Stewart Mortgage Information, Houston, has announced the development of origination and post-closing products and services designed to help mortgage brokers make the transition to mortgage bankers.SMI and its affiliates provide title, closing, and funding fulfillment services, electronic mortgage documents, and post-closing collateral management, the company said. "SMI has designed a one-stop, custom service and product bundling that provides exactly what a broker needs to transition to a mortgage banker," said Kevin Gugenheim, SMI's president and chief operating officer. ".... We know there are many mortgage brokers out there who want to operate as mortgage bankers and gain more control of their business. However, many of them lack the personnel and expertise to handle the required additional administrative workload necessary to gain access to a warehouse line." The company can be found online at http://smi.stewart.com.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
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April 18