A congressionally mandated update to the Internal Revenue Service’s Income Verification Express System is causing some alarm among mortgage trade representatives. The update was meant to save time by moving the system from a fax-based process to a real-time, digital one.

GSEs revise loan-level pricing adjustments; FHFA cuts UMBS comingling fee; UWM gives brokers pricing flexibility; foreclosures more than double; loanDepot to use Black Knight’s loan origination system; Lower offers white-label mortgage platform; Blend continues right-sizing.

The fintech expects cost savings tied to the workforce reductions to materialize starting in the first quarter of 2023. Meanwhile, KBW upgraded the company’s stock to market perform.

Lenders’ digitization efforts have helped improve consumer experience and reduce cycle time over the past two years, but have not been effective in bringing down costs, according to Fannie Mae.

FHFA’s effort regarding fintech should ensure GSE-driven tech that could be used beyond the GSEs is developed with other uses in mind.

Implementation of Ginnie’s risk-based capital requirements delayed; Fitch downgrades ratings of Finance of America, Provident; foreclosure starts decline; new alerts in Freddie’s Loan Advisor dashboard; MISMO seeks comments on three proposals; Staircase offers MSR transfer automation; LoanCare launches HELOC servicing; new LO recruitment tool.

New Zealand researchers find that analysis of a borrower’s digital footprint improves loan performance and reduces discrimination.

Rate locks jump; home prices decline for second consecutive month; the remote work factor; website will connect borrowers with brokers; new loan origination system promises “fun.”

The standards-setting organization made tweaks large and small to its model, to smooth out workflow issues between transaction parties, and to allow companies to build new products.

Stakeholders talk about the challenges in sharing MISMO datasets between different parts of the industry.