Browse articles from all of our Newsletters related to Technology.

July 21, 2017 - Inside FHA/VA Lending

Millennials Seeking to Buy Homes In Affordable Markets, Data Show

Affordability and job availability are driving millennials to seek homes in more affordable markets, particularly in the upper Midwest, according to Ellie Mae data for the month of May. Ellie Mae’s Millennial Tracker, which monitors millennial mortgage applications during specific times, found that the higher percentages of loans made to millennial borrowers are in Hutchinson and Austin, MN, and Wahpeton and Williston, ND. Anniston-Oxford-Jacksonville, AL, rounded out the top-five markets. Ellie Mae defines millennials as applicants born between 1980 and 1999. Data showed that 48 percent of millennial borrowers who closed loans in May were single. In Hutchinson, for example, the majority of borrowers were single men. “This suggests millennials may be embracing homeownership in these areas for reasons other than what we have historically seen, which was family formation,” explained ...

July 21, 2017 - Inside FHA/VA Lending

House Appropriators Pass HUD Funding Bill, Reject Proposed Fee

The House Appropriations Committee this week approved a FY 2018 spending bill for the Department of Housing and Urban Development with a $135 million allocation for information technology upgrades in lieu of a proposed lender fee. The set-aside also covers quality control and risk management improvements as well as other administrative costs. The recommended funding is $5 million more than the FY 2017 enacted level for administrative contract expenses and $25 million below the budget request. Approved by a vote of 31 to 20, the bill provides HUD with $38.3 billion in discretionary spending for FY 2018, down $487 million from the current level. The House bill authorizes $400 billion for loan guarantees under the FHA Mutual Mortgage Insurance Fund, including the Home Equity Conversion Mortgage program, and $500 billion for Ginnie Mae. Ginnie will also receive $25.4 million for agency staffing, which is ...

July 20, 2017 - Inside Mortgage Finance

House Appropriators Reject Administration’s Proposed FHA Lender Fee. A $135 Million Set Aside for IT Upgrades

The House Appropriations Committee this week approved a fiscal year 2018 funding bill for the Department of Housing and Urban Development with a $135 million allocation for systems enhancements, quality control and risk management improvements in lieu of a proposed lender fee. Approved by a vote of 31 to 20, the bill provides HUD with $38.3 billion in discretionary funding for FY 2018, down $487 million from the current level. The House measure authorizes...

July 20, 2017 - Inside Mortgage Finance

Early Look at 2Q17 Lending: A Mixed Bag at Big Banks; Nonbanks like UWM are Bullish

The nation’s megabanks have started reporting second-quarter results, revealing a mixed bag when it comes to residential originations, according to a new analysis from Inside Mortgage Finance. The nation’s largest home lender, Wells Fargo, so far, has turned in the strongest performance of the group, funding $56.0 billion of product, a handsome 27.3 percent improvement from the first quarter of the year. Bank of America held its own with a 15.8 percent sequential improvement and U.S. Bank hiked its production game by a more modest 10.2 percent. And then there are...[Includes one data table]

July 19, 2017 - IMFnews

Short Takes: A Bulk MSR Deal from MountainView / Proposed HUD Lender Fee Is Cut From Spending Measure / Invictus Readies Nonprime MBS Deal / A Promotion at loanDepot

Another nonprime MBS deal is ready to hit the market, this one from Invictus Capital Partners...

July 14, 2017 - Inside Mortgage Trends

Mortgage Firms Looking for Tech Workers

Mortgage firms of all types continued to add to their payrolls late this spring, with many firms reporting they’re searching for technology workers. Overall, nonbank lender/servicers added 1,400 full-time positions in May, bringing total sector employment to 242,900 positions, the best reading since December 2007, according to figures compiled by the Bureau of Labor Statistics. Separately, loan brokerage companies also added 1,400 jobs during the month, bringing their employment ...

July 13, 2017 - Inside Mortgage Finance

CFPB Warns of Schemes to Steal Closing Funds from Homebuyers

Scams aimed at stealing homebuyers’ closing funds persist, according to a warning last week from the Consumer Financial Protection Bureau. The warning follows similar notices in recent years from the Federal Trade Commission. “The scammers attempt to steal the homebuyer’s closing funds – for example, their downpayment and closing costs – by sending the homebuyer an email posing as the homebuyer’s real estate agent or settlement agent (title company, escrow officer or attorney),” according to Davida Farrar, counsel in the CFPB’s consumer education and engagement division. In a post on the CFPB’s website, Farrar said...

July 11, 2017 - IMFnews

Short Takes: It’s Alive Again (Well, Sort Of) / Sindeo’s Roots / The Mortgage Tech Race / Happy Anniversary Fannie and Freddie (Soon) / New Hires for mREIT Giant Annaly

There's a race on to see who will be the first to deliver a best-in-class lending automation product that the consumer trusts, said consultant Paul Hindman...

July 5, 2017 - IMFnews

CSBS Calls for Community Bank Relief from HMDA Requirements

In 2018, the number of data points required to comply with HMDA reporting standards is set to double…

July 3, 2017 - IMFnews

Just 100 Digital Mortgages Close Per Month. What’s Up with That? loanDepot Sees Gains Ahead Though

The slow adoption rate suggests the problem is more a management and personnel issue than a technological challenge…

June 30, 2017 - Inside Mortgage Trends

loanDepot Looking to Drive More Digital Closings

loanDepot would like to see more digital closings, according to Dominick Marchetti, the firm’s chief technology officer. The loanDepot official said there has been very little use of e-closings since he first witnessed one over a decade ago in 2002. “It’s fairly disappointing, actually,” Marchetti said, adding that fewer than 100 digital mortgages are closed per month. Only 1,600 of the nation’s 3,800 counties are equipped to handle digital closings, he added. The slow adoption rate ...

