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ALTA adds seller impersonation coverage to its title policy

Fraud, LOAN PRODUCTS, Originations, Secondary markets, Underwriting /

The American Land Title Association has created two title insurance policy endorsements addressing the issue of seller-impersonation fraud. These endorsements will allow title insurers to cover any potential legal costs to correct public records if forged deeds or mortgages are recorded. The first, formally known as the ALTA 49 Endorsement, covers forgery in a new […]

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USDA invests in upgraded mortgage underwriting technology

LOAN PRODUCTS, Mortgage technology, Originations, Technology, Underwriting /

The U.S. Department of Agriculture has awarded a contract to technology services firm Phoenixteam as it seeks to upgrade its mortgage underwriting platform, whose capabilities have long lagged those of its peers.  The $49 million deal paves the way for the Arlington, Virginia-based firm to update the Guaranteed Underwriting System at USDA, which offers mortgage

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UAD 3.6: How the mortgage industry should prepare

Appraisals, LOAN PRODUCTS, Mortgage technology, Originations, Secondary markets, Underwriting /

Following the financial crisis, the conforming secondary market created new rules for delivering data, starting with the Uniform Mortgage Data Program and the Uniform Collateral Data Portal. The UCDP rolled out in June 2011, soon followed by the Uniform Appraisal Dataset. This fall, Fannie Mae and Freddie Mac will begin testing the next big change:

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Cost cutting helps drive IMBs to best numbers since 2021

LOAN PRODUCTS, Mortgage applications, Mortgage Bankers Association, Originations, Servicing /

Increasing loan balances, reduced head count and higher seasonal volume led nonbanks to report the highest loan production profits in years last quarter, according to the Mortgage Bankers Association.  The pre-tax net production profit of $950 per originated reversed a two-quarter slide into the red, with improvement surging from a loss of $28 per transaction

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VA Wholesale to operate under Bank of Glen Burnie

LOAN PRODUCTS, Marketing, Originations /

The Bank of Glen Burnie, a Maryland-based depository, has acquired VA Wholesale Mortgage, a Virginia Beach, Virginia-based originator, with an office in Jacksonville, Florida. Terms of the deal were not disclosed. A check of the NMLS Consumer Access page has Virginia Wholesale Mortgage, how the Bank of Glen Burnie’s second quarter Securities and Exchange Commission

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ICE Mortgage Technology pushes SDK sunset to end of 2026

LOAN PRODUCTS, Mortgage technology, Originations, Underwriting /

ICE Mortgage Technology is putting off the planned sunset of the Encompass SDK system, according to a memo provided by the company to National Mortgage News. SDK is shorthand for software development kit. It, along with certain other legacy systems, were supposed to go away on Oct. 31. ICE first announced the transition in September

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Selene Holdings’ Doug Whittemore on scale, cost, niche loans

Selene Holdings’ Doug Whittemore on scale, cost, niche loans

Capital markets, Career moves, LOAN PRODUCTS, Servicing /

Since taking on responsibility for all Selene Holdings’ business lines earlier this year, Chief Strategy and Growth Officer Doug Whittemore has been focused on product development and scale by drawing on his 25 years of bank and nondepository experience. Whittemore — who previously led teams at U.S. Bank, JPMorgan Chase, Mr. Cooper and Citibank —

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Jumbos, ARMs drive uptick in credit availability

LOAN PRODUCTS, Mortgage Bankers Association, Originations /

Home lending credit reversed course following a one-month dip, with availability returning to the upside even as conforming product offerings declined in July, according to the Mortgage Bankers Association.   The MBA’s credit availability index edged up 0.2% month over month to a reading of 103.9. The score rose from 103.7 in June, which was the

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Private MI market share gaps widen in Q2

Distressed, Housing markets, LOAN PRODUCTS, Mortgage insurance, Originations, Servicing, Underwriting /

Private mortgage insurers wrote just 2% more new business on a year-over-year basis in the second quarter, but market share shifts widened the spread between the six underwriters. The industry-wide market share gap was 1.7 percentage points for both the second quarter 2024 and first quarter of 2025, according to data from Keefe, Bruyette &

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Homeowners tap record equity as rates ease

HELOANs, Interest rates, LOAN PRODUCTS, Refinance /

Homeowners are seeing record levels of equity in their homes, and many are eager to use it. Mortgage originations hit their highest levels since 2022 driven in large part by purchases and cash-out refinances, according to Intercontinental Exchange’s August Mortgage Monitor. Cash-out loans made up 59% of all refinances, with borrowers pulling an average of

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