Consumers are feeling little optimism for the 2024 housing market as affordability concerns continue to push would-be buyers away from purchasing a home next year.
Lower interest rates have been particularly impactful in the market for new homes; MBA projects a mild recession in the first half of 2024; new MISMO working group initiated by the GSEs; technology for closing disclosure forms.
An increase in the number of borrowers with non-traditional income sources has led more lenders to consider automated and AI-based underwriting practices, according to Ocrolus, a tech vendor.
Guaranteed Rate-owned Owning says it can offer mortgage rates which are half a percentage point lower than competition by leveraging proprietary technology and specific underwriting criteria.
VantageScore expanded the borrower base; mortgage interest rates increased for seventh consecutive week; Blend tech offering for nonbanks; MISMO updates.
Better went from more than 10,000 employees in 2021 to fewer than 900 as of Sept. 1; lenders start early on 2024 loan limits; mortgage lock-in easing; MISMO initiatives; tool to check for appraisal bias; automated title reviews; insurance platform raises funds.