This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Finance of America (FOA), the leading reverse mortgage lender, presented a robust outlook last week in its third-quarter 2024 earnings and is aiming to hit the ground running with business in 2025. The product was first introduced in 2018, marking the industry’s first-ever second-lien reverse mortgage option.
California-based Provident Funding Associates LLC is getting out of the Florida condo lending business , it told broker partners on Friday. Condos in Florida have to be next level,” said one retail lending executive. Provident told broker partners that all loans in the pipeline must be locked by 11:59 p.m. Condos are hard.
The rule applies existing protections for residential mortgages to borrowers who seek PACE loans to upgrade or renovate their homes through clean energy technology. The subprime lending crisis previously induced Congress to bolster lending protections, and the new rule now applies the same safeguards to the PACE program, the bureau said.
In the modernmortgage industry, lenders are not just setting themselves apart on who has the best Super Bowl ad or the biggest branch footprint, but increasingly also on their approach to technology. However, transitioning to a more modern, modular strategy has proven to be difficult and complex.
A Fannie Mae survey published in mid-May found that mortgage lenders see value in appraisal modernization, specifically in the implementation of non-traditional appraisals and inspection-based appraisal waivers. Currently, the appraisal process is the biggest issue facing the mortgage industry,” the mid-sized lender said.
Unfortunately, most lenders offer mortgage loans only when secured by both the home and the underlying propertydifficult criteria to meet in a category where most consumers lease their homesites. But mortgage lenders are sensitive to costs and specialized requirements.
At the beginning of 2024, mortgage technology company LoanPASS was announced as a technology partner for reverse mortgage lender Smartfi Home Loans. The lender chose LoanPASS to provide its software-as-a-service (SaaS) product and pricing engine in its reverse lending operations.
The mortgage industry today demands speed, accuracy, and satisfied customers. ICE Mortgage Technology presents their solution that also serves as an overhaul of the home financing process. This digital mortgage setup focuses on turning manual tasks into automated ones.
Tomo Mortgage on Tuesday announced the closure of $20 million in Series B funding that was led by three existing investors and a new participant. The companys tech-driven approach to lending is proving attractive to investors. The company is licensed in 31 states and Washington, D.C., and it has existing offices in Detroit and Seattle.
Modern-day redlining persists, and it’s costing lenders millions in legal fees. The true cost of redlining Lenders need to carefully evaluate their lending strategies to ensure that they are not unintentionally practicing redlining by neglecting MMCT and LMI neighborhoods, or they may face millions in penalties.
Perhaps most importantly, some homebuilders have been subsidizing mortgage rates to help maintain employment and finish ongoing projects. This sector is closely tied to the overall economic cycle and tends to show patterns before every recession observed in recent modern history. If mortgage rates hadn’t dropped from 7.5%
How can today’s mortgagelending market be summed up in one word? For homeowners who purchased their property during COVID when mortgage rates were near 3%, the word “comfortable” may come to mind. Acra Lending has done precisely that. For them, the word would likely be “flowing.”
Describing the modern-day mortgage market as challenging would be an understatement, to say the least. Mortgage interest rates have steadily ramped up throughout 2024. The average rate throughout 2024 for 30-year fixed mortgages was 6.72% higher than it was during the 2008 market crash.
The Mortgage Bankers Association (MBA) on Thursday released a new white paper , which argues that Section 8 of the Real Estate Settlement Procedures Act (RESPA) is in need of reform and modernization to better reflect “today’s highly-regulated mortgage market.”
With tech solutions and automation dominating more and more of the mortgage experience, the appraisal process can feel a bit dated, often causing significant slowdowns. HousingWire: Why should lenders consider appraisal modernization and how can it benefit borrowers? HW: How can appraisal modernization enhance the valuation process?
Appraisal modernization is generating a lot of buzz in the real estate lending industry. Most would agree (me included) that the appraisal process is long overdue for modernization — a 2022 Fannie Mae survey showed 94% of lenders are in favor of appraisal modernization.
In the modernmortgage landscape, quality control (QC) stands as a critical pillar supporting the industry’s integrity and stability. This approach integrates QC principles throughout the lending process, from application to servicing.
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. Building the next generation of tech: Three ways to digitize home lending.
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.
Seventy million dollars in seed funding is a colossal investment for an unproven tech startup, even one that promises to fully disrupt a relatively low-margin, traditional industry like mortgagelending. But this is no ordinary mortgage startup. They’re used to modern experiences with great service and digital experience.
However, a year after the GSEs announced new appraisal modernization solutions, as they’re more widely adopted, questions arise. A look into GSE appraisal modernization efforts The GSEs have each offered appraisal waivers on eligible loans for several years. How do the solutions work? Why do we need them? But you already know this.
Top-five reverse mortgage industry lender Finance of America (FOA) announced on Wednesday that it has promoted Jonathan Scarpati to the role of chief production officer. Scarpati previously served as the company’s senior vice president of wholesale lending.
Despite a drop in overall profitability in the fourth quarter of 2024, FOA, one of the nations leading reverse mortgage lenders, remains optimistic about the total addressable market for home equity-based retirement products and will continue to develop its offerings in 2025.
Our profession has been abuzz the last year or two with regards to the GSEs being mandated to modernize the appraisal profession. Why are appraisers essentially being excluded from the conversation about modernizing the profession? With mortgage related work, we get an order in and it goes to my office administrative team.
