How lenders can prepare for growing fraud threats

As origination volumes hit record highs in 2020, Truework’s verification experts saw a spike in fraud, and expect that trend to continue this year. HousingWire recently spoke with Jeffrey Morelli, General Manager of Truework Verifier, about what lenders can do to prepare for and overcome the growing threat of fraud and data inaccuracy. HousingWire: As…

Mortgage rates climb higher to 2.97%

The average mortgage rate for a 30-year fixed loan is now just 3 basis points away from 3%, after a 16 basis point jump last week pushed mortgage rates to 2.97%, according to Freddie Mac’s Primary Mortgage Market Survey. The average mortgage rate hasn’t risen this high since the end of July 2020, but Sam Khater, Freddie Mac’s…

Finicity launches verification service approved by GSEs

Finicity, an open-banking solutions provider that was acquired by Mastercard in October, announced that it is dipping further into the mortgage space. Finicity’s latest product, dubbed its “mortgage verification service,” will allow prospective borrowers to provide certain permissions that allow mortgage lenders to verify assets, income and employment on one platform. The company’s verification system…

FHFA extends forbearance period to 18 months

Borrowers with mortgages backed by Fannie Mae and Freddie Mac may be eligible for an additional forbearance extension of up to six months, the Federal Housing Finance Agency announced Thursday. On Feb. 9, the FHFA extended forbearance plans an additional three months past beyond their initial 12 month expiration. With the latest edict, the agency is now allowing borrowers up to…

Rocket Mortgage made $9.5B in profits in 2020

Rocket Companies, the parent company of Rocket Mortgage, cleared another $2.48 billion in profits during the fourth quarter, giving the nation’s biggest mortgage lender a total of $9.5 billion in profits for 2020. Rocket originated $107.2 billion in mortgages, with net rate lock volume of $96 billion in the fourth quarter, the company disclosed in…

How lenders can reduce borrower income analysis time

As record-low mortgage rates spurred high origination volumes in 2020, lenders across the housing industry looked for ways to fulfill borrowers’ needs in the most efficient, streamlined manner possible.  For many lenders, the past year put a magnifying glass on processes that could not withstand the unparalleled volume. And while it was tempting to say…

Why we need more collaboration between agents and LOs

HousingWire recently spoke with Propertybase CEO Vance Loiselle about real estate tech and how the past year has accelerated the need for digital collaboration tools across the entire customer journey. HousingWire: What role has the increase in technology played for both businesses and consumers in the real estate space? Vance Loiselle: In the 20th century, the…