The Mortgage Industry Standards Maintenance Organization and its Credit Reporting Workgroup have announced recommendations regarding the use of the MISMO standard for reporting reissues of credit reports to credit repositories.The MISMO Credit Reporting standard allows companies, credit bureaus, and credit repositories to exchange data regarding a borrower's credit information, the organization said. The document "will provide guidance on how to better use this standard in light of a recent change in the federal Fair Credit Report Act," said MISMO, a not-for-profit subsidiary of the Mortgage Bankers Association. Gabe Minton, executive vice president of MISMO and the MBA's vice president of industry technology, noted that credit data repositories collect and store credit data, while credit bureaus create the credit report for the lender. "This newly released document discusses how the existing MISMO Credit Request transaction format can be used to provide the information needed by credit bureaus to report additional end-users to the repositories," Mr. Minton said. MISMO can be found online at http://www.mismo.org.
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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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