Technology

Browse articles from all of our Newsletters related to Technology.

June 24, 2016 - Inside Mortgage Trends

Exchange Operator to Take Major Stake in MERS

Intercontinental Exchange will acquire a majority equity position in the owner of Mortgage Electronic Registration Systems and “modernize” MERS, according to the companies. Terms of the investment weren’t disclosed, though ICE said the price and terms of the transaction are “immaterial” to the company. The transaction is expected to be completed at the end of this month. MERS is owned by MERSCorp Holdings, a private corporation and member-based organization ...


June 24, 2016 - Inside Mortgage Trends

Mortgage Companies to Increase Tech Spending

A majority of mortgage companies plan to increase their spending on technology as part of their efforts to boost profit margins, according to the latest results from Fannie Mae’s quarterly survey of lenders. Some 56 percent of the 169 lenders surveyed by Fannie in the second quarter of 2016 listed technology investment as one of their top two strategies to increase profit margins, marking the first time a majority of respondents plan to increase tech spending to help profits since ...


June 23, 2016 - IMFnews

CFPB Singles Out Loan Servicers for Tech Failures. Are Fines Coming?

CFPB examiners found problems with loan modification acknowledgement notices, including sending them too late and having incorrect information or deceptive statements…


June 21, 2016 - IMFnews

Short Takes: CFO of Marketplace Firm Departs / The Coming Bloodbath in Marketplace Lending? / More Non-Delegated Options for Sellers / MiMutual Posts Nice Production Gain / He’s Back: GSE Wag Bill Maloni

Consultant Joe Garrett noted that if investors are worried about marketplace lenders in the current credit environment, just wait until the economy eventually goes south...


June 21, 2016 - IMFnews

PennyMac Adds Non-Delegated Option to Correspondent Program. The Cost: $495

PennyMac is hoping non-delegated deliveries become an attractive option for many of its customers…


June 21, 2016 - IMFnews

See You in September: Fannie Sets New Release Date for DU 10.0

What caused the delay of DU 10.0? “Issues,” said the GSE…


June 20, 2016 - IMFnews

Short Takes: Up and Down Mortgage Mt. Everest / Going Online with IO Ads / Overture’s Tech Update / DOJ Abandons Case Against Countrywide Founder Mozilo

Social Finance (SoFi) and Guaranteed Rate are among the lenders advertising their interest-only offerings online…


June 16, 2016 - Inside Mortgage Finance

Millennials, Mortgages and Mixers? Lenders Say Strong Need For Increased Borrower Education on Available Resources

Millennials are in the dark when it comes to knowing about mortgage resources, lenders said, and recent research shows that there are millions of millennials who could afford to buy a home today but don’t know it. “The problem isn’t always that they don’t qualify or have the credit scores, the big problem is they don’t know it,” said Rob Chrane, CEO of Down Payment Resource, speaking on a mortgage panel at the National Association of Real Estate Editors conference in New Orleans last week. “At the same time, we know from our database there are almost 2,500 different programs out there that represent billions of dollars in forms of downpayment assistance and other aid.” Paul Anastos, president of Mortgage Master, a subsidiary of loanDepot, said...


June 16, 2016 - Inside Mortgage Finance

Desktop Underwriter 10.0 Delayed, Fannie Mae Working to Correct ‘Issues’ Tied to New Program

Fannie Mae has postponed the anticipated release of Desktop Underwriter 10.0, an updated version that included using trended credit data. Something went wrong during the testing phase, prompting the government-sponsored enterprise to announce last week that the program will not be implemented during the weekend of June 25 as planned. Fannie apologized to its customers noting that it would be prudent to delay the release until the issues are addressed. Fannie isn’t...


June 8, 2016 - IMFnews

Short Takes: NAR to CFPB: Tell Lenders They Can Share the Closing Disclosure Form / Sharing Already? / Don’t Expect Huge TRID Changes / Who’s For Sale? / Ellie Mae, Generous with its Directors

Rumor has it that a mid-sized nonbank based in the Western U.S. is entertaining takeover offers...


June 7, 2016 - IMFnews

Short Takes: Rep. Hensarling: GOP Still Wants to Kill Fannie and Freddie / Will the CFPB Take Up Residence at the Mega-Nonbanks? / Choose Sunny SoCal? / So Long ‘Disruptors’? The Fad is Over

Joe Garrett of Garrett, McAuley & Co. wonders whether the day is coming when the CFPB will take up residence at some of the nation’s largest nonbank lenders.


