Applications stumbled in early February; rate locks increased in January; consulting firm opposes ICE’s planned acquisition of Black Knight; FHA ditches paper filing; Black Knight adds eNote and eVault tech.
Looking to cut costs, mortgage lenders are planning to reduce the amount of money spent on technology. That might not be the best choice, given that originations will bounce back, eventually.
NYCB closes Flagstar’s non-bank branches; FHA offers new incentives for servicers; home prices decline again in November; MBA writes to FHFA on the cost of doing business with the GSEs; new products aimed at newly-constructed homes; MISMO offers loan limit tool.
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.
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.
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