The Mortgage Bankers Association (MBA) submitted a formal request to the White House Office of Management and Budget (OMB) on Monday, asking for the rescission of six rules and revisions to nine others that affect the mortgage industry. These include regulations tied to servicing, the Real Estate Settlement Procedures Act (RESPA) and loan officer compensation, […]
MBA urges overhaul of mortgage rules in letter to OMB Read More »
The technology posture of the federal government’s housing apparatus has been a hot topic of discussion for years. Advocates have advised — and sometimes warned — of the need to modernize the tech infrastructure at government housing agencies. With the dawn of artificial intelligence (AI) and its increasing dominance in the tech landscape, the Federal
FHA cites AI emergence as it ‘archives’ inactive policy documents Read More »
Tuesday brought the release of an economic report that has frequently been responsible for big swings in mortgage rates. The Consumer Price Index (CPI) is the earlier of the two big inflation reports from the US government, and inflation is a big deal for interest rates. In general, higher inflation coincides with higher rates and
Mortgage Rates Hold Fairly Steady After Inflation Data Read More »
April’s increase in rate lock activity does lend some support to the optimistic views on Spring’s market, according to Optimal Blue. Its Market Volume Index, a measurement of rate lock activity, was at 109 for April. This was up from 105 in March, a gain of 3.2%, and 103 for April 2024, 5.9% higher. This
What rate lock activity means for the Spring purchase market Read More »
The expiration of the Department of Veterans Affairs loss-mitigation program drove an overall rise in foreclosures to start 2025, with the jump among VA loans the highest in decades, according to the Mortgage Bankers Association. The share of mortgages in foreclosure relative to total volume increased to 0.49% in the first quarter, up 4 basis
VA foreclosures surge to 5-year high Read More »
The Mortgage Bankers Association has responded to the Office of Management and Budget’s request for information on “unnecessary, unlawful, unduly burdensome and unsound rules” with several origination and servicing policy suggestions. There already has been pullback from some of the policies the association is calling for the Office of Management and Budget to rescind, with
Mortgage bankers ask OMB to end or revise several rules Read More »
Mortgage lender Lower is acquiring Movoto, a home search website, from prior parent company OJO Labs, the companies announced Tuesday. The combination of the two firms will create “an end-to-end homeownership platform” connecting consumers, originators and real estate agents. The vision echoes a similar one pursued by Rocket Companies through its acquisition of Redfin, announced
Lower acquires Movoto, as it pushes to build end-to-end platform Read More »
Better Home & Finance is offering numerous reasons to believe better days are ahead despite its struggle to reach profitability. The digital lender Tuesday morning disclosed a $51 million net loss in the first quarter, in line with net losses of $59.2 million and $50 million in the prior and year ago periods, respectively. Since
Better still in the red but sees green shoots in retail Read More »
Former Churchill Mortgage employees moved one step closer to getting a $850,000 settlement approved by a federal court in Tennessee over claims that their employee retirement accounts were mismanaged. The proposed settlement would dole out approximately $850 per class member and over $200,000 would be paid to attorneys representing plaintiffs. If approved, the deal would
Churchill Mortgage ESOP suit may pay out nearly 300 Read More »
Frank Gargano A U.S. consumer watchdog looks poised to tear up a rule on customer financial data sharing and start all over again — but with a depleted staff, a potentially drained budget and all of the same thorny issues. The Consumer Financial Protection Bureau is likely to scratch and rework its open-banking rule, which
Banks face repeat of data-sharing fight with CFPB move Read More »