Author: PROGRESS In Lending

Fay Servicing, a full-service mortgage company servicing loans for more than 150,000 U.S. homeowners, recently celebrated the 10th anniversary of its partnership with SpringFour, a social impact fintech platform which provides thousands of financial assistance resources to borrowers struggling to find their financial footing while maintaining homeownership.

The Board of Directors of ORNL Federal Credit Union (ORNL FCU) announced that Jenny Vipperman has been named president and chief executive officer, effective October 1, 2023. Vipperman will replace Colin Anderson, who will retire after serving over 10 years at ORNL FCU, including eight years as president.

AREAL.ai, a no-code automation platform for the title and mortgage ecosystem , has published a new White Paper, entitled, “A Final Solution to the Mortgage Automation Problem.” The conclusion is that AI offers the promise of finally making real mortgage automation possible for lenders, allowing them to reach their goals.

Mortgage applications decreased 0.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 11, 2023. 

The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for July 2023 shows mortgage applications for new home purchases increased 35.5 percent compared from a year ago. Compared to June 2023, applications increased by 0.2 percent. This change does not include any adjustment for typical seasonal patterns.

Real estate industry veteran Lucie Fortier has been named executive vice president of Black Knight’s MLS Solutions group under Black Knight’s Data & Analytics division.  In her new role, Fortier will develop strategy and oversee development, sales and client support for this team, which is focused on delivering premier solutions and support to the real estate market.

Black Knight, Inc. released its latest Originations Market Monitor report, looking at mortgage origination data through July 2023 month-end. Leveraging daily rate lock data from Black Knight’s Optimal Blue PPE, the Originations Market Monitor provides a comprehensive view of origination activity. Here’s what the report found:

In the second quarter of 2023, Planet Financial Group, LLC, parent of national mortgage lender and servicer Planet Home Lending, LLC and  Planet Management Group, LLC, reported double-digit growth in origination, servicing and asset management.

The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 3.37 percent of all loans outstanding at the end of the second quarter of 2023, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.

Verus Mortgage Capital (VMC), a correspondent investor specializing in residential non-QM and investor rental programs, is now offering a Closed End Second Lien Mortgage Program so lenders can capitalize on the growing home equity market.