Author: PROGRESS In Lending

May MCTlive! Lock Volume Indices shows that overall lock volume had a stronger downturn in May, compared to the lighter downturn in April. Purchase lock activity was down 15.20% compared to April. Rate/term refinance volume was down 21.88%, and cash-out refinance volume was down 21.77%. Lock activity in total was down 15.87% in total compared to April.

LenderLogix, a provider of mortgage automation software and application programming interfaces (APIs), introduced the Homebuyer Intelligence Report, a quarterly summary of insights into borrower behavior during the home buying process based on data collected by the LenderLogix suite of tools. The inaugural report covers data collected during the pre-approval and borrower application process during the first quarter (Q1) of 2023. Here’s what LenderLogix found:

Mortgage applications decreased 1.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 2, 2023. This week’s results include an adjustment for the Memorial Day holiday.

More than one-third (36%) of property managers who are aware of the practice report rent payments to credit reporting agencies. The finding comes from new research from the Tenant and Employment business at TransUnion (NYSE: TRU) and represents a 37% increase from the number of property managers who said they reported such payments in 2022.

ClearValue Consulting, a provider of enterprise-class vendor management technology, is verified and in live production to support Freddie Mac’s ACE+ PDR (automated collateral evaluation plus property data report) solution. The announcement means that ClearValue can now provide appraisal management companies (AMCs) and lenders with a scalable, end-to-end solution supporting implementation of Freddie Mac’s ACE+ PDR solution.

Truliant Federal Credit Union (Truliant) is using the FirstClose Equity solution’s settlement services ordering platform to enhance and support its traditional, branch-level home equity origination program which is seeing strong year-over-year growth.

MISMO, the real estate finance industry’s standards organization, announced at its 2023 Spring Summit that it is seeking public comment on a MISMO dataset mapping for the U.S. Department of Veterans Affairs (VA) Verification of Benefits (Form 26-8937). The new dataset is designed to standardize the exchange of VA Verification of Benefits form data and has a 30-day public comment period that runs through July 6, 2023.

Nationwide Property & Appraisal Services LLC, a player in the real estate appraisal industry, has launched its innovative product line, Pinnacle Desktop Appraisals. This service modernizes the appraisal process, offering a cost-effective solution that enhances efficiency, accuracy, and independence. 

Mortgage applications decreased 4.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 19, 2023.