Figure Lending accused of misrepresenting its HELOC product in suit
The proposed class action suit claims the fintech lender purposefully pushed customers applying for HELOC loans into higher rates, or misrepresented rates at the beginning.
Mortgage technology
HELOC, nonagency securitization could grow long term, leaders say
Though home mortgage issuance has slumped in line with originations, new potential bank capital rules and increased consumer debt consolidation could boost activity for these two subsets in the secondary market.
Pennymac, RoundPoint clients exposed to global data breach
The customers were affected by an incident involving a Progress Software program used by Sovos Compliance.
Freddie Mac adds new tax data source that may limit repurchase risk
The new technology expands the capabilities of automation used to obtain digital transcript information from self-employed borrowers.
Rocket Mortgage loans now offered to a community bank’s customers
Fourth Capital Bank's collaboration with the megalender is made possible through a partnership with Q2 Holdings.
Real estate startup buys mortgage technology assets of Reali
New York-based broker platform Prevu currently offers buying and selling services in the Northeast, Texas and the West Coast.
Black Knight launching mortgage trading and hedging platform
The automation provider, which could merge with ICE Mortgage next year, is updating secondary market tools sorely needed in a volatile market.
Freddie Mac to allow cash flow history in underwriting
The development, touted as an industry-first, is the latest move by the government-sponsored enterprises to expand housing opportunities for first-time and underserved homebuyers.
Are Fannie Mae, Freddie Mac preparing to accept VantageScore?
Even though a Compass Point report states the pair have validated the credit scoring model and could implement it in the first quarter of 2023, interested parties would not verify it.
Freddie Mac automating rent-based underwriting for single-family loans
The move builds on the government-sponsored enterprise’s previous program that facilitated the collection of more rent payment records from tenants who work with its multifamily borrowers.
Figure Technologies, Homebridge end merger plans
Delays in closing the deal after it was announced in August resulted in the parties' decision to remain separate, although they will still work together.
Freddie Mac expands use of bank account data for verifications
Mortgage companies selling loans to the government-sponsored enterprise will be able to use the information for one type of employment check as well as to validate income and assets.
Redwood Trust, Point issue first home equity investment securitization
The $146 million deal could indicate that volume in the asset class has gotten large enough to support programmatic activity in the pricey housing market.
Digital home valuations have hit an inflection point. What’s next?
The pandemic, a refinancing boom and intensified appraiser shortage boosted appraisal alternatives in line with the rise in remote work. Now an overheating purchase market and policymaker scrutiny are shifting priorities.
Ginnie Mae digital mortgage collateral tops $2 billion
The government bond insurer allowed lenders to become “eIssuers” a little over a year ago, and the move contributed to a large surge in electronic notes this year.
Fannie Mae to include rent payments in underwriting
The expanded credit access in its automated mortgage decisioning goes into effect in mid September.
FDIC proposes new insurance calculations for servicing advances
The potential amendments could expand coverage but also add new record-keeping and systems requirements for large banks handling custodial accounts.
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.
Distressed borrower communication rules on track for now: CFPB
The Consumer Financial Protection Bureau’s acting director has said he could rethink the pending Fair Debt Collection Practices Act rules, but a report released Monday indicated they’re moving ahead for the time being.
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.
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