Bank mortgage servicers dominate the top of the first ever J.D. Power U.S. Mortgage Servicer Digital Experience Study, highlighting the slower industry-wide adoption of mobile apps in this area. The bank lenders have had mobile apps in the marketplace much longer than most non-banks. Of the 17 mortgage servicers that received scores, seven of the […]
Bank servicers lead new J.D. Power digital app rankings Read More »
Pennymac may face prolonged “pay-to-pay” litigation after a judge rejected the company’s move to toss a borrower’s class action complaint. North Carolina homeowner Clayton Williams is suing Pennymac in federal court over the fee he was charged when he made a mortgage payment with a debit card last year. The servicer says a third-party vendor
Pennymac must face ‘pay-to-pay’ suit, judge rules Read More »
National Flood Insurance, LLC is streamlining the flood insurance process for agencies and mortgage brokers with two new platforms. Flood Quotes and the Flood Insurance Portal allow users to compare multiple quotes from carriers, purchase policies directly and manage quotes, policies and client details through a dashboard. “We developed Flood Quotes to simplify, expedite, and
National Flood Insurance launches faster quote portals Read More »
The transition toward updated credit score models at Fannie Mae and Freddie Mac, while less dramatic than a new stock offering, is a fundamental shift with widespread industry implications. These newer models, VantageScore and FICO 10T, are designed to replace the classic FICO tri-merge report currently central to many mortgage systems. Given that classic FICO
GSE credit reform: Rent data impact on pricing and LLPAs Read More »
Low mortgage rates that continued in October brought prepayment speeds to their highest share in approximately three-and-a-half years, the ICE Mortgage Technology First Look report said. The monthly prepayment rate of 1.01% was up by 36.84% over September, when it was 74 basis points, and by 19.29% as compared to October 2024’s 85 basis points.
October’s prepay speeds at highest in over three years Read More »
Whether they take photos, change locks or serve legal documents, mortgage inspectors and other field personnel need to plan for unexpected and dangerous situations on the job. The nature of the work means personal security can’t be compromised. “I’ve been in this game for a while now, and I totally agree that safety is No.
Mortgage field safety spotlighted after October murder Read More »
For the second time, a federal court judge in Pennsylvania has dismissed a legal action filed against Nationstar and others, now stating the plaintiff lacked standing to sue. The other defendants are Wilmington Savings Fund Society as the trustee for a mortgage-backed securities trust, and A&D Mortgage, who originated the loan in September 2023 and
Nationstar debt collection case tossed for lack of standing Read More »
Privatizing the National Flood Insurance Program would raise premiums by hundreds of dollars, according to a study that estimates the impact as policymakers weigh potential changes and mortgage-related coverage costs climb. The average 64% increase would equate to an additional $600 in annual costs for the average homeowner with flood insurance, who currently pays $933
What privatizing the NFIP would cost homeowners: Insurify Read More »
Fairway Home Mortgage is partnering with Made Card to offer a credit card which will provide points for making their normal monthly loan payments and for purchases of home products and services. Borrowers do not need to use the Made for Home, formally the Made Essential Visa Signature Preferred Card, making their on-time mortgage payment
Fairway partners on card that boosts homeownership savings Read More »
Onity’s PHH Mortgage Corp. subsidiary is repositioning its reverse mortgage business, selling its loan pipeline and multibillion-dollar servicing rights portfolio in that part of the market to Finance of America while staying involved as a subservicer and niche securitizer. PHH said it is working to accommodate a smooth transition for its reverse mortgage originators when
FOA buys Onity’s reverse MSRs in strategic shift Read More »