Leaders of New Residential and PennyMac Financial Services express a negative outlook on GOS; study finds eClosings generate a positive return on investment; Flagstar accepting applications for its mortgage technology accelerator program; borrowers surprised by the paperwork required for a mortgage; RiskSpan teams with Verisk to detail loan-level climate risk.
Among a group of 21 prominent banks that have reported earnings for the fourth quarter, nearly every institution took a hit on mortgage earnings. For many, originations declined along with margins.
As a technical matter, Better.com’s SPAC maneuver is still alive. But with the refinance business waning and gain on sales slipping, the company’s future looks cloudy, at best.
The final rule simplifies regulations on insurance coverage for deposits held in mortgage servicing accounts. But the changes don’t go into effect until April 1, 2024.
Potential first-time homebuyers are facing affordability issues due to elevated home price appreciation. And though home price appreciation is slowing, interest rates are set to rise.
Few states have laws defining an “abandoned property,” leaving servicers with local ordinances and case law as their guides in many foreclosure procedures.
Financial technology lender SoFi is set to acquire a bank; United Wholesale Mortgage will cover appraisal costs on purchase mortgages through the end of March; mortgage tech companies raise capital; CoreLogic offers new fraud-detection service; low-code marketplace launched.
Private mortgage insurers lost market share in the agency purchase market during the last quarter of 2021, while FHA production shifted toward riskier business.
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