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Underwriting

Bessent taps Bisignano as IRS CEO in latest agency shakeup

IRS, Politics and policy, Underwriting /

Treasury Secretary Scott Bessent is tapping Social Security Administration Commissioner Frank Bisignano to serve as the chief executive officer of the Internal Revenue Service, a new position at an agency that has undergone multiple leadership shakeups this year. Bisignano will continue to lead the SSA while managing day-to-day operations at the IRS. Bessent, who has […]

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Veterans United parent launches new mortgage brand

Marketing, MARKETING TO BORROWERS, Originations, Underwriting /

The parent company of Veterans United Home Loans has started up a new brand, while at the same time retiring an existing one. Mortgage Research Center has multiple trade names, present and past, listed on its Nationwide Multistate Licensing System page, including several forms of Veterans United, the nation’s most prolific Veterans Affairs lender. Now,

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VantageScore’s ‘future of credit’ rests on shaky math

Credit scores, Underwriting /

Enjoy complimentary access to top ideas and insights — selected by our editors. VantageScore says it’s building the future of credit scoring. But based on our analysis, the foundation it’s building on is shaky at best. Earlier this month, we published a study showing that VantageScore 4.0’s claimed performance gains over Classic FICO are overstated

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FICO’s new pricing program met with cautious optimism

Credit scores, FICO, Industry News, Originations, Underwriting /

Fair Isaac Corp. is rolling out a new program that lets mortgage resellers bypass the three major credit bureaus Equifax, Experian and Transunion and deliver its FICO credit scores directly to lenders, a shift the company says will bring down costs. The announcement drew cautious optimism from industry trade groups. The move avoids any additional

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UWM reduces fees, enhances TRAC+ title alternative offering

Marketing, MARKETING TO BORROWERS, Originations, Underwriting, UWM /

United Wholesale Mortgage has reduced the fees and added other enhancements for one of its title alternative programs. The company’s title review and closing program, known as TRAC+, looks to save borrowers money by significantly reducing costs for refinances compared with traditional title insurance options. In the past, Mat Ishbia, president and CEO, has been

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FinCEN delays controversial real estate reporting rule

Fraud, Housing markets, Regulation and compliance, Underwriting /

The Financial Crimes Enforcement Network, FinCEN for short, has delayed the enforcement date of its residential real estate reporting rule. The announcement exempts “all reporting persons” from compliance with the anti-money laundering regulation from Sept. 30 until March 1, 2026. The rule was supposed to go into effect on Dec. 1. This rule was promulgated

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More home equity, more lending options for lenders

HELOANs, HELOCs, LOAN PRODUCTS, Mortgage technology, Originations, Underwriting /

The amount of tappable home equity Americans hold continues to increase, growing annually by 5% for the second quarter, a Transunion study found. Several operators in the market, whether lenders themselves or tech providers, have launched products and platforms over the last few days to serve these equity-rich homeowners. As of June 30, the total

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Rate, Crosscountry latest to boost conforming limits early

Marketing, MARKETING TO BORROWERS, Originations, Secondary markets, Underwriting /

Two more lenders have joined the parade of early conforming loan limit boosters, Crosscountry Mortgage and Rate. They join United Wholesale Mortgage and Pennymac in being willing to underwrite loans up to $819,000 for future sale to Fannie Mae and Freddie Mac. Of the major lenders who have done so in the past, only Rocket

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Fannie, Freddie win for VantageScore causes pain for FICO shares

MBS, Originations, Politics and policy, Secondary markets, Underwriting /

Silvio Tavares waited years for news that finally arrived in July: government-sponsored enterprises Fannie Mae and Freddie Mac would finally allow lenders to use something other than a FICO score to determine whether a customer is credit-worthy enough to buy a home. The wonky policy change, delivered via a social media post after years of

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Foreclosure sales inch up, consumer credit issues spread

Distressed, Foreclosures, Servicing, Underwriting /

Foreclosure sales inched another notch up as credit issues in the broader consumer credit market rose to a new level, according to the respective findings in two new August reports. Sales of foreclosure properties in ICE Mortgage Technology’s latest First Look report ran 22.52% ahead of last year’s rates and crept up by 0.55% on

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