Copperlane, an AI-native mortgage origination platform, has raised $4.1 million in seed funding to scale an autonomous AI mortgage loan officer that aims to compress hours of document reviews into minutes, the company announced. The round was led by TQ Ventures, with participation from Y Combinator, US News Digital Ventures, Mercor, Valon Mortgage and others. […]
AI-native lending platform Copperlane lands $4.1M seed round Read More »
Guild Mortgage is advocating for Fannie Mae and Freddie Mac to adopt residual income analysis at scale through ongoing conversations and data sharing. The California-based lender has used this model since 2022 in its “Complete Rate Program” that’s available for government loans. Because Guild retains servicing and issues the loans in Ginnie Mae pools, the company is able to set its own
Guild Mortgage urges GSEs to scale residual income analysis Read More »
The federal law putting into place education, registration and — for non-depository originators — licensing requirements, applies only to human beings. Yet, don’t count on an all-automated loan happening anytime soon. Processing Content The conclusion comes from a new Mortgage Bankers Association white paper, written by the law firm of Orrick, Herrington & Sutcliffe, titled
Wither AI: don’t count on an all-automated loan anytime soon Read More »
American homeowners removed 2% more equity from their properties year-over-year in the first quarter, the most for the three-month period since 2021, ICE Mortgage Technology found. Processing Content It estimated $47 billion in equity was withdrawn in the quarter, down from $49 billion in the fourth quarter but up from $46 billion in the first
Americans pull $47 billion in equity from their homes in 1Q Read More »
Better and Coinbase have closed the first Fannie Mae-supported mortgage backed by Bitcoin in the United States. Processing Content The companies also confirmed plans to make the product available to qualified borrowers nationwide by this summer. Interested customers can currently apply to a waitlist, which has a projected $250 million in loan volume, a Better
Better closed first Fannie-supported loan backed by Bitcoin Read More »
A single word in a divorce decree can shut down the best financing option available to your client and it happens more often than most mortgage professionals realize. Processing Content In one case handled by Rock Rocheleau, an attorney at Right Lawyers in Las Vegas, divorcing parties drafted their own decree and used the word
Divorce and mortgages: What lenders need to know Read More »
The risk for mortgage fraud in loan applications decreased 9% on both a quarter-to-quarter and annual basis but problems remain with submissions for both investor and multifamily properties, Cotality said. Processing Content The first quarter ended with approximately 1-in-129 mortgage applications having some indicator of fraud, putting the Cotality National Mortgage Fraud Application Risk Index
Mortgage fraud risk drops 9%; investor loans a concern 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 »
Property taxes have surged 30% since 2019, and homeowners shouldn’t expect relief anytime soon, according to a new LendingTree study that found a 5.1% increase across every major U.S. metro area between 2023 and 2024. Processing Content In 2024, the median property tax burden was $3,119 for all homeowners. But for those paying a mortgage,
Property taxes up 30% since pandemic, with no relief in sight Read More »
Federal Housing Administration rules in certain states can add a challenge for lower income couples with one spouse who has a credit issue, and a real estate group wants to remove that extra hurdle. Processing Content The concern lies in the fact that an option otherwise available to FHA borrowers, putting the loan in the
Why an FHA rule for nonborrowing spouses is making waves now Read More »