Finance

The new automation, which processes information on tens of thousands of projects, is designed to be useful to lenders financing single family units.

The government agency, an arm of the Department of Housing and Urban Development, plans to implement the change by no later than the first quarter of 2023.

The New York-based software provider will provide post-closing quality control and quality assurance reviews.

In a week where homebuilding stocks were faced with surging U.S. Treasury yields and data showing weakening demand for homes, one analyst is throwing in the towel on the sector.

That's left mortgage servicing rights investors with fewer concerns about runoff, but buyers have less in the way of recapture opportunities.

The mortgage subsidiary of PlainsCapital Bank also said it had reduced its headcount by 23% in the past year.

The delay acknowledges concerns some companies and trade groups have had about compliance with the requirement.

The government guarantor's securitization platform went offline on October 19 and will reemerge on October 25.

The automation provider, which could merge with ICE Mortgage next year, is updating secondary market tools sorely needed in a volatile market.

The new product will be based on a recent revision to the Department of Veterans Affairs' handbook for lenders, according to the company.

Urban Institute research backed by the Federal Home Loan Bank of San Francisco suggests using rent and utility reporting for this purpose is complicated but has a net benefit.

The Federal Housing Finance Agency performance report also calls for owner occupants and community groups to get first dibs on over 90% of real-estate owned sales.

The Detroit-based lender said the program will "accelerate loan purchases" and "eliminate significant costs" for its partners

The Federal Reserve Bank of Philadelphia also found that interest rate spikes are preventing modification programs from effectively reducing principal and interest payments as originally intended.

The agreement includes roughly $300 million in restitution, and a $100 million civil money penalty that will be one of the largest in New Jersey's history if it receives court approval.

The impairment rate for securitized non-qualified mortgages improved a little in August after increasing slightly the two previous months.

The San Francisco bank tallied $2.2 billion in net operating losses, higher than in any quarter since late 2017. The charges offset what otherwise would have been a strong third-quarter performance.

The slight increase was the first seen since May 2020, according to the Federal Housing Finance Agency's July report on the performance of loans backed by the government sponsored enterprises it oversees.

The introduction of utility, cable and telco payment information follows noticeable growth in the past year toward the inclusion of rental history in underwriting.

Origination activity dropped quarter-to-quarter by more than prior industry estimates, however.