NRMLA said the changes "diminish the benefit (amount of loan proceeds) available and increase the costs (increased upfront mortgage insurance premium) to most borrowers.”
“The NOLO platform allows customers to complete the mortgage lending process entirely online without the industry standard loan officer interference at each step,” 360 said.
“Before a loan closes there will need to be [property] reinspections,” said Pete Mills, senior vice president of residential policy and member engagement for MBA.
The volume of defective Fannie Mae and Freddie Mac mortgages repurchased by lenders increased modestly in the second quarter of 2017, according to a new Inside Mortgage Trends analysis of buyback disclosures filed by the two government-sponsored enterprises. Lenders repurchased some $244.44 million of home loans or made other indemnification to the GSEs during the second quarter. That was up 2.5 percent from the previous three-month ... [Includes two data charts]
Commercial banks and savings institutions saw a modest improvement in profits earned on mortgage-banking activities during the second quarter, according to a new Inside Mortgage Trends analysis of call report data. In aggregate, banks and thrifts earned $3.72 billion from mortgage banking during the second quarter, a 4.4 percent increase from the first three months of the year. Year-to-date, industry mortgage-banking income was running ... [Includes one data chart]
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