The Mortgage Industry Equity Composite was split nearly evenly between losers and winners on Tuesday as the Dow Jones Industrial Average gave back early gains to close down 43 points.
Among the nine stocks which closed lower were Radian, down 2.12% from its
PHH on the other hand, gained 5.1%. It was followed by Ellie Mae, up 1.45%; and Bank of Hawaii, up 1.35%. All told, eight stocks closed higher on the day.
An appellate court reversed part of an $8.5 million award for attorneys who secured a $38.5 settlement against the lender in 2023 in a False Claims Act case.
Fintech Candid says its AI-powered newsletter platform can scrape social media and public data to help loan officers send hyper-personalized outreach at scale.
Conforming loan limits are determined using a home price index. A congressman is proposing a switch to an income-based metric, creating more jumbo mortgages.
Jay Plum, head of consumer lending at Fifth Third Bank, says artificial intelligence is fundamentally shifting relationships between banks and their third-party software vendors, allowing banks to do things on their own that they would previously rely on vendors to do for them, like identify risky loans and prepare for exams.
The effective tax rate, measuring taxes relative to home prices, also increased to its highest mark in five years, according to Attom's analysis.
The California-based lender announced Wednesday the addition of One Goal Mortgage, a branch serving the Omaha, Nebraska, metro area and Southwest Iowa.
