Morning Roundup (10/28/2024) – Motion To Dismiss UWM Suit

Good Morning! Today is Monday, October 28. Donald Trump’s rally at Madison Square Garden featured crude and racist remarks. Kamala Harris now leads him by less than one percentage point nationally. Singer Sabrina Carpenter appeared onstage with Taylor Swift in New Orleans.

The Mortgage Note Reports

Motion To Dismiss: Lawyers for UWM have again moved to dismiss a class action lawsuit alleging that consumers were duped into overpaying for their loans by brokers who sent most of their business to the lender. Editor Kimberley Haas has the story.

“Mortgage Simulator”: FICO has unveiled a new credit analysis tool for mortgage professionals as it comes under scrutiny over potential price increases.

Piggyback Product: With home equity products soaring in popularity, Figure Technology launched its Piggyback HELOC platform nationwide.

In other mortgage and housing news…

This Is The End: The most challenging period for the mortgage industry appears to be in the rearview mirror, as the MBA forecasts $2.3 trillion in origination volume for 2025.

Data Revolution: Fintech FormFree operates within an open banking framework, a rarity in the mortgage industry that could nonetheless transform lending.

Tough Times: Buyers need an 86% income boost to keep up with home prices since January 2020, as wages have risen much more slowly than appreciation.

Three From OB: Optimal Blue announced three major product releases: the expansion of its AI assistant suite, the introduction of Scenario Optimizer, and the free availability of Investor Pricing Insight to investor clients.

Tech Updates: TRUE delivers the industry’s first POS to LOS pathway, TRUE MOS; Ocrolus introduced Inspect for automated mortgage data validation.

System Reboot: If Trump wins the election, Republicans hope he will finally privatize Fannie and Freddie– but economists warn it’s likely to make homebuying more expensive.