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UWM’s Jason Bressler and Google’s Oliver Parker United Wholesale Mortgage (UWM) , the top mortgage lender in America, on Tuesday announced a strategic AI agreement with Google Cloud that the companies say will bring modernization to the mortgage industry. model to enhance underwriting automation.
The Federal Housing Administration announced on Wednesday the launch of its first automated underwriting system that will allow lenders to submit loan application data electronically for single family forward mortgages from their loan origination systems to FHA for mortgage insurance eligibility. It is modernization of the entire process.
With flood insurance premiums commanding ever-higher prices, a U.S. senator recently described a hardship faced by a constituent who endured challenges with higher flood insurance costs while keeping a reverse mortgage in good standing. That’s on top of what they pay for homeowners insurance.” Bill Cassidy (R-La.).
National Mortgage Insurance Corporation (National MI) announced on Tuesday its integration with Vesta , a loan origination system (LOS) provider and software-as-a-service company. “We are thrilled to add Vesta, a leading SaaS company building next-generation LOS technology, to our list of integration partners.”
With the housing market slowing down from its pandemic-fueled frenzy, wire fraud threats, regulatory challenges and the perennial challenge of an aging workforce, the title insurance industry will have a lot to juggle in the new year. For the title insurance industry, she feels this will result in a thinning of the herd.
So far his venture-backed title company has launched platforms that have sped up title clearance and title insurance acquisition, and they have their sights on expanding into the lending and appraisal space. As title insurers our business practices and our regulatory oversight are different in every single state,” Stone said. “So
Real estate technology company Homes.com analyzed the Pacific Palisades and Altadena neighborhoods in order to quantify the number of homes destroyed and measure the financial repercussions of the wildfires. Combined, the January 2025 fires have destroyed roughly 11,000 homes with an estimated value of nearly $30 billion. billion in value.
The only single-family program that did not return a 403 error at the time of this writing is mortgage insurance for disaster victims. The single-family partner page also no longer includes a dedicated section for Federal Housing Administration (FHA)-insured mortgage servicing.
The funding round was led by prior investors Ribbit Capital , DST Global and NFX along with new investor Progressive Insurance. Were excited to invest in Tomo and to support their mission to modernize the home buying experience, Erwin Raeth, corporate development leader at Progressive Insurance, said in a statement.
Recognizing the most innovative technology providers in the mortgage industry, MortgagePoints Tech Excellence Awards highlight the companies that have developed cutting-edge solutions, improved operational efficiencies, and have enhanced the mortgage process through technology.
Polly, a software-as-service mortgage-technology firm that operates a loan-trading platform , has raised $37 million through a new funding round, its third since launching in 2019 — bringing the total raised from investors to $57 million. The post Tech firm Polly bulks up to help modernize mortgage industry appeared first on HousingWire.
Furthermore, servicers can leverage these relationships to approach consumers with value-added services including asset protection, insurance products, home improvement loans, and maintenance options. Late fees and commissions on optional insurance may also increase revenue.
Servicing teams must manage shifting delinquency rates, regulatory demands that may pivot with each new administration, and ever-increasing operational costs while keeping their fingers on the pulse of the modern consumer and advancing technology. Providing guidance and support during this process will be crucial for servicers in 2025.
To help overcome these obstacles, Sagent has created its Dara Loss Mitigation platform as a solution that modernizes how homeowners and mortgage servicers address financial hardship. Sagent’s platform represents a significant advancement in hardship resolution technology.
The Federal Housing Administration (FHA) announced late last week that the previously detailed updates and expansions to its 203(k) Rehabilitation Mortgage Insurance Program will be incorporated into updates for the FHA Connection (FHAC) portal. The 203(k) offering has two separate programs.
Recognizing the most innovative technology providers in the mortgage industry, MortgagePoints Tech Excellence Awards highlight the companies that have developed cutting-edge solutions, improved operational efficiencies, and have enhanced the mortgage process through technology. Headquartered in the U.S.,
Some of the issues outlined in the report include those related to the promotion of health and safety in HUD-assisted housing, the management of fraud risk, improving the technology posture of the department and addressing cybersecurity shortcomings, protecting whistleblowers and reducing counterparty risk. “Of
Not to be outmatched, the incumbent software providers each updated and launched their own POS to stave off the encroaching technology. The digital POS technology explosion promised to make the loan application process a less confusing and more casual experience for the consumer. The digital point of sale (POS) was born.
Building the future of mortgage servicing technology is about granular, nuanced innovation — knowing what changes must happen and when, and executing with no mistakes across scale operations where every tiny detail is highly regulated. And its product and customer success teams have responsibility for sales and growth.
MGIC Investment Corporation’s principal subsidiary Mortgage Guaranty Insurance Corporation (MGIC) has announced that Sri Kadasinghanahalli joined the company on October 18, 2021 as Vice President of Systems Development. The post Kadasinghanahalli Joins Mortgage Guaranty Insurance Corporation appeared first on Appraisal Buzz.
Despite cooling interest rates , the title insurance segment at Big Four title firm Old Republic recorded a 22.8% Declines in the firm’s title segment were partially offset by growth in its general insurance sector. Looking ahead to 2024, the century-old firm says it is looking to modernize through improved technology and automation.
