Mortgage Asset Research Institute Inc., Reston, Va., has introduced an early-alert system to help the industry detect and combat fraud.The Mortgage Fraud Alert System is "a cooperative service that notifies participating companies about emerging patterns of alleged fraud in its early stages," MARI said. The companies contribute information to the system and can use the shared data to help mitigate potential risk and minimize their exposure. The company said it worked closely with the Mortgage Bankers Association to create the alert system. MARI is a subsidiary of ChoicePoint, a provider of identification and credential verification services. It can be found online at http://www.mari-inc.com.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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