Housing Wire

FEBRUARY 12, 2024

The Federal Financial Institutions Examination Council (FFIEC) on Monday issued a statement outlining examination principles related to valuation and appraisal discrimination or bias in residential lending. FFIEC is a federal interagency coalition consisting of the Federal Reserve Board of Governors (FRB), the Federal Deposit Insurance Corp.

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Housing Wire

DECEMBER 10, 2020

The country was in the middle of the financial crisis, as the consequences of the deceptive mortgage lending practices from all the years prior came crashing down. This unconventional monetary policy is designed to encourage lending and investment, adding money back into the economy and lowering interest rates.

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Housing Wire

OCTOBER 23, 2020

Guild agreed to settle the federal lawsuit, brought by the Department of Justice , for just under $25 million, the government said Thursday. We also commend the whistleblower for coming forward, exposing these wrongs, and working with the government investigative team.”. It did not admit to any wrongdoing. Presented by: Total Expert.

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Housing Wire

JUNE 5, 2024

Department of Housing and Urban Development (HUD) this week announced the launch of a new program designed to allow for the purchase, refinance or renovation of manufactured housing under a loan program sponsored by the Federal Housing Administration (FHA).

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Housing Wire

MAY 8, 2024

Fannie Mae announced on Wednesday the availability of a new web-based option for its income calculator tool, which is designed to “help mortgage professionals serve the growing number of mortgage applicants in the U.S. who are self-employed and don’t have traditional sources of income,” according to the government-sponsored enterprise (GSE).

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Housing Wire

OCTOBER 12, 2023

Wholesale lender The Loan Store launched a consumer rewards program designed to help mortgage brokers offer competitive mortgage rates. In April, the lender bought the wholesale lending business from the now-defunct Home Point Capital.

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Housing Wire

MAY 27, 2022

The CFPB, a government watchdog agency, said lenders aren’t absolved from adverse action notice requirements under the Equal Credit Opportunity Act if they use complex algorithms, which Rohit Chopra, the director of the CFPB, has dubbed “black-box models.”. The requirement also applies to mortgage lenders, legal experts say.

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Appraisal Buzz

JUNE 7, 2024

A decrease in the MCAI suggests tighter lending rules, whilst an increase in the index indicates looser credit. The Conventional MCAI climbed by 0.3%, while the Government MCAI fell by 0.1%. Conventional, Government, Conforming, And Jumbo Mcai Component Indices The MCAI rose by 0.1% The MCAI increased by 0.1%

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Housing Wire

AUGUST 15, 2024

There are many government program offerings designed to support low-income borrowers and underserved communities available through banks and credit unions, including: Federal Housing Administration (FHA): FHA provides mortgage insurance on loans made by FHA-approved lenders.

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Housing Wire

AUGUST 2, 2024

Prospective borrowers with strong credit are locking in mortgages this week at the lowest rates in more than a year, loan officers and lending executives told HousingWire on Friday. Daniel Sa, a division president at NFM Lending , said he’s been proactive in communicating with past clients about how they can benefit from refinances.

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Housing Wire

MARCH 28, 2024

Just five lenders originated more than 75% of all home-only loans from 2018 to 2022, four of whom specialize in home-only lending. The home-only lending market presents several major opportunities. For lenders, the market offers the prospect of a new and growing line of business.

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Housing Wire

OCTOBER 5, 2023

Industry-leading lender Movement Mortgage will become an “early adopter” of FICO Score 10 T, the updated credit scoring model designed to take advantage of trended data information to help expand mortgage approval rates. The word “trended” is the source of the “T” in the 10 T name.

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Appraisal Buzz

NOVEMBER 20, 2024

A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. percent, while the Government MCAI increased by 0.4 percent, while the Government MCAI increased by 0.4 The MCAI rose by 0.7 percent to 99.2 in October. The Conventional MCAI increased 1.0

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Housing Wire

JANUARY 24, 2024

Government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac announced this week the release of their “Mission Index,” updating or expanding their single-family social bond framework to better communicate the goals of the index to stakeholders and investors. The GSEs issued separate announcements and a joint statement.

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Housing Wire

JANUARY 29, 2021

This surge in eNote usage also comes as more lenders and even government agencies begin accepting eClosings. More importantly, consumers expect the mortgage lending process to be as easy for them as other types of transactions that are completely digital. “No Presented by: SimpleNexus.

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Housing Wire

OCTOBER 2, 2023

Rocket’s move shows that the mortgage lender is confident the maximum loan limit set by the federal government will rise by at least 3.3% in 2024 (the current limit on conventional loans is $726,200).

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Appraisal Buzz

DECEMBER 10, 2024

With mortgage rates likely to ease only modestly next year, these marketsoffering relatively lower-priced homes, more new and existing houses to choose from, and mortgage products designed to give buyers a leg upcould provide some would-be buyers a better chance at entering the market next year. Miami leads with 42.7%

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Housing Wire

SEPTEMBER 8, 2022

Well, it isn’t 2008, but this type of loan does have risk — and it’s the risk that is traditional among all late economic cycle lending in America when the loan requires low or no downpayment. The entire system has to be designed to inflate the price over time. Remember, the system is designed to keep home prices inflated.

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Inventory Law Housing Market Design 543

Housing Wire

MARCH 10, 2023

California-based Impac Mortgage Holdings is repositioning itself as a mortgage brokerage and voluntarily giving up its seller-servicer designation with Fannie Mae and Freddie Mac. Impac is transitioning its retail consumer direct lending division into a mortgage broker fulfillment model to offer various products at a reduced cost per loan.

