Truist is using an AI tool from Dark Matter Technologies for underwriting processes while having humans validate the results. Meanwhile, MISMO is working on a framework for AI.

AI is expected to be increasingly used by both lenders and borrowers thanks to improvements in the seemingly ubiquitous tech.

Lenders with high adoption rates for tools from Freddie Mac like automated collateral estimator and asset and income modeler have significantly lower per-loan costs and higher per-loan profits, the GSE says.

Carrington Mortgage and Rate launched new tools to reach borrowers with limited English proficiency.

After originating HELOCs on its own as a proof-of-concept, Figure Technology Solutions is now largely facilitating originations and loan sales for others, charging fees along the way. The company generated $89.8 million of net income in the third quarter.

The share of renter households whose rent payment history has been reported to at least one credit bureau grew from 3% to 13% in four years.

AI and self-service options are increasingly being used to help servicers communicate with younger homeowners.

ICE’s lender clients are interested in using AI for document automation and customer engagement.

Rithm puts off potential spin-off of Newrez; Robinhood partners with Sage Home Loans for mortgage perks; AngelAi touts valuation; Bilt to allow mortgage payments via Venmo; PartnerOne to acquire Mortgage Cadence.

Mortgage lenders are seeking innovation and increased competition for credit reporting as loan origination costs continue to rise.