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Figure unveils new DSCR lending platform

Figure unveils new DSCR lending platform

LOAN PRODUCTS, Mortgage technology, Originations, Technology, Underwriting /

Figure Technology Solutions has introduced a new platform for debt-service coverage ratio originations aimed to support growth of nonqualified mortgages as well as the company’s own blockchain-based marketplace.  The fintech’s lending platform aims to provide quicker access to capital for real estate investors, utilizing artificial intelligence and blockchain technologies to streamline underwriting and funding for […]

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Lower rates fuel big September refi spike

Housing markets, LOAN PRODUCTS, Mortgage Rates, Originations, Refinance, Servicing /

The latest refi boomlet sustained its momentum that showed up in late summer, with rate drops driving a noticeable spike in September lock volume, according to Optimal Blue.  Rate locks jumped 28.2% from August to September, the product-pricing engine platform said in its latest market advantage report, and drove its monthly market index to a

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Mortgage fraud risk rising as housing market struggles

Fraud, LOAN PRODUCTS, Originations, Underwriting /

Mortgage fraud risk ended the second quarter at its highest level in over three years as issues related to undisclosed real estate debt and transaction misrepresentations had significant annual increases, according to Cotality. When compared with the first quarter, the Cotality Mortgage Application Fraud Risk Index rose by 1.4%, while jumping by 6.1% compared to

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Mr. Cooper costs Rocket $5B more than first announced

Career moves, LOAN PRODUCTS, M&A, Originations, Rocket Mortgage, Servicing /

Rocket Cos. has closed its acquisition of Mr. Cooper, just six months after the transaction was first announced, with a near $5 billion increase in valuation. The transition has already begun; Mr. Cooper and all servicing functions are being rebranded  under the Rocket umbrella. Right now, the company is being branded as Mr. Cooper powered

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More home equity, more lending options for lenders

HELOANs, HELOCs, LOAN PRODUCTS, Mortgage technology, Originations, Underwriting /

The amount of tappable home equity Americans hold continues to increase, growing annually by 5% for the second quarter, a Transunion study found. Several operators in the market, whether lenders themselves or tech providers, have launched products and platforms over the last few days to serve these equity-rich homeowners. As of June 30, the total

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FHA premium cancellation bill reintroduced in the House

FHA, LOAN PRODUCTS, Originations, PMI, Politics and policy, Servicing /

A bipartisan bill looking to end the Federal Housing Administration’s life-of-loan requirement for that form of mortgage insurance coverage has been reintroduced in the House of Representatives. The Mortgage Insurance Freedom Act was previously introduced in last year’s lame duck session of Congress by Rep. Gregory Meeks, D-New York, and Rep. Pete Sessions, R-Texas. Under

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Pacaso gets funding for non-QM co-borrower securitizations

Pacaso gets funding for non-QM co-borrower securitizations

Capital markets, LOAN PRODUCTS, Mortgage technology, Secondary markets, Servicing /

Financial technology firm Pacaso has closed on a revolving credit facility it will use to enable sales of 30-year second-home mortgages with co-borrowers into the securitized market. The $100 million facility from Texas Capital Bank will fund Pacaso’s purchases of the mortgages, which have an initial five-year interest-only period. It also will accommodate inclusion of

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Why cap markets tech use has grown and what it means for LOs

Capital markets, Editorial Research, LOAN PRODUCTS, Secondary markets /

New data shows growing use of product, pricing and eligibility engines has given nonbank mortgage executives, their loan officers and others more immediate access to capital-markets information that could be a competitive advantage. It also points to opportunities that could jumpstart mortgage professionals’ careers, depending on their goals and interest in these developments. Most of

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Fed cuts but only some mortgage rates are moving lower

Capital markets, LOAN PRODUCTS, Mortgage Rates, Originations, Politics and policy, Servicing /

The Federal Open Market Committee’s decision to meet broad expectations for a 25 basis point cut might not give many people in the market for a home loan the break they anticipated. “What does that do for mortgage rates? I think we’ve already seen that show up. The last three, four weeks, we’ve seen mortgage

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From crypto to DPA: 8 newest mortgage products, programs

LOAN PRODUCTS, Marketing, Mortgage Rates, Originations, Secondary markets, Underwriting /

While it is increasingly likely the Fannie Mae and Freddie Mac conservatorships are nearing some sort of end, the question is whether their conforming product boxes will be expanded as a result. The demand for products that address unique borrower needs isn’t going away anytime soon. In recent weeks, lenders have introduced a wide range

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