While originations are expected to increase this year, margins might not improve much; First American back online following cyberattack; MSR demand expected to remain strong; held-to-maturity accounting lives on; new digital servicing platform; new buydown program.
Lower interest rates have been particularly impactful in the market for new homes; MBA projects a mild recession in the first half of 2024; new MISMO working group initiated by the GSEs; technology for closing disclosure forms.
Blend paid down a portion of a term loan and extended the loan; Capital City Bank faces material weakness in internal controls; Associated Bank adjusts portfolio lending strategy; First American fined for cybersecurity breach; MISMO launches eVault standards; new tech platform for brokers.
The Mortgage Bankers Association responded to a White House request for information on the prospects for harmonizing cybersecurity regulations. Separately, the New York Department of Financial Services finalized amendments to its cybersecurity regulation.
An increase in the number of borrowers with non-traditional income sources has led more lenders to consider automated and AI-based underwriting practices, according to Ocrolus, a tech vendor.
Guaranteed Rate-owned Owning says it can offer mortgage rates which are half a percentage point lower than competition by leveraging proprietary technology and specific underwriting criteria.
Outlook improves for large nonbanks; tech vendors take losses while increasing market share; rate locks decline; new verification offerings from CoreLogic; LOS provider and servicing tech vendor partner; MISMO seeks comments on engineering guidelines.
Given the increasing use of artificial intelligence and automation, mortgage underwriters should reexamine how they look for fraud threats, according to analysts at CoreLogic.
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