Mortgage Applications Decreased 6.0 Percent From One Week Earlier
The Market Composite Index, a measure of mortgage loan application volume, decreased 6.0 percent on a seasonally adjusted basis from one week earlier.
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In The News
Citywide Home Loans Names New President
Veteran mortgage lending executive John Cady has been named the new President of Citywide Home Loans, a rapidly growing national lender.
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The Mortgage Collaborative Adds LoanPASS PPE To Its Preferred Partner Network
LoanPASS is now a preferred partner with The Mortgage Collaborative (TMC), the nation’s largest independent cooperative network serving the mortgage industry. TMC is dedicated to providing its members with market-leading technology and expert resources to better manage the rapidly evolving customer demands and pace of technology innovation in today’s mortgage banking market.
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Xactus’ Appraisal FirewallX Is Capable Of Fulfilling Fannie Mae Property Data Collection Orders
Xactus, a verification provider for the mortgage industry, reported that Appraisal FirewallX has met the requirements and is capable of fulfilling Fannie Mae property data collection orders. It is connecting mortgage lenders with vetted and trained property data collectors to deliver the value acceptance + property data and hybrid appraisal solutions. The company also supports Freddie Mac’s ACE + PDR initiative.
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Acra Lending Partners With Tavant, Deploys Touchless Lending Collateral Analysis
Tavant, a Silicon Valley-based provider of digital lending technologies, and Acra Lending, a private mortgage lender, have integrated Acra Lending’s digital mortgage experience with Touchless Lending Collateral Analysis. This partnership marks a significant milestone in Tavant’s expansion into Non-QM Lending and an advancement in Acra’s mission to transform their business into one that is technology-first.
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Mortgage Application Payments Increased Slightly In August
Homebuyer affordability declined in August with the national median payment applied for by purchase applicants increasing to $2,170 from 2,162 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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REcolorado And SkySlope Join Forces To Streamline Real Estate Transaction Management
In partnership with proptech SkySlope, Colorado’s largest real estate multiple listing service, REcolorado, will co-develop an innovative product called Offer Insights. Scheduled to be released first to REcolorado subscribers in early 2024, Offer Insights harnesses the power of machine learning and market data to alert agents of opportunities and potential errors as they are completing real estate forms. This feature streamlines processes and boosts compliance by delivering market-aware suggestions to agents, using real-time data to signal when any information entered on a form falls above or below accepted industry standards.
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CoreLogic Reports That US Mortgage Performance Remains Exceptionally Strong In July
CoreLogic, a global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for July 2023. Here’s what the report concluded:
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CFPB Mortgage Report Finds Jumps In Closing Costs And Denials For Insufficient Income, Growing Proportion Of Cash-Out Refinances
The Consumer Financial Protection Bureau (CFPB) released its annual report on residential mortgage lending activity and trends. In 2022, mortgage applications and originations declined markedly from the prior year, while rates, fees, discount points, and other costs increased.
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LoanLogics’ IDEA OnDemand And LoanBeam Tax Solutions Now Integrated With Finastra Mortgagebot
Finastra, a provider of financial software applications and marketplaces, and LoanLogics, a provider of loan quality technology for mortgage manufacturing and loan acquisition, reported that LoanLogics’ IDEA OnDemand and LoanBeam Tax solutions have been integrated with Finastra Mortgagebot, an all-in-one mortgage loan origination software for retail, wholesale and correspondent mortgage lending.
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