How far can lenders push the credit box?

How far can lenders push the credit box?

Watt announcement helps, but risk keeps standards tight

Warren calls for GAO investigation of nonbank servicers

Asks GAO to review “unprecedented” growth of nonbank servicers

Freddie Mac CEO: We will help increase mortgage lending

Competition among two is still competition
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The Ticker

HUD’s Castro and Sen. Heitkamp visit Indian Country

Survey unique housing needs on Indian reservations
Trey Garrison
HUD Secretary Julián Castro and U.S. Senator Heidi Heitkamp visited Belcourt to view housing challenges with black mold and overcrowding on the Turtle Mountain reservation, and toured Williston to examine the city’s rapidly expanding housing and infrastructure developments.
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$1 billion in MSRs just became available

Loans backed by Fannie Mae and Ginnie Mae
Ben Lane
The portfolio features 97% fixed-rate and 100% first-lien product, a weighted average original FICO score of 716, a weighted average original loan-to-value ratio of 86%, and a weighted average interest rate of 4.53%, MountainView said.
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Mortgage TrueView launches new HMDA scoring tool

Offers lenders insight into lending practices
Ben Lane
“For the first time, lenders have the ability to understand their own HMDA data in order to both stay compliant and increase loan volume for unintentionally underserved market segments,” the company said in a statement.
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Zillow: Mortgage rates remain at 16-month low

Rates below 4% for third week in a row
Ben Lane
Current rate borrowers were quoted an average interest rate of 3.81% on Zillow’s Mortgage Marketplace in the week that ended Tuesday, which equaled the previous week’s figure of 3.81%.
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Allstate Appraisal and Bradford Technologies launch valuation tool

Valuation Express targets valuations for HELOCs, seconds and REOs
Ben Lane
"The market needs alternatives that provide the strength and accuracy of an appraiser-driven valuation but without the time and expense of a full appraisal,” said Steven Albert, president of Allstate Appraisal. “The Valuation Express report provides the right balance of quality and expertise of the local appraiser at the price points lenders require."
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IMA selling $46.1 million whole loan and REO portfolio

Seller has “very strong financials”
Ben Lane
There are 210 loans total in the portfolio, with an average loan size of $216,367. The loans carry a weighted average seasoning of 75.2 months and a weighted average interest rate of 3.89%.
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Fannie Mae to make proprietary appraisal tool available to lenders

Lenders can use Collateral Underwriter in 2015
Ben Lane
Beginning in early 2015, Fannie will make Collateral Underwriter available to lenders as part of its industry tools package, which also includes Desktop Underwriter and Early Check.
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CoesterVMS integrates with Mercury Vendor Management Portal

Simplifies appraisal process
Brena Swanson
CoesterVMS, an appraisal management and technology provider, has integrated its Cloud Control appraisal management service into a la mode’s Mercury Vendor Management Portal, simplifying the appraisal process for users.
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Churchill Mortgage's purchase volume surges 49%

Purchases claim larger production volume
Brena Swanson
Churchill Mortgage experienced an increase in homebuyer demand, recording a 49% year-over-year growth in its purchase volume from April to September.
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California foreclosures hit lowest level in eight years

Keeps heading down
Brena Swanson
Lending institutions initiated formal foreclosure proceedings last quarter on the lowest number of California homes in more than eight years. Will it last?
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