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Founders Mortgage

Upside-down Loan Mortgage Refinance Presentation - Principal Reduction

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Metlife partners with mortgage tech startup

According to Blend, there will be six partners on the platform to start, with the potential for more. Executives said the move to homeowners’ insurance is a natural extension of the mortgage business. Buyers often need proof of insurance to close a home loan. With this new product, consumers will be able to streamline that process rather than going to several different websites and filling out duplicate information.

“For the consumer, insurance is a major piece of getting your mortgage and purchasing your home,” said Greg Isaacs, who’s leading Blend’s new venture with a team of roughly 20 employees. “The home purchase and mortgage process is complicated and stressful, and insurance is often an overlooked piece of that.”

The firm was founded six years ago by three former Palantir Technologies employees. Its main business line is selling technology to lenders that helps create a more efficient and consumer-friendly mortgage lending experience. The company now has more than 80 partners with its customers controlling more than 25 percent of the total U.S. mortgage market. Investors including Founders Fund, Greylock Partners and Lightspeed Venture Partners have plowed $160 million into the firm in hopes that it will continue to grow at a fast pace.

A new twist on rent-to-own housing

Gabby Jacobs and her husband, Erin Bullock, were in a battle with their landlord, and they were losing. They were living in Bedford, Ohio, outside Cleveland. There was no heat in their daughter’s room. The stove didn’t work. The landlord refused to make repairs. The time had come to buy a place of their own.

“It was a big jump for us, but we always knew homeownership was a big plus, because it would be ours,” Jacobs said.

The couple had a lot going for them, including good, stable jobs. She’s an administrative assistant for a waterproofing company; he’s a plumber. Even with three young kids, they’d saved enough for a decent down payment. But their credit scores, around 600, were too low to qualify for a mortgage. Many lenders require at least a 620.

“So very close, but not close enough,” Jacobs said. Bullock, 31, had defaulted on a student loan.

For Jacobs, 29, it was a matter of inexperience.

“I have no established credit,” she said. She told her real estate agent to hold off, “and she was like, ‘Let me mention this program to you guys. I think you would qualify.’”

Did the founders allow white males to vote if their land was mortgaged?

If not, would modern conservatives want to change that provision?