Wells Fargo is working on an online mortgage application process that’s even more advanced than Quicken Loans’ Rocket Mortgage, according to officials at the bank. “I would describe what we’re doing as kind of the next generation, because it’s not just about giving a fast answer,” Timothy Sloan, president and CEO of Wells Fargo, said last week during the bank’s earnings call. He was asked to compare the application Wells is developing with Rocket Mortgage, which allows for a ...

Quicken Loans is a step closer to completing a process that would take it away from aging legacy systems into the world of digital mortgages. The Detroit-based lender has announced a partnership with eOriginal, Inc. that would enable it to complete the final steps towards digitally creating an electronic mortgage note. The process would also allow Quicken to store the e-note securely as an “authoritative copy” and transmit it to a custodian and the secondary market almost instantaneously ...

Private mortgage insurers are winning purchase-mortgage business away from the FHA, and VA lending is also gaining ground, according to an analysis of agency mortgage-backed securities data by Inside Mortgage Trends. Lenders delivered $50.25 billion of purchase loans with private MI coverage into agency MBS during the third quarter of 2017. That represented 40.2 percent of total insured purchase loans securitized by the agencies, up from 39.3 percent ... [Includes one data chart]

The four megabanks reduced their agency mortgage servicing rights by $59.6 billion during the third quarter…

However, officials at Freddie said the claims regarding the GSE and Equifax lacked context.

Each due diligence firm applies its own interpretation of compliance...

“We continue to be bullish on the business,” said Stearns CEO David Schneider.

Ocwen’s recent barrage of regulatory settlements, coupled with the sale of the wholesale division and the recent hiring of investment banker Chris Whalen, is sparking talk...

Ocwen settled with Texas regulators as well...

The universe of servicing single-family home loans for Fannie Mae, Freddie Mac and Ginnie Mae continued to expand in the third quarter, but a handful of large banks wanted little to do with it. The three agencies had a combined $6.378 trillion of single-family mortgage-backed securities outstanding at the end of September, up 1.9 percent from the midway point in the year, according to a new Inside Mortgage Finance analysis of agency MBS disclosures. All three ... [Includes two data charts]