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Mint and Rocket Mortgage Reveal New Technology to Foster the Next Generation of Financial Empowerment

Mint and Rocket Mortgage Reveal New Technology to Foster the Next Generation of Financial Empowerment

SAN DIEGO and DETROIT, Oct. 14, 2020 /PRNewswire/ — Today, financial empowerment app Mint by Intuit Inc. (Nasdaq: INTU), and Rocket Companies (NYSE: RKT), announced a first-of-its kind partnership in which Rocket Mortgage – the first fully digital mortgage experience – is now integrated into the Mint app via API to create a fast, simplified refinance experience for homeowners.

As part of this integration, Mint users are able to pre-fill information such as current mortgage information that they’ve added to their Mint profile. They are then able to seamlessly search for, apply and lock-in mortgage refinance rates with Rocket Mortgage in as few as eight minutes, instead of days or weeks – all powered by the Rocket Mortgage API. This is the first time the Rocket Mortgage experience has been directly integrated into a personal finance platform.

“Across the country, Americans are struggling with their finances as many face difficult economic times. As interest rates are near an all-time low, now is an ideal time for many to consider refinancing their mortgages and save thousands,” said Varun Krishna, SVP & Head of Consumer Finance at Intuit. “For too long, the refinance process has been an annoyingly tedious and overwhelming experience for all of us to find the right lender and loan for our situation. We’re excited to help simplify the process for Mint users with this integration of Rocket Mortgage and give our customers some peace of mind during this already stressful time.”

With the integration of Rocket Mortgage’s digital refinance application, Mint users can now seamlessly find the best options for lowering their rate through the easy-to-navigate Mint interface combined with the powerful Rocket Mortgage API. This new feature allows users to pre-fill data from Mint, skipping through additional account creation and data entry, greatly reducing the time it

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Essent Group Ltd. Announces Closing of $399.2 Million Reinsurance Transaction and Related Mortgage Insurance-Linked Notes

Essent Group Ltd. Announces Closing of $399.2 Million Reinsurance Transaction and Related Mortgage Insurance-Linked Notes

Essent Group Ltd. (NYSE: ESNT) announced today that its wholly-owned subsidiary, Essent Guaranty, Inc., has obtained $399.2 million of fully collateralized excess of loss reinsurance coverage on mortgage insurance policies written in September 2019 through July 2020 from Radnor Re 2020-2 Ltd., a newly formed Bermuda special purpose insurer. Radnor Re 2020-2 Ltd. is not a subsidiary or an affiliate of Essent Group Ltd.

Radnor Re 2020-2 Ltd. has funded its reinsurance obligations through the issuance of five classes of mortgage insurance-linked notes, with 10-year legal maturities, to eligible third party capital markets investors in an unregistered private offering.

The mortgage insurance-linked notes issued by Radnor Re 2020-2 Ltd. consist of the following five classes:

  • $79,832,000 Class M-1A Notes with an initial interest rate of one-month LIBOR plus 315 basis points;

  • $93,137,000 Class M-1B Notes with an initial interest rate of one-month LIBOR plus 400 basis points;

  • $93,137,000 Class M-1C Notes with an initial interest rate of one-month LIBOR plus 460 basis points;

  • $99,790,000 Class M-2 Notes with an initial interest rate of one-month LIBOR plus 560 basis points;

  • $33,263,000 Class B-1 Notes with an initial interest rate of one-month LIBOR plus 760 basis points;

The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the aforementioned securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom, such an offer, solicitation or sale would be unlawful.

Forward-Looking Statements

This press release may include “forward-looking statements” which are subject

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U.S. consumer watchdog rescinds ban on mortgage marketing deals

U.S. consumer watchdog rescinds ban on mortgage marketing deals

WASHINGTON (Reuters) – The U.S. consumer watchdog said on Wednesday it was rescinding guidance that had effectively banned joint marketing agreements between mortgage lenders, realtors and other home buying service providers, saying it did not provide necessary “regulatory clarity” on how to comply with the law.

The move is another boost for the mortgage industry, which has long lobbied against the guidance, and is the latest example of the Trump administration rolling back Obama-era consumer protections. The industry has complained that the Consumer Financial Protection Bureau’s 2015 guidance was unclear and had misinterpreted federal laws that bar kickbacks or referral fees that could increase the cost of buying a home.

The CFPB said it was replacing the guidance with a document on “Frequently Asked Questions.” The agency emphasized the move did not mean that such marketing arrangements are “per se or presumptively legal” and should be reviewed on a case by case basis.

Such “Marketing Services Agreements” involve mortgage originators and title insurers, hungry for sales leads, paying a real estate broker or homebuilder to promote their services and products, or to rent a desk in their offices.

Under the administration of former President Barack Obama, the CFPB had cracked down on these agreements, saying they frequently violated the 1974 Real Estate Settlement Procedures Act (RESPA), which bars giving or receiving anything of value in exchange for referrals for homebuying services such as mortgages, title insurance and appraisals.

While co-marketing arrangements are not illegal under RESPA, the CFPB’s then-director, Richard Cordray, found many were used to disguise an illegal referral fee as compensation for marketing or advertising services. Such fees create conflicts of interest that could prevent borrowers from getting the best rate, according to consumer protection experts.

Reuters reported here last year, however, that many mortgage firms were getting

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