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Underwriting

Rocket confirms VantageScore availability for retail and TPO

Rocket confirms VantageScore availability for retail and TPO

LOAN PRODUCTS, Originations, Rocket Mortgage, Underwriting /

Rocket Mortgage and its third-party originations unit Rocket Pro have begun utilizing the VantageScore 4.0 model, a company statement said. Processing Content It will be doing this alongside the Classic FICO model, which has been in vogue since automated underwriting was introduced by the government-sponsored enterprises. This is now live in both channels at Rocket. […]

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The non-agency market is bigger than you think

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

Call it non-QM, call it non-agency, call it whatever you want. Just don’t call it a niche product anymore. That’s what panelists at the Mortgage Bankers Association’s Secondary and Capital Markets Conference sought to drive home. Processing Content And this business is more than just non-qualified mortgages, they added. “I would even say that about

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Lenders look at operational changes in credit score update

Distressed, Politics and policy, Secondary markets, Underwriting /

A lot of the debate regarding credit score modernization has focused on the actions of, and comparisons between FICO and VantageScore. Representatives of both were on a panel on the topic at the Mortgage Bankers Association’s Secondary and Capital Markets Conference in New York. Processing Content But the session also featured two lenders in the

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HELOC players expand correspondent, TPO offerings

HELOC players expand correspondent, TPO offerings

Housing markets, LOAN PRODUCTS, Originations, Underwriting /

Three mortgage companies are expanding their third-party origination footprints in different ways. Processing Content Achieve is starting a correspondent channel to help market its fixed-rate home equity line of credit product. Nectar Kalajian has joined the company to head up this effort, Achieve Pro, as the managing director of Achieve Home Loans. Among Kalajian’s past

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IMBs stay profitable, but costs climb in Q1

Earnings, Originations, Secondary markets, Underwriting /

Independent mortgage bankers achieved origination profitability for the fourth consecutive period in the first quarter, but at the same time, costs increased as well, the Mortgage Bankers Association said. Processing Content IMBs and bank mortgage subsidiaries reported an average pretax net production profit of $727 per loan, compared with a net production profit of $674

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Fidelity, First American, Stewart, Old Republic report 1Q results

Earnings, M&A, MARKETING TO BORROWERS, Originations, Title insurance, Underwriting /

The title insurance business is reliant on mortgage application activity to drive its results. The Mortgage Bankers Association’s April forecast reported an over 100,000 decline in unit volume of mortgage originations between the fourth and first quarters, from 1.57 million to 1.46 million. Processing Content Still for the four largest title underwriting families, the first

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GO Mortgage wants to fix ‘broken’ wholesale business model

GO Mortgage wants to fix ‘broken’ wholesale business model

Mortgage brokers, Mortgage technology, Originations, REALTORS & HOMEBUILDERS, Underwriting, Wholesale lenders /

GO Mortgage is the latest mortgage lender to start a wholesale operation, but it is coming at it from a different point of view: The current way this business is done is not just inefficient; the model is broken. Processing Content “We didn’t have the burden of legacy, process, technology and people,” Jay Promisco, the

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Mortgage credit availability drops for first time this year

LOAN PRODUCTS, Originations, Underwriting /

Mortgage credit availability decreased in April, even though rates fell in three consecutive weeks during the month. Processing Content The Mortgage Bankers Association’s Mortgage Credit Availability Index declined 0.4% to 107.9 in April, it reported Tuesday. The index reached 108.3 in March after a 1.1% gain, the highest mark since August 2022. “After three months

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Mortgage insurers end 1Q26 below expectations for volume

Distressed, Earnings, Mortgage insurance, PMI, Secondary markets, Underwriting /

Reflecting both the unusually strong fourth quarter for home loan originations and the volatile rate environment for the period just ended, private mortgage insurers wrote 13% less business versus three months prior. Processing Content Still, with mortgage rates going to the low 6% range from near 7% one year ago, the six active underwriters did

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GSEs clarify new appraisal format adoption timeline

GSEs clarify new appraisal format adoption timeline

Appraisals, Mortgage technology, Secondary markets, Underwriting /

The secondary market agencies have put out a clarification to the UAD 3.6 adoption timeline, which ends any confusion about when the standard goes into effect. Processing Content Mandatory use for UAD 3.6 remains starting Nov. 2. But a wording change makes it clear it applies to new appraisals being put into the Uniform Data

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