A trigger leads bill on Capitol Hill is moving forward as lawmakers backed the effort to protect the privacy of mortgage applicants nationwide. The House Financial Services Committee on Tuesday unanimously adopted the Homebuyers Privacy Protection Act, an amendment to the Fair Credit Reporting Act, which would prohibit some lenders from contacting borrowers. Consumers and […]
Trigger leads bill advances on Capitol Hill Read More »
By acquiring Title365, Covius Services, whose product offerings including title and settlement services primarily on defaults, will be expanding its presence on the origination side, a company executive said. It complements Covius’ existing expertise in providing title services for defaults, Pete Pannes, chief business officer, said. “Second, there were significant technical integrations that we’ve been
Title365 buy allows Covius to expand origination loan focus Read More »
Nonqualified mortgage performance over the past decade has varied broadly by segment while generating relatively few credit losses on average, a new Kroll Bond Rating Agency study shows Weighted averages show losses from a 3.8% cumulative default rate have been just 0.03%, but the CDR is far higher for a market segment like borrowers with
Low credit scores in non-QM verge on 10% default rate Read More »
Blue Sage Solutions has integrated Freddie Mac’s new policy on positive rental payment history into its digital lending platform, allowing lenders to factor on-time rent payments into mortgage applications. The change comes as part of a broader effort to expand access to homeownership, particularly for renters with limited traditional credit histories. Freddie Mac’s Loan Product
Blue Sage Solutions adds rent payment data to Freddie Mac mortgage assessments Read More »
Prudent AI — a California-based financial technology company — has released what it calls the first upfront automated underwriting system (AUS) designed specifically for non-qualified mortgages (non-QMs). Unlike traditional AUS tools — which assess loan eligibility later in the mortgage process — Prudent AI’s system reviews key borrower data such as income, credit and assets
Prudent AI debuts non-QM underwriting tool Read More »
Closed-end home equity loan annual growth outpaced its line of credit cousin in the fourth quarter, increasing 13% above its high point from a year ago, the TransUnion first quarter Home Equity Trends Report found. Total home equity origination, in which TransUnion counts first mortgage refinance activity as well (although it does not distinguish between
Closed-end seconds lead overall home equity loan growth Read More »
The next 12-to-24 months will be a good time for the home equity lending market because of the conditions affecting the first lien business, experts say. With elevated mortgage rates, the amount of equity homeowners hold right now and the relative shortage of inventory “it’s a really lucrative environment for home equity, and has been
Home equity lending has strong two-year runway ahead Read More »
After embarking on an ambitious project designed to ease the technological processes and interfaces of the reverse mortgage industry compared to traditional mortgage workflows, the Mortgage Industry Standards Maintenance Organization (MISMO) announced this week that the latest version of its reference model includes reverse mortgage features. On Tuesday, MISMO announced that the new version has
New MISMO reference model includes reverse mortgages Read More »
The Mortgage Industry Standards Maintenance Organization has made two editions of its reference model, one an update and the other a new version, available for industry use. Its Version 3.6 Reference Model was released in 2023, and in a statement contained in MISMO’s 2022 annual report, then-President Seth Appleton called it “foundational to the way
MISMO releases new reference model, updates existing one Read More »
The national critical defect rate for mortgages fell to 1.16% in the fourth quarter of 2024. That marked the second-lowest level on record, according to a report released Thursday by ACES Quality Management. For the entire calendar year of 2024, the average critical defect rate was 1.52%, down 9.52% from 2023. Post-closing quality control data
Mortgage defects saw a dramatic decline in 2024 Read More »