Tim Bowler, the president of ICE Mortgage Technology , appreciates a good analogy. Treasury official says that the mortgage technology giant’s integration of Black Knight isn’t dissimilar to building a rail line. But MSP, the flagship servicing technology engine acquired in the $12 billion Black Knight deal, runs on 2.01-meter
“Defendant programmed such third-party tracking technology into its website for advertising purposes and to increase its profits,” the complaints add. According to Mata and his attorneys, both firms “knowingly deployed third-party tracking pixels and other third-party tracking technologies” on their websites.
In an industry where managing a web of technology vendors to support LO’s sales and marketing needs has become overwhelmingly complex, inefficient and creates unnecessary security and compliance risks, CANDID is quickly becoming a leader in transforming how mortgage lenders operate.
It would also require the use of tamper-evident technology in electronic notarizations, and help prevent fraud through the use of multifactor authentication. The senators introduced nearly identical legislation during the last session of Congress. . “It makes sense to embrace remote online notarization as a permanent innovation.”
Xactus will add flood services to its list of verification solutions with the acquisition of MassiveCert , a software company that provides flood zone determinations for insurance, lending and real estate. MassiveCert will be rebranded as Xactus Flood Solutions. The terms of the deal were not disclosed. “The
Since the announcement , we have heard from a number of lenders and partners about their excitement over our ability to accelerate the digital journey of our industry, our ability to invest in the modernization of the MSP servicing platform, and the open technology approach we bring to the deal.
Meanwhile, homeowners insurance is increasingly becoming a bigger issue for consumers and servicers. In California, Texas and Louisiana, as well as portions of other states that are at risk for natural disasters , just getting homeowners insurance is getting more difficult as large insurers stop writing coverage.
commercial spaces/building and residential homes/townhomes) and inconsistent transactional processes, fragmentation in the market has prevented real-estate from adopting technology as quickly as other sectors – until now. So, what are the technologies and trends iBuyers are using to fix fragmentation in the market?
Another proposed rule “would establish through rulemaking the circumstances in which governmental entities are deriving a prohibited financial benefit” from mortgage insurance for loans involving down payment assistance programs , with an initial notice proposal planned for May 2024. An initial notice on this proposal is expected this month.
Many of them are determined to make an impact in industries that have yet to be significantly modernized by technology. A quick look at the history of real estate technology will tell you that almost everything up and down the transaction chain has been targeted for innovation. But are you doing it within the rules?
Gloudeman’s career in mortgages and financial services will help “modernize compliance strategies for the quickly evolving mortgage landscape” as traditional approaches are falling behind, said Perry Steiner, chairman and CEO of Xactus said. Gloudeman started on Tuesday. .
Additionally, modern mortgage servicing software and Application Programming Interfaces (APIs) automate investor reporting and compliance and create a more efficient workflow, effectively allowing servicers to service loans in-house to maximize their advantages. Late fees and commissions on optional insurance can also increase revenue.
And the issue is only compounded by the fact that every state (and seemingly, every city) has its own rules and requirements to issue title insurance and hold a closing. Having a modern, streamlined process makes a potential lending client’s decision much easier. But they are not insurmountable. Others are more global.
The process of orchestrating the collaboration of lenders, appraisers, home inspectors, one or two real estate agents, a title insurance company and possibly others is complex. One would be hard-pressed to find many title agencies that aren’t using some level of technology in that regard. But there’s also room for improvement.
Yes, the process of orchestrating the collaboration of lenders, appraisers , home inspectors, one or two real estate agents, a title insurance company, and possibly others is complex. One would be hard-pressed to find many title agencies that aren’t using some level of technology in that regard. But there’s also room for improvement.
Title insurance upstart States Title announced this week $150 million in debt financing from HSCM Bermuda , which will go towards developing a more modern home closing experience. NATC) and North American Title Insurance Co. As a result, State Title was able to patent technology that removed entire chunks of the closing process.
HousingWire recently spoke with Susan Falsetti, managing director of Origination Title and Close at ServiceLink, about the state of title in 2020 and how the EXOS technology platform allowed ServiceLink clients to take advantage of virtual closing solutions. This technology became essential amid social distancing guidelines.
When it comes to origination, modernization is key to enhancing the customer experience, improving overall cycle times and increasing overall profit. Referred to as “lights-out processing,” this advanced technology actively monitors the system for any data changes. Rich Gagliano, President, Origination Technologies.
With vast experience in housing policy, tech modernization, regulatory issues, and more, Schwartz has a lot of insight and knowledge to share with attendees. As deputy assistant secretary, she oversees the FHA’s insurance-in-force portfolio of more than 7.3 million loans with an unpaid principal balance of more than $1.2
Our solution prioritizes the borrower experience and promotes a “self-cure” to insurance resolution with a multi-channel campaign that includes both digital and print touchpoints with consumers. HW: How have you seen technology impacted by COVID-19? Seeing a better way, Allied has revolutionized mortgage tracking.
HousingWire Annual is where the community from across the housing ecosystem comes together to share strategies, drive business, discover new technologies, discuss best practices, and meet industry leaders. 06 Appraisal modernization: What’s the endgame? 02 HWA The Remix: Westwood Insurance Agency. All Things Housing.
When we started, the idea was to obtain exterior photos as fast as possible, at a time when Uber, Lyft and marketing technology was advancing, and anyone with a smartphone could get exterior photos,” said Tomaszewski, who worked to turn his idea into ProxyPics. The State of Appraisals in 2022. Presented by: Reggora.
Modern software automates investor reporting and compliance and creates a more efficient workflow, allowing servicers to effectively service loans in-house. There is still evidence that higher LTV loans with Private Mortgage Insurance are attractive to buyers who don’t have much money saved up for a down payment.
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