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.…
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…
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…
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…
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…
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…
By KIMBERLEY HAAS
Leaders at Fannie Mae and Freddie Mac say they are using artificial intelligence to improve operational efficiencies.
Fannie Mae CEO Priscilla Almodovar and Freddie Mac President Mike Hutchins talked about the benefits of using AI during an on-stage conversation last week at the Mortgage Bankers Association’s annual convention and expo in Philadelphia.
Moderator Mark Jones, president of Union Home Mortgage and 2024 MBA Chairman, asked how the government-sponsored enterprises are thinking about using AI and what opportunities could arise as a result.
Hutchins said they have embraced the use of AI for quite a while.
“It’s an important part of our operations and we’re probably at the forefront of embedding AI into our models and into our…
By KIMBERLEY HAAS
A new policy that allows lenders to count income from accessory dwelling units when underwriting a mortgage will help provide affordable homes for those who need them most, according to a top housing official.
Julia Gordon, who serves as the assistant secretary for housing and federal housing commissioner at the U.S. Department of Housing and Urban Development, spoke about the changes last week during her remarks at the Mortgage Bankers Association’s annual convention and expo in Philadelphia.
“We’re going to allow both existing rental income for ADUs, and prospective rental income, to be included in the underwriting process to allow more borrowers to purchase properties with ADUs, to rehab existing houses to add ADUs, and to construct…
By KIMBERLEY HAAS
The director of the Consumer Financial Protection Bureau says it’s time to take big bank bailouts off the table.
Rohit Chopra shared his candid opinions on the subject during the Mortgage Bankers Association’s annual convention and expo last week during an on-stage conversation with MBA President and CEO Bob Broeksmit.
Chopra said although the financial system is dependent on the banking system operating day-to-day without interruption, he doesn’t think the public should be on the hook for bailing banks out when they get into trouble.
“Banks, especially big banks, get a lot of benefits from the public. Big subsidies, direct and indirect, and I don’t think the public should be on the hook for bailing them out…
By KIMBERLEY HAAS
A multistate settlement has been reached after a testing error led to the unauthorized withdrawal of $2.3 billion from the accounts of nearly 480,000 mortgage holders serviced by Mr. Cooper.
ACI Payments, a processor for a variety of third-party clients, erroneously initiated the electronic withdrawals in April of 2021, causing consumers stress nationwide. So state banking officials from 44 states and 50 state attorney generals joined together to take action against ACI Worldwide, levying a total of $20 million in fines.
In addition to paying the states, the settlement announced on Tuesday requires ACI to use artificially created data instead of real customer data when testing systems or software. Testing, development, and quality insurance work will now…
