Remove Design Remove Finance Remove Technology Remove Valuation
article thumbnail

Finance of America CEO Patti Cook announces retirement

Housing Wire

Multichannel lender Finance of America (FOA) announced Thursday its chief executive officer, Patti Cook , will retire as soon as the company finds a successor. HousingWire recently spoke with Bill Dallas, President of Finance of America Mortgage, to discuss how brokers can leverage technology to accommodate today’s unique homebuyer.

Finance 395
article thumbnail

CFPB turns rulemaking eye toward AI use in automated home appraisals

Housing Wire

The rule specifically targets automated valuation models (AVMs), according to an announcement from CFPB Director Rohit Chopra and deputy director Zixta Martinez. FDIC), the National Credit Union Administration (NCUA) and the Federal Housing Finance Agency (FHFA). businesses. “On

Appraisal 385
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Federal agencies seek input on proposed AVM credibility, integrity rule

Housing Wire

Six federal agencies have requested comment from the public on a newly-proposed rule that is designed to “ensure the credibility and integrity of models used in real estate valuations.” And the design and development of the models and algorithms can reflect the biases and blind spots of the developers.”

Valuation 418
article thumbnail

FinLocker raises $17M in Series B funding round

Housing Wire

The investment from Radian Group and existing shareholders will enable FinLocker to introduce a suite of new features and tools designed to optimize the homebuying and homeownership experience.

Tools 468
article thumbnail

Trade groups warn of “unintended consequences” from proposed AVM rules

Housing Wire

The Mortgage Bankers Association (MBA) and the Consumer Bankers Association (CBA) sent a letter to regulators on Monday warning of the “unintended consequences” of new quality control standards for automated valuation models (AVMs). the trade groups state. Department of the Treasury ; and the Federal Reserve System. .

Valuation 370
article thumbnail

AI could improve racial equity in homeownership, but there’s work to be done

Housing Wire

Nearly 50 interviews from staff members in the federal government, financial technology companies, mortgage lenders and consumer advocates found that the ability of AI to improve racial equity can be undermined by the data used to train the algorithm, not just by the algorithm itself.

article thumbnail

CFPB wants lenders to disclose reason for denial of credit

Housing Wire

The CFPB issued a statement to warn creditors that technology being “too complicated” is not an excuse for noncompliance. The designers historically have been unwilling to tell lenders all the factors used and how they are weighted,” Kully said. Presented by: Mortgage Coach.

Law 448