Tennessee has enacted a new state law that opens up originations for proprietary reverse products. Processing Content Approved in both state chambers this spring, the Tennessee Reverse Mortgage Innovation Act was signed into law in late May by Gov. Bill Lee. The act effectively changes language found in previous legislation, which restricted reverse lending to […]
Tennessee legalizes proprietary reverse mortgages Read More »
Fannie Mae reclaimed the lead in retained portfolio growth last month, pushing to a new record after a year in which Freddie Mac had outpaced its rival. Processing Content Fannie reported that its retained portfolio jumped to $174.84 billion in April from $168.74 billion the previous month. Freddie’s inched up to $141.81 billion from
Fannie leads portfolio growth but Freddie ahead in acquisitions Read More »
In deciding to rebrand its company, Panorama Mortgage Group wanted to emphasize simplicity, said Hector Amendola, its president. Processing Content So SimplyPMG is now what the company will be known as, he said during an interview at the recent Mortgage Bankers Association Secondary and Capital Markets Conference in New York. This takes the place of
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Xactus bought a platform used by its competitors and turned it into a new subsidiary and company leaders say the deal is less about market share than where fintech is heading. Processing Content The purchase of Mortgage Credit Link, the web-based order fulfillment platform serving consumer reporting agencies, by Xactus’ parent company brought with it
Xactus turns a rival’s tool into its own fintech bet Read More »
Rate has launched a pilot in which it will use automated analyses of loan data to determine whether certain refinances can be originated without a lender’s title insurance policy. Processing Content The EnTitled program, available in 23 states, appears to be in line with Fannie Mae’s test of insurance waivers. Refinance loans in the program
Rate may allow some refinance loans to skip title policies 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 »
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 »
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
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Sales of new US homes declined in April by more than forecast as builder incentives failed to motivate potential buyers at the start of the spring selling season. Processing Content Purchases of new single-family homes decreased 6.2% from March to a 622,000 annualized pace, according to government data released Thursday. Economists expected a 660,000 rate,
New-home sales declined by more than forecast in April Read More »
3D home development received a stamp of approval this week within the mortgage industry thanks to a new lending agreement between Wells Fargo Bank and technology construction firm Icon. Processing Content The two companies announced a deal that makes the San Francisco-based banking giant the preferred lender for new 3D-printed residential properties built by Icon.
Wells Fargo set to originate mortgages for 3D-printed homes Read More »