PROGRESS In Lending – Page 2 – PROGRESS in Lending

The Mortgage Bankers Association (MBA) and National Consumer Law Center (NCLC), along with the California Mortgage Bankers Association, Housing Policy Council, Jacksonville Area Legal Aid, Mortgage Bankers Association of Missouri, Mortgage Bankers Association of Florida, and Public Counsel of California issued the following joint statement in response to the Consumer Financial Protection Bureau’s (CFPB) final rule on consumer protections for residential Property Assessed Clean Energy (PACE) loans1. PACE programs offer financing to cover the costs of home improvements, most often energy efficiency improvements or solar installation, with the cost added to the homeowner’s tax bill.

Execs On The Move In The News

Constructive Capital Hires Megan Castleton As Chief Credit Officer

Dec 18, 2024 PROGRESS In Lending

Constructive Capital, a wholesale capital provider for mortgage brokers and real estate investors, has hired Megan Castleton as chief credit officer. In this role, Castleton will develop and implement credit policies to ensure sound lending practices and drive technological innovation.

Expansion In The News

A&D Mortgage Unveils New Non-QM Securitization

Dec 16, 2024 PROGRESS In Lending

A&D Mortgage, a Non-QM lender; Atlas Merchant Capital; and Imperial Fund Asset Management, have successfully priced its latest securitization, A&D Mortgage Trust 2024-NQM6 (ADMT 2024-NQM6). This $303.9 million transaction, backed by 872 newly originated non-prime residential mortgages, reflects the success of this joint venture in addressing the evolving needs of borrowers and investors.

Applications In The News

Mortgage Applications Increased 5.4 Percent From One Week Earlier

Dec 16, 2024 PROGRESS In Lending

Mortgage applications increased 5.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 6, 2024. Last week’s results included an adjustment for the Thanksgiving Holiday.

Government Affairs In The News

MBA Proposes Ginnie Mae Early-Buyout Securitization To Improve Issuer Liquidity

Dec 15, 2024 PROGRESS In Lending

The Mortgage Bankers Association (MBA) proposed the development of a new Ginnie Mae securitization designed to attract more private capital sources of liquidity to support Ginnie Mae issuers in the event of market stress or a severe economic downturn.

Execs On The Move In The News

MBA Opens Doors Foundation Welcomes Success Mortgage Partners’ Owen Lee And Philanthropist Mary Clarke Stevens To Board Of Directors

Dec 15, 2024 PROGRESS In Lending

The Mortgage Bankers Association’s (MBA) Opens Doors Foundation (Opens Doors) welcomed Owen Lee, 2025 MBA Vice Chair and CEO of Success Mortgage Partners (SMP), and philanthropist Mary Clarke Stevens to its Board of Directors. Opens Doors provides mortgage and rental assistance to families with critically ill or injured children, allowing parents and guardians to be by a child’s side during treatment, without fear of jeopardizing their home.

Decisioning In The News

MCT And FICO Collaborate To Bring Predictive FICO® Score 10 T To Secondary Mortgage Marketplace

Dec 13, 2024 PROGRESS In Lending

Mortgage Capital Trading, Inc. (MCT) and FICO have announced a strategic collaboration to integrate FICO® Score 10 T for mortgage asset buyers and sellers on MCT Marketplace. The firms anticipate that mortgage lenders and investors transacting on the largest mortgage asset exchange for the U.S. secondary market, MCT Marketplace, will benefit by leveraging FICO Score 10 T, the company’s newest, most innovative and most predictive scoring model.

Compliance In The News

CHLA Asks CFPB To Use FCRA To Rein In Abusive Trigger Leads

Dec 13, 2024 PROGRESS In Lending

The Community Home Lenders of America (CHLA) today sent a letter to the Consumer Financial Protection Bureau asking the CFPB to use the Fair Credit Reporting Act (FCRA) to effectively adopt the trigger lead provisions that were just dropped from the National Defense Authorization Act (NDAA) conference report.

Home Equity Lending In The News

New ICE Integration Lets Homeowners Proactively Initiate Home Equity Loan Request, Perform Self-Guided Property Valuation

Dec 12, 2024 PROGRESS In Lending

Intercontinental Exchange, Inc., a launched a new integration between Servicing Digital, the company’s web- and mobile-native consumer engagement app, and its Validate property valuation tool. The integration gives servicers’ customers a current estimate of how much tappable equity they have in their homes, and the ability to proactively complete a self-guided valuation of their property.

In The News LOS Trends

Blue Sage Solutions Digital Lending Platform Becomes First LOS To Fully Integrate Fannie Mae’s Income Calculator

Dec 12, 2024 PROGRESS In Lending

Blue Sage is the first loan origination system (LOS) to fully integrate Fannie Mae’s Income Calculator. This API-enabled integration, directly initiated from the LOS, streamlines income calculation for borrowers with income from self-employment or business ownership, enabling faster, more accurate mortgage approvals for lenders.