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.
VantageScore expanded the borrower base; mortgage interest rates increased for seventh consecutive week; Blend tech offering for nonbanks; MISMO updates.
Maintaining internal policies and documenting employees’ work practices are vital to effectively managing the return-to-office transition, according to industry participants.
Better went from more than 10,000 employees in 2021 to fewer than 900 as of Sept. 1; lenders start early on 2024 loan limits; mortgage lock-in easing; MISMO initiatives; tool to check for appraisal bias; automated title reviews; insurance platform raises funds.
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