Blend is taking steps to turn a profit after years of losses. The moves include increasing revenue per mortgage transaction and decreasing expenses through layoffs.
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.
Mr. Cooper’s servicing portfolio is expanding while the number of employees in the nonbank’s call center is declining. Investment in technology is helping to reduce costs and fuel servicing growth.
SEC approves Better-Aurora merger; FICO increasing mortgage revenue as originations decline; Rithm to spin off most of its origination/servicing business; impact of revised capital requirements for large banks.
ICE and Black Knight plan to sell Black Knight’s pricing platform in order to win approval from the FTC of a planned merger. Affiliates of Constellation Software have agreed to acquire Optimal Blue.
When using third-party models, banks should employ testing methods such as back-testing and benchmarking to meet compliance requirements, according to a RiskSpan analyst.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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