Movement Mortgage is bypassing the traditional mortgage tech-development process in its quest for a mobile operating system for loan officers. The nonbank retail lender recently launched a crowdsourcing challenge, inviting 10 firms to develop prototypes with the chance to win a $25,000 prize and fully develop the operating system.
Mortgage vendor Mortech recently launched a tool that can help lenders and servicers identify borrowers who are likely to list their homes for sale within the next 90 days. The vendor is owned and operated by Zillow Group, a company best known for its individualized home-price estimates.
Over the years it seems as though commercial banks have basically ceded the multifamily market to nonbanks that use the GSEs as their secondary market takeout…
Officials at the government’s mortgage programs said that major investments in technology will make their programs more efficient and pay for themselves, during a panel session at the Mortgage Bankers Association secondary market conference last week in New York. Michelle Corridon, deputy director in the single-family housing guaranteed loan division of the U.S. Department of Agriculture, said her program’s focus now is on infrastructure and innovation. The USDA is instituting a technology fee on every closed loan starting in October, she said. The enhanced online system will include new screens for housing, which now shares a landing page with other rural programs. When it’s complete, the new system will handle the process from guaranty commitment through loan delivery. In another efficiency move, rural housing is “rolling up” processing chores to fewer offices so it doesn’t have ...
The Department of Veterans Affairs is seeking volunteers to test its redesigned servicing platform, the first phase of the agency’s ambitious plan to convert the platform into a fully automated end-to-end, integrated mortgage origination and servicing system. The VA has reached out to servicers connected to its VA Loan Electronic Reporting Interface (VALERI) to participate in the testing and transition process. The plan is to convert VALERI, which allows servicers to upload servicing data, ultimately into a complete automated underwriting and loan origination system. The system conversion effort aims to integrate all business lines, including loan origination, property valuations and mortgage servicing to improve performance of the VA loan program to increase usage by veterans and provide better customer service. It also aims to bring more transparency to the VA loan process and holding underwriters, originators and ...
Servicers, lenders and other industry participants are starting to introduce artificial intelligence services to borrowers and use the technology internally. Late last week, Bank of America launched what it claims is “the first widely available AI-driven virtual financial assistant.” The assistant can help the bank’s customers complete tasks, including checking loan balances and scheduling mortgage payments. The assistant is being rolled out to the 25 million customers who use BofA’s mobile application ...
Fannie disclosed the single-security “may adversely affect our financial results and contribute to declines in the liquidity or market value of our MBS.”
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