Technology

A lender promises to be “ready to close" loans within 15 business days of receiving an appraisal—a far cry from where the mortgage industry once imagined it was heading.

Signs of a strong housing market are evident in Nassau and Suffolk County, N.Y., with foreclosure sales and months of available housing inventory both low.

But this group is also concerned about a lack of properties for sale and rising mortgage rates.

Refinances will make up just 38% of single-family originations this year—down from 60% in 2013 and 70% in 2012, according to Freddie Mac.

The sequestration and political wrangling last year meant fewer direct RHS mortgages last year, while the safety of the federal eagle on guaranteed loans appealed to lenders.

The positive trend will continue through 2016 as originations in those categories increase to $333 billion, according to the Mortgage Bankers Association.

Nonbank mortgage lenders likely increased their market share during 4Q, KBW analysts say.

Foreclosure starts ended the year at the lowest level since April 2007 and pipelines are clearing in most states.

The slide in refinancing brings commitments to purchase new mortgages to its lowest level since June 2011.

Right now, there are contradictory messages between servicers of what is compliant. Utilizing technology can help servicers remain compliant to all of the industry regulation in effect today.