Underwriting

The Federal Housing Administration also announced it would incorporate similar borrower history into its underwriting beginning at the end of October.

Both companies have rolled out tools that allow for communications to take place entirely in Spanish if the customer desires.

However, a lower share of applications were rejected for Blacks, Hispanics and Asians, while whites had the smallest percentage change, a Consumer Financial Protection Bureau report said.

While several single-family indicators rose compared with July, homebuilder authorizations for new construction continued to lag.

Because the co-buyers own 100% of the property jointly, Pairadime is different than equity sharing firms like EquiFi, Hometap and Unison, which take a stake in the property in exchange for funds.

The one-percentage-point reduction will be funded in the direct-to-consumer channel . through a Rocket escrow account

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.

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.

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

Lenders — all of a sudden — are competing for homebuyers' business, a silver lining in what is becoming a more unaffordable housing market.

The quartet of trade groups sent a letter to National Economic Council Direct Brian Deese seeking its support for an action many have been expecting since Pres. Biden's inauguration.

Lenders are eliminating what they consider to be riskier loans from their offerings, the Mortgage Bankers Association said.

Payments increase 5% in each of the first five years of the mortgage, with the unpaid interest from that period added to the principal.

But the shift to a purchase market means issues around employment and income verification should concern originators.

Rate and term refinance activity has practically disappeared compared with 12 months ago, and volume for the less rate sensitive cash-out product is much lower.

Historically tight underwriting reinforced by regulation and third-party reviews could be buffers, so long as manufacturing standards for production and servicing hold up as residential mortgage companies downsize, according to KBRA.

At least one other nonbank wholesaler will be following suit, with more likely to follow.

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.