Mortgage servicing companies’ business and information technology divisions must work together to ensure timely approval for new technology, according to speakers at a recent webinar.
The seven nonbank mortgage companies tracked by Fitch Ratings don’t have any unsecured debt set to mature this year, and only Freedom Mortgage has a relatively small amount of unsecured debt that will mature in 2024.
Researchers with the Federal Reserve Bank of Philadelphia found a much higher share of mortgages for investment properties than would otherwise be indicated from the occupancy status stated on loan applications.
The Mortgage Industry Standards Maintenance Organization has introduced an application date decision model and white paper on how lenders can combine standardized terms and decision modeling techniques to help ensure compliance with TRID.
Applications stumbled in early February; rate locks increased in January; consulting firm opposes ICE’s planned acquisition of Black Knight; FHA ditches paper filing; Black Knight adds eNote and eVault tech.
The industry goliaths reported huge declines in earnings from their mortgage banking operations in the fourth quarter, driving the sector to its weakest profits in more than a decade. (Includes data chart.)
Looking to cut costs, mortgage lenders are planning to reduce the amount of money spent on technology. That might not be the best choice, given that originations will bounce back, eventually.
Fairway Independent Mortgage, the nation’s fifth largest reverse mortgage lender as of the end of September 2022, plans to invest “unprecedented resources” to achieve its goal.
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