Proposal for higher capital requirements on mortgages at larger banks expected next week; House passes defense spending bill without RON provision; Umpqua Bank selling one-third of its MSRs; MISMO publishes fee- naming guide; PrimeLending offering fast loan approvals; lender offers AI chatbot to potential borrowers.
Artificial intelligence can cut down on “stare and compare” tasks. But mortgage originations are so complex, and anxiety-provoking for borrowers, that humans are essential.
Home prices expected to decline; FTC hearing on ICE/Black Knight delayed; legal services for AI usage; MISMO updates; accounting proposal on acquired assets.
CrossCountry, Guild offering downpayment assistance; majority of loan originators living paycheck to paycheck; legislation would limit trigger lead activity; and more.
Rate locks decline; MISMO launches latest reference model; CFPB warns on the use of chatbots; Chase to pay mortgage seekers to shop with the bank; mortgage market losing share to cash buyers; data breaches lead to increase in denial of mortgage credit.