Mortgage technology

A Midwest lender is also laying off local employees while a Florida bank is shutting down its nationwide network of mortgage offices.

The Federal Housing Finance Agency's new office will assess technology solutions for an industry viewed by many as too slow to embrace digital efficiencies.

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.

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.

Firms can take advantage of powerful tools from big technology companies but must be wary when sharing large amounts of data or ideas, experts said.

Rocket made waves in 2016 when it promoted its online streamlined application process during Super Bowl 50. This now takes the process to the other end.

Lenders are using third-party sources, which provide insights ranging from consumers' credit profile to social media messaging, to supplement information they collect.

Younger mortgage tech software developers reveal new efficiencies they're creating for lenders.

A "Big 3" credit bureau is testing a direct data feed into a FICO score, and a top multifamily mortgage lender signed a multiyear contract with a high-profile fintech platform.