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Home Diversification Corp., a Fintech startup, creator of the Home Diversification concept and Home Diversification Mortgage, named Shailendra Tripathi as the company's global president. Tripathi will be responsible for overseeing the company's first-of-its-kind "ultra-low down payment/no PMI mortgage with any FICO score product, that was introduced to the U.S. mortgage originations market, estimated at $4.1 trillion in 2020 by Fannie Mae.
Tripathi joined HDC in November 2020 as managing director, providing strategic insight and guidance for the company's partnering initiatives and product development activities, according to a press release. He holds knowledge and senior-level executive experience in banking, risk management and wealth management. Additionally, he has experience mentoring startups, with expertise advising from conceptualization through operation scale-up phases.
Tripathi will be tasked with heading ongoing strategic partnership initiatives and leveraging the company's advantage of offering homeowners the ability to purchase an Ultra Low-Down Payment/No PMI Mortgage with Any FICO Score product versus the traditional 'low-down' mortgage model that requires them to pay monthly PMI fees. According to HDC, the HDM product will save homeowners an average of $100 monthly and virtually eliminate their risk of foreclosure. It also guarantees them national home price appreciation, while eliminating 99% of mortgage credit risk to lenders and the GSEs, according to a press release.
"What attracted me most to HDC was its pathbreaking credit enhancement product with an accumulated IP of over 5 years' worth of quantitative research and statistical modeling," said Tripathi.
"We are at a critical stage engaging with potential industry partners and making final preparations for the delivery of our product to the market," said CEO and founder Marc Biron.