The property insurance portion of the average mortgage payment keeps rising, and is now just shy of 10% of the average monthly expense, ICE Mortgage Technology said in its September Mortgage Monitor Report. Mortgage payments are broken down into two components — principal and interest, and taxes and insurance; the latter normally goes into the […]
Property insurance nears 10% of mortgage costs Read More »
For the first time since 2016, the number of American households who are homeowners declined on an annual basis, in another signpost that high home prices and elevated interest rates are taking people out of the market, a Redfin study of U.S. Census data found. The study estimated about 86.2 million Americans own their home,
U.S. homeownership falls for first time since 2016 Read More »
Figure Technology Solutions has formally launched its long-awaited initial public offering that could bring over $508 million in gross proceeds to the company if the overallotment is exercised. The company is offering over 21.46 million shares, with an overallotment of 3.95 million shares. In addition, 4.85 million shares are being sold by existing stockholders in
Figure Technology seeks $508M in long-awaited IPO Read More »
The U.S. Mortgage Insurers repeated its commitment for members to work with the Federal Housing Finance Agency to implement VantageScore 4.0. In an Aug. 27 blog post, the group said it welcomed FHFA Director Bill Pulte’s announcement permitting Fannie Mae and Freddie Mac to accept loans using the VantageScore 4.0 algorithm and its members will
Mortgage insurers commit to using VantageScore 4.0 Read More »
The Federal Housing Administration, which receives the largest share of mortgage applications among the government guarantors, is adopting the UAD 3.6 appraisal format going into place in the conforming market. The new UAD 3.6 Uniform Residential Appraisal Report is replacing traditional boilerplate forms which are currently being used, such as the Fannie Mae 1004. But
FHA adds momentum to new appraisal format’s use Read More »
Mortgage application volume declined for the second week in a row, as a small rise in rates put a damper on refinance activity, the Mortgage Bankers Association said. The Market Composite Index decreased by 1.4% on a seasonally adjusted basis for the period ended Aug. 15. The refinance component was down by 3%, although versus
Higher mortgage rates slow refi application volume Read More »
New American Funding announced the launch of an insurance affiliate, which will offer homeownership coverage, alongside a range of other protections. In a deal with insurance distribution firm The Baldwin Group, New American will sell primary property coverage in addition to products to guard homeowners against flood and wind damage. The affiliate, named NAF Insurance
New American launches insurance marketplace Read More »
A Massachusetts judge denied a home equity investment platform’s request to dismiss a state lawsuit filed against it in a case that could provide clues to how products from such companies might ultimately be defined. State Attorney General Andrea Joy Campbell originally sued HEI platform Hometap in February, putting forth multiple claims, including allegations that
Judge denies motion to dismiss case against HEI platform Read More »
Led by financial services firm Cantor Fitzgerald who also served as initial purchaser of the bonds, the issuance is expected to help Knock deliver $900 million worth of additional originations of its bridge loan product. The deal closed on Aug. 14 and was 75% pre-funded, garnering strong demand from institutional investors operating in residential mortgage-backed
Knock hits profitability with $100M loan securitization Read More »
Lagging tech adoption and credit underwriting issues were likely contributors to loan quality worsening from a recent record-low rate, according to Aces Quality Management. The overall critical defect rate rose to 1.31% in the first quarter, shifting away from the fourth quarter’s historical low of 1.16%, the company’s latest report found. Defects rose in three
Underwriting errors push loan defects higher Read More »