Residential Mortgage

FHFA Amends GSEs’ PSPAs So They Can Continue to Retain Capital

The Federal Housing Finance Agency (FHFA) and the U.S. Department of the Treasury (Treasury) have amended Fannie Mae and Freddie Mac’s Preferred Stock Purchase Agreements (PSPAs) in order to enable to the government-sponsored enterprises (GSEs) to continue to retain earnings until they satisfy the requirements of the 2020 GSE capital rule. The amendment is a relatively small step in the …

Read More »

Mortgage Rates Move Up

Mortgage rates moved up significantly this week, with the average rate for a 30-year fixed-rate mortgage at 2.79%, up from 2.65% last week but down from 3.65% a year ago, according to Freddie Mac’s Primary Mortgage Market Survey. “As Treasury yields have risen, it is putting pressure on mortgage rates to move up,” explains Sam Khater, chief economist for Freddie …

Read More »

Ryan Wood: CFPB Seeks to Provide ‘Clear Rules of the Road’ with Revisions to FDCPA

PERSON OF THE WEEK: The CPFB recently published new rules concerning the Fair Debt Collection Practices Act (FDCPA) – the first in more than 40 years – designed to clarify what practices are, or are not, allowed under Act. To learn more about how these new rules will impact mortgage servicers, MortgageOrb recently interviewed Ryan Wood, a regulatory attorney in …

Read More »

Mortgage Credit Availability Flat in December

Mortgage credit availability dipped slightly in December, falling 0.1% compared with November to a score of 122.1 on the Mortgage Bankers Association’s (MBA) Mortgage Credit Availability Index (MCAI). By category, credit availability for conventional loans decreased 2.8%, compared with the previous week, while credit for government loans increased by 2.1%. Within the conventional category, credit for jumbo loans increased by …

Read More »

BotGenius Aimed at Enhancing United Community Bank’s Middle Office

United Community Bank Inc. has implemented Indecomm Global Services’ BotGenius suite of middle-office automation solutions: a collection of software robots that emulate human computer interaction for specific, standardized tasks, processes, and workflows in the mortgage industry. Over the past several years, the mortgage industry has made substantial progress on the automation of the front and back ends of the origination …

Read More »

Mortgage Application Fraud Risk Low But on the Rise

The risk of fraudulent information in mortgage applications increased 1.6% in November compared with October, reaching a score of 62 on First American’s Loan Application Defect Index. Year over year, fraud risk was down 8.8% compared with November 2019. The risk of fraudulent information submitted in applications for purchases was up 9% compared with a year earlier, while the risk …

Read More »

Enhancements to Black Knight Solution Further Digitize the Closing Table

Black Knight Inc. says it has rolled out new capabilities in the company’s Expedite Close digital closing solution that will more easily facilitate fully digital real estate transactions. Already leveraging advanced intelligence to choose the best, most permissible way to digitally close a loan for each jurisdiction, Expedite Close now offers detailed, document-by-document guidance to help borrowers through the closing package, …

Read More »

Working Relationships: From Workplace Friction to Seamless Collaboration

BLOG VIEW: Mutually-beneficial working relationships can bolster a company’s overall success, affecting everything from productivity to employee retention. However, like all relationships, great workplace relationships take both work and time to grow. Colleagues may struggle to work with one another for a variety of reasons, such as differing communication styles, conflicting meeting routines, absence of transparency or lack of trust. …

Read More »