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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 32 August 2024 I N D U S T R Y U P D A T E now more than ever, what Carrington has brought to the mortgage marketplace from the very beginning: a variety of loan products based on current technology, operations transparency, and dedicated training and support systems for loan originators. In addition to Carrington's comprehensive suite of non-QM offer- ings, FHA, VA, USDA, and conforming Conventional products, the company also offers ProcessIQ℠, where approved CMS Wholesale brokers have the option of having Carrington process the loan as part of its underwriting. When enrolled brokers submit loans, they can request that the Carrington ProcessIQ team handle all nonlicensable aspects of the processing, working directly with the borrower. In December 2022, CMS' Second Lien program began providing a welcome source of liquidity to existing CMS servicing customers. In July 2023, CMS expanded its offerings to include 40-year loans and temporary buydowns. In March 2024, CMS introduced a Closed-End Fixed-Rate Second Lien product for its wholesale and correspon- dent lending customers. "Homeownership is a cornerstone of the American Dream, regardless of your economic bracket, citizenship status, or where you live," said Samuel Bjelac, SVP, National Sales, Third-Party Origination for CMS. "Although qualifying for a home without a Social Security number can be challenging, it doesn't have to be. At Carrington, we can help people all over America open the door to home- ownership with our ITIN loan." ARRIVE HOME LAUNCHES EARNED EQUITY PROGRAM N ational affordable housing provider Arrive Home has announced the launch of its Earned Equity Program. As part of Arrive Home's continued mission to expand access to homeownership for under- served borrowers, the new Earned Equity Program helps more consumers achieve their homeownership goals through a long-term purchase contract. Designed to assist consumers who do not qualify for a trapditional mortgage, the Earned Equity Program enables program participants to enter a long- term purchase contract with monthly payments controlled by an automatically renewing 10-year lease agreement. This enables them to use and enjoy the home as their own, with the intention of even- tually buying or assuming the property. At any time during the term of the pur- chase contract, the participant may buy the home at a price that was fixed when the contract was signed. During the 10-year term, the customer has time to improve their credit rating and eliminate other obstacles preventing them from qualifying for a home, eventually buying the property outright using a traditional mortgage loan. "We are absolutely thrilled to bring the Earned Equity Program to market and are very excited by the interest it is getting from our correspondent lender partners," Arrive Home President Tai Christensen said. "This program is a major step forward for Arrive Home in our efforts to facilitate responsible home- ownership, broadening our offerings beyond down payment assistance and solidifying our position as a leader in affordable housing solutions." Arrive Home launched in 2022 with a mission to provide alternative credit solutions to borrowers who do not fit the traditional credit mold. "The Earned Equity Program has the potential to help a large segment of consumers who are responsible and want to own a home, but lack credit solutions in today's financing industry that can help make this dream a reality," Arrive Home CEO Matt Pettit said. "At Arrive Home, our goal has always been to bring real innovation to the market to expand access to homeownership. The launch of the Earned Equity Program is a huge part of this equation, and we are thrilled to introduce it to the market." LOANDEPOT'S NEW ACCESSONE+ PROGRAM PROVIDES FIRST-TIME HOMEBUYERS WITH DOWN PAYMENT ASSISTANCE l oanDepot, Inc. (LDI or Company), a provider of home lending solutions that enables customers to achieve the dream of homeownership, has in- troduced its new AccessONE+ program, "We are absolutely thrilled to bring the Earned Equity Program to market and are very excited by the interest it is getting from our correspondent lender partners." —Tai Christensen, President, Arrive Home