While mortgage lenders are seeing thin margins ahead, they are nevertheless spending 8% more on technology than they did last year, according to Mortech 2006, the 19th survey of lender behavior and business use of technology.The study shows that the mortgage industry's information technology spending continues to be one-third higher than spending on IT across all U.S. industries, with most tech spending being done by the large lenders. High on lenders' priority lists, according to Mortech founder and principal Jeff Lebowitz, are mobile computing and wireless; managing by modeling, particularly via automated valuation models, pricing systems, and risk management; building more functionality into customer-facing websites; and increased use of proprietary underwriting systems. The study suggests an increasing "digital divide" between lenders that apply technology to run their businesses more effectively and those that do not.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
2h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
9h ago -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24