Despite a modest increase in volume in the second quarter, large independent mortgage lenders saw their market share fall to its lowest level since the fourth quarter of 2024. (Includes two data tables.)
The business assets of a related person are now an eligible source of gifts. However, the donor still cannot be the builder or another interested party.
More than two-thirds of the largest GSE sellers saw a sequential decline in deliveries in May, with refi business slowing. But overall volume for the first five months of the year was up 35.7%. (Includes two data tables.)
A 50% cap on debt-to-income ratio within Fannie Mae’s Desktop Underwriter acts as an extra-regulatory limit on credit availability, according to researchers at the Federal Reserve Bank of St. Louis.
Implementation of UAD 3.6 has proceeded steadily during broad production, with mandatory implementation still set for Nov. 2. UAD 2.6 appraisals submitted on or after that date will fail, even if the appraisal was conducted prior to the mandate.
Changes at Freddie Mac simplify income history verification for both self-employed and non-self-employed borrowers. That includes certain borrowers who receive guaranteed payments from a partnership.
The Chicago-based fintech said its new title insurance waiver program could accelerate the mortgage process and potentially save qualified refinance borrowers as much as $2,500 in closing costs.
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