Author: PROGRESS In Lending

Mortgage applications increased 3.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 17, 2023. 

MISMO, the real estate finance industry’s standards organization, is seeking public comment on an enhancement to the Industry Loan Application Dataset (iLAD), an industry standard for the exchange of loan application information. The iLAD version 2.3.0 extends the capabilities and increases the effectiveness of the dataset, which serves as the industry’s standard method for exchanging data associated with originating and underwriting mortgage loans. The 30-day public comment period for this dataset runs through April 20, 2023.

LenderLogix, a provider of mortgage automation software and application programming interfaces (APIs), announced The Mortgage Firm, a Florida-based independent retail mortgage lender with branches located throughout the U.S., has selected its streamlined point-of-sale (POS) platform LiteSpeed to power its application process and deliver a superior borrower experience at the initial point of contact.

The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance decreased by 4 basis points from 0.64% of servicers’ portfolio volume in the prior month to 0.60% as of February 28, 2023. According to MBA’s estimate, 300,000 homeowners are in forbearance plans.

The Mortgage Bankers Association (MBA) launched CONVERGENCE Philadelphia, its third city-based pilot program to promote and increase minority homeownership. CONVERGENCE Philadelphia joins initiatives underway in Memphis, Tennessee, and Columbus, Ohio.

R3 AMC, a full-service Appraisal Management Company (AMC) focused on helping lenders efficiently navigate the appraisal process, has launched R3 Concierge Services, a suite of valuation marketing tools designed to strengthen existing loan officer and real estate agent relationships while creating opportunities for new referral sources. 

LoanCare, LLC, a U.S. mortgage subservicer, has launched Velocity Servicing, an independently managed division dedicated to delivering one-stop resolution for credit sensitive mortgage loans by carefully managing the borrower relationship and providing  transparency into servicing performance.

AppraisalWorks, a property valuation and valuation management technology provider, announced the platform provides turnkey support for Fannie Mae’s Value Acceptance + Property Data framework.

Inclusive-Finance-as-a-Service platform GreenLyne has enhanced its ability to help lenders identify home financing opportunities for underserved consumers with its adoption of FormFree’s Residual Income Knowledge Index (RIKI).