Mortgage applications increased 11.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending September 20, 2024.
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Fay Servicing, a mortgage servicing firm, announced Josh Balson has joined the company as senior vice president of data science. In this newly created role, Balson will lead Fay’s data science initiatives, focusing on leveraging advanced analytics and artificial intelligence (AI) to enhance the overall borrower experience and drive internal operational efficiencies.
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The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance increased to 0.31% as of August 31, 2024. According to MBA’s estimate, 155,000 homeowners are in forbearance plans. Mortgage servicers have provided forbearance to approximately 8.2 million borrowers since March 2020.
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MetroList, Northern California’s largest multiple listing service, has partnered with StreetWire, a real estate data and products developer, to launch an innovative insurance product, Home Value Lock.
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DLS Servicing and WaterfallCalc published a free white paper detailing how one of the nation’s largest mortgage servicers leveraged automated technology to successfully adopt the FHA Payment Supplement Agreement (PSA) and the VA Veterans Assistance and Support Program (VASP). The white paper, “Automating VASP and FHA PSA Compliance,” also examines how early adoption of these programs can help lenders reduce default rates and improve borrower satisfaction rates.
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LenderLogix, a provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, recently announced the addition of M2 Lending to its roster of clients utilizing LiteSpeed, QuickQual and Milestone Text Updates.
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Dark Matter Technologies (Dark Matter®), announced the addition of the NOVA loan origination system (LOS) to its product lineup. Bringing the NOVA LOS under its banner alongside the Empower® LOS enables Dark Matter to offer two distinct LOS solutions and cater to a more diverse range of lender business models.
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ACES Quality Management® (ACES), a provider of enterprise quality management and control software for the financial services industry, announced the release of its quarterly ACES Mortgage QC Industry Trends Report covering the first quarter (Q1) of 2024. The latest report analyzes post-closing quality control data derived from ACES Quality Management & Control® software. Notable findings from the Q1 2024 report include the following:
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According to a new survey conducted by Snapdocs, a digital closing provider, 60% of homebuyers experience frustration during the mortgage process. The key factors borrowers identified as negatively impacting their experience occurred during the closing, including document errors, lengthy in-person appointments, and unexpected caretaking and travel costs. Borrowers who were given the option to close digitally, or even just preview the documents digitally, reported higher satisfaction with their mortgage process.
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MBA’s President and CEO Bob Broeksmit, CMB, released the following statement after Senate Armed Services Committee Chairman Jack Reed (D-RI) and Ranking Member Roger Wicker (R-MS) included Senate Amendment 2358, the text of the MBA-supported bill to end the abusive use of mortgage trigger leads (“Homebuyers Privacy Protection Act”), as part of their managers’ amendment to the Senate’s Fiscal Year 2025 National Defense Authorization Act (NDAA):
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