A common theme expressed by many at the 11th Annual SourceMedia Mortgage Technology Conference was that lenders in the current down market need to use technology to reinvent the way mortgages are done. "Now is the time to re-examine your business model," said Chris Jabbal, former chief information officer at Washington Mutual. "From there, lenders have to decide how they can support that business model and apply technology to be more efficient. One big focus in the market today is a shift to automating the back end by doing more concrete disclosures on 100% of loans." Joe Dahleen, senior vice president in the strategy recovery group at online lender SRGi, added: "Now is a great time for lenders to look closely at the process and change it, using automation to be ready for the new mortgage market that will emerge after this downturn subsides. We have to think differently about how we lend, to improve the process for everyone involved."
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
7h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
7h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
7h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
10h ago -
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25