UWM accepted six mortgage payments with cryptocurrency before ending the pilot program; closing costs increased in the first half of 2021; Fannie strengthened underwriting standards for condos and co-ops.
Sales to Fannie Mae and Freddie Mac saw larger concentrations of higher-risk mortgages, in both the purchase and refinance sectors. But high-FICO loans continue to account for most GSE business. (Includes two data charts.)
To help produce the record volume of mortgages originated in 2020, lenders embraced technology. Changes that could have taken five years to implement were completed in 18 months.
Incenter Appraisal Management launched a remote appraisal service, United Wholesale Mortgage is allowing brokers to bypass appraisal management companies and Fannie Mae is looking to reduce appraisal bias.
A Fannie survey finds that most recent homebuyers used no online tools to get their mortgage. The use of some digital channels actually declined during the pandemic.
Observers point to forecasts of continued growth in the demographic, especially among young Hispanics aging into household formation and first-time home purchases.
Digital verification of borrowers’ income, employment and assets can significantly reduce the length of the mortgage closing process. And the tech got a boost from the pandemic.
With refi lending expected to wane, lenders are planning to create a faster, more efficient experience for borrowers, according to a new study from Fannie Mae.
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