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Modern-day redlining persists, and it’s costing lenders millions in legal fees. Forecasts in the industry predict that most mortgage growth over the next several years will come from MMCTs and BIPOC communities. The future of the mortgage industry is increasingly diverse. More recently, Patriot Bank paid $1.9
The industry is buzzing with conversations around appraisal modernization — for good reason. Appraisal modernization reduces origination cycle time, bolsters appraiser capacity and helps lenders deliver a more seamless and transparent borrower experience. Here’s a quick rundown of how this modernization can support your success.
Looking for a quick and easy way to stay up-to-date on mortgage lending 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.
However, a year after the GSEs announced new appraisal modernization solutions, as they’re more widely adopted, questions arise. And as a loanofficer (LO), why should I care? A look into GSE appraisal modernization efforts The GSEs have each offered appraisal waivers on eligible loans for several years.
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.
With first hand knowledge of how complex and time consuming appraisals can be, Reggora is motivated to streamline and modernize the process, benefiting appraisers, lenders and buyers themselves. As appraisal modernization continues to take shape, Reggora is uniquely positioned to lead its customers through the ever changing landscape.
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.
However, the lenders and loanofficers who will be most successful in the second half of 2022 will be those who pivot quickly, understanding both the nuances of the market and the best strategies to help solve problems for today’s homeowners, homebuyers, homesellers, Realtors and financial advisors. Generational nuances.
In February 2019, we wrote an article predicting this seismic shift, detailing how mortgage lenders could and should prepare to not only survive the shift but thrive in the future digital age. They don’t think, “I’m going to fill out a digital mortgage application or I’m going online to do my mortgage application.”
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.
Insellerate Modern CRM, Engagement & Customer Intelligence Platform Insellerate helps loanofficers close more loans with our award-winning modern CRM, Lead Management, and Engagement platform, which handles all your lending channels, retail, wholesale, TPO, Consumer Direct, and Reverse.
Talk to any mortgage technologist about the future of the industry and two topics will emerge immediately: big data and smarter automation. Joe Camerieri, EVP Mortgage Cadence. 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.
Lisa Moriello, the national retail reverse mortgage sales manager at multichannel lender loanDepot , recently spoke to RMD about how business in 2024 seemed to be off to a promising start. Diving deeper into the current reverse mortgage business environment, she offered additional perspectives on multiple topics.
In the midst of a higher-for-longer mortgage rate environment that is reshaping the landscape of the mortgage industry, the role of a chief marketing officer (CMO) becomes increasingly pivotal as mortgage companies navigate market fluctuations and changing consumer behaviors.
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. 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.
The reverse mortgage industry has long sought to streamline and maximize its ongoing efforts to connect with prospective borrowers. After a challenging year for the mortgage industry broadly and the reverse mortgage business specifically, companies are aiming to assess the best ways to accomplish these ongoing goals.
home in June 2022, you probably locked in about $1,400 a month in mortgage payments. Due largely to higher mortgage rates , that same home today would cost about $2,175 a month. So it’s no surprise that home sales over the last two-plus years have been at some of the lowest levels in modern history.
HousingWire: Like most industries, the mortgage industry has historically had key, dominant players that lenders must work with in order to remain operational. Specifically, when it comes to a core component in the mortgage tech stack like the PPE. That said, my concern lies first and foremost with the lender. AC: Absolutely.
Insightful borrower data and enhanced tech solutions are paramount to success in today’s modernmortgage industry. HousingWire recently spoke with Dan Catinella, chief lending officer at Total Expert, about how Customer Intelligence technology is improving deal flow and pushing the customer experience into the 21st century. .
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
1 loan originator in the country by volume for at least five years, is assuming the role of president at Rate Mortgage , the company announced Tuesday. 8 on the Inside Mortgage Finance ranking of top originators at just under $40 billion. 1 mortgage company in America. 1 mortgage company in the country.
Lower continues to make moves designed to support its expansion efforts, hiring former Waterstone Mortgage executive Dustin Owen as its new divisional sales leader and senior vice president of growth. Owen is the founder and host of “ The LoanOfficer Podcast ,” which tallied more than 1 million downloads in 2022.
As more aspects of the mortgage process venture into the online realm, appraisal remains a bottleneck that regularly causes significant delays and loss in profit. Reggora is facing the issues surrounding modern appraisals head-on with its industry-leading Reggora Appraisal Management Platform.
The complaint filed in federal court on Wednesday alleges that from at least 2015 to 2021, Lakeland failed to provide mortgage lending services to Black and Hispanic neighborhoods in Newark. Federal officials said similar banks generated five times as many loan applications from prospective Black and Latino home buyers as Lakeland.
