Ben Psillas hired as CEO of Rate Reset, a firm that allows borrowers to reset interest rates on loans.
1.3 million members gain ability to change their mortgage rate online, without having to undergo the refinance process.
Network would connect banks selling the loans with credit unions looking to buy them.
Product expected to retain more mortgages and free up lending staff to originate new loans.
An innovative housing finance company is poised to introduce a new approach to mortgage lending, just when mortgage finance reform has put the future of the 30-year fixed rate mortgage in doubt.
Service allows borrowers to lower rates without refinancing.
During the March 19 House Financial Services hearing on the conservatorships of Fannie Mae and Freddie Mac, Rep. Mel Watt (D-N.C.) yielded back the majority of his allotted time due to “media speculation over the weekend.”
North Carolina congressman named as possible successor to embattled FHFA acting director. DeMarco taking flak over principal reductions.
Florida credit union works with financial services tech firm to offer web-based refinance app for cars and mortgages.
Loan allows borrower to reset interest rate without going through refinancing, can be done online.