Rocket Mortgage is leaning on artificial intelligence to improve lending efficiency. The nonbank is wrapping up its acquisition of Mr. Cooper and already seeing benefits from its acquisition of Redfin.
Mortgage rates aren’t expected to move down much even if the Fed cuts interest rates next month; GSE economists slash projections for home price appreciation; ICE integrates origination and servicing platforms to originate home equity loans; majority of homeowners feeling financially stressed.
In states with data privacy laws, the mortgage-denial gap between minority and non-minority mortgage borrowers is 3% lower than in states without the privacy laws, according to researchers.
The MBA projects that nearly 30% of originations will be through eNotes in 2028, up from 10% now. eNotes can help reduce costs for lenders and improve customer service, according to industry participants.
Rent payment history and bank account income verification are just the start. Machine learning algorithms also promise better risk assessment and more accurate pricing for that risk.
Fannie’s AI-powered Ask Poli allows quality control personnel to identify frequently researched topics, both within and outside their organization, as a way to forecast current or future loan defects.
The founder of Rocket Companies could see $571.9 million in tax benefits triggered by the company’s planned acquisition of Mr. Cooper; legislation in the House would set standards for remote online notarization; new company offering NMLS-approved education.
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