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On the earnings call, Sieffert discussed a new “digital innovation” team that is being built at FOA with the purpose of delivering “financial services to seniors in a way that is modern and user-friendly.” The potential for building on HomeSafe Second’s numbers also comes from broader trends in the home equity lending space, she said.
ICE Mortgage Technology presents their solution that also serves as an overhaul of the home financing process. By doing so, ICE helps its clients cut down on mistakes, speed up workflows, and offer a modernlending experience that works better for both borrowers and industry professionals.
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. Lenders surveyed also think that modernizing appraisals could help enhance appraiser capacity and lower borrower costs.
In the modern mortgage 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.
How can today’s mortgage lending market be summed up in one word? In the modern mortgage market , mortgage rates are close to 7%, and the gig economy has pushed some borrowers away from trying to qualify for conventional mortgages. Acra Lending has done precisely that. For them, the word would likely be “flowing.”
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. What does the future hold?
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.
Appraisal modernization is generating a lot of buzz in the real estate lending industry. Expanded use of desktop appraisal technology began out of necessity during the COVID-19 pandemic. However, is appraisal modernization on its own enough? However, is appraisal modernization on its own enough?
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.” It was originally overseen by the U.S.
HousingWire recently spoke with Erin Reed, vice president of originations, valuations and operations at ServiceLink about approaching appraisal modernization in an innovative way while addressing logistical challenges along the way. . HousingWire: Why should lenders consider appraisal modernization and how can it benefit borrowers?
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. “We’re always looking for ways to make the loan process smoother,” an ICE Mortgage Technology representative explained.
Today, while the mortgage industry has the technology to support this, we’re still in the early stages of determining how it should be used. With the advances we’re seeing in Artificial Intelligence, Machine Learning and Robotic Process Automation, we have become experts at configuring our technology to meet the changing needs of lenders.
Fifth Third Bank, an Ohio-based regional bank, moved its origination and servicing operations to Intercontinental Exchange (ICE) Mortgage Technology ’s end-to-end mortgage technology ecosystem, the companies announced on Tuesday. That is a common goal we share.
The companys tech-driven approach to lending is proving attractive to investors. 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.
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.
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? Technology. Simply stated, good technology is as important as the collaborative process.
This general alignment matters a great deal as the FHFA, through their oversight of the GSEs, who have the vast majority of the market share, plays a key role in the conforming lending market being the de facto regulator. These entities make many other comments about technology, workforce options, modernization and the need for change.
HousingWire Editor in Chief Sarah Wheeler sat down with Adam Carmel , founder and CEO at Polly , to talk about the ways technology should be delivering ROI for lenders. Sarah Wheeler: The cost to originate a mortgage is higher than ever, while companies have invested more in technology than ever before. What is the disconnect there?
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 mortgage lending. They’re used to modern experiences with great service and digital experience. But this is no ordinary mortgage startup. It’s early.
Multi-year HousingWire Tech100 winner Built Technologies , a construction finance software and construction payment technology company, closed an $88 million Series C funding round. Modern construction finance requires new infrastructure altogether. and Canada. “The
In the modern mortgage 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.
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.
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.
In the proposal’s supplementary information section, HUD explains that the rule as currently enforced is simply outdated, and does not account for modern methods of communication that would comply with the protection of the involved parties’ personal information.
Boston-based fintech Stavvy announced a new integration using the latest Encompass Partner Connect Application Programming Interface (API) framework from Intercontinental Exchange (ICE) for mortgage technology. The SDK, which was used for two decades by ICE, is being “sunsetted” by Oct. ”
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. The post In the race to modernize title, firms double down on software appeared first on HousingWire.
A customized loan application developed for Angel Oak Home Loans will support both agency mortgage and non-QM lending “for borrowers of diverse financial backgrounds,” said Shane Westra, chief product officer at Simple Nexus. How should the current market impact lenders’ tech adoption? Presented by: Polly.
Figure Technology Solutions , the parent company of Figure Lending LLC , announced on Wednesday the hiring of Ronald Chillemi as its first chief legal officer and corporate secretary. Its technology is available to homeowners in 47 states and Washington, D.C., Department of Justice. Movement Mortgage and Rate.
While this was once a necessary business strategy, the technology now exists to implement a much more efficient approach. The technology to do this is possible and in many cases, has even been built – it just hasn’t been properly implemented. We have the means today to shift lenders to far more efficient staffing and personnel models.
HUD has been on a yearslong road to modernize its technology systems. A 2021 report submitted to the HUD Office of the Inspector General (OIG) stated that progress at that point had been notable but that “leadership changes with shifting priorities and insufficient funding pose potential risk to modernization.”
Stavvy, a Boston-based fintech, announced Monday that it landed a $40 million Series A funding round led by Morningside Technology Ventures. How modernized servicing creates customers for life. Presented by: Sagent LendingTechnologies. The funding caps a period of intense growth period for Stavvy.
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.
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. Tavant’s FinXperience Broker Platform is powered by V?LOX, Product Fast Facts. #1.
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.
Technology will be the most popular solution, but choosing to implement multi-million-dollar platforms to streamline operations introduces even more complexity before savings are realized. a New Jersey-based technology and mortgage-services organization. The post Are these factors creating chaos in your mortgage lending ops?
Cloudvirga reports that it has completed an enhanced integration for its Horizon Retail POS product and Encompass Partner Connect , the latest API framework for mortgage technology from Intercontinental Exchange (ICE).
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. Clients include Credit Union of Colorado , Texas Lending and JMAC Lending. mortgage market.
Technology has made many aspects of day-to-day life more seamless than ever, with instant, easy and personalized consumer experiences; however, lending is still difficult. In return, borrowers have a lending experience that is streamlined and more personalized.
Customer engagement platform Total Expert ‘s customer intelligence and mortgage tech firm Polly ‘s product and pricing engine (PPE) will help California-based lender Mountain West Financial identify lending opportunities from its existing database. billion in generated loan application volume, and $6.7
As lenders continue to adjust to a new normal, the pivotal role of technology has become increasingly clear in maximizing productivity and keeping lending pipelines flowing. HousingWire reached out to Chandler to discuss how COVID-19 has propelled a much-needed modernization among lenders.
Santos had served at Infosys for two years before his latest appointment, and previously served as the North American lending executive for IBM. LaRaia has been in the industry for over 20 years and was previously the chief compliance officer/deputy general counsel at Supreme Lending.
The hiring coincided with the departure of the company’s chief technology officer, Uday Devalla. Navy captain who served at BAE Systems until joining the company in February, noted that Gow has led different lending businesses, including de novo banks, regional banks and industry leaders like Mr. Cooper.
ConsumerDirect Mortgage rebranded itself to Real Genius and announced the launch of a modern mortgage application platform to simplify a borrower’s experience. Since 2016, we’ve helped more than 51,000 families with their mortgage needs, lending more than $15 billion,” said Thornton. Learn here! Presented by: Maxwell.
—Digital transformation is underway with a modern approach to appraisal management—. Envoy will leverage Reggora technology to deliver a fast and efficient appraisal, supporting their customers through the home buying journey. By utilizing Regorra’s appraisal technology, Envoy’s turn-times will be faster and more efficient. “By
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