Regional differences in mortgage closing costs largely explain the seemingly irrational “failure to refinance” of some borrowers when rates fall.

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.

Lenders gravitated toward lower loan-to-value ratios and higher credit scores with their deliveries to the GSEs in the third quarter.