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New York, USA - 30 August 2024: Guaranteed Rate Logo on Phone Screen, Company Icon on Display

Large mortgage lender launches mobile app in Spanish

Industry News, Servicing /

Adobe Stock Rate, a large conventional mortgage lender, launched a Spanish language version of its Rate App Thursday to better serve Latino customers.  The release enhances the company’s Language Access Program, as Rate has seen more than 20,000 digital mortgage applications from Spanish-speaking customers since the program started in 2022. The move encourages Spanish-speaking borrowers […]

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CrossCountry Mortgage sign

CrossCountry to expand asset management arm

Industry News, Servicing /

CrossCountry HoldCo, the parent company of a large retail mortgage company, will expand its asset management arm through partnerships with an Ares Alternative Credit fund and Hildene Capital Management, among others. The asset management unit, CrossCountry Capital, will also expand its non-qualified mortgage investment platform and add complementary asset classes, such as residential transition loans,

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Fed cuts but only some mortgage rates are moving lower

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

The Federal Open Market Committee’s decision to meet broad expectations for a 25 basis point cut might not give many people in the market for a home loan the break they anticipated. “What does that do for mortgage rates? I think we’ve already seen that show up. The last three, four weeks, we’ve seen mortgage

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Fannie Mae updating disclosures to pave way for VantageScore

Credit, Secondary markets, Servicing, Underwriting /

Fannie Mae announced operational changes that will pave the way for lenders to opt for use of advanced credit scoring models later this year. This shift potentially allows them to reach and approve an expanded group of borrowers through the use of trended repayment data. The government-sponsored enterprise is preparing its web-based PoolTalk technology and

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mortgage payment

Auto loans pass mortgages on payment hierarchy

Credit, Distressed, Housing markets, Servicing /

Adobe Stock Mortgages no longer sit atop the payment hierarchy, as distressed consumers are 19% more likely to pay their auto loans first, according to FICO’s inaugural Score Credit Insights report released Tuesday. Mortgages had previously held the top spot from 2020-22.  For consumers with open auto loans and mortgages, the 90-plus-day delinquency rate from

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Enterprises’ NPL sales reduce bad assets to a 9-year low

Capital markets, Distressed, Fraud, Secondary markets, Servicing, The Great American Mortgage Corporation /

Two large government-related investors saw their annual nonperforming-loan sales reverse course and resume an upward trend for the first time since 2021, adding to signs that more distressed mortgages are slowly making their way to market as pandemic restrictions get lifted. The number of NPLs Fannie Mae and Freddie Mac sold in 2024 rose to

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How flooring choices affect mortgage appraisals

Appraisals, Servicing /

Lenders evaluating residential properties often overlook the influence of surface-level features that directly affect valuation outcomes. Flooring is one of the first elements an appraiser notices, often shaping their perception of a home’s overall maintenance, quality, and appeal.  Poorly chosen or inconsistently installed flooring materials can introduce uncertainty that undermines final estimates. Loan originators, brokers,

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Roof red flags every mortgage lender should know

Appraisals, Servicing /

Mortgage lenders face significant risks when financing properties with compromised roofing systems. A damaged roof creates immediate financial exposure through reduced property values and potential structural hazards that threaten loan security. Smart lenders recognize that thorough roof assessments protect both borrowers and lending institutions from expensive surprises after closing. Understanding these roof red flags every

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Equity Prime Mortgage fires back at HUD’s FHA prohibitions

Originations, Regulation and compliance, Servicing /

Equity Prime Mortgage is defending its lending practices after a federal regulator terminated some of its regional approvals following a data analysis review. The Department of Housing and Urban Development won’t allow EPM to submit Federal Housing Administration loans in six eastern jurisdictions, it disclosed Thursday. The terminations relate to certain elevated default and claim

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