Feldman & Feldman began working with clients throughout Texas to file lawsuits under the truth in lending act against EasyKnock in 2021. According to Feldman & Feldman, EasyKnocks defamation suit forced the law firm to withdraw from the truth in lending suits it was involved in. In 2018, the company raised $3.5
When it comes to offering an opinion of ‘good or bad’ on HR 7735 — the VA modernization bill — and its ultimate ability to create a better appraisal process for veteran and active duty borrowers, it’s simply too early to tell with too little information being shared on exactly what changes we should expect.
Weve been scapegoated, slandered, and kicked to the curb by AMCs and lenders who see us as an inconvenient speedbump rather than a vital part of the lending process. And lets not even get started on how the modernization movement is designed to push us aside in favor of speed and efficiencyaccuracy be damned. Would it ensure fair fees?
Here it is: another article about appraisal modernization. The FHFA RFI responses to appraisal modernization are a treasure trove of insight into ideas and options for modernization from a wide variety of respondents. No doubt, investment in modernization is needed in the appraisal process.
Department of Housing and Urban Development (HUD) on Monday published a newly-proposed rule in the Federal Register that would allow mortgage servicers to use telephonic or other electronic means to communicate with a distressed borrower, in a way that is most likely to yield a response. “[T]his
The mortgage origination industry has long made use of an operational strategy that relies on “staffing up” during cycles of high volume and then making staff reductions, sometimes en masse, when origination volume declines. This simple fact often leads to checkers checking checkers.
A new report by IDIQ® , a financial intelligence company, details top consumer credit concerns provided by mortgage , real estate, and lending professionals as well as borrowers themselves. The report also introduces a solution with IDIQ’s newly launched credit-building tool, CreditBuilderIQ®, based on the feedback provided.
Tennessee-based multichannel mortgage lender First Community Mortgage announced on Wednesday that it has selected the Blue Sage Solutions digital lending platform and its LION Consumer POS to help scale its growth efforts across the 48 states it operates in. In FCM’s case, this also includes interim servicing.
Prior to 2020, the mantra around the mortgage industry going back to 2016 was that launching a new “digital experience” was the equivalent to table stakes in poker. The message was clear: if you weren’t already invested in new digital mortgage experience, then your competition already beat you to the sale.
LOX, an AI-powered TPO lending platform, that brings Loan Originators and TPO Brokers together, providing real-time data exchange and data-driven processes to ensure a more fluid experience for brokers, boosting productivity and reducing loan cycle times. The post Mortgage Tech Demo Day: Tavant appeared first on HousingWire.
If implemented, the changes will affect the mortgage industry–and trade groups are already coming out in opposition to the new regulation. ” The changes would boost capital requirements for large banks’ residential mortgage portfolios compared to international standards. said risk sensitivity is a “double-edged sword.”
Looking for a quick and easy way to stay up-to-date on mortgagelending news, trends and technology? Podcasts are a great resource for mortgage professionals to continue learning, with shows covering industry updates, business advice and the experiences of other pros in the mortgage industry. Mortgage Marketing Radio.
From mortgage origination to servicing, companies are constantly grappling with high volume and stringent regulatory oversight while managing a large cohort of vendor partners. Smaller mortgage originators often deal with this problem by throwing more people at it. We’re seeing mortgage executives and workers retiring at record rates.
That’s partly because, according to a joint notice of proposed rulemaking from bank regulators on Thursday, banks’ performance would be judged by where they lend, not just where they have branches. Honestly we don’t know if that is coming or not,” said Ricard Pochkanawala, senior policy council at the Center for Responsible Lending.
The recent developments surrounding the Consumer Financial Protection Bureau (CFPB) have left many in the mortgage industry wondering what comes next. 1639b), the Secure and Fair Enforcement for Mortgage Licensing Act ( SAFE Act ), and the Truth in Lending Act ( TILA ) remain fully enforceable.
When will the mortgage industry know it has reached the tipping point where innovation is no longer a competitive advantage but an existential need? Fifteen years ago, I launched a business on a mission to modernize and decrease friction in the real estate finance supply chain. Everyone works together.
Digital mortgage and fulfillment platform Maxwell has raised $16.3 Other investors included Rotor Capital , The Mortgage Collaborative Emerging Technology Fund , Prudence Holdings and existing investors including Anthemis Group , Route 66 Ventures , and Sovereign’s Capital. mortgage market. Presented by: Sutherland.
The mortgage industry faces constant change. Encompass by ICE Mortgage Technology aims to provide a flexible end-to-end solution for lenders in a modern market. From origination to closing, it covers all lending channels in one system. Regulations shift, customer needs evolve, and economic conditions fluctuate.
Mortgage lender Angel Oak Home Loans has implemented SimpleNexus ‘ all-in-one mortgage app to streamline its loan origination process. The Atlanta mortgage lender, which offers agency and non-qualified mortgage (non-QM) products, will implement the tech firm’s Nexus Origination and Nexus Engagement tools.
Non-QM lender Sprout Mortgage has brought on Infosys ‘s chief information officer and global director of real estate finance solutions, Henry Santos , as its own CIO and executive vice president, the company announced Tuesday. The post Sprout Mortgage shakes up executive suite appeared first on HousingWire.
We organize all of the trending information in your field so you don't have to. Join 9,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content