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Housing Wire

NOVEMBER 29, 2022

This was “likely attributable to massive government stimulus and other support programs designed to stabilize the housing market during the COVID-19 pandemic,” according to the report. Bias in lending is a challenge that the mortgage industry has been struggling with, as seen from a handful of suits.

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Housing Wire

JUNE 7, 2022

Servicers, especially those who service government-insured loan products, are under statutory time constraints that give them very little wiggle room. But unless the automation is specifically designed to solve these problems, it stands little chance of being effective. appeared first on HousingWire.

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Housing Wire

DECEMBER 10, 2021

“If you look in the last 15 to 20 years, the self-employed portion of the country has been increasing every year,” said Keith Lind, executive chairman and president of Acra Lending (formerly known as Citadel Servicing ). The pandemic has only accelerated that, with more people self-employed or wanting to be entrepreneurs.

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Housing Wire

MAY 15, 2024

The Community Home Lenders of America (CHLA) on Wednesday released a plan that it says would “modernize” Ginnie Mae , the government-owned company that manages the securitization of government-sponsored loans. CHLA added in a statement that the release of these recommendations is designed to coincide with relevant news.

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Housing Wire

APRIL 23, 2024

Department of Labor (DOL) on Tuesday announced a new rule that governs retirement advice, requiring more financial advisers to follow stricter fiduciary standards when dispensing advice about retirement-focused investments. Retirement investors are best protected by a uniform and protective framework.”

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Housing Wire

OCTOBER 1, 2024

The Federal Housing Administration (FHA) on Tuesday issued an informational notice to mortgage lenders in which it reiterates various loss-mitigation options afforded to companies and borrowers who are engaged in FHA lending programs in presidentially declared major disaster areas (PDMDAs).

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Housing Wire

OCTOBER 16, 2023

At a time when you desperately need stability, your own government is sowing the seeds of profound instability. The MBA, alongside several other trade groups, sent a letter to lawmakers and monetary policymakers that the government can do much more to help the housing industry while still fighting inflation. And we’re playing offense.”

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Housing Wire

AUGUST 5, 2020

As part of NAMB’s Call to Action, almost 20,000 mortgage brokers and loan originators were able to help our non-bank lender partners by contacting their legislators to require the two government-owned entities – Freddie Mac and Fannie Mae – to purchase these loans without these overlays. In the last 47 years, there have been so many changes.

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Housing Wire

MAY 25, 2022

There is also the matter of efficiency versus increased lending cost. As government regulations constantly shift, keeping on top of and adhering to these changes can become a time-consuming task. The Newrez non-QM suite is comprised of three different loan types, each designed for a different kind of borrower.

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Housing Wire

AUGUST 7, 2023

Fannie Mae and Freddie Mac have been under government conservatorship since the beginning of 2008. Ginnie Mae is wholly owned by the federal government. Fannie Mae and Freddie Mac have had affordable lending goals for years, but the impact of closing the minority homeownership gap has not been that significant.

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Housing Wire

JANUARY 12, 2021

Following other recent moves from the government-sponsored enterprises to the private sector, former Fannie Mae Head of Digital Products Henry Cason announced his move to FinLocker , a consumer-permissioned personal financial assistance tool. FinLocker CEO Henry Cason. So why change direction now?

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Housing Wire

OCTOBER 6, 2020

Purveyors of very complex financial instruments, sold to risk-averse investors under the careful oversight of government regulators, have given us a process that must conform to investor and regulatory compliance requirements. Lending technology out of focus. We have fared much better on the automation side.

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Technology Mortgage Investors Investing 474

Housing Wire

APRIL 27, 2023

The company will now operate as a mortgage brokerage, giving up its retail consumer direct lending division and winding down its third-party origination (TPO).

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Housing Wire

SEPTEMBER 10, 2024

All designated DDAs in metropolitan areas (taken together) may not contain more than 20% of the aggregate population of all metropolitan areas, and all designated areas not in metropolitan areas may not contain more than 20% of the aggregate population of all nonmetropolitan areas,” according to the entry in the Federal Register.

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Housing Wire

SEPTEMBER 17, 2021

This borrower-oriented model could help the industry design a framework for any natural disaster in the future. Most importantly, the CARES Act created a standardized relief program for homeowners with mortgage loans backed by the Government Sponsored Enterprise (GSE) housing agencies (Fannie Mae, Freddie Mac, and Ginnie Mae).

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Appraisal Buzz

NOVEMBER 8, 2024

Truv , a provider of income, employment, asset and home insurance verification solutions, and Lodasoft , which offers a digital workflow platform designed by mortgage experts to automate the lending process, are now integrated to provide mortgage lenders with seamless, real-time verification capabilities directly within the loan application.

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Housing Wire

APRIL 5, 2022

It also represents yet another sweetener designed to convince brokers to choose them over rival United Wholesale Mortgage. Government, FHA, and VA loans do not apply and the program is not available in 16 states, including New York, Massachusetts, and Rhode Island.

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Real Estate Agent Retail Finance Mortgage 386

Housing Wire

DECEMBER 2, 2020

It would require coordination and cooperation with government and the transformation of processes and systems within industry giants. Sure, new online lending operations like SoFi, Better and a handful of others are taking advantage of their lack of traditional infrastructure. Of course, disruption is the whole point.

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Mortgage Lending Technology Modernization 344