- Feature supporting lender and servicer transfer of assumable mortgages available now, preceding the FHA effective date of permissible fee increases for assumptions - JACKSONVILLE, Fla., May 30, 2024 (SEND2PRESS NEWSWIRE) — Dark Matter Technologies (Dark Matter), an innovative leader in mortgage technology backed by time-tested loan origination software and leadership, today announced enhancements to the Loan Assumptions feature in the Empower ® loan origination system (LOS) that make it easier for mortgage lenders and servicers to transfer assumable mortgages to new homebuyers. The Empower LOS is the first mortgage loan origination system to announce native support for loan assumptions, a feat made possible by the system’s flexibility and robust mortgage servicing platform integrations.
An assumable mortgage is a type of home loan that allows the transfer of the original borrower’s loan — including the remaining balance, repayment schedule and interest rate — to a new homeowner. Although conventional loans are seldom assumable, loans from the Federal Housing Authority (FHA), Veterans Affairs (VA), and U.S.
Department of Agriculture (USDA) — products that account for more than one in five active loans today — can be assumed if certain conditions are met. Typically, buyers must qualify under the loan’s criteria, and sellers need to obtain approval from their loan servicer. The Empower LOS supports the process whether initiated by the seller’s mortgage servi.
