On Dec. 9, Sterling Bancorp reported in a regulatory filing that its subsidiary, Sterling Bank and Trust FSB, suspended the Advantage Loan program following an audit of the documentation on past loans. The company did not say how long the program would be halted or specify if there were significant problems in the documentation, but stated that its decision was needed so “it could put in place additional systems and controls to ensure the bank’s policies and procedures are followed on loans originated under the program.”Seller/servicers using artificial intelligence in origination or servicing must have formal policies, oversight, and vendor controls in place
Fannie Mae’s artificial intelligence and machine-learning governance requirements take effect Thursday, Aug. 6, giving approved seller/servicers a final deadline to formalize how the technology is used across mortgage origination and servicing.The requirements apply when a s...
Pending sales fell to their lowest level since early April, but lower asking prices and reduced competition give originators more options to structure deals for qualified borrowers
Higher mortgage rates are thinning the purchase pipeline, even as lower asking prices and reduced competition give borrowers still in the market more leverage.Seasonally adjusted U.S. pending home sales totaled 322,739 during the four weeks ending July 26, their lowest level...
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