VantageScore expanded the borrower base; mortgage interest rates increased for seventh consecutive week; Blend tech offering for nonbanks; MISMO updates.
Mark Jones, 2024 chairman of the Mortgage Bankers Association, sympathized with lenders who are going through the uncertainties of a steep market downturn.
Better went from more than 10,000 employees in 2021 to fewer than 900 as of Sept. 1; lenders start early on 2024 loan limits; mortgage lock-in easing; MISMO initiatives; tool to check for appraisal bias; automated title reviews; insurance platform raises funds.
The MBA, NAHB and NAR want the Fed to announce it’s done raising interest rates and that it won’t sell MBS holdings until there’s some stability in the housing market. The request could fall on deaf ears.
The GSEs provided new disclosures on temporary buydowns. Borrowers most commonly take a buydown that lasts no more than two years and usage of the feature is declining amid elevated interest rates.
High interest rates are cutting into demand for mortgages; many consumers’ expectations for interest rates are wrong; ICE and Black Knight move close to merger; servicer using blockchain, lender guarantees underwriting results from AI; Flagstar’s mortgage tech accelerator; mortgage payoff fraud attempts increase.
Home prices were expected to come down this year due to affordability issues stemming from high interest rates. Instead, home prices look fairly firm thanks to housing supply/demand dynamics.