“The Biden administration is committed to fostering innovation in the financial sector while ensuring that we protect consumers, investors, and our financial system from risks that new technologies pose,” said Nellie Liang, under secretary for domestic finance at the Treasury.
The reduction in costs helped lenders that maximize LPA maintain profitability while the industry as a whole experienced a negative 5.8% margin, according to findings from Freddie Mac.
“I want us to use it in a way that’s going to protect the company and protect the borrowers as well,” said Kiran Sahota, an executive vice president of technology at Freedom Mortgage.
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