Underwriting

Rohit Chopra, the director of the Consumer Financial Protection Bureau, has cautioned banks, credit unions and fintechs about fair-lending violations that may stem from reliance on artificial intelligence. His comments threaten to discourage financial firms from using the technology to crunch nontraditional data about borrowers, experts say.

The co-founder of Arch Capital Solutions reviews the changes made to reporting disclosures on mortgages for condominiums and units located in HOAs that were part of a response to the tragic condo collapse in Surfside, Florida.

The CEO of the Lincoln Family of Companies brand details its expansion strategy, which is unique for the settlement services business.

The mortgage broker business was never a driving force for the Chicago-based firm's purchase of Stearns Lending, so dropping it wasn't totally unexpected.

December was the fifth month out of the last six in which credit conditions loosened, the Mortgage Bankers Association reported.

The metric’s imminent end after more than 40 years means servicers need to put replacement plans in motion if they haven’t already.

But low mortgage rates and higher wages are allowing borrowers to meet conforming loan underwriting terms — at least for now.

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.

Values are predicted to increase by just a fraction of the rate they had in 2020, CoreLogic said.

The financial services technology provider will leverage multiple data sources to verify borrower salaries at a “flip of a switch.”

Gain on sale has dipped 130 basis points per loan since the third quarter last year, but over the same period, per loan expense is up by $1,216.