Homebuyer affordability improved in August, with the national median payment applied for by purchase applicants decreasing to $2,057 from $2,140 in July. This is according to the Mortgage Bankers Association’s (MBA) Purchase Applications Payment Index (PAPI), which measures how new monthly mortgage payments vary across time – relative to income – using data from MBA’s Weekly Applications Survey (WAS).
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iEmergent, a forecasting and advisory services firm for the financial services, mortgage and real estate industries, announced downward revision of its 2024–2026 U.S. Mortgage Origination Forecast. Updated to reflect ongoing economic conditions, iEmergent now expects lower-than-anticipated growth for the next two years, particularly in the purchase mortgage market, while refinance volumes are projected to rise due to a gradual decline in mortgage interest rates.
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Mortgage applications increased 11.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending September 20, 2024.
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Fay Servicing, a mortgage servicing firm, announced Josh Balson has joined the company as senior vice president of data science. In this newly created role, Balson will lead Fay’s data science initiatives, focusing on leveraging advanced analytics and artificial intelligence (AI) to enhance the overall borrower experience and drive internal operational efficiencies.
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The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance increased to 0.31% as of August 31, 2024. According to MBA’s estimate, 155,000 homeowners are in forbearance plans. Mortgage servicers have provided forbearance to approximately 8.2 million borrowers since March 2020.
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MetroList, Northern California’s largest multiple listing service, has partnered with StreetWire, a real estate data and products developer, to launch an innovative insurance product, Home Value Lock.
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DLS Servicing and WaterfallCalc published a free white paper detailing how one of the nation’s largest mortgage servicers leveraged automated technology to successfully adopt the FHA Payment Supplement Agreement (PSA) and the VA Veterans Assistance and Support Program (VASP). The white paper, “Automating VASP and FHA PSA Compliance,” also examines how early adoption of these programs can help lenders reduce default rates and improve borrower satisfaction rates.
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LenderLogix, a provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, recently announced the addition of M2 Lending to its roster of clients utilizing LiteSpeed, QuickQual and Milestone Text Updates.
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Dark Matter Technologies (Dark Matter®), announced the addition of the NOVA loan origination system (LOS) to its product lineup. Bringing the NOVA LOS under its banner alongside the Empower® LOS enables Dark Matter to offer two distinct LOS solutions and cater to a more diverse range of lender business models.
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ACES Quality Management® (ACES), a provider of enterprise quality management and control software for the financial services industry, announced the release of its quarterly ACES Mortgage QC Industry Trends Report covering the first quarter (Q1) of 2024. The latest report analyzes post-closing quality control data derived from ACES Quality Management & Control® software. Notable findings from the Q1 2024 report include the following:
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