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.”
Though technology has lagged in the nation’s housing and mortgage financing markets compared to other industries, players in those markets are now bridging the gap in response to their customers’ growing demand. Consequently, more mortgage companies are deploying new technologies, changing market dynamics and consumer behavior as well as laying the foundation for future advances, according to a new report from Moody’s Investors Service. The digitization of loan ...
The lack of consideration of renters’ positive monthly payments is constraining the number of potential borrowers eligible for purchase mortgages, according to an analysis by the Urban Institute’s Housing Finance Policy Center. The HFPC found that rental payment history is “highly likely to be predictive” of mortgage performance. However, credit scores used by mortgage lenders largely don’t track renters’ records of on-time payments. The analysis was funded by the National ...
RSS