Morning Roundup (11/2/2023) — Man VS Machine

Good Morning! Today is Thursday, November 2. Bolivia cut diplomatic ties with Israel over the air strikes in Gaza, while Chile and Colombia recalled their ambassadors. The House voted down a resolution to expel George Santos over fraud charges. Teachers in Portland, Oregon went on strike, closing schools.

The Mortgage Note Reports

Man Versus Machine: The question of whether technology alone can eliminate racial bias during the home appraisal process came up during a hearing held in Washington, DC. Editor Kimberley Haas reports the answer is not yet.

Flood Insurance: Guaranteed Rate announced a new private flood insurance API connection, allowing agents to provide flood quotes in all zones from multiple providers.

VOE/I Updatae: CoreLogic and Experian Verification Solutions have teamed up to enhance borrower employment and income verification for CoreLogic’s AutomatIQ.

Welcome News: The Federal Reserve Board on Wednesday held its target range for the federal funds rate at 5.25% to 5.5% and that is already helping to drive down mortgage rates. Writer Patrick Lavery has the story.

In other mortgage and housing news…

Surprise Decline: The equity-rich portion of homes fell at the fastest pace in four years despite upward home price trends, though overall equity remained strong.

Listings Down: The number of homes actively for sale shrank YOY for the fourth month in a row despite an unseasonal increase in inventory over September.

“Test Of Survival”: Mortgage lenders are facing a cold, hard winter, experts say, thanks to higher-for-longer rates and a dearth of origination opportunities.

Evergreen, CLARIFIRE: Evergreen Home Loans has selected business process automation software CLARIFIRE as its servicing workflow application.

Company News: Trustar Bank sold its mortgage subsidiary to Archer Mortgage Holding Co; Gray Fox Mortgage opened in Charlottesville, VA; Lower bought Universal Lending.