Lenders are drawing up new game plans, or preparing to, now that Fannie Mae, Freddie Mac and the Housing and Urban Development have committed to adding modernized credit scores as alternatives to Classic FICO. Processing Content NewRez, a division of Rithm Capital, completed a test sale of $10 million in loans to Freddie Mac using […]
Lenders test new Fannie Mae, Freddie Mac, FHA scores Read More »
U.S. homeowners are sitting on more than $11 trillion in tappable home equity, and the mortgage industry is racing to capture it. Processing Content With interest rates providing little incentive for many homeowners to refinance or relocate, lenders and technology firms are pouring resources into home equity lines of credit, a product long dominated by
SoFi enters HELOC market amid home equity surge Read More »
Federal regulators announced today that they are taking steps to spur competition and legislatively mandated modernization in credit scoring. Processing Content Freddie Mac has already tested $10 million in loan sales involving use of VantageScore 4.0 and Fannie Mae also now is offering to buy loans on this basis, according to Bill Pulte, head of
Fannie, Freddie, FHA to accept VantageScore immediately Read More »
The first-ever DREAM transaction has closed with owners of a Chicago home receiving a check for over $41,000 to help pay down a portion of the principal on their existing mortgage. Processing Content The funds reduce the amount of principal the borrowers pay, but the note holder still receives the full sum. In turn, this
First closing of principal discount tool gives banks, CUs a lock-in exit Read More »
Government-sponsored enterprise plans for legislatively-mandated credit score modernization drew mixed opinions Thursday as lawmakers held a House Financial Services Committee hearing on broader consumer data rules. Processing Content Dan Smith, president and CEO of the Consumer Data Industry Association, backed the idea of adding VantageScore at the GSEs to compete with FICO Classic, which has
Lawmakers spar over GSE credit score modernization plans Read More »
Federal officials are ordering a community bank and national mortgage lender to investigate and take corrective action over alleged misconduct that targeted Department of Veterans Affairs borrowers. Processing Content In a consent order filed in early April, the Office of the Comptroller of the Currency accused The Federal Savings Bank, a Chicago-based depository institution specializing
Regulator: Bank misled veterans on VA loan refinances Read More »
Independent mortgage bankers posted their highest origination profitability in four years in 2025, though returns remained well below levels seen in most years from 2009 to 2021, the Mortgage Bankers Association found. Processing Content Furthermore, the growth in the production segment’s financials was largely offset by a drop in net servicing financial income versus 2024.
IMB profitability hits 4-year high in 2025, MBA finds Read More »
Mortgage rates fell 7 basis points this week to their lowest point in four weeks, as investors reacted to news the conflict with Iran might soon be resolved. Processing Content The 30-year fixed-rate mortgage averaged 6.3% as of April 16, down from last week’s 6.37%, the Freddie Mac Primary Mortgage Market Survey found. A year
Mortgage rates hit 4-week low on Iran conflict news Read More »
Quarter-to-quarter mortgage production at both JPMorgan Chase and Wells Fargo fell by about 2.5 times more than what the Mortgage Bankers Association is predicting for the industry, a Keefe, Bruyette & Woods flash note commented. Processing Content The MBA’s March forecast called for $1.46 trillion in volume for the first quarter, with just a $21
Chase, Wells mortgage slump: what it means for non-banks Read More »
Cornerstone Capital Bank in Houston announced it has launched a new qualified retirement plan that invests in its parent company’s stock and allows employees to share in ownership. Processing Content Company team members, including those in affiliated business arrangements, will be eligible to participate in the employee stock ownership plan. Joint venture and real estate
Cornerstone Capital Bank adds employee stock ownership plan Read More »