Digital mortgages

Clear HOI — an encrypted, cloud-based tool that automates homeowners insurance underwriting — is getting released to the broader market by Rocket Mortgage’s sister company Nexsys Technologies.

The company’s proprietary platform is aimed at helping borrowers apply for home loans in as little as 15 minutes by automating immediate validation of bank information used in qualification.

Startups Home Lending Pal, RealKey and Stavvy will get access to experienced mentors and potential customers over three months as a part of the program.

As today’s borrowers are more tech-savvy than ever, it is critical for lenders to partner with a strong digital point-of-sale company, EXOS Technologies’ Mikhail Cook says.

Bee Mortgage App will use blockchain and automation provided by Elphi to create "a COVID tool for real estate agents" to get fully digital mortgage approval in under three minutes.

Use of mortgage technology was fast-tracked due to coronavirus lockdowns and kept the lending industry humming, laying the foundation for a greater share of digital closings in 2021.

The substantial Series D fundraise fuels speculation on whether Better.com will be the next mortgage company to hop on the IPO trend.

The draft IPO filing for its Class A shares follows speculation that it would follow the lead of Rocket Cos. and other nonbank lenders in going public.

The company reached a new record high for closed loan volume, and reported a cyclical drop in gain-on-sale margins reflecting changes in its product and channel mix.

The two companies first started collaborating last year, but now BBVA has white-labeled Prosper’s technology on its own website.

Problems with self-service tools and inconsistent communication have damaged consumer perception of their lender, J.D. Power said.

More borrowers between 21 and 40 are leveraging the historically low mortgage rates to either buy their first homes or slash their monthly payments, according to Ellie Mae.

Staying in compliance with the Secure and Fair Enforcement for Mortgage Licensing Act has been a difficult task for lenders while employees work from home for months on end.

Getting ahead of the next wave of mortgage fraud calls for rock-solid systems with several protective tools deployed at once. But that only goes so far without the proper employee preparation.

Mortgage application fraud risk dropped drastically from 2019 with the spike in refinances, but the fallout from the coronavirus means next year could come with more risk, according to CoreLogic.

Former MBA chair and owner, president, and CEO of Union Home Mortgage, Bill Cosgrove, provides a peek into his pandemic playbook and offers advice to smaller lenders on how to stay competitive amid a rash of companies going public.

After nearly a year in the works, Roostify takes a "strategic bet" on a partnership with Google, aiming to unlock a fully automated loan process.