While alternative data can be used as a tool to expand credit access to unscored consumers, some industry experts cautioned lenders about turning away from the traditional credit reporting ecosystem.
HMDA compliance AI tool launched; law firm offers mortgage AI audit practice; federal court approves $110 million settlement involving Wells Fargo; NYDFS reinforces disparate-impact liability.
Four of the 11 regional Federal Home Loan Banks saw double-digit declines in net income in the first quarter, even though total assets grew for the period. (Includes three data tables.)
A new Milliman study finds that FICO 10T is more predictive of default risk across the full range of credit scores. VantageScore said the study is full of “statistical swindles.”
Some economists suggest Fannie and Freddie should accept mortgages that include a modest prepayment penalty as a way to keep residential mortgage rates lower. But that would be a political challenge.
The Chicago-based fintech said its new title insurance waiver program could accelerate the mortgage process and potentially save qualified refinance borrowers as much as $2,500 in closing costs.
Freddie’s Optigo network, a select group of approved seller/servicers, will remain the primary servicers on multifamily loans, while the GSE will provide master servicing.
Milliman researchers calculate that the capital benefit Fannie Mae and Freddie Mac receive for their CRT activity reduces their capital requirement by about 20%.
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