Analysts at Fannie Mae looked at 14 components that go into the cost of purchasing a home, along with ongoing expenses. Costs related to the mortgage accounted for roughly 30% of the overall cost.
Maintaining contact with potential borrowers through Truebill could lower the lender’s cost to acquire consumers, according to Rocket Mortgage CEO Jay Farner.
JPMorgan Chase has pledged $12 million over the next three years to help five nonprofits test how to increase homebuying and wealth building among Black, Hispanic and Latino households.
Foreclosure starts increased in February; SEC to revamp cybersecurity reporting for public companies; Tradepost acquires GSF Mortgage as part of an expansion of Go Companies; Milo raises $17 million; MISMO to develop standards for eVaults.
Rocket Mortgage, the big Kahuna of home finance, was not immune from higher interest rates in the fourth quarter. Still, the nonbank is rewarding shareholders with a special dividend of $1.01.
While servicing for others among banks declined slightly in the fourth quarter, trends varied among the big boys. Top-ranked Wells continued to reduce its portfolio while second-ranked JPM was an active buyer of MSRs. (Includes data chart.)
The Federal Housing Finance Agency believes the risks that accompany digital tools are real, whether the systems are in-house or supplied by third parties.
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