Spam call lawsuits continue to plague brokers and lenders as litigants have filed yet another wave of the class action cases against the industry. Processing Content Consumers in the past two months have filed 11 Telephone Consumer Protection Act complaints against mortgage firms, according to federal court records. While the latest defendants include large players […]
Mortgage TCPA lawsuits surge with 11 new cases Read More »
We were close yesterday and we officially arrived today. Mortgage rates may still be elevated compared to almost all of the past 10 months, but they’re the lowest they’ve been since May 14th. This was accomplished with a modest drop versus yesterday’s levels after another round of news on a potential U.S./Iran peace deal. This
Mortgage Rates Officially Hit 2 Week Lows Read More »
In the heat of the homebuying season, multiple companies in the mortgage industry are rolling out new products to stand out from competitors. Processing Content LoanDepot partnered with Figure last month to launch a five-minute loan product. Finance of America released a new reverse mortgage line of credit product. And Figure teamed up with Credibly
Mortgage tech roundup: New tools for lenders and brokers Read More »
TD Bank Group’s AI team has built and deployed its first AI agent — a model that completes mortgage loan applications in minutes as opposed to the 15 hours it normally takes a human to process. Processing Content The new AI agent was deployed in January and mortgage loan officers have embraced it, he said. “If
TD’s new AI agent shaves 15 hours off mortgage decisions Read More »
MV Realty, the company that marketed a controversial homeownership benefits program that locked consumers into a relationship for 40 years, has now settled its legal matters with the California Attorney General’s office. Processing Content The deal follows agreements reached with officials in Nevada, Pennsylvania and North Carolina during April. Massachusetts entered into a settlement with
MV Realty to pay $2.5 million to California NTRAPS victims Read More »
Surging interest rates pushed housing affordability lower for the second straight month in April, but rising wages helped blunt the blow for mortgage borrowers, according to the Mortgage Bankers Association. Processing Content The median monthly payment on April’s purchase mortgage applications increased to $2,152 from $2,131 the previous month, with the latest number hitting its
Wage growth softens the sting of rising mortgage payments Read More »
Key takeaway: The private credit market, with an estimated size of $1.5 to $2 trillion, poses a challenge to regulators tasked with monitoring the sector because data collection is fragmented or locked behind paywalls. Expert quote: “This web of interlinkages may create challenges for banks in effectively managing their direct and indirect risks. Fragmented oversight
Report: Private credit opacity poses risk to financial system Read More »
Russell Vought, the acting director of the Consumer Financial Protection Bureau, during a hearing on Capitol Hill April 15.Bloomberg News Processing Content Key insight: The CFPB said in a memo that roughly 450 out-of-state workers must relocate to Washington, D.C. — a move that’s seemingly calculated to force mass resignations. What’s at stake: The return-to-office
CFPB ends telework in a move that could cut staff further Read More »
Beeline Holdings, a mortgage and fintech platform, entered into a nonbinding letter of intent to acquire 100% of MagicBlocks, the company announced in a press release Thursday. Processing Content The move is expected to expand Beeline’s artificial intelligence capabilities and improve its initiatives across digital mortgage automation, AI-assisted lending operations, blockchain settlement systems, tokenized real
Beeline Holdings to acquire 100% of AI real estate company Read More »
The 2-basis-point rise in the 30-year fixed rate mortgage, even with the huge decline in Treasury yields, is a reaction to inflation and growing doubts that short-term rate cuts are on the horizon. Processing Content The 30-year FRM was at 6.53% on May 28, the Freddie Mac Primary Mortgage Market Survey found. This compared with
Mortgage rates rise again as bond market reacts to inflation Read More »