Underwriting

Error findings related to income and employment reached a high point since Aces Quality Management started its report in 2016.

Activity is down 20% from one year ago, driven by a 65% falloff in rate and term refinancings, Black Knight said.

While qualifying got a little tougher for entry-level buyers with lower incomes in November, some other prospective borrowers had an easier time of it.

This group of homeowners has greater financial obligations than any generation before them and largely aren’t aware of how they can make use of their home as an asset, a survey from Hometap found.

Borrowers who make at least a 10.01% down payment will not be required to obtain this form of credit enhancement, as these loans are not being sold to Fannie or Freddie.

The deal between the two fintechs aims to cut mortgage decisioning times for lenders and expand access to financing for consumers.

Even though one aspect of these lending standards is becoming more flexible, some say they still don’t always meet the needs of borrowers like delivery workers employed on a contract basis.

But overall, customers are less satisfied with their origination experience compared with the 2020 survey, according to J.D. Power.

However, it remains 30% tighter than pre-pandemic levels, according to the Mortgage Bankers Association.