Fannie Mae, a large government-sponsored enterprise serving the U.S. mortgage market, is expanding its limited title waiver pilot, according to a social media post by its conservator and regulator. “Effective today, in order to further reduce closing costs for homeowners, and foster more competition, we will be adding a second vendor — Westcor — to […]
Fannie Mae expanding title waiver pilot, Pulte says Read More »
The Department of Housing and Urban Development will make mortgage relief measures available in the wake of the Central Texas flooding disaster, joining others in the home lending community offering aid to hard-hit communities. With President Trump issuing a disaster declaration for Kerr County, Texas, over the weekend, a 90-day foreclosure moratorium on properties backed
HUD, lenders offer aid after deadly Texas floods Read More »
Before most of the public understood terms like “artificial intelligence” and “data science” Onity Group’s Jack Cavanagh was exploring how the fundamentals behind their development might apply to mortgage origination and servicing. The growth from machine learning to the large language models and generative AI we know today can be seen as a continuum, and
How Onity Group is making use of AI Read More »
Americans are largely keeping up with their mortgage payments, but new data shows that cracks are forming beneath the surface, which should raise red flags for borrowers and lenders alike. The nationwide delinquency rate stood at 3.2% in May, according to ICE’s July mortgage monitor report, two basis points down from April but 5.2% higher
FHA borrowers face mounting mortgage pressure Read More »
State and local governments saw property tax revenue grow in the first quarter, but the latest increase reflected a slowdown from the reported pace a year earlier. The amount of property tax collected between January and March came in at $203.4 billion to start the year. The total surged 5.2% on an annual basis from
Property tax revenue comes in at over $203B in first quarter Read More »
Capital One confirmed it is closing the home equity lending business it acquired in the purchase of Discover. The news first appeared in a Reddit thread last week and then in Home Equity Lending News on July 1. That thread noted the company already notified affected employees of the decision to close the business known
Capital One confirms Discover home equity shutdown Read More »
A side effect of the rising costs of homeowners’ insurance is that mortgage borrowers elect to reduce coverage or take a higher deductible in order to reduce premiums. In either case, such actions could leave them underinsured and/or unable to finance repairs. This increases borrower default risk for mortgage servicers, and affects the value of
Gen Z and other homeowners to delay repairs due to economy Read More »
The Consumer Financial Protection Bureau has concluded a 2024 action it took against nonbank mortgage company Fay Servicing under a former director in line with a broader rollback of enforcement under new leadership. “The bureau waives any alleged noncompliance by Fay Servicing with the consent order,” read an order that Russell Vought, the CFPB’s current
CFPB terminates 2024 consent order against Fay Servicing Read More »
Dark Matter Technologies, which operates the Empower loan origination system, has created an integration with the Uniform Collateral Data Portal maintained by the government-sponsored enterprises. This makes the company “an early adopter” in supporting the Uniform Appraisal Dataset 3.6 and the Forms Redesign initiative, a press release said. On June 10, the Mortgage Industry Standards
Dark Matter offers Empower integration with appraisal portal Read More »
The Department of Veterans Affairs has technically ended some temporary mortgage relief. But there’s a phase-out process that could sustain loan buyout activity in Ginnie Mae securitizations another couple of months. The Veterans Affairs Servicing Purchase program ended May 1, but the VA has allowed trial payment plans (TPPs) in process to proceed through Aug.
Why VASP is still driving Ginnie Mae buyout activity Read More »