in a virtual tour, but plan to do so, and three in 10 buyers would buy a home without touring it in person.

The level of acceptance for digital property tours differs by homebuyer category, as 53% of first-time buyers said they would buy a house without an in-person tour. Only 18% of repeat homebuyers would do the same. 

Demographic differences also are at play, with 42% of millennials (those born 1982 – 1994) saying they would purchase a home based solely on a virtual tour. By gender, 43% of men would skip an in-person tour before a home purchase, compared to only 16% of women.

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