With a deadly combination of low housing inventory, reduction in refis and surging mortgage rates, consolidation in mortgage tech is expected. Businesses and entire industries tanked during the pandemic, but it created an ideal environment for mortgage tech companies, some of which rode the wave to banner years and historic growth.
Ohio-based mortgage lender Lower imposed a round of layoffs last week due to market conditions, affecting 6% of its workforce, according to a spokesperson for the company. The Fed has increased the federal funds rate by 300 basis points so far this year to control surging inflation, resulting in a “ reset” of the mortgage market.
Through this API integration, users can populate MLS and non-MLS rate flyers in a short period of time using “real-time, scenario-specific mortgage offers” delivered through Polly’s cloud-native Product and Pricing Engine (PPE), according to a prepared statement.
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 is AI meets modern home financing and its transforming the way people buy homes, Lane Hornung , co-founder and CEO of zavvie, said in a statement. Our new platform brings unprecedented speed and certainty to home financing, helping loanofficers and their clients win more deals. Cash and certainty win deals, Hornung added.
The current market downturn for mortgage lenders may be shorter than the previous cycles, mainly due to the recent rounds of workforce layoffs imposed by nonbanks. Nonbanks have more than 60% market share of mortgage industry production — and they are more likely than banks to move quickly to reduce capacity.
Rocket Pro Third Party Origination General Manager Dan Sogorka Rocket Companies has named Dan Sogorka as General Manager of Rocket Pro Third Party Origination (TPO), the mortgage broker business of Rocket Mortgage. Before his time at Sagent, Sogorka was CEO of Cloudvirga–a digital mortgage point-of-sale system.
As market volume dips and pent-up demand builds, 61% of millennials and Gen Zs who intend to buy a home plan to apply for a mortgage this year. As mortgage rates rise, inventory remains low and digital trends accelerate, navigating the changing borrower landscape requires tailored strategies.
When mortgage lenders are talking about compliance in loan origination or mortgage servicing, the worst case can be pretty bad, so we often see companies investing heavily in the best tools. Mike is an experienced mortgageloanofficer. Mike Jameson doesn’t think this, however. Not anymore.
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.
Editor in Chief Sarah Wheeler sat down with George Brady, loanDepot’s chief information officer, to discuss the company’s evolving tech strategy and how he thinks long-term about tech in a rapidly changing environment. What drew you into the mortgage industry? SW: Is 14 years a long time when it comes to mortgage tech?
Finance of America (FOA), the reverse mortgage industry’s leading lender, announced its third-quarter 2024 earnings results on Wednesday evening. Fleming also mentioned the company’s future plans, highlighting the recently reshaped HomeSafe Second second-lien reverse mortgage product.
Lenders who want to move away from a frustrating, one-size-fits-all approach to origination need a modern solution that helps streamline processes while maintaining compliance. The Origence Mortgage Platform is an end-to-end lending platform that puts the power of modern technology in lenders’ hands, enabling them to close more loans, faster.
The wholesale channel will continue to grow as more retail originators and borrowers learn the benefits of working with a mortgage broker. United Wholesale Mortgage (UWM) is solely focused on growing the wholesale channel and helping independent brokers thrive. “At 1 wholesale mortgage lender in the nation for six years running.
Editor in Chief Sarah Wheeler sat down with Scot Rose , CIO at Class Valuation , to talk about innovation in the appraisal space and how the technology being deployed for appraisal modernization can actually protect appraisers. This interview has been edited for length and clarity. Everybody is affected by the appraisal process.
Truity Credit Union , a member-owned credit union with locations in Oklahoma, Kansas and Texas, is using Dark Matter’s Empower loan origination system to provide loanofficers and members a modern, mobile-friendly experience across home purchase, refi, home-equity and construction loan originations.
HousingWire recently spoke to Finance of America Mortgage President Bill Dallas about viable alternative options for homebuyers and the innovative products FAM offers to meet the unique financial needs of today’s modern borrowers. Loanofficers and brokers need to reconnect with past clients and show their value.
Optimizing the mortgage process means finding fast, efficient solutions for each part of the customer journey. When it comes to origination, modernization is key to enhancing the customer experience, improving overall cycle times and increasing overall profit.
HomeSmart, like Compass , Keller Williams , eXp and other brokerages, states it has unique technology to modernize real estate. The company generated $478 million revenue in the first nine months of 2021 – a figure that includes what income is earned by their independent contractor agents, and posted a $2.3
Patelco Credit Union is now using the Empower LOS from Dark Matter Technologies to streamline and bolster home loan and home-equity origination. Patelco is California’s fourth-largest credit union mortgage lender by number of loans closed annually.
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