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.
California had more than double the amount of originations by nonbanks in 2022 compared with any other state. The refi share of originations by nonbanks in California was also elevated. (Includes data chart.)
High interest rates push down rate lock activity in August; Guaranteed Rate touts five-minute approvals; startup aims to link homebuyers with assumable mortgages; foreclosures increase; MISMO updates offerings.
State tax exemptions on municipal bonds encourage banks to load up on the asset. But to offset their exposure to the local real estate market, banks loosen credit to increase their out-of-state mortgage originations.
Community awareness of and reckoning with systemic racism following the BLM protests in 2020 appears to have led lenders to reduce the interest rate gap between Black and white borrowers.
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.
Low-income borrowers could divert some of their downpayment funds to a reserve account that would pay loan costs during emergencies in a pilot program proposed by the Urban Institute.
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