Origination

A piece of legislation cleared the House this week that would allow for so-called "desktop appraisals" on properties financed by government-backed veteran loans.

The option can be efficient but companies have to figure out who will handle the additional property data collection, panelists at the Digital Mortgage Conference said.

The average accepted offer was one percentage point lower than the listing price, a Remax study found.

Some predict that by the middle of next year, the 30-year fixed could be priced 150 basis points lower.

A federal judge found last year that a credit reporting dispute did not have to be investigated because the consumer's complaint was frivolous. The Consumer Financial Protection Bureau and the Federal Trade Commission argue that the decision undermines a key purpose of the Fair Credit Reporting Act.

Waivers boomed during the pandemic's refi wave and the recent automation of desktop appraisals have provided additional flexibilities, but their applications are limited in the current market.

Consumer use rates may be low in part because they prefer to stick to one method of submitting information needed to apply for a mortgage.

Both the 30- and 15-year averages are now more than 3 percentage points higher from their levels of one year ago.

Of the 50 counties most at risk, nine are in and around the Big Apple, six are in the Windy City's metropolitan area, and 13 are spread through California.

Since signing those nonbanks in the second quarter, the program has added more than two dozen originators, including Gulf Coast Educators FCU.