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.
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.
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.