A Fannie survey finds that most recent homebuyers used no online tools to get their mortgage. The use of some digital channels actually declined during the pandemic.
Digital verification of borrowers’ income, employment and assets can significantly reduce the length of the mortgage closing process. And the tech got a boost from the pandemic.
The patent awarded to Liquid Mortgage covers a significant portion of the tech startup’s business model. LM is looking to apply blockchain to the mortgage securitization process.
HMDA data show that minorities face notably higher denial rates than white borrowers, and more so if the mortgage is underwritten manually. (Includes data chart.)
Tomo was founded by two former Zillow executives with a sole focus on purchase mortgages. Meanwhile, three-year-old Lower recently completed a $100 million Series A funding round.
Experts believe a properly configured customer relationship management system can help lenders survive the change from a refi-heavy market to a purchase one.
The title insurance company was fined for an inadequate response after receiving notification that millions of mortgage records were inadvertently available for view online.