Author: PROGRESS In Lending

The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance decreased by 5 basis points from 0.60% of servicers’ portfolio volume in the prior month to 0.55% as of March 31, 2023. According to MBA’s estimate, 275,000 homeowners are in forbearance plans. Mortgage servicers have provided forbearance to approximately 7.8 million borrowers since March 2020.

Valligent an appraisal management company, recently acquired by Veros Real Estate Solutions (Veros), a provider of enterprise risk management and collateral valuation services, launched the Valligent Appraiser Training Program (VATP) to increase appraiser diversity and offer necessary resources to promote inclusion in the lending industry. 

Delinquency rates for mortgages backed by commercial and multifamily properties increased slightly through the first quarter of 2023, according to the Mortgage Bankers Association’s (MBA) latest commercial real estate finance (CREF) Loan Performance Survey.

AREAL.ai, the no-code automation platform for the title and mortgage ecosystem that makes it easy to reliably extract data from complex documents and integrate data with existing tools and workflows, has released the Closing Disclosure Balancer Automation Tool, an AI-powered solution that allows lenders and their title agency partners to easily compare and balance Closing Disclosures to remain in full compliance with the CFPB’s TRID rules.

Total commercial real estate mortgage borrowing and lending equaled $816 billion in 2022, which is an 8 percent decrease from the record $891 billion in 2021 and a 33 percent increase from $614 billion in 2020.This is according to the Mortgage Bankers Association’s (MBA) 2022 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation.

Mortgage Capital Trading, Inc. (MCT), a mortgage hedge advisory and secondary marketing software firm, has automated the process of digital TBA trade assignment during the loan sale process for both mortgage lenders and participating correspondent investors. This automation makes assignment of trade loan sales (AOTs) faster, more convenient, and easier for investors to offer, and is expected to further expand on the $19.5 million in cumulative savings experienced by MCT’s lender clients as a result of AOTs in 2022.

MISMO, the real estate finance industry’s standards organization, issued a call for participants to join a new development workgroup (DWG) focused on creating standards for Electronic Home Equity Lines of Credit (eHELOC).

Guaranteed Rate, a mortgage lender driven to be the nation’s top FinTech, adds fuel to its reverse mortgage program, a type of loan product for homeowners nearing retirement age that allows them to tap into the equity they’ve built up in their homes. Others use a reverse purchase money mortgage to right-size and buy their dream home in retirement. This new initiative gives more systems of support to loan officers as well as a new training program to certify loan officers in this type of product.

Planet Home Lending, a national mortgage lender and servicer, has added a new home loan option, 1st Year Flex, for people who want to begin the homeownership journey with a lower monthly payment for one year.  

LodeStar Software Solutions, a national provider of closing fee-related compliance tools for mortgage lenders has integrated its closing fee calculator and MortgageCTO’s FeeWise disclosure platform.