During summer months, when loan officers are more likely to be overworked, denial rates on refinance applications increase, a sign of credit rationing, according to CFPB researchers.
Waterstone Financial relents on defense against poaching allegations; Mr. Cooper takes loss on sale of Flagstar’s third-party originations unit; legal expenses rise at Mr. Cooper.
Demand from borrowers increases when mortgage rates fall below 6.5%, according to Owen Lee, CEO of Success Mortgage Partners. Due to policies from the Trump administration, it’s unclear whether rates will decline to that level in the near term.
Parallel bills were introduced this week in what policymakers and lenders hope will be a final bipartisan push to tighten restrictions on the abusive use of credit trigger leads.
Fitch Ratings warned that it could downgrade its corporate rating on Rocket following the company’s planned acquisition of Mr. Cooper. Rocket’s corporate leverage looks poised to increase.
Fannie’s AI-powered Ask Poli allows quality control personnel to identify frequently researched topics, both within and outside their organization, as a way to forecast current or future loan defects.
The founder of Rocket Companies could see $571.9 million in tax benefits triggered by the company’s planned acquisition of Mr. Cooper; legislation in the House would set standards for remote online notarization; new company offering NMLS-approved education.
Most lenders reported significant improvement in servicing profitability that was driven by MSR markups. But results varied greatly on the production side, where lenders that rely on TPO channels fared much better. (Includes data tables.)
Hispanics accounted for 35% of U.S. homeownership growth last year, the largest share of any racial or ethnic group, according to a new report from the National Association of Hispanic Real Estate Professionals.
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