Due to a lack of time and transparency with the process, fewer than five percent of LOs compare more than three providers for the most affordable mortgage insurance options available. As a result, homebuyers often pay more for PMI than necessary. The PMI Rate Pro software allows LOs to access results from all six national PMI providers in seconds, helping them save clients an average of $25 per month and $3,000 per loan.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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