Though technology has lagged in the nation’s housing and mortgage financing markets compared to other industries, players in those markets are now bridging the gap in response to their customers’ growing demand. Consequently, more mortgage companies are deploying new technologies, changing market dynamics and consumer behavior as well as laying the foundation for future advances, according to a new report from Moody’s Investors Service. The digitization of loan ...
The lack of consideration of renters’ positive monthly payments is constraining the number of potential borrowers eligible for purchase mortgages, according to an analysis by the Urban Institute’s Housing Finance Policy Center. The HFPC found that rental payment history is “highly likely to be predictive” of mortgage performance. However, credit scores used by mortgage lenders largely don’t track renters’ records of on-time payments. The analysis was funded by the National ...
Wells Fargo ranked as the top purchase-mortgage lender in 2017 both in retail originations and production through third-party originators, according to a new Inside Mortgage Trends analysis of survey data. The company relied more heavily on its correspondent platform last year, posting a 16.9 percent increase in purchase-mortgage acquisitions over its 2016 volume. On the retail side, Wells’ purchase-mortgage originations were down ... [Includes one data chart]
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