The faster processing times by so-called fintech lenders don’t result in riskier loans than production from traditional originators, according to an analysis published by the Federal Reserve Bank of New York.
A significant number of lenders report that they don’t have a comprehensive vendor management system in place, according to a survey by Vendorly, a firm that provides vendor-oversight services.
Ginnie Mae will be working with FHA, VA and the U.S. Department of Agriculture to standardize origination policies and requirements for digital mortgages as it moves into the digital age of its secondary market business. Ginnie will coordinate with the agencies while developing technical standards for electronic closings, digital mortgage instruments and electronic vaults. All this work is part of the agency’s three-year strategy, Ginnie Mae 2020, to modernize its mortgage-backed securities program and platform, strengthen its counterparty risk management capability, and explore new ways to lower or eliminate risk from the system. As part of the modernization effort, Ginnie envisions a process that would allow it to accept digital promissory notes and other digitized loan files as eligible collateral for its MBS. It would encompass loan application through securitization. The plan calls for gradual implementation of ...
Internet retail giant Amazon.com is exploring the idea of buying a mortgage banking franchise and making a splash in this highly cyclical business. But two huge questions loom: Will it actually happen? And if so, will Amazon disrupt the residential lending landscape the way it has brick-and-mortar retailers at the shopping mall?
One former loanDepot official had this to say about the rumor: “It makes sense. loanDepot has plenty of loan officers handling inbound leads. Amazon could create a ton more and compete with Quicken….”
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