According to the credit union, eligible members can receive grant funds of two percent (up to $7,500) toward the downpayment or closing costs on their first home. Since the program began in 2018, BECU has granted over $2.4 million to help purchase 438 homes by its members, of which 80 percent were Millennials. Eligible participants must use a BECU conventional fixed or adjustable-rate loan, up to $510,400, in order to qualify for funding.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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