The use of positive rental payment data and cash flow underwriting in new credit score models is expected to increase the number of borrowers that qualify for mortgages.
Rocket Mortgage is leaning on artificial intelligence to improve lending efficiency. The nonbank is wrapping up its acquisition of Mr. Cooper and already seeing benefits from its acquisition of Redfin.
Mortgage rates aren’t expected to move down much even if the Fed cuts interest rates next month; GSE economists slash projections for home price appreciation; ICE integrates origination and servicing platforms to originate home equity loans; majority of homeowners feeling financially stressed.
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.
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