In the same blog post, Hsieh – who did not talk to the press about the scuttled IPO – described loanDepot as a “unicorn startup,” calling it “one of the very few success stories not from Silicon Valley.
Recent findings from a Fannie Mae survey suggest a substantial digital divide exists between the mortgage lending industry and younger, more tech-savvy borrowers who want to shop for a mortgage online via mobile technology, such as smartphones and tablets. For instance, roughly three out of four lenders surveyed recently by the government-sponsored enterprise do not offer a mobile software application to help consumers shop for a mortgage. “Larger and mid-sized ...
Mortgage customer satisfaction has improved this year compared to the previous year as lenders adopted new digital technology and improved efficiency, according to the J.D. Power 2015 U.S. Primary Mortgage Origination Satisfaction Survey. Overall customer satisfaction with the mortgage process averaged 793 in 2015, up 7 points from 2014. Customers expressed a high degree of satisfaction – a 22-point gain from the previous year – with the speed of the loan process ...
Current readings from the house price-to-rent ratio point to the potential for a bubble in the housing market, according to John Williams, president and CEO of the Federal Reserve Bank of San Francisco. “I am starting to see signs of imbalances emerge in the form of high asset prices, especially in real estate, and that trips the alert system,” Williams said in a speech this month. He noted that the house price-to-rent ratio is close to where it was in 2003, and home prices continue to increase ...
With the CFPB’s legal action against PHH Corp. pending before the U.S. Court of Appeals for the District of Columbia, a number of experts are revisiting the bureau’s enforcement actions related to marketing services agreements for clues as to how best to proceed going forward. What some of them are finding should give the industry pause. During a webinar this week, Jonathan Foxx, president and managing director at Lenders Compliance Group, a consulting firm ...
Repurchases and indemnifications by banks and thrifts fell to “just” $936.0 million in the third quarter of 2015, according to a new Inside Mortgage Trends analysis of bank call-report data. That was the lowest quarterly buyback figure for the industry since the first quarter of 2008, when banks began disclosing this activity in their call reports. The third-quarter repurchase total was down 17.9 percent from the previous three-month period. On a ... [Includes one data chart]
An estimated 32.5 percent freefall in refi originations during 3Q had a much bigger impact on the conventional market than on government-insured lending.
Given the president’s intention to defend the Dodd-Frank Act for the remainder of his term, an industry-wide QM safe harbor for portfolio mortgages is “a heavy lift,” said former FHA chief Dave Stevens.
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