Regardless of race and gender, the likelihood of a young adult becoming a homeowner depends significantly on how wealthy his or her parents are, according to a new study by The Urban Institute. The analysis found that parental homeownership alone increases a young adult’s likelihood of owning a home by 7 to 8 percent. The report found that compared to prior generations, millennials are less likely to be homeowners. Researchers also found persistent racial and ethnic disparities ...
Genworth Mortgage Insurance has joined the private MI fledgling risk-based pricing club with the launch of its new proprietary risk-based pricing engine, GenRATE. GenRATE allows customers to opt for risk-based pricing or choose from Genworth’s standard published rate card. “Demand for more dynamic pricing is growing,” said Rohit Gupta, Genworth’s president and chief executive officer. “Offering the option of either rate card or risk-based pricing is the best way to show lenders that ...
The use of online remote notarization for mortgage closing looks likely to increase as uniform state legislation was drafted recently and many title agents see the tech as a difference maker. Last week, the Uniform Law Commission updated its Revised Uniform Law on Notarial Acts. In states that adopt the updated legislation, notary publics would be allowed to complete notarizations remotely, including mortgage closings. Among other provisions, the law provides remote online notarizations ...
Thanksgiving to early spring is known as “LO recruiting season” in some corners of the industry. And in a softer origination market, that theoretically means mortgage executives can reduce compensation packages for loan originator sales staff. Not necessarily. Yes, originations are on a downward trend, but some entrepreneurial-minded CEOs might argue that in a tough market top-performing loan officers are worth their weight in gold. Included in that camp is Paul Rozo, CEO of ...
Two federal banking regulators have raised concerns about risks associated with nonbanks gaining market share in the mortgage industry. In a report published this week, the Office of the Comptroller of the Currency said banks are loosening mortgage underwriting standards in response to “intense competition” from nonbanks. The OCC cited higher thresholds for back-end debt-to-income ratios, higher acceptable loan-to-value ratios and lower downpayment requirements. The trends were ...
Retail originations declined more than third-party production in the three major mortgage-product categories during the third quarter of 2018, according to a new analysis by Inside Mortgage Trends. Based on survey data from a broad cross-section of lenders, retail originations fell 8.8 percent from the second to the third quarter. The wholesale-broker sector was down 1.9 percent, while correspondent production posted a 1.9 percent increase. The data ... [Includes two data charts]
RSS