Ben Lane is the Senior Financial Reporter for HousingWire. In this role, he helps set a leading pace for news coverage spanning the issues driving the U.S. housing economy. Previously, he worked for TownSquareBuzz, a hyper-local news service. He is a graduate of University of North Texas. Follow Ben on Twitter at @BenLaneHW.
When Ben Carson officially became the Secretary of the Department of Housing and Urban Development, he said that one of his first actions would be embarking on a “listening tour” of communities and HUD offices across the country. The next stop on Carson’s tour will be the Dallas/Ft. Worth metroplex. Here's a look at his plans for his time in DFW.
Guild Mortgage is going digital, as the lender announced this week that it is launching its own digital mortgage, becoming the latest in a string of lenders choosing to go digital. In the last year or so, lenders like Quicken Loans, Caliber Home Loans, United Wholesale Mortgage, and JPMorgan Chase went digital. Now, Guild Mortgage has its own option, called MyMortgage.
The Federal Housing Finance Agency on Wednesday released a comprehensive report on how Fannie Mae and Freddie Mac performed in 2016, measured against the goals laid out for the government-sponsored enterprises in 2014. One of the highlights? Freddie Mac plans to begin using automated underwriting in 2017.
The share of mortgage applications for refinances just fell to a level not seen since October 2008, new data from the Mortgage Bankers Association showed. According to the MBA’s latest Weekly Mortgage Applications Survey, the refinance share of mortgage activity declined to 44% percent of total applications, the lowest that figure has been in more than eight years.
The fallout from Wells Fargo's fake account fiasco is far from over, as the bank announced late Tuesday that it reached a $110 million settlement in a class action lawsuit brought on behalf of the bank’s customers who had a fake account opened in their name. Click the headline to read more about the settlement.
Last year, Mercury Network, an appraisal management system, announced plans to expand by acquiring Platinum Data Solutions, a QC technology company. And it turns out that the company is not done growing, as the company announced this week that it is acquiring Appraisal Scope, a provider of valuation management software.
Late last year, as the fallout from the fake account scandal at Wells Fargo was still in full force, rumors began to circulate that the bank could be facing another regulatory smackdown due to reportedly failing to meet its requirements under the Community Reinvestment Act. And Tuesday, the other shoe dropped, as the bank disclosed that it did indeed fail to meet its CRA requirements.
The latest S&P CoreLogic Case-Shiller Indices showed that home prices hit a 31-month high in January, but will those record prices be a speed bump or a brick wall for home buying moving forward? Opinions appear to be a bit mixed in that regard, with some analysts viewing January’s data as a significant drawback for certain segments of the home-buying market, while others say the rising prices aren’t a concern, yet.
Home prices continued to rise in January, reaching a record-high for the fifth month in a row, according to the new S&P CoreLogic Case-Shiller Indices, a measure of U.S. home prices. January's increase places the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index at a 31-month high.
Mortgage brokers now have the ability to compete with Quicken Loans’ Rocket Mortgage and other digital mortgage options from large lenders, as United Wholesale Mortgage unveiled its own fully digital mortgage that brokers can offer to their borrowers. Here are the details on UWM's "BLINK."
The mortgage industry is leveraging technology like never before, streamlining processes across the spectrum of lending, servicing, investing and real estate. The combination of regulatory pressure and consumer expectations have set a high standard for efficiency and transparency, requiring a significant investment of time, money and talent to hit the right notes for both.
Ironically, the monkey on the mortgage industry’s back for the past 10 years — increasing regulation — is the very thing that forced companies to find efficiencies in every part of the process, which serves them well as they look to engage tech-savvy consumers. Even as the enforcement of some of those regulations is now in question, the long-lasting benefits of investing in automation will stand.
Mortgage banks have traditionally been slow to embrace new technologies, and while the technology that has improved efficiency, security and customer experience in a multitude of other industries (transportation, education and retail, to name a few) is finding its way into the loan production process, a lot of opportunity still exists in other stages of the mortgage life cycle.