July 3, 2017 - IMFnews

When it Comes to Mortgage-Tech ‘Disruptors,’ Failing is Part of the Innovation Process. Right?

As one veteran mortgage consultant put it: “There are no Amazons in this industry,” a reference to the online giant…

June 29, 2017 - Inside Mortgage Finance

Beware of Promises Made by Mortgage Disruptors? Or Is Failing Just Part of the Innovation Process?

Sindeo, a mortgage technology-centric company billed as a “disruptor” in some quarters of the industry, closed its doors earlier this month, spurring new talk that making headway via innovative software isn’t so easy – especially in a challenging origination market. As one veteran mortgage consultant put it: “There are no Amazons in this industry,” a reference to the online giant that has profited by causing a wave of destruction in the traditional retail space, including clothing stores and book outlets. Regarding Sindeo’s collapse, Jordan Brown, CEO of MarketWise Advisors, added...

June 23, 2017 - Inside FHA/VA Lending

VA Explains How Condo Financing Could be Difficult for Vets, Lenders

The VA condominium-financing process can be difficult for both veteran borrowers and lenders, according to experts at a recent VA lender conference. The big issue for borrowers is finding a condo development that has VA approval or one that can obtain approval quickly enough to complete the loan process in the shortest time possible. A development that has a high number of foreclosures, a significant number of condo owners that are behind on their association dues, or pending litigation against the homeowner association is unlikely to win VA approval, experts said. Such factors could put the VA and the lender at risk. As such, securing VA approval for a development is crucial. In 2009, VA stopped accepting HUD/FHA condo project approvals in lieu of a VA project review, said Phyllis Chilton, valuation officer at VA’s Phoenix regional loan center. Condo projects that were accepted previously by ...

June 23, 2017 - IMFnews

What We’re Hearing: New Rez CEO Not Worried About Ocwen / $425 Million / The CFPB has Been Defanged? / Falling in Love with Nonprime / The GSE Hearings Commence / Sen. Mark Warner’s Constituents (Freddie Employees)

We can only assume Sen. Warner knows Freddie Mac is headquartered in his state, which means the company’s employees are his constituents.

June 21, 2017 - IMFnews

Short Takes: Is Nationstar Listening to Trump? / India Office Will Stay Open / What Will Ocwen Financial Do? / Big M&A Maybe / DocMagic Ready for UCD

The Nationstar news begs another question: Will Ocwen Financial, which employs thousands of servicing workers overseas, follow suit?

June 21, 2017 - IMFnews

After Last-Ditch Effort at a Capital Raise, Mortgage ‘Disruptor’ Sindeo Folds

According to resumes posted on LinkedIn, Stamos had no direct mortgage lending experience whatsoever, nor did his co-founder Ori Zohar.

June 20, 2017 - IMFnews

IG Sounds Warning: 87 Percent of HUD’s Tech Systems Near the End of Their ‘Life Cycle’; Math Problems Ensue…

The problem is so bad that HUD is having trouble doing mathematical calculations…

June 19, 2017 - IMFnews

Short Takes: loanDepot Beefs Up Social Media Research / Fairholme Attorney on the Phone / Stated-Income Loan from Silver Hill / What Cowen Expects / Premium Title Grows Sales Team

Fairholme is scheduled to talk about its investment in Fannie Mae and Freddie Mac...

June 16, 2017 - Inside Mortgage Trends

Some Lenders Keep Hiring; Others Are Cautious

The spring and summer home-buying season is in full throttle and with rates falling to yearly lows, mortgage bankers should be hiring in droves. Right? Not necessarily. Top-ranked lenders such as Quicken Loans and Movement Mortgage report they continue to search for new talent, but others are being careful about their hiring plans. Employment in the mortgage brokerage sector has been...

June 14, 2017 - IMFnews

Short Takes: Lending to Real Estate Agents? / An Industrial Bank Charter / SoFi’s Purchase of Zenbanx / Apps Rise / C&C Moves Into Reno

And a business plan is born: lending money to real estate agents...

June 14, 2017 - IMFnews

Marketplace Lender SoFi Files for Bank Charter. Is an IPO in the Wings?

Last year, SoFi received approval to become a Fannie Mae seller/servicer.

June 12, 2017 - IMFnews

Short Takes: Quicken Still Hiring, Especially in Tech / A Large NPL Sale for Fannie Mae / CALCAP’s Milestone / Colony Buys More SFR Units / Correction

The broker price opinions on the Fannie Mae NPL pools ranged from 81.03 percent to 88.02 percent…

June 9, 2017 - Inside Nonconforming Markets

Jumbos Trading on MAXEX Loan Exchange

A loan exchange operated by MAXEX looks to be a new source of jumbo mortgages. The exchange was recently assessed by Fitch Ratings and loans sourced from the exchange have been included in jumbo mortgage-backed securities issued by JPMorgan Chase. MAXEX was founded in 2012 but didn’t launch its LoanExchange platform until June 2016. Mortgages with an unpaid principal balance of more than $500.0 million have traded on the platform, according to Fitch. “JPMorgan Chase is...


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