Addressing pain points currently haunting the mortgage industry, Fort Worth, Texas-based Rapid Reporting has announced major initiatives addressing fraud prevention and buybacks.Rapid Reporting has partnered with collateral valuation and fraud specialist Magellan Lender Services, San Francisco, to give mortgage lenders a complete solution that checks the validity of both borrower and collateral-related data used to evaluate and approve mortgage loan applications. Rapid Reporting will provide borrower-related verifications and Magellan will provide collateral-based verifications to deliver one-stop coverage. Rapid Reporting said it is also offering a Stated Doc Report providing additional IRS-verified information to determine whether information on stated-income loan applications is corroborated by Internal Revenue Service data. No actual numerical data are released in Rapid Reporting's Stated Doc Report, so the integrity of stated-income loans can be maintained.
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While Rocket Mortgage's satisfaction score improved by 4% versus 2024, the industry as a whole dropped 1%, with credit unions outpacing banks and IMBs.
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Late-stage mortgage delinquencies hit the highest level since January 2020 in September, a new report from VantageScore found.
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Bilt members will be able to earn benefits through Venmo use, with the agreement coming after the company recently added mortgage payments to its points mix.
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Lenders and investors say the new rules will increase the cost of financing and limit homeowners' access to equity by curbing the enforceability of contracts.
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RoundPoint's corporate parent generated positive comprehensive income with the legal expense excluded and expanded its subservicing activity.
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The influential nonbank mortgage company is calling for a "do no harm" approach to housing and finds comfort in officials' stated guardrails to that end.
October 28