June 6, 2016 - IMFnews

Black Knight Snags Bank of America as Client for Servicing System; A Large Win?

A research report from Keefe, Bruyette & Woods estimates that the contract could be worth $20 million to $30 million EBITDA...


June 1, 2016 - IMFnews

Short Takes: FSR Wants a GSE Plan, Now / 10 Groups Press Watt on a Fannie-Freddie Recap / An Retention Bonus for Texas Capital Executive / MBA Wants Faster Progress on CSP / Nation’s Largest Wholesaler Hires New CTO

Ten trade organizations and community groups this week sent a letter to FHFA Director Mel Watt imploring him to suspend the quarterly GSE dividend paid to the Treasury Department...


May 25, 2016 - IMFnews

Short Takes: Donald, the Housing Bubble and Tim / Yahoo and Quicken? / Duff Report Puts Ocwen in the Clear / SCOTUS Unlikely to Take Marketplace Case / Vendor Update: Chronos

The housing bubble did in fact burst and I don’t recall Trump making any money off of it unless he did so through private investments that none of us know about...


May 25, 2016 - IMFnews

Call Center Platforms are Coveted – But Are They Worth It?

But industry advisors fear the value of call centers can be quite volatile, depending on movements in interest rates.


May 19, 2016 - Inside Mortgage Finance

Banks’ Tighter Underwriting Linked with an Increase in Denial Rates, Lower Delinquencies

A paper recently published by the Treasury Department’s Office of Financial Research detailed links between changes in underwriting standards at banks and the banks’ loan application denial rates and mortgage performance. While the findings are intuitive, the paper from the OFR was the first to match individual lenders’ confidential responses to the Federal Reserve’s Senior Loan Officer Opinion Survey with data from the Home Mortgage Disclosure Act. “We find...


May 19, 2016 - Inside Mortgage Finance

Call Center Origination Platforms are Coveted – But Are They Worth It? The Biggest Risk: Rising Rates

Mortgage call-center platforms are in high demand these days, according to industry advisors, but there’s one key caveat for potential buyers: rising interest rates. “Who’s looking at buying call centers?” asked Paul Hindman, business development chief for Grid Financial Services. “Just about everyone.” It would appear...


May 16, 2016 - Inside the CFPB

Also in Brief: Vendor Update

Industry Vendors Roll Out TRID-Compliant LOS in 50 Days. Three industry vendors, Open Mortgage, LendingQB and International Document Services, partnered to successfully implement a TRID-compliant loan origination system in just 50 days, exceeding their own projections, the companies announced recently. “We knew that our implementation timeline was aggressive, wanting to both implement a new LOS and prepare for TRID within 60 days,” said James Howard, chief technology officer of Open Mortgage, a multi-channel mortgage lender. "Our success was due to having clear implementation plans with our vendors and a team at Open Mortgage that was dedicated to the project,” he added...


May 16, 2016 - Inside the CFPB

Life Under TRID: Working With Tech Vendors a Big TRID Problem for Many Lenders

Fannie Mae’s Economic & Strategic Research Group surveyed senior mortgage executives earlier this year and confirmed that lenders are still facing challenges in complying with the CFPB’s integrated disclosure rule known as TRID, according to new findings released by the government-sponsored enterprise last week. The controversial rule integrates the consumer disclosure requirements under the Truth in Lending Act and the Real Estate Settlement Procedures Act. According to Sheila Teimourian, vice president and deputy counsel at Fannie, more than three-quarters of the lenders surveyed indicated that the two biggest challenges were managing or coordinating with third-party technology vendors and communicating with key players, such as the buyer, seller and loan officer. About eight in 10 of those who cited coordinating with ...


May 13, 2016 - IMFnews

What We’re Hearing: ‘Deferred Tax Assets’ at the GSEs Top $55B But … / Time to Wipe Out Some GSE Shareholders? / Mortgage ‘Shorts’ Reduce Their Bets / What’s a Mortgage Call Center Really Worth? / Impac Looking for Deals?

One observer noted: “Talk about a government takeover! This feels third-world to me…”


Poll

What is the very best source of new mortgage customers for your lending shop? (Choose one only.)

Leads provided to me by employer

13%

Paid internet/website leads

9%

Real estate agents/Realtors

31%

Homebuilders

6%

Our existing customer base/our servicing customers

19%

My own personal sales "leads" database

13%

Other

9%

Housing Pulse