Both the non-agency jumbo market and high-balance agency production saw sharp declines during the first quarter of 2023. In a cooler housing market, buyers are looking for affordability. (Includes three data charts.)
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The proposed rule would require mortgage originators to adopt policies and procedures to ensure automated valuation models protect against manipulation of data and ensure confidence in the appraisal estimates.
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MISMO is helping to facilitate collaboration between servicers and federal regulators to improve the servicing transfer process. The CFPB is also keeping a close eye on complaints tied to servicing transfers.
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State Farm, the nation’s largest writer of home insurance, cited inflation, wildfire risk and a challenging reinsurance market as reasons for its exit from the home insurance business in California.
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First the good news: Several shops are experiencing a strong second quarter, with production on the rise sequentially. Then again, the first quarter was notably weak. As for the rest of the year, executives are hopeful rates are about to peak.
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The Mortgage Bankers Association this week raised concerns with the Department of Housing and Urban Development about its proposed property standards for new construction and substantial renovations of FHA-insured properties located in a floodplain.
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