Which companies are merging, and what professionals are moving? See some highlights in this update of the housing and mortgage industries.
Bank of America Merrill Lynch announced Thursday it was named Most Innovative Investment Bank of the Year 2017 by The Banker magazine. Bank of America was recognized for providing innovative and creative solutions to meet complex client needs, as well as demonstrating growth in fees and market share. In addition, the firm received Most Innovative Investment Bank from North America, Most Innovative in Bonds, Most Innovative in M&A, and Most Innovative in Climate Change and Sustainability.
In an ongoing effort to help victims of natural disasters, Fannie Mae announced the options available for mortgage assistance and existing guidelines for single family mortgages and additional guidance specific to Hurricane Irma. The guidelines included that servicers are authorized to suspend or reduce a homeowner's mortgage payments immediately for up to 90 days without any contact with the homeowner if the servicer believes the homeowner has been affected by a disaster. To see more, click here.
Ellie Mae, a cloud-based platform provider for the mortgage finance industry, recently announced that it has signed a definitive agreement to acquire Velocify, a sales acceleration platform. With this acquisition, Ellie Mae is accelerating its vision of offering a fully digital mortgage by combining Velocify’s lead management, engagement, and distribution capabilities with their Encompass CRM and Encompass Consumer Connect.
Ocwen Financial Corporation, a financial services holding company, announced their loan modification borrower results for the first half of 2017. While working closely with nonprofit agencies, Ocwen helped approximately 30,000 families avoid foreclosure and remain in their homes in the first six months of 2017. Ocwen’s products include a principal forgiveness component to qualified borrowers and allows for a mortgage payment reduction of up to 20 percent to achieve an affordable mortgage payment and a sustainable performing loan.
Black Knight Financial Services, a software, data, and analytics solutions company, announced Thursday that it will be rebranding as Black Knight after the completion of its previously announced distribution by Fidelity National Financial of its equity interest in Black Knight Financial Services. Black Knight Financial Services expects the planned distribution of FNF’s equity interest in Black Knight Financial Services to the holders of FNF group common stock to be completed Friday, September 29, 2017.