News

Black Knight has partnered with Lender Price to offer a completely digital loan application process on its LoanSphere Empower LOS. The platform lets consumers apply for mortgage loans via their mobile device, and it can even verify income, provide property valuations, and deliver real-time interest rates on the spot.

A new analysis shows the USDA’s single-family loan programs offered a strong alternative to conventional loans during the housing crisis. At one point, 502 Guaranteed loans even exceeded 100 percent LTV. Guaranteed loans jumped by 483 percent from 2006 to 2010, while Direct ones rose 88 percent.

The FDIC and the Federal Reserve Board found that in December 2016, Wells Fargo had not yet remedied two of the three deficiencies the agencies had previously identified. Subsequently, the agencies imposed restrictions on the growth of Wells Fargo’s international and non-bank activities. The revised plan submitted by Wells Fargo in march adequately repaired the two deficiencies. Wells Fargo has remedied the deficiencies and will no longer be subject to the growth restrictions which were imposed.

With the federal funding running out on Friday and a potential government shutdown looming, expect to see an impact on the mortgage industry. Access to tax documents and other government paperwork may prove difficult in the event of a shutdown. Furloughs at the IRS and Social Security can cause roadblocks in the application process.

First American’s Real House Price Index (RHPI) for February 2017 showed home prices remaining strong. The low inventory has meant that home prices have remained high. Additionally, the RHPI noted that rising wages have offset the impact of rising home prices and mortgage rates on affordability. Wages have grown by 2.8 percent in February.

A new report by Redfin shows a sizeable number of people in expensive coastal cities want to move to more affordable cities. And while California is losing more people than any other state, Florida seems to be gaining in domestic expats. Meanwhile, buyers in Chicago don’t seem eager to leave the city.

Schiller, Knapp, Lefkowitz & Hertzel, LLP, (SKLH) a law firm specializing in the default servicing industry, announced the promotion of long-time associate Daniel Young to partner rank. Young will continue to provide foreclosure and litigation support from SKLH’s Waitsfield, Vermont office.

HouseCanary has partnered with RE/MAX to provide its agents with powerful pricing insights. As a part of the partnership, RE/MAX agents can now access HouseCanary Value Reports through the organization’s Approved Suppliers portal. The reports offers accurate home valuations and three-year pricing forecasts.

Earlier this month, Mortgage Cadence acquired BeesPath Inc.’s ClosingBridge platform, now branded as Collaboration Center. Currently the platform will be offered as a standalone product, but in the future will be fully incorporate into Mortgage Cadence’s platform.

The S&P Corelogic Case-Shiller HPI covers 20 metropolitan areas across the U.S., and is released on the last Tuesday of every month. The previous HPI, covering January 2017, showed home prices at a 31-month high. During January, home prices were up 5.9 percent year-over-year and 5.7 percent month-over-month.