CrossCountry, Guild offering downpayment assistance; majority of loan originators living paycheck to paycheck; legislation would limit trigger lead activity; and more.
Originations were down in the first quarter, but gain-on-sale margins improved. Having a hand in the servicing business helped some firms turn a profit.
Banks with higher IT expenditures are significantly less likely to reject the applications of borrowers that are observably riskier, according to new research.
Expanded use of bid-tape AOT transactions and mandatory mortgage deliveries increase lender efficiencies and boost profits, according to hedge consultancy Mortgage Capital Trading.
Borrowers with certain fixed-rate mortgages from Navy Federal Credit Union can now have their interest rate lowered when rates offered by the lender decline. No refi necessary, only a $250 fee.
The share of consumers surveyed by Fannie Mae in May who said now is a good time to buy a home decreased by 4 percentage points from April, while the share of respondents who said now is a good time to sell increased by 3 percentage points.
Rate locks decline; MISMO launches latest reference model; CFPB warns on the use of chatbots; Chase to pay mortgage seekers to shop with the bank; mortgage market losing share to cash buyers; data breaches lead to increase in denial of mortgage credit.
FHFA proposed adjusting the capital framework that applies to the GSEs to incorporate planned changes in the usage of credit scores. Lenders want more data before any changes are implemented.
The new FHFA director’s whirlwind first week resulted in widespread staffing cuts at the regulator and a dramatic change in leadership at the GSEs. So far, criticism has been muted.
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