Better is touting investments in artificial intelligence to help slash costs tied to originating refis. The lender is also building a distributed retail operation to increase production of purchase mortgages.
MBA increases odds of a recession within next 12 months; new tools to verify employment, income; downpayment size increases in 2024; new proposals from MISMO; lender raises funds; Cardinal offers processing for brokers; new hire at Nationwide Mortgage Bankers.
After achieving profitability in the third quarter, loanDepot returned to the red in the fourth quarter. And the CEO brought on to turn the nonbank’s fortunes around three years ago is departing, with company founder Anthony Hsieh taking a larger role.
When Rocket’s acquisition of Redfin could pay off; PennyMac sponsoring Team USA at Olympics; TransUnion brings on verification tool from Truework; Eastside Distilling now Beeline Holdings, a mortgage company.
Homebuilders with lending units continue to prop up home sales by offering mortgage buydowns. The tactic cuts into homebuilders’ margins but many company officials prefer lower margins rather than unsold inventory.
Changes to the pricing grids of Fannie Mae and Freddie Mac last May created a natural experiment for researchers to study how changes to guarantee fees impact the housing market.
MISMO is out with five proposals, including a tool to simplify standards adoption. Other new features include tech for credit modernization, appraisals and housing counseling.
Northpointe Bank could raise upwards of $200 million via an initial public offering. The bank said the IPO could help to double its warehouse lending business and increase production of a unique non-agency mortgage.
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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