The Federal Housing Administration, which receives the largest share of mortgage applications among the government guarantors, is adopting the UAD 3.6 appraisal format going into place in the conforming market. The new UAD 3.6 Uniform Residential Appraisal Report is replacing traditional boilerplate forms which are currently being used, such as the Fannie Mae 1004. But […]
FHA adds momentum to new appraisal format’s use Read More »
Mortgage application volume declined for the second week in a row, as a small rise in rates put a damper on refinance activity, the Mortgage Bankers Association said. The Market Composite Index decreased by 1.4% on a seasonally adjusted basis for the period ended Aug. 15. The refinance component was down by 3%, although versus
Higher mortgage rates slow refi application volume Read More »
New American Funding announced the launch of an insurance affiliate, which will offer homeownership coverage, alongside a range of other protections. In a deal with insurance distribution firm The Baldwin Group, New American will sell primary property coverage in addition to products to guard homeowners against flood and wind damage. The affiliate, named NAF Insurance
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A Massachusetts judge denied a home equity investment platform’s request to dismiss a state lawsuit filed against it in a case that could provide clues to how products from such companies might ultimately be defined. State Attorney General Andrea Joy Campbell originally sued HEI platform Hometap in February, putting forth multiple claims, including allegations that
Judge denies motion to dismiss case against HEI platform Read More »
Led by financial services firm Cantor Fitzgerald who also served as initial purchaser of the bonds, the issuance is expected to help Knock deliver $900 million worth of additional originations of its bridge loan product. The deal closed on Aug. 14 and was 75% pre-funded, garnering strong demand from institutional investors operating in residential mortgage-backed
Knock hits profitability with $100M loan securitization Read More »
Lagging tech adoption and credit underwriting issues were likely contributors to loan quality worsening from a recent record-low rate, according to Aces Quality Management. The overall critical defect rate rose to 1.31% in the first quarter, shifting away from the fourth quarter’s historical low of 1.16%, the company’s latest report found. Defects rose in three
Underwriting errors push loan defects higher Read More »
The American Land Title Association has created two title insurance policy endorsements addressing the issue of seller-impersonation fraud. These endorsements will allow title insurers to cover any potential legal costs to correct public records if forged deeds or mortgages are recorded. The first, formally known as the ALTA 49 Endorsement, covers forgery in a new
ALTA adds seller impersonation coverage to its title policy Read More »
The U.S. Department of Agriculture has awarded a contract to technology services firm Phoenixteam as it seeks to upgrade its mortgage underwriting platform, whose capabilities have long lagged those of its peers. The $49 million deal paves the way for the Arlington, Virginia-based firm to update the Guaranteed Underwriting System at USDA, which offers mortgage
USDA invests in upgraded mortgage underwriting technology Read More »
Following the financial crisis, the conforming secondary market created new rules for delivering data, starting with the Uniform Mortgage Data Program and the Uniform Collateral Data Portal. The UCDP rolled out in June 2011, soon followed by the Uniform Appraisal Dataset. This fall, Fannie Mae and Freddie Mac will begin testing the next big change:
UAD 3.6: How the mortgage industry should prepare Read More »
Increasing loan balances, reduced head count and higher seasonal volume led nonbanks to report the highest loan production profits in years last quarter, according to the Mortgage Bankers Association. The pre-tax net production profit of $950 per originated reversed a two-quarter slide into the red, with improvement surging from a loss of $28 per transaction
Cost cutting helps drive IMBs to best numbers since 2021 Read More »