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How potential changes to the GSEs could affect mortgage rates

GSE Reform, Mortgage Rates, Originations, Politics and policy, Secondary markets, Servicing, The Great American Mortgage Corporation /

Some government-sponsored enterprise reform models could add three or four figures to monthly payments, but others could exert some limited downward pressure, a Stanford Institute for Economic Policy Research report finds. Estimated mortgage-rate hikes of 0.2% to 0.8% — an additional $500 to $2,000 for the typical homebuyer — could result in certain scenarios, authors […]

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FICO’s new pricing program met with cautious optimism

Credit scores, FICO, Industry News, Originations, Underwriting /

Fair Isaac Corp. is rolling out a new program that lets mortgage resellers bypass the three major credit bureaus Equifax, Experian and Transunion and deliver its FICO credit scores directly to lenders, a shift the company says will bring down costs. The announcement drew cautious optimism from industry trade groups. The move avoids any additional

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Shutdown tests lenders’ plans to keep loans moving

FHA, Government Shutdown, HUD, Originations, The VA /

With the U.S. government shutdown in effect and little progress made on an eventual reopening, mortgage lenders are busy measuring operational impacts while introducing strategies drawn on past experience to keep business flowing.  As of Wednesday, many questions remain about the full extent of the impact on support provided to lenders, with most federal services

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UWM reduces fees, enhances TRAC+ title alternative offering

Marketing, MARKETING TO BORROWERS, Originations, Underwriting, UWM /

United Wholesale Mortgage has reduced the fees and added other enhancements for one of its title alternative programs. The company’s title review and closing program, known as TRAC+, looks to save borrowers money by significantly reducing costs for refinances compared with traditional title insurance options. In the past, Mat Ishbia, president and CEO, has been

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Mr. Cooper costs Rocket $5B more than first announced

Career moves, LOAN PRODUCTS, M&A, Originations, Rocket Mortgage, Servicing /

Rocket Cos. has closed its acquisition of Mr. Cooper, just six months after the transaction was first announced, with a near $5 billion increase in valuation. The transition has already begun; Mr. Cooper and all servicing functions are being rebranded  under the Rocket umbrella. Right now, the company is being branded as Mr. Cooper powered

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Mortgage rates rise, stalling nascent recovery in home demand

Mortgage applications, Mortgage Rates, Originations /

US mortgage rates rose for the first time in five weeks, thwarting a budding recovery in housing demand and abruptly halting a recent flurry of home refinancing. The contract rate on a 30-year mortgage climbed 12 basis points to 6.46% in the week ended Sept. 26, according to Mortgage Bankers Association data released Wednesday. Adjustable-rate

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Rocket Pro launches broker search platform

MARKETING TO BORROWERS, Originations, Rocket Mortgage, Wholesale lenders /

Rocket Pro has rolled out a broker portal for borrowers to find local originators. The Detroit-based mortgage giant’s brokernearme.com allows consumers to search for brokers near their address and access profiles which include social media accounts. The site today includes thousands of broker profiles, and they aren’t “ranked” on the site, Rocket Cos. CEO Varun

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More home equity, more lending options for lenders

HELOANs, HELOCs, LOAN PRODUCTS, Mortgage technology, Originations, Underwriting /

The amount of tappable home equity Americans hold continues to increase, growing annually by 5% for the second quarter, a Transunion study found. Several operators in the market, whether lenders themselves or tech providers, have launched products and platforms over the last few days to serve these equity-rich homeowners. As of June 30, the total

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Starter home sales climb despite record-high prices

Home Prices, Housing affordability, Housing markets, Originations /

The average starter home in the United States sold for a record high last month, yet sales notably increased. The average price of a starter home rose 2.2% from last August to $206,508, while starter-home sales increased 3.8% year over year, according to a new report from Redfin, a subsidiary of Rocket Cos.  August marked

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New dangers for housing in looming shutdown: How mortgage lenders can prepare

Capital markets, Mortgage Rates, Originations, Politics and policy, Servicing /

The potential government shutdown that’s looming this week due to an impasse between political parties in budget negotiations has some new risks for housing. In addition to more typical concerns, an Office of Management and Budget memo issued last week means the usual furloughs could be layoffs that compound the impact of previous public sector

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