Troubled Voxtur sells majority stake in Blue Water
Michigan-based University Bancorp is paying $30 million for a 50.5% stake in a business Voxtur acquired for $101 million in 2022.
Digital mortgages
CFPB warnings of bias in AI could spook lenders
Rohit Chopra, the director of the Consumer Financial Protection Bureau, has cautioned banks, credit unions and fintechs about fair-lending violations that may stem from reliance on artificial intelligence. His comments threaten to discourage financial firms from using the technology to crunch nontraditional data about borrowers, experts say.
Home equity loan fintech raises $2 million in seed funding
Button Finance intends to use the capital to develop its underwriting platform and increase hiring.
Bitcoin mortgage payment legislation proposed in Spain
The regulation of cryptocurrencies gains momentum abroad while a number of hurdles must be cleared before lenders and banks can handle them at scale in the U.S.
Redwood Trust’s Liquid Mortgage investment fuels blockchain’s momentum
The mortgage real estate investment trust has been a first-mover regarding innovations in the private securitized market, and others tend to follow its lead.
Mortgage applications require more time due to Fannie, Freddie change
The expansion of borrower data collected in the new URLA upends an industry standard and lenders are experiencing some growing pains.
Ginnie Mae’s first eNote securitization encourages more adoption
The transaction consisting of $24 million in securitized Ginnie pools followed a 265% jump in broader industry eNote registrations last year.
MISMO flags potential snag for lenders in rollout of new GSE loan app
When the Uniform Residential Loan Application transition deadline hits on March 1, a data set within Fannie Mae’s Desktop Underwriter Program, which many lenders have used for a host of functions, will no longer be supported and unprepared lenders could later experience disruption.
Growing e-note use catches FHFA watchdog’s attention
Electronic notes did come in handy this year given the mortgage industry's need to operate remotely, but they also increase the government-sponsored enterprises' responsibility for monitoring the risk of multiple counterparties.
Freddie Mac adding more features to digital servicing platform
The government-sponsored enterprise’s seller/servicer guide is now integrated into the online portal. Freddie also improved the readability of loan-level reporting it provides, and has further changes in the works.
Significant number of borrowers are unaware of relief options
A survey conducted throughout the second quarter found knowledge gaps based on race and income.
5 mortgage-related policies that are in flux due to the coronavirus
From guidelines for remote appraisal alternatives to the ways that forbearance affects borrowers' ability to get new loans, here are five examples of mortgage requirements that have been in flux since the coronavirus outbreak in the United States.
Will Ginnie’s digital mortgage push give e-note use critical mass?
Issuers approved for the program will receive written authority to use "digital collateral" for a limited number of securitizations.
Loan eligibility and forbearance options lead lender concerns: Survey
Lenders and servicers' biggest pandemic challenges revolve around clarity for loan eligibility and understanding options for their borrowers once the forbearance period ends.
Fannie Mae temporarily drops employment rep and warrant relief
The other parts of the Day 1 Certainty program regarding income and asset verifications remain in effect.
Virus scare creates perfect storm for mortgage lenders
Refinancing activity is surging, existing borrowers are inquiring about loan modifications, loan closings are being delayed by more complex credit checks — and banks are short on people to handle it all.
Why mortgage rates rose after bond yields hit record lows
Not so long after Treasury bond yields experienced an unprecedented drop, the average 30-year mortgage rate rose, reflecting volatility related to the coronavirus as well as capacity issues on multiple levels.
Two fintechs broaden banking ambitions
Wealthfront will add third-party mortgages to its investing platform, while Varo Money says robo advice and mortgages are in its long-term plans.
5 questions about wholesale lending for Plaza’s Kevin Parra
In a recent interview, Plaza Home Mortgage CEO Kevin Parra discussed why he likes certain underutilized loan products, thinks online lending will be limited, and is bullish on third-party originations.
5 questions for former GSE regulator Armando Falcon
The former head of the Office of Federal Housing Enterprise Oversight explains why he thinks the mortgage industry is closer than ever to having a truly paperless process, and weighs in on GSE reform.
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