Lower interest rates bring refi opportunities; borrowers experience frustration at closing; improvements at Provident Funding Associates; Spanish translation efforts; tech firm acquires mortgage brokerage.

With interest rates on mortgages set to come down, some lenders are looking to quickly adopt tech to help with originations. Blend Labs is seeing lenders use more of the tech vendor’s products and an automated refi offering is on the way.

Rocket is turning profits again after taking a loss in 2023. Now the lender is working to regain the market share it lost, using various strategies for both purchase mortgages and refinances.

FHFA economists estimate that the average required monthly payment for a new mortgage rose 57% between 2022 and the end of 2023.

Borrowers who obtained mortgages in recent years are prime targets for refis as interest rates decline.

FHFA’s home price index cools off; MBA’s outlook for interest rates unchanged; Treasury looking into AI use in financial services; trade groups request delay on implementation of overtime rule.

The mortgage giant itemizes the sources of the increased cost of loan origination, then pitches the technological tools embedded in its underwriting system as a potential remedy.

Some 13.8% of the total number of applications for conventional-conforming mortgages submitted last year were denied, compared to 14.3% in 2022. Denials for refinances jumped. (Includes data table.)

HUD issues guidance on mortgage advertising; UWM expands title services for brokers; Freedom issues debt; Incenter offers review services for taxes and insurance; most housing inventory in Florida, Texas.

Cyberattack will cost loanDepot at least $12 million; average borrower has nearly $300,000 in home equity; home prices overvalued across the country; MSR gain some value; new servicing platform from Sagent; MCT offers TBA pricing indicators; lender launches real estate platform.