Digital origination tech company Mortgage Machine Services launched an all-in-one loan origination system.
Mortgage Machine, named to mirror the company and developed by industry pro Jeff Bode, is designed to improve lenders’ operation times and support an end-to-end digital origination process, according to company leaders.
The system consolidates disjointed operations through workflow automation and compliance assurance. It features AI-powered task automation, a scalable cloud-based infrastructure, and flexible API capabilities, as well as pre-configured workflows tailored for retail and wholesale loan processes.
It also provides end-to-end support throughout the lending, underwriting, documentation, and closing of a residential mortgage loan.
“The LOS is the operational linchpin for every mortgage business, but most LOS platforms on the market today were not designed to…
Mortgage lenders were back in business last quarter.
Lenders issued $494 billion worth of residential mortgages in the second quarter of 2023, up by 23% from Q1 though still down 41% YOY, according to new data from ATTOM.
Residential loans drove the increases, up 21% and breaking a streak of eight consecutive quarterly declines. Purchase loans in particular jumped 29%.
Refinance and home equity activity also spiked, up 13.8% and 12.9% QoQ, respectively.
“Home buyers and owners alike lined back up again at the doors of mortgage lenders this Spring seeking loans of all kinds. It looks like owners took advantage of the small rate drop to refinance existing loans, while a jump in mortgages for purchasers was likely fueled…
Mortgage credit availability fell in July, sinking to its lowest level since 2013, according to the Mortgage Bankers Association’s Mortgage Credit Availability Index.
The MCAI dropped by 0.3% to 96.3. Declines indicate that lending standards are tightening, while increases show loosening credit. The index was benchmarked to 100 in March 2012.
The Conventional MCAI fell 0.5%, while the Government MCAI slipped by 0.1%. Within the Conventional MCAI, the Jumo MCAI fell by 0.8% but the conforming MCAI increased, up 0.2%.
Lenders are pulling their least utilized loan programs to alleviate liquidity stress, MBA Vice President and Deputy Chief Economist Joel Kan noted.
“Declining origination volumes have led to lower profitability for many lenders, resulting in narrower loan product offerings to…
Mortgage applications slipped again last week as rates neared 7%, with purchase apps falling to their lowest level since the beginning of June.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 3%, adding to last week’s 1.18% decline.
Adjusted purchase applications fell by 3%, while the unadjusted index dipped 3% from the week before and 26% lower YOY.
The average interest rate for 30-year fixed loans rose from 6.87% to 6.93%, pushing homeownership farther out of reach for many Americans.
“The decline in purchase activity was driven mainly by weaker conventional purchase application volume, as limited housing inventory and rates still close to 7% are…
Clever Real Estate announced a suite of integrated products for lenders to protect their purchase pipeline, increase conversations, and close more loans.
Clever Pro is an all-in-one solution for mortgage lenders composed of five products. Each one helps lenders to drive higher profits and maximize performance, according to company leaders.
Tony Cahal, SVP of Clever Pro, said their team has built something groundbreaking.
“Clever Pro solves so many longstanding problems for lenders that hinder profitability and growth. We’re giving them trusted partners in every market nationwide, plus technology to manage the entire buyer journey, all within a single unified ecosystem,” Cahal said in a statement.
Pro Convert is geared towards boosting conversion rates by matching borrowers with Realtors who then…
Mortgage applications increased again last week as rates cooled, though constrained inventory kept purchase activity down.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 1.1%, improving slightly after the week prior’s 0.9% bump.
Adjusted purchase applications fell by 1%, but the unadjusted index was up 24% from the week before and 21% lower YOY.
Application activity benefited from a slight reprieve in rates. The average interest rate for 30-year fixed loans finally retreated, falling from 7.07% to 6.87%.
Refinances saw a boost as rates cooled a bit, up 7% from the week prior. They remain 32% lower than the same time last year, comprising only…
Software company Hawthorn River is teaming up with fintech BeSmartee to integrate its financial spreading product, FlashSpread.
FlashSpread uses Optical Character Recognition, AI, and proprietary algorithms to transform raw data into a Debt Service Coverage Ratio with the press of a button. This allows lenders to make credit decisions quickly and with confidence.
“Hawthorn River is about creating meaningful efficiencies for community banks,” said Jon Rigsby, CEO of Hawthorn River. “Our partnership with BeSmartee and the integration of the FlashSpread product ensures these institutions can focus on their core mission – serving the banking community – by automating and simplifying the financial spreading process.”
Lenders can upload scanned tax returns, get instantaneous spreading of financial data with potential errors or…
Anyone.com, an international finance company, is looking for U.S. lenders to join it in offering a 50/50 homeownership model designed to combat the affordability crisis.
Anyone, an Amsterdam-based finance company that hasn’t officially launched yet, is teasing the program as part of its goal to promote “housing for reasonable pricing and, above all, homeownership” despite the affordability crisis.
The Anyone Mortgage lets potential buyers purchase a home with Anyone, giving Anyone up to 49% holding in the home’s equity and the buyer at least 51%. This is necessary to reduce the debt burden on the homeowner and gives both lender and buyer a shared interest. Rather than make money on interest, Anyone profits when the house’s price appreciates.
“The current…
More than half of all mortgage professionals are living paycheck to paycheck, contending with rising inflation and a cooling market.
Everee, a payroll tech company, surveyed 314 commission-based mortgage professionals. Of the respondents, 31% said they plan to leave the industry in the next year. An additional 15% aren’t sure if they’ll stay in the industry moving forward.
The main issues for these respondents were pay and flexibility. These pros said they might consider staying in their jobs if they were given more flexible working options and competitive pay.
Many states have changed regulations surrounding lenders and work-from-home in the wake of the pandemic. Safety and privacy concerns have been hashed out through trial and error, and LOs at large…
Real estate fintech DwellWell has launched a conversational AI designed for homebuyers, according to a press release.
Leaders at the company announced Dwelly, a one-stop resource “for every homebuyer question and need throughout the process.”
Dwelly is meant to replace the “antiquated” high-touch experience for both homebuyers and industry pros. A homebuyer’s questions can be fielded through Dwelly at any hour of the day, saving real estate agents and mortgage lenders time.
It also routes buyers to real people when the need arises, including matching a buyer to real estate agents in their area when they’re ready for the next steps. Millennials, the largest cohort of homebuyers, prefer communicating via chat to get quick answers over making a call. Dwelly…
