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Navigating the Lending Landscape Amid Rising Interest Rates Explore the challenges and strategies in the lending landscape amid rising interest rates. Discover how lenders are adapting and educating borrowers.
Lending (1534)
Wages Up 3.5%, ADP Reports
Wages increased for most workers, and that's good news for the mortgage industry. Wages for U.S. workers grew 3.5 percent over the last year, increasing the average wage level by $0.95 to $27.81 an hour, according to the Workforce Vitality Report from the ADP Research Institute. The growth, accelerating to 3.5 percent annual as of … Read more...
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Lake Michigan Implements Black Knight’s MSP
Lake Michigan Credit Union has completed the implementation of MSP, the loan servicing system from Black Knight. The solution encompasses all aspects of servicing--from loan boarding to when the loan is paid off--for first mortgages and home equity loans and lines of credit. MSP is used to service 34 million active loans and was designed… Read more...
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Rates Hit Borrowers’ Purchasing Power
The rise in mortgage rates has forced borrowers into less expensive homes—as purchasing power drops. A homebuyer with a monthly housing budget of $2,500 a month and a 20 percent down payment could afford to purchase a home for as much as $473,750 at the beginning of the year when 30-year mortgage rates were averaging… Read more...
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Trio Unveils UltraFICO Score
Experian, FICO and Finicity have developed a new credit score—UltraFICO Score, which leverages account aggregation technology and distribution capability from Experian and Finicity to help consumers improve access to credit by tapping into consumer-contributed data, such as checking, savings and money market account data, that reflects responsible financial management activity. A consumer grants permission to… Read more...
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SunTrust Reports Increased Earnings
SunTrust Banks Inc. has reported net income of $726 million, or $1.56 per average common diluted share. The results include $0.14 per share the result of tax reform as well as the consolidation of SunTrust Mortgage into SunTrust Bank, which was completed in the third quarter. Diluted earnings per share increased 5%, sequentially, and 47%… Read more...
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Corelogic Delivers Digitized Verification Tools
Corelogic is automating some what it considers the most manual, time consuming and expensive underwriting processes—through a single interface—AutomatIQ Borrower. It’s a comprehensive underwriting solution designed to help lenders streamline workflows by digitizing, standardizing and automating borrower analysis and verification. Corelogics has placed all of the borrower verification tools together into one interface. Clients will… Read more...
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Open Doors Names It Award Winners
The Mortgage Bankers Association names the recipients of the MBA Opens Doors Foundation annual awards, which recognize those who have made lasting contributions to advance the Foundation's mission of providing mortgage and rental assistance grants to parents and guardians caring for a critically ill or injured child. The Foundation presented its annual Community Champion Award… Read more...
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MBA’s New Chairman Outlines His Vision
[Please Note: These are prepared remarks of Chris George, who was sworn in as chairman of the Mortgage Bankers Association, during its 2018 Annual Convention and Expo in Washington, D.C., which ended on Wednesday. He is the president and CEO of CMG Financial.] It is fitting that I step into the role as your 2019… Read more...
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Mortgage Applications Dip
Mortgage applications drop 7.1 percent from one week earlier, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending October 12, 2018. This week's results didn't include adjustment for the Columbus Day holiday. The Market Composite Index, a measure of mortgage loan application volume, decreased 7.1 percent on a… Read more...
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FHFA, Fannie and Freddie Launch Mortgage Translations
The Federal Housing Finance Agency, Freddie Mac, and Fannie Mae have launched Mortgage Translations, a centralized clearinghouse of online resources to assist lenders, servicers, housing counselors, and other real estate professionals in serving limited English proficient borrowers. LEP borrowers make up a growing share of today’s mortgage market, a trend that is likely to continue… Read more...
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