Figure Technologies recently spun out their technology, Provenance Blockchain, as they aim to cut down 70 percent of closing costs;...
Online mortgage lending has helped to revive the market for mortgage loan securitizations; new online mortgage lenders are providing a new wave of mortgage loan securitizations for the market specifically with fix and flips; these loans are attractive to investors because of the high yields and offer investors shorter duration investments because of the fix and flip focus; despite defaults and structuring inefficiencies created from the 2008 financial crisis, institutional investors are placing confidence in these investments; LendingHome has been leading the market with steady issuance of fix and flip loan securitizations and the products have been performing successfully for investors indicating the niche investments could begin to scale more broadly. Source
Ally Bank has expanded its banking products to include mortgages and will offer the loans through an online service called Ally Home; the online service offering seeks to meet heightened expectations and shifting market priorities for digital, tech-driven customer experiences; with Ally Home, borrowers will have the option to manage their communication through email and their documentation online through any device; the bank also says it has partnered with mortgage servicing specialist, LenderLive, to provide fast and efficient service. Source
In the latest episode of the Lend Academy Podcast I interview James Herbert, the President and co-founder of LendingHome. We talk about how they have been able to scale so quickly, their goals for the business and where he sees the industry going.
The Financial Conduct Authority (FCA) has launched a study analyzing the UK's mortgage industry; study will focus on the industry's tools for consumers and the partnerships among mortgage lenders; the FCA will specifically seek to identify ways to better utilize technological solutions within the industry; the FCA will be obtaining information from a range of market participants and plans to release the results of the study in an interim report in 2017 followed by a comment period and final report in 2018. Source
Massachusetts lender Radius Financial Group has begun experimenting with an all paperless mortgage in recent months as they look to become more efficient in this technological age; the process includes DocMagic, the MERS loan registry, Fannie Mae and Santander Bank; so far they've been able to complete six applications; the savings seen are significant, $200 a loan and on average nine to 13 days by using an e-warehouse line as compared to the traditional warehouse line. Source
The Financial Times digs into a regulatory filing released yesterday that shows how voting control will be organized after Quicken...
UK base challenger bank OakNorth launched a new mortgage product aimed at individuals who do not have typical sources of...
The largest mortgage lender in the U.S. has confidentially filed for an IPO according to CNBC; the report indicates the...
LendingHome has reported over $1 billion in mortgage loan originations since it launched two and a half years ago; company is the leading marketplace lending mortgage loan originator in real estate; factors influencing the rapid growth include expansion to jumbo loans and a new investor platform for individuals; active in securitization, it has partnered with Nomura Securities International and developed the industry's first master trust securitization vehicle providing it with ongoing access to the securitization market. Source