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ALTA adds seller impersonation coverage to its title policy

Fraud, LOAN PRODUCTS, Originations, Secondary markets, Underwriting /

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 […]

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USDA invests in upgraded mortgage underwriting technology

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

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

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30-year mortgage rate declines by most since February

Housing markets, Mortgage Rates, Originations /

US mortgage rates dropped last week by the most since February, enticing homeowners to step up refinancing. The contract rate on a 30-year mortgage declined 10 basis points to 6.67% in the week ended Aug. 8, according to Mortgage Bankers Association data released Wednesday. The rate on a 15-year mortgage retreated below 6% for the

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UAD 3.6: How the mortgage industry should prepare

Appraisals, LOAN PRODUCTS, Mortgage technology, Originations, Secondary markets, Underwriting /

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:

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Fannie Mae cuts outlook for 2025–26 home sales

Economy, MARKETING TO BORROWERS, Mortgage Rates, Originations, Secondary markets /

Fannie Mae’s August mortgage origination forecast predicts lower volume in 2025 and 2026 compared with July as the government-sponsored enterprise moved its rate expectations higher. It now expects total home sales to decline year-over-year. Fannie Mae is still looking for existing home sales to rise, but not by as much previously expected. The drop off

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Cost cutting helps drive IMBs to best numbers since 2021

LOAN PRODUCTS, Mortgage applications, Mortgage Bankers Association, Originations, Servicing /

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

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Half of largest housing markets record home price downturns

Housing markets, Marketing, MARKETING TO BORROWERS, Mortgage Rates, Originations /

Among the nation’s 50 largest metro areas, half, primarily in the north and east, had annual home price increases in July, while the others are reporting downturns, Zillow found. Nationwide, year-over-year home price appreciation was a meager 0.2%. While this helped to marginally improve affordability, with average monthly mortgage costs down $19 over the past

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VA Wholesale to operate under Bank of Glen Burnie

LOAN PRODUCTS, Marketing, Originations /

The Bank of Glen Burnie, a Maryland-based depository, has acquired VA Wholesale Mortgage, a Virginia Beach, Virginia-based originator, with an office in Jacksonville, Florida. Terms of the deal were not disclosed. A check of the NMLS Consumer Access page has Virginia Wholesale Mortgage, how the Bank of Glen Burnie’s second quarter Securities and Exchange Commission

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New-home loan applications surge to three-month high

Homebuilders, Mortgage applications, Mortgage Bankers Association, Originations /

Mortgage applications for new-home purchases accelerated in July, as borrowers took advantage of homebuilder concessions and a drop in interest rates, according to new industry data. New single-family residential mortgage applications rose 6.8% year over year last month, according to the Mortgage Bankers Association. The increase coincided with greater overall mortgage activity in the back

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ICE Mortgage Technology pushes SDK sunset to end of 2026

LOAN PRODUCTS, Mortgage technology, Originations, Underwriting /

ICE Mortgage Technology is putting off the planned sunset of the Encompass SDK system, according to a memo provided by the company to National Mortgage News. SDK is shorthand for software development kit. It, along with certain other legacy systems, were supposed to go away on Oct. 31. ICE first announced the transition in September

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