Rocket introduces platform for RE Agents 

Rocket Companies is forging new alliances with real estate agents through its Rocket Pro Insight platform. The new website and mobile app provides real-time updates on the status of a home buyer’s mortgage every step of the way.

Real estate professionals will have unprecedented access to a transparent view of the loan process, from application to documentation and closing. 

“Our team is constantly leveraging the power of technology to streamline and simplify the mortgage process. Rocket Pro Insight is the latest innovation in a long line of FinTech tools we have created to improve the experience and give added confidence to our clients and their partners,” said Jay Farner, CEO of Rocket Companies. 

“There is no doubt real estate agents are crucial in the home purchase process. They are the homebuyer’s ally and partner from beginning to end. For that reason, we created Rocket Pro Insight – to arm these professionals with the tools they need to get more clients to the closing table with ease.”

The Rocket Mortgage team built the platform based on extensive research including direct feedback from real estate agents on what they need to improve the home buying experience for their clients, and the answer was – insight on the status of the mortgage.

Rocket Pro Insight however also added an offer-negotiating tool that allows agents to adjust their client’s approval letter within the client’s approved range, and the ability to upload missing key documents on their client’s behalf.

Rocket Mortgage clients can grant their agent access to their application at any time, or real estate professionals can request to connect, granted the client approves it.

Furthermore, Rocket Mortgage also recently formed a relationship with starting an initiative that helps homebuyers on to easily connect with the lender – and vice versa – enable agents in the network to connect with financially ready buyers with a verified approval letter from Rocket Mortgage.

Blockchain fintech to become an OCC chartered bank

San Francisco based blockchain technology powered fintech, Figure Technologies, Inc. has applied for a national bank charter from the Office of the Controller of the Currency (OCC). 

The decision to become a federally regulated and supervised national bank reportedly is part of the fintech’s efforts to further expand into the mortgage banking space in a more efficient, affordable and financially inclusive way.

A national bank charter would allow Figure to offer “a cohesive set of products and services nationwide,” governed by regulatory compliance requirements of a single regulator, according to a statement, which in turn will reduce legal compliance costs and risks.  

A bank charter also will offer the company’s customers and business partners, the security associated with a federally regulated and supervised financial institution.

“Figure is pursuing the charter to reduce the complexity of our business. We’ll have over 200 state licenses next year without such a charter,” said Mike Cagney, CEO of Figure who co-founded the company in 2018. 

“By reducing complexity, we can leverage the technology efficiencies we have to deliver financial solutions to traditionally underserved and underrepresented consumers, driving real financial inclusion,” and critical to delivering innovative and more affordable solutions to consumers.

Figure also announced the election of mortgage banking veteran C.D. Davies as head of lending at Figure, leading the company’s efforts to obtain the bank charter from the OCC.

Davis previously was the CEO of CitiMortgage, served as head of global mortgage at Citibank, and as president of home loans at Capital One bank. He will serve as CEO of the new Figure Bank.

“This national bank charter will be instrumental in our efforts to continue to develop and deliver new financial products and services to communities across this country that really haven’t had access to affordable offerings,” Davies said. “I look forward to working with the OCC as we move forward on this journey.”

Currently Figure’s “suite of accessible and innovative payment and point of sale (POS) financing services built on blockchain” technology significantly expedite loan origination and reduce mortgage lending and capital markets execution costs, according to the company website. 

The bank charter will allow Figure to originate loans to a greater number of consumers, including our members, said Nick Ambrosini, EVP at Valley Strong, a community based Credit Union and strategic partner of Figure.

MAXA marketing designs integrates with Black Knight 

Black Knight, Inc. has completed the direct integration of marketing template design platform MAXA to deliver real-time pricing for custom-branded assets. Black Knight announced the application programming interface (API) certification and integration of MAXA into Black Knight’s Optimal Blue Scenario Pricing API will provide “compliant marketing designs,” to mortgage lenders, servicers and investors.

The integration allows MAXA clients to populate an extensive library of hosted, quality promotional materials. Mortgage lenders can provide real estate partners better service “by including rates on demand for fliers promoting open house events or other co-branded efforts,” the company said. 

Black Knight acquired the secondary market solutions and actionable data services provider Optimal Blue in September 2020. The integration enables MAXA’s creative marketing platform to incorporate and display real-time mortgage rates across a variety of print and digital design templates mortgage professionals can use 24/7 to empower their marketing efforts within a regulatory framework. 

“Our integration with Optimal Blue’s advanced library of product eligibility and pricing APIs positions MAXA to fulfill the creative need and marketing vision of our clients, while simultaneously helping to achieve compliance demands,” explained James Wong, chief energizing officer at MAXA. “The integration creates a more comprehensive financing experience that supports all of our real estate and mortgage professionals.”

Combining MAXA’s API certification with Optimal Blue highlights helps solve “the challenges to live pricing data that mortgage marketers often face,” said Chazz Huston, strategic alliances manager of Black Knight’s secondary marketing technologies division.

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