Sharp Credit – Credit News – Credit Information
A subsidiary of digital-media company Beta Music Group is linking its origination support technology with Arive’s online platform, which connects mortgage brokers to lenders, borrowers and third-party vendors.
The Beta Music Group subsidiary, Get Credit Healthy, and Arive also are marketing their linked technologies to mortgage brokers through the Association of Independent Mortgage Experts.
“We expect to substantially increase our client base and revenues due to the partnership,” Elizabeth Karwowski, CEO of Get Credit Healthy, said in a press release.
Get Credit Healthy’s platform is designed to support independent mortgage originators by offering credit resources, data intelligence and lead recovery. GCH’s corporate parent, Beta Music Group, is a development-stage company that has been trading in the over-the-counter market as a penny stock.
Arive, a private technology company, has contracts with more than 20 wholesale lenders. These include United Wholesale Mortgage, Caliber, Stearns, Flagstar Bank, Home Point Financial, AFR Wholesale, Finance of America Reverse and Paramount Residential Mortgage Group, according to the release.
Large depositories’ wholesale lending share fell dramatically from almost 30% to below 5% post-crisis, but there have been signs that originations sourced through from mortgage brokers have begun to rebound.
Depository Citizens Financial Group bought Franklin American Mortgage, a large nonbank active in wholesale and correspondent lending, last year. Also recent peer-group data suggests big nonbank and bank lenders have been generating almost half their mortgages through third-party originators.
The wholesale share of originations is expected to reach 20% by 2020, according to the Association of Independent Mortgage Experts.