Housing and Urban Development Secretary Ben Carson told Congress it would cost approximately $500 million upfront to convert FHA’s archaic information technology systems to a modern technology platform.

“Borrowers continue to move away from applying for loans fully in-person, as they look for a process combining both high-tech and high-touch,” according to Ellie Mae.

Caliber Home Loans has announced a new mobile platform designed to simplify the loan process for borrowers and key players in the homebuying and mortgage financing chain. The platform features three mobile phone apps customized for borrowers, Caliber’s sales force, real estate agents and homebuilders. The apps provides efficient and effective communication among all parties from home shopping to as far as servicing the loan. “We are a retail shop that provides ..

Technology-based, or “fintech,” lenders are revolutionizing the mortgage-lending process with new, innovative ways of doing business, far from the more traditional methods of delivering loan products and financial services, according to a new study by the Federal Reserve Bank of New York. The study, “The Role of Technology in Mortgage Lending,” describes fintech lenders as “lenders that offer an application process that can be completed entirely online.” Fintech lenders have grown ...

Is the White House listening to the AEI on GSE reform?

Flagstar also will hire Santander’s “existing" warehouse relationship managers...

The budget proposal calls for exempting “small lenders” – companies that generate about 20 percent of FHA business – from the IT fee.

Joshua Rosner, managing director of Graham Fisher & Co., states: “This sounds like the early stages of a utility model..."

Analyst Barry Habib of MBS Highway told us last week that once the yield breaks above 3.00 percent it’s only a matter of time before it hits 3.80. Just think of what that might do to the mortgage business…

At Quicken, Lombardi served as director of mortgage banking.