A Fannie survey finds that most recent homebuyers used no online tools to get their mortgage. The use of some digital channels actually declined during the pandemic.
Digital verification of borrowers’ income, employment and assets can significantly reduce the length of the mortgage closing process. And the tech got a boost from the pandemic.
Tomo was founded by two former Zillow executives with a sole focus on purchase mortgages. Meanwhile, three-year-old Lower recently completed a $100 million Series A funding round.
The regulator released additional data collected from the survey of 5% of new mortgage borrowers each quarter. The data covers originations through the third quarter of 2020.
One lender says that when refinances go bust, the industry can’t expect to waltz into the purchase market without there being casualties. Others are more sanguine.
There are signs that the “adverse market refinance fee” is pushing some business away from Fannie and Freddie toward government mortgage insurance programs. (Includes two data charts.)
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