Fairway Home Mortgage is working with OpenAI to help improve the efficiency in its loan manufacturing processes. While the use of ChatGPT is just part of that strategy, process improvement to allow loan officers to focus more on their customers is the primary aim, said Caleb Ondrusek, who Fairway promoted to executive vice president of […]
Fairway turns to OpenAI for origination process improvement Read More »
Assurant Inc. on Monday announced the launch of HOIVerify Origination, an API-enabled solution that streamlines and automates insurance verification during the mortgage origination process. “Assurant’s HOIVerify product suite modernizes the complex mortgage loan process,” Greg Tuttle, senior vice president of Assurant Lending Solutions, said in a statement. “HOIVerify Origination is a proprietary platform that automates
Assurant Lending Solutions unveils insurance verification tool HOIVerify Read More »
Pres. Trump has signed into law H.R. 2808, the Homebuyer Privacy Protection Act, one month after the bill cleared the U.S. Senate by unanimous consent. The new law, which takes effect 180 days after enactment, has been welcomed by the mortgage industry for putting an end to the sale of trigger leads — consumer data
Pres. Trump signs mortgage trigger leads ban into law Read More »
While Fannie Mae has “retired” the term appraisal waiver from its seller guide, the change in the latest update, which could have the most impact on consumers involves the reconsideration of value policy. The Fannie Mae announcement is SEL-2025-07. Freddie Mac put out a similar ROV update on Wednesday in its bulletin 2025-12. Some of
Fannie, Freddie update reconsideration of value rules Read More »
The U.S. Mortgage Insurers repeated its commitment for members to work with the Federal Housing Finance Agency to implement VantageScore 4.0. In an Aug. 27 blog post, the group said it welcomed FHFA Director Bill Pulte’s announcement permitting Fannie Mae and Freddie Mac to accept loans using the VantageScore 4.0 algorithm and its members will
Mortgage insurers commit to using VantageScore 4.0 Read More »
The Federal Housing Administration, which receives the largest share of mortgage applications among the government guarantors, is adopting the UAD 3.6 appraisal format going into place in the conforming market. The new UAD 3.6 Uniform Residential Appraisal Report is replacing traditional boilerplate forms which are currently being used, such as the Fannie Mae 1004. But
FHA adds momentum to new appraisal format’s use Read More »
Fannie Mae‘s latest Mortgage Lender Sentiment Survey points to a growing trend of lenders that want to make the mortgage process and its various components as efficient as possible. In 2025, lenders ranked streamlined business processes, reduced costs and consumer-facing technology as their leading priorities. Every touch point in a mortgage’s life cycle — from
Rocktop’s Cade Thompson on inefficiencies in mortgage lending Read More »
Over 40% of millennial and Gen Z homeowners claim they struggle to afford their regular housing payments, a substantial number but less than the 70% who are saying the same about their rent, a Redfin survey found. In May, a survey conducted by Ipsos for the real estate company had over 4,000 homeowners and renter
Gen Z, millennials struggle with housing costs Read More »
The U.S. Department of Agriculture (USDA) announced this week that it has awarded technology services firm Phoenixteam a $49 million contract to modernize its mortgage underwriting platform, the Guaranteed Underwriting System (GUS). The Arlington, V.A.-based company will overhaul GUS, which supports USDA’s guaranteed loan program for rural and farming communities. Phoenixteam said the updates will
USDA is automating its loan application uploading Read More »
Lagging tech adoption and credit underwriting issues were likely contributors to loan quality worsening from a recent record-low rate, according to Aces Quality Management. The overall critical defect rate rose to 1.31% in the first quarter, shifting away from the fourth quarter’s historical low of 1.16%, the company’s latest report found. Defects rose in three
Underwriting errors push loan defects higher Read More »