Items Tagged with 'mortgage lending'

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  • American Mortgage Service Co. and Eustis Mortgage plan to merge

    Two companies have combined 110 years of lending experience
    In the latest in a string of mergers and acquisitions in the mortgage lending space, American Mortgage Service Co. and Eustis Mortgage announced recently that they plan to merge. According to the companies, they plan to relaunch as a combined company later in the year.
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  • Mortgage rollercoaster: Originations rise to nearly 2-year high after falling to 4-year low

    New York Fed data shows originations bounced back big time in second quarter
    Things looked bleak for the mortgage business earlier this year, as data from the New York Fed showed that the first quarter of this year was the mortgage business’ worst quarter in four years, but maybe it’s not complete doom and gloom after all. In fact, new data from the New York Fed shows that the mortgage business rebounded big time in the second quarter, with originations rising to their highest level since the third quarter of 2017.
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  • Fannie Mae, Freddie Mac delaying use of new Uniform Residential Loan Application

    FHFA asked GSEs to make changes to form
    Nearly three years ago, Fannie Mae and Freddie Mac announced that they were changing the standard mortgage application form for the first time in 20 years. As the development process moved forward, the GSEs dictated that lenders would be required to begin using the new loan application by Feb. 1, 2020. But that’s not the case anymore. Fannie and Freddie announced Thursday that they are delaying the mandatory use of the redesigned Uniform Residential Loan Application to an unspecified date in the future.
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  • CFPB study shows alternative credit models lead to more loans, cheaper loans

    Test shows one alternative credit model leads to 27% more loan approvals
    For the better part of this decade, there’s been a serious push to get the GSEs to use newer credit scoring models that consider factors such as a person’s bank account history or utility payments when determining their creditworthiness. That movement all but ended last year, when the FHFA said that it will not be authorizing the use of any new credit scoring model for several years, but a newly released study from the CFPB shows that using alternative credit models will not only lead to more borrowers getting loans, the loans they get will be cheaper too.
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  • United Wholesale Mortgage bets on continued growth with massive headquarters expansion

    Reveals plans to double Michigan office space
    United Wholesale Mortgage is betting big on the continued growth of the broker channel, building an extension of its already-large headquarters in Pontiac, Michigan, to house its expanding team. The company recently revealed plans to expand its existing office by building a new 900,000-square-foot facility across the street, which will be needed to accommodate the astounding growth it’s predicting.
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  • Mortgages are now available for borrowers without credit scores

    Think you need a credit score to get a mortgage? Think again
    For the better part of this decade, there’s been a movement afoot to try to get the two main sources of mortgage financing, Fannie Mae and Freddie Mac, to begin using newer credit scoring models that use factors like a person’s bank account history or utility payments as a consideration when determining their creditworthiness. But now, there's one mortgage company that will lend to borrowers who have no credit score at all.
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  • J.D. Power: Quicken Loans and State Farm could both reap serious rewards from unique mortgage partnership

    Analysts look at relationship between top insurer and top lender
    State Farm and Quicken Loans shook up the housing world last week by announcing a unique new partnership that will allow State Farm agents to originate mortgages for their clients using Quicken Loans’ Rocket Mortgage platform. It’s unclear how many of State Farm’s nearly 19,000 agents are licensed loan originators, but the potential of the relationship with Quicken Loans is massive for all parties involved, according to new analysis from J.D. Power.
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  • State Farm, Quicken Loans announce massive mortgage partnership

    State Farm agents who are licensed LOs will be able to originate Quicken mortgages
    For years, State Farm agents could offer mortgages to their customers through State Farm Bank, the company’s banking arm that offers home loans, auto loans, checking accounts, savings accounts, credit cards and other traditional banking services to State Farm customers. But that won’t be the case for much longer. Soon, State Farm will begin using Quicken Loans to originate mortgages for its customers thanks to a significant new partnership between the two companies.
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  • Quicken Loans logs best quarter in company history

    Originated record-breaking $32 billion in mortgages in Q2
    The mortgage business has been a bit rocky in recent years, but that doesn’t appear to be holding back Quicken Loans. The Detroit-based lender logged its best quarter ever, raking in $32 billion in mortgage originations in the second quarter of 2019 – the most in its 34-year history.
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