Mortgage technology

Others in the mortgage industry have been known to take a page from the company’s innovative digital strategies, but using Truebill’s tech as a countercyclical strategy for recurring revenue and lead generation may be too pricey for most lenders to imitate.

The outspoken former Trump administration official recently made headlines when he referred to the mortgage industry as a “ticking time bomb.”

The company’s introduction of other strategic initiatives, including a new technology partnership, will lead to the elimination of 17% of current staff.

Agencies supervising lenders should make it clear that the transition to less discriminatory algorithms won’t be used to punish banks for their previous use of older, less effective systems.

Ashley D. Bell and Bernice A. King, respectively the CEO and advisory council chair of Ready Life, are teaming up to help folks with poor credit buy a home by using rent payment history for mortgage underwriting.

The move builds on the government-sponsored enterprise’s previous program that facilitated the collection of more rent payment records from tenants who work with its multifamily borrowers.

The conflicting analyses of automated valuation models highlight a challenge lenders could face in deciding whether to use them to determine racial disparities in home evaluations.

While compliance specialists will be in demand, loan producers will see their roles change to encompass responsibilities that include more marketing and client development.

The firm cut staff from junior to senior employees in nearly every department and is left with a 325-worker headcount, a spokesperson confirmed.

The all-stock deal follows a boom in demand for interim financing on purchases, which HomeLight had been looking to offer on a larger scale.

Direct-to-consumer may not fare as well going forward if a purchase market prevails, and some cross-pollination between depositories and nonbanks could occur.

Banks and non-banks can identify home sales from both current borrowers and prospective buyers who have previously applied for loans, and can find home equity line of credit candidates.

Delays in closing the deal after it was announced in August resulted in the parties' decision to remain separate, although they will still work together.

Mortgage companies selling loans to the government-sponsored enterprise will be able to use the information for one type of employment check as well as to validate income and assets.

Non-depositories historically haven't been big originators of home equity lines of credit, but fintechs that offer the easily automated countercyclical products are reporting growth.

The white-label solution aims to provide neobanks and those in property sales with an entry into housing finance, while giving existing lenders a way to introduce new products and channels.

New changes do more to pave the way for electronic modifications and will open the government bond insurer’s program up to new applicants.

Companies are working to offer what they say are faster, more integrated digital products that can quickly stand up compliant workflows as forbearance is phased out and loss mitigation activity resumes.

Increased cybersecurity spending puts an extraordinary squeeze on smaller firms that struggle to maintain revenues amid the origination slowdown.