The Consumer Financial Protection Bureau (CFPB) cut short a five-year agreement with Bank of America over the bank’s alleged submissions of false mortgage data. The agreement was supposed to be in place through at least November 2028. In a filing made public Monday, the CFPB said the bank “fulfilled the obligations” of the agreement signed in November 2023, […]
CFPB cuts short monitoring of BofA mortgage practices Read More »
The Federal Reserve has come under renewed fire from the Trump administration in recent weeks as the president and key housing officials battle with Chair Jerome Powell over the direction of interest rates. On Tuesday, while speaking to members of the House Financial Services Committee, Powell was resolute that the central bank will continue its
Jerome Powell says the Fed isn’t budging on interest rates Read More »
Traditional QC risks are declining, but lenders now face mounting exposures in fraud, insurance gaps and compliance volatility. The mortgage industry’s quality control risk landscape is shifting dramatically. Traditional defect categories such as income and employment and credit are seeing historic declines, while once-marginal issues like insurance gaps and fraud are now taking center stage.
QC risks are shifting: Fraud, insurance, and compliance take center stage Read More »
The U.S. House of Representatives unanimously passed the Homebuyers Privacy Protection Act (H.R. 2808) late Monday, bringing a national ban on abusive trigger leads one step closer to reality. The move was widely applauded by mortgage trade groups. The House’s action follows the U.S. Senate’s approval of a similar bill (S. 1467) on June 13.
House passes abusive trigger leads ban Read More »
Global tensions between the United States and Iran have led many in the mortgage industry to wonder whether the bombing of Iran nuclear sites would move bond yields and lead to a drop in mortgage rates. On Monday, just as economists were factoring in the possibility of war with Iran, at least one member of
The mortgage market hopes for rate cuts amid war moves Read More »
Fair Isaac Corp. (FICO) will incorporate Buy Now, Pay Later (BNPL) data into two of its credit scores set to launch in Fall 2025. The company, which owns the rights to the market’s most widely adopted consumer credit risk assessment methodology, announced the move on Monday. The change will provide mortgage brokers, loan officers and
FICO to add Buy Now, Pay Later data to credit scores Read More »
Welcome back to Tech Pulse — a new weekly series rounding up the latest in technology, including tools, integrations and trends that impact mortgage and real estate. Here’s what happened this week: Longbridge’s Bill Packer on crafting AI that’s inclusive of seniors As AI becomes more common in financial services, Bill Packer, the chief operating officer at Longbridge
Tech Pulse: Longbridge talks AI senior inclusivity, UWM details lending advancements Read More »
There are about 80,000 veterans in the U.S. who are behind on their mortgages and heading toward foreclosure, according to data from ICE Mortgage Technology, a number that could have been alleviated with help from the Veteran Affairs Servicing Purchase (VASP) program. But just last month, the program was abruptly discontinued by the U.S. Department of Veterans
Without VASP, veterans don’t have a foreclosure safety net Read More »
Technology is accelerating change across the financial services industry, and United Wholesale Mortgage is at the forefront of mortgage innovation. With the launch of two groundbreaking platforms— the Loan Estimate Optimizer (LEO) and Mia, an AI-powered assistant for loan officers, UWM is setting a new benchmark for how technology and especially AI can transform the
Inside UWM’s tech evolution: How LEO and Mia are shaping the future of mortgage lending Read More »
The Federal Reserve held benchmark rates steady in the range of 4.25% to 4.5% following its two-day meeting on Wednesday, a decision with implications for the mortgage industry. The move, expected by virtually all monetary policy watchers, underscores the challenge facing the Federal Reserve — deciding when it’s appropriate to cut rates. It’s a delicate
Fed holds rates steady amid inflation concerns, resilient job market Read More »