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Optimal Blue suit alleges cartel-style mortgage fixing

Law and legal issues, Originations /

A new class action lawsuit accuses Optimal Blue and 26 lenders of price fixing and inflating mortgage costs for millions of consumers.  The complaint says the industry’s biggest players violated antitrust law in sharing sensitive home loan data with competitors and subsequently raising rate spreads. Borrowers specifically scrutinize Optimal Blue’s competitive analytics and Competitive Data […]

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Shutdown hampers rates, rural, HECM and niche condo loans

Capital markets, Government Shutdown, Originations, Politics and policy, Servicing, Technology /

The lingering government shutdown has increased rate uncertainty, and cut off or curtailed some specialized mortgages while mainstream business moves forward, albeit at a slower pace in some cases. “Until key reports like payrolls and the CPI return, rates are likely to remain range-bound but vulnerable to sudden shifts,” said Sam Williamson, chief economist at

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Equifax slashes VantageScore price to undercut FICO

Credit scores, Industry News, Originations /

Equifax is rolling out a new pricing strategy and incentives in response to FICO’s program announced last week as the dispute between score providers heats up.    The credit reporting agency will offer the competing Vantagescore 4.0 metric from FICO’s rival at a price of $4.50 through 2027, a cost it claims is more than 50%

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Mortgage activity dips again in swift reversal of home demand

Mortgage applications, Originations /

Applications for mortgages to buy a home or refinance both fell for a second week, marking a swift reversal of what had been a hopeful sign of a revival in the US housing market. The Mortgage Bankers Association’s index of home-purchase applications declined 1.2% in the week ended Oct. 3, while a gauge of refinancing

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Veterans United parent launches new mortgage brand

Marketing, MARKETING TO BORROWERS, Originations, Underwriting /

The parent company of Veterans United Home Loans has started up a new brand, while at the same time retiring an existing one. Mortgage Research Center has multiple trade names, present and past, listed on its Nationwide Multistate Licensing System page, including several forms of Veterans United, the nation’s most prolific Veterans Affairs lender. Now,

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EXCLUSIVE RESEARCH: How lender size impacts their AI choices

Artificial Intelligence, Editorial Research, Originations, Technology /

Artificial intelligence is no longer a buzzword in mortgage lending — it’s rapidly becoming central to how loans are originated. But while some lenders are racing ahead with aggressive AI strategies, others are still inching forward, slowed down by cost, caution or compliance questions. Exclusive new research from National Mortgage News reveals just how uneven

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New data shows where refinance incentives are growing

Mortgage Rates, Originations, Servicing /

A lot of market conditions have improved notably for home loans and there may be more where that came from, depending on rates and location, ICE Mortgage Technology’s latest monthly analysis shows. Home affordability is at a two-year-plus high and rate drops have exposed millions to refinance incentives, with the share of median income needed

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FHFA floats new housing goals amid broader proposal review

Originations, Politics and policy, Secondary markets, The Great American Mortgage Corporation /

Fannie Mae and Freddie Mac could change how they approach affordable housing goals next year if their oversight agency’s new affordable-housing goal proposal moves forward. Some of the proposed benchmarks the Federal Housing Finance Agency published Thursday aren’t as high as those from a year ago and shift away from competitive efforts to serve low-income

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Homeowners sue D.R. Horton over hidden mortgage costs

Homebuilders, Law and legal issues, Lawsuits, Originations, Servicing /

A group of homeowners filed a class action lawsuit against the largest homebuilding company in the United States and its mortgage lending subsidiary over money they lost in an alleged deceptive mortgage scheme. D.R. Horton and DHI Mortgage targeted prospective homebuyers with affordable monthly payment plans, but the company low-balled the true costs and excluded

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Bond yields sank — so why aren’t mortgage rates following?

Industry News, Mortgage Rates, Originations /

A mixed picture emerged in mortgage rates one day after the start of the U.S. government shutdown, while a release of new jobs data raises concerns about the nation’s economic picture.  Ten-year Treasury yields, whose movements typically influence the direction of mortgage rates, sat at 4.08% as of Thursday afternoon, tumbling 11 basis points from

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