Lock and shop gaining momentum

Some mortgage lenders are launching lock-and-shop products as the housing market booms and interest rates rise.

Good afternoon! Was this newsletter forwarded to you? Sign up here. Hello, LOs!   Some mortgage lenders, including the fintech startup Tomo and California-based Pennymac, are launching lock-and-shop products as the housing market booms and interest rates rise.    "Consumers had seen so much news coverage on a threatened recession, inflation and interest rate increases that they got stuck," Tomo co-founder and CEO Greg Schwartz told me during an interview. "Consumers are saying: 'I'm afraid that if I start shopping now, by the time I find a place — because there's still limited inventory, I still have to make multiple offers — and, by the time I find a home, I may have much less buying power.'"   These products ​​do not require a property address to guarantee a mortgage rate, and in some cases, borrowers can freeze their rates for as many as 120 days while they shop for a new home.   Lenders seem to think lock-and-shop products will bring more borrowers to the market. LOs – have you noticed an increased demand for these products? Please share your thoughts with me at flavia@hwmedia.com.   Flávia Furlan Nunes Mortgage reporter, HousingWire As the mortgage market went haywire, rate locks fell by 11% Mortgage Overall mortgage rates lock dropped further in June, marking the third consecutive month of declining origination activity. HELOC lenders can expedite valuations, mitigate risk, and lower costs

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As states set up their HAF programs, servicers complain of chaos

Mortgage, Politics & Money

"My favorite tagline when discussing HAF is '50 states, 50 programs,'" said Courtney Thompson, chief product officer at Sagent. HousingWire talked to servicers and trade groups to find out how the rollout of the $10B program is going.

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LendArch hires Karthik Kumar, former head of mortgage at TCS

Mortgage, People Movers

Mortgage consulting firm LendArch has hired Karthik Kumar, the former global mortgage practice head at Tata Consultancy Services (TCS).

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