Latest news with #TRID
Yahoo
09-05-2025
- Business
- Yahoo
Piatt declares ‘the end of the beginning' in getting last key vote to start Esplanade
No one said getting a major riverfront development off the ground would be quick and easy, but at least things are moving forward for the Esplanade on the North Shore. The political process of getting what's called the Manchester-Chateau Transit Revitalization Investment District to generate public financing for infrastructure took about six months to get full approval from three tax bodies, starting with the board of the Urban Redevelopment Authority of Pittsburgh last November. Yet after Pittsburgh Public Schools and Allegheny County Council approved the new TRID in the last few weeks, Piatt Cos. CEO Lucas Piatt can consider that process a short chapter in a nearly 10-year slog to redevelop a 15-acre industrial patch of mostly mature industrial properties. The ultimate plan is for his mixed-use vision for Esplanade, a 1.7-million-square-foot riverfront destination of apartments, condos, restaurants, shopping and its signature attraction, a 200-foot-high Ferris Wheel. 'The last five years have been the toughest I've ever had in this business,' said Piatt, whose company kept the huge project, with a budget now expected to reach $740 million, alive through all the challenges of the pandemic as it now works through ongoing inflation issues and the cost threat of new tariffs. But the TRID approval now means the company will break ground on preparing the site this summer, with Piatt estimating site work will take about a year before Piatt Cos. shifts to vertical construction of the first phase. Click here to read more from our partners at the Pittsburgh Business Times. Download the FREE WPXI News app for breaking news alerts. Follow Channel 11 News on Facebook and Twitter. | Watch WPXI NOW
Associated Press
09-04-2025
- Business
- Associated Press
Click n' Close Expands Correspondent Lending Sales Team with Mortgage Industry Veteran Kim Schenck
- Current head of correspondent division Michael Lima to refocus on whole loan trading - ADDISON, Texas, April 9, 2025 (SEND2PRESS NEWSWIRE) — Click n' Close (CNC), a multi-state mortgage lender, announced today that Kim Schenck has joined its Correspondent Lending Sales team as Correspondent Manager. In her new role, Schenck will lead the expansion of the company's proprietary down payment assistance (DPA) program, which plays a key role in helping more borrowers achieve homeownership. 'Kim's extensive experience and proven ability to drive results make her an ideal addition to our team,' said Jeff Bode, owner and CEO of Click n' Close. 'Her focus on our DPA program will help us continue delivering innovative, affordable solutions to our partners and borrowers.' Schenck brings more than 30 years of experience in mortgage banking, with a strong background in correspondent lending, loan acquisitions and secondary marketing. Her career includes leadership roles at Essex Mortgage, Freedom Mortgage, Bank of America, Greenwich Capital Financial and Sandia Mortgage Corporation, where she built and managed high-performing sales teams, drove strategic growth and developed pricing and rate strategies for large-scale lending operations. 'I've had the pleasure of working with Jeff in previous roles and have always admired his sharp insight and shared commitment to empowering both lenders and homebuyers,' said Schenck. 'I'm honored to join such a forward-thinking organization and proud to be part of a winning team.' As part of this transition, Click n' Close's Managing Director of Correspondent Lending Michael Lima will shift his focus back to the company's whole loan trading business, a division he was initially hired to lead. Lima first joined Click n' Close – then operating as Mid America Mortgage – shortly after the implementation of the 2016 TILA-RESPA Integrated Disclosure (TRID) rule. Mid America recognized an opportunity as lenders across the country struggled with compliance and were forced to sell affected loans at steep discounts on the scratch-and-dent market. The company entered the space to purchase those loans, resolve the underlying issues and reintroduce them to the market—effectively bringing liquidity where it was desperately needed. Lima was brought in specifically to lead this initiative, leveraging his expertise in capital markets and risk assessment to build a sustainable, scalable secondary market strategy. Now, as the mortgage industry faces another period of consolidation and economic uncertainty, Click n' Close is redoubling its commitment to the whole loan trading space, offering a stable, long-term source of liquidity for lenders navigating an evolving landscape. Amid a post-COVID environment where many lenders have reported financial losses, Click n' Close has remained financially strong and profitable—a track record the company sees as critical to its value proposition moving forward. 'Click n' Close has always leaned into market disruptions as an opportunity to lead with innovation and stability,' said Lima. 'My returned focus to the whole loan trading space will help strengthen the liquidity and reliability our lending partners count on. Our capital markets strategy has always been about fixing what others overlook—and doing it profitably, sustainably and at scale.' About Click n' Close, Inc. Click n' Close, Inc., formerly known as Mid America Mortgage, is a multi-state mortgage lender serving consumers and mortgage originators through its wholesale and correspondent channels and is also the nation's leading provider of Section 184 home loans for Native Americans. In operation since 1940, Click n' Close has thrived by retaining its entrepreneurial spirit and leading the market in innovation, including its adoption of eClosings and eNotes. Combining this culture of innovation with a risk management mindset enables Click n' Close to deliver new products to market that address the challenges facing both borrowers and third-party originators (TPOs). These innovations include its USDA one-time close construction loans, proprietary down payment assistance (DPA) program and reverse mortgage division. Its direct relationships with Fannie Mae, Freddie Mac, Ginnie Mae and private investors afford Click n' Close direct access to the capital markets, thus ensuring maximum liquidity for its product innovations. By servicing its loan programs in-house, Click n' Close provides its wholesale and correspondent partners with an additional level of certainty regarding loan salability and superior borrower service over the life of the loan. Learn more at NEWS SOURCE: Click n' Close Inc. ### MEDIA ONLY CONTACT: (not for publication online or in print) Lindsey Neal Depth for Click n' Close P: 404.549.9282 [email protected] ### Keywords: Mortgage, Click n' Close, multi-state mortgage lender, Correspondent Lending, wholesale and correspondent channels, Section 184 home loans for Native Americans, ADDISON, Texas This press release was issued on behalf of the news source (Click n' Close Inc.) who is solely responsibile for its accuracy, by Send2Press® Newswire. Information is believed accurate but not guaranteed. Story ID: S2P125407 APNF0325A © 2025 Send2Press® Newswire, a press release distribution service, Calif., USA. RIGHTS GRANTED FOR REPRODUCTION IN WHOLE OR IN PART BY ANY LEGITIMATE MEDIA OUTLET - SUCH AS NEWSPAPER, BROADCAST OR TRADE PERIODICAL. MAY NOT BE USED ON ANY NON-MEDIA WEBSITE PROMOTING PR OR MARKETING SERVICES OR CONTENT DEVELOPMENT.
