The CFPB announced the approval of the Independent Community Bankers of America's (ICBA) proposed template to improve mortgage disclosures to "provide consumers greater clarity, streamline the process through improved disclosure requirements, and expand access to more affordable homes in rural areas with limited housing supply," according to Rebeca Romero Rainey, President and CEO of ICBA.
Read More »Q2 Mortgage Trends Report Finds Declining Critical Defect Rate
For the third consecutive quarter, mortgage critical defect rates declined, as ACES Quality Management notes lenders should focus on the deteriorating quality in the core underwriting categories in the coming months.
Read More »Purchase Applications Wane as Housing Affordability Reaches 39-Year Low
According to the November 2023 ICE Mortgage Monitor Report, purchase-mortgage applications declined nearly 50% below pre-pandemic levels, with annual home price growth experiencing the weakest monthly gain since January. Read on to learn how sky-high mortgage rates continue to make life difficult for would-be homebuyers.
Read More »Is Operational Efficiency the Key to AI Adoption?
A variety of lenders were surveyed for a new Fannie Mae study, which found that lenders cited operational efficiency as the primary motivation for AI and machine learning adoption.
Read More »Examining Discrimination, Financial Barriers in the Homebuying Process
Nearly one in six prospective homebuyers across different races and ethnicities reported facing some form of discrimination during the homebuying process, according to the National Association of Realtors. Others cited their primary reasons for stalling their home purchase as waiting for mortgage rates and home prices to decline, alongside a lack of available homes within their budget.
Read More »Purchase Lending, Refinance, and Home Equity Activity Rebounded in Q2
ATTOM's latest Residential Property Mortgage Origination Report showed purchase lending led the way in Q2, spiking nearly 30%, while overall refinance and home equity activity also rose after eight straight quarterly declines.
Read More »Highlighting Servicer Success and the Utilization of Loss Mitigation Technology
While nationwide home prices and average costs of living continue to rise, a new case study from Black Knight highlights servicer success using self-service loss mitigation technology to connect with and engage borrowers in times of financial distress.
Read More »FHA Announces Required Use of Supplemental Consumer Information Form
The Supplemental Consumer Information Form is used during the mortgage application process, allowing borrowers to voluntarily identify language preferences and provide information on housing counseling and homeownership education they may have received.
Read More »How Homebuyers Can Save by Negotiating a Lower APR, Home Prices
According to a new survey from LendingTree, some 63% of homebuyers have negotiated their purchase price in hopes of saving money, while just 39% negotiated the mortgage or refinance rate despite the likelihood of a better deal.
Read More »Survey Examines Risk, Compliance Concerns
According to the latest Wolters Kluwer Regulatory & Risk Management Indicator survey, data reveals regulatory change management as a key challenge.
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