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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The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.
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The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
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Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.
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The deal for the Class A office building owner will be funded from Rithm's cash as well as liquidity on the balance sheets, plus possible co-investors.
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Mortgage applications saw a significant jump for the second consecutive week, as homeowners took advantage of plummeting rates, the MBA said.
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The government-sponsored enterprise is making changes to mortgage-backed securities and servicing disclosure files to support use of the advanced credit score.
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