Rent payment history and bank account income verification are just the start. Machine learning algorithms also promise better risk assessment and more accurate pricing for that risk.
The nonbanks took negative marks on their large holdings of mortgage servicing rights as hedges didn’t fully offset a decline in interest rates on mortgages during the first quarter.
Amerant Bank launched national mortgage operations in 2021. Now, the bank is reducing its footprint, focusing on lending in Florida where its bank branches are located.
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.
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.
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.)
Better is touting investments in artificial intelligence to help slash costs tied to originating refis. The lender is also building a distributed retail operation to increase production of purchase mortgages.
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