Tavant’s New Platform Helps Lenders Analyze Data, Predict Future Trends

By KIMBERLEY HAAS Leaders at a California-based digital lending solutions provider say they are using generative AI to redefine the financial services landscape. The launch of Data Beats by Tavant was announced at the Mortgage Bankers Association’s annual convention and expo in Philadelphia this October. The platform will initially be used for mortgage and home equity products but it will be extended to all consumer loans and banking products. Abhinav Asthana, fintech product business and growth leader at Tavant, said in a statement that the company’s mission is to stay at the forefront of innovation and to be the engineering partner of choice in the financial services industry. “Data Beats exemplifies our commitment to providing our customers with an advanced…

Link Between Housing And Health Highlighted By HUD

By KIMBERLEY HAAS The Biden-Harris Administration has released a set of actions to better social determinants of health and officials at the US Department of Housing and Urban Development say it shows the importance of housing as a key driver of health outcomes. The U.S. Playbook to Address Social Determinants of Health says social determinants of health are defined as “the conditions in the environments where people are born, live, learn, work, play, worship, and age that affect a wide range of health, functioning, and quality-of-life outcomes and risks.” These account for as much as 50% of county-level health outcomes, according to the playbook. The playbook says housing insecurity is associated with increased mental health challenges, adverse birth outcomes for…

SimpleNexus Rebrands To nCino’s Mortgage Suite

By KIMBERLEY HAAS SimpleNexus has officially rebranded as nCino’s Mortgage Suite and company leaders say customers can benefit from a more diverse and financially stable company. Following its acquisition for $1.2 billion in stocks and cash in January of 2022, SimpleNexus’ market share in the mortgage point of sale space grew. Their products now touch about 25% of all residential loan originations in the United States. Ben Miller, EVP of US Mortgage, said prior to the sale, SimpleNexus worked mostly with independent mortgage banks. Today, they work with more banks and credit unions. Miller, who was a co-founder of SimpleNexus, played a leading role in the acquisition. He told The Mortgage Note that when nCino approached them, they weren’t for…

Delinquencies Rise But Loss Mitigation Efforts Prevent Foreclosure

By KIMBERLEY HAAS Distressed homeowners who get behind on their mortgage bills are avoiding foreclosure. The Mortgage Bankers Association’s National Delinquency Survey was released last week and it showed that delinquencies increased in the third quarter to a rate of 3.62%, up 25 basis points from the second quarter and 17 basis points from a year ago. Marina Walsh, MBA’s vice president of industry analysis, said that despite the increase, later-stage delinquencies – those 90 days or more past due – declined to the lowest level since the first quarter of 2020. “The decline in later-stage delinquencies, along with a foreclosure starts rate of 0.14% – which is well below the historical quarterly average of 0.40% – suggest that distressed…

Learn How Rocket Is Using AI With CIO Brian Woodring

Rocket is embracing artificial intelligence and leaders there say it will be a game changer in the lending industry. Varun Krishna, CEO of Rocket Companies, emphasized their focus on AI in a statement accompanying the third quarter’s financial results. “In today’s climate, innovation is essential. With the incredible amount of data in our ecosystem, paired with the transformative power of AI, Rocket is uniquely positioned to disrupt the industry. We’re just getting started and can’t wait to show you what we are building to revolutionize homeownership,” Krishna said. Last month, continued advancements to the company’s Pathfinder tool were announced. Pathfinder is an AI and machine learning-powered search engine used by more than 40,000 housing professionals, according to a press release.…

Ishbia Prepares For Market Rebound

By KIMBERLEY HAAS The CEO of United Wholesale Mortgage says they are investing in technology and hiring new team members in preparation for a turn in rates. Leaders at UWM Holdings Corporation announced their third-quarter results on Wednesday. Total loan origination volume was $29.7 billion, of which $25.9 billion was purchase volume. Net income was reported at $301 million, which includes a $92.9 million increase in the fair value of mortgage servicing rights and diluted earnings at $0.15 per share. This was the second consecutive quarter of profits for UWM despite industry-wide challenges. Mat Ishbia, chairman and CEO of UWMC, said in a statement that the strength of the company and the broker channel is on full display. “While others…

Survey: Only 3 In 10 Veterans Know About Zero Down Payment Benefit

By KIMBERLEY HAAS Veterans are encouraged to learn more about their home loan benefits after a national survey found that a majority of former service members do not know they are eligible for a zero-down payment plan. According to information from Realtor.com, just three out of 10 veterans know they can use their VA benefits to buy a home with no money down. That statistic comes from a survey conducted last month. “VA home loans offer many benefits, especially at times like this when affordability is such a major factor in home purchase decisions. Yet only a small portion of eligible veterans are tapping into the financial benefits they deserve for their service,” Damian Eales, CEO at Realtor.com, said in…

Making Time To Give: Rocket’s Volunteers Go Above And Beyond

As the season of giving thanks begins, The Mortgage Note would like to recognize the people who contribute to their communities. In June, leaders at the Rock Family of Companies and Rocket Community Fund announced that team members had spent one million hours volunteering with community organizations and nonprofits, participating in more than 150,000 events with more than 4,800 organizations nationwide. The milestone was reached at an event with The Greening of Detroit at Lafayette Gardens in downtown Detroit. Rocket Companies is headquartered in the city. “Rocket Companies invests in Detroit through its business, philanthropy and workforce, along with the tens of thousands of team members who help mentor our youth, ensure our food banks are stocked, connect our residents…

Can Technology Solve The Problem Of Racial Bias In Appraisals?

By KIMBERLEY HAAS The question of whether technology alone can eliminate racial bias during the home appraisal process came up during a hearing held in Washington, DC, on Wednesday. The Federal Financial Institutions Examination Council’s Appraisal Subcommittee was holding its third public hearing when the topic was discussed. Member JeanMarie Mattingly, who serves as deputy director of credit union resources and expansion, was asking questions of the panelists offering testimony. She started by asking about the work Freddie Mac and Fannie Mae are doing to monitor and assess appraisal reports for indications of bias. Danny Wiley, senior director of single-family valuation at Freddie Mac, said they have an entire team focused on appraisal quality monitoring. “We see problematic words in…

One-On-One With New Snapdocs CEO Michael Sachdev

Michael Sachdev was recently promoted from president to chief executive officer at Snapdocs and he says his secret to success is being a lifelong learner. The California-based company powers millions of digital closings each year by combining an open platform, patented AI technology, a settlement network, and a team of industry professionals to enable lenders and title companies to automate the process, according to a press release. In his new role, Sachdev succeeds the company’s founder, Aaron King, who is taking on the role of executive chairman. As CEO, Sachdev will oversee all company operations and business strategy, with input and oversight from the company’s board. Sachdev recently sat down with editor Kimberley Haas to talk about the promotion and…