Oct, 04
2023
Business, Free News Articles, Reports and Studies

High Rates and Low Supply Drag Down Mortgage Volume in MCT October Indices Report

SAN DIEGO, Calif. -- Mortgage Capital Trading, Inc. (MCT®), a leading mortgage hedge advisory and secondary marketing software firm, reported today a significant dip of 13.29% in mortgage lock volume over the prior month.

Following the last month-over-month 4.76% drop, this downward trend in mortgage lock volume is attributed to an increase in mortgage rates throughout the last month to high sixes and low sevens as the primary culprit, and lack of supply and unattractive housing values being secondary reasons. "We are hopeful that we will get some better sentiment from the Fed in either its November or December meeting which would allow for some relief for rates," said Andrew Rhodes, Senior Director, Head of Trading at MCT, "But without that, high-interest rates will continue to be the prevailing force weighing on the market."

Eyes in the coming winter months will be on any shift in CPI and non-farm payroll, two indicators the Fed will look to as it makes its decisions for the rest of the winter and into Q1. "As long as those numbers continue to stay strong or in line with the consensus, I believe the rates are going to stay where they are. If we see a strong shift in either direction for CPI or non-farm payroll, that could mean we will either see an increase in rates or we will get more verbiage on pausing and it being close to terminal." states Mr. Rhodes.

Download the full MCT October Indices Report for further information, including year-over-year charts and data. MCT's Lock Volume Indices present a snapshot of rate lock volume activity in the residential mortgage industry broken out by lock type (purchase, rate/term refinance, and cash out refinance) across a broad diversity of lenders (e.g., sizes, products/services offered, business models) from MCT's national footprint.

About MCT:

For over two decades, MCT has been a leading source of innovation for the mortgage secondary market. Melding deep subject matter expertise with a passion for emerging technologies and clients, MCT is the de facto leader in innovative mortgage capital markets technology. From architecting modern best execution loan sales to launching the most successful and advanced marketplace for mortgage-related assets, lenders, investors, and network partners all benefit from MCT's stewardship. MCT's technology and know-how continues to revolutionize how mortgage assets are priced, locked, protected, valued, and exchanged - offering clients the tools to thrive under any market condition.

For more information, visit https://mct-trading.com/ or call (619) 543-5111.

RELATED LINKS:

https://mct-trading.com/press-release/mortgage-lock-volume-dips-rising-rates-mct-indices/

https://mct-trading.com/press-release/high-rates-low-supply-drag-down-mortgage-volume-in-mct-october-indices-report/

Related link: https://mct-trading.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Oct, 04
2023
Business, Free News Articles, Product Launches, Software

FormFree partners with original ‘Shark’ and iconic entrepreneur Kevin Harrington to launch Passport portable financial ID

ATHENS, Ga. -- FormFree® has partnered with serial entrepreneur Kevin Harrington of "Shark Tank" fame to promote Passport®, a free service that makes it easy for consumers to quantify their borrowing power and share their verified assets, employment, annual and residual income and rent payment history with their preferred lender in just minutes from any web-enabled device.

Passport's comprehensive and streamlined approach to verifying borrowers' ability to pay significantly lowers lenders' operational costs, reduces fraud risk and speeds loans along - all while putting borrowers in control of their data and opening up financial inclusivity to the historically underserved.

Harrington's team will support FormFree's October 20 launch of Passport with advisory and marketing services, including the engagement of financial advisors, real estate agents and social media influencers in sharing the service with consumers who are ready to use their credit to achieve financial goals such as consolidating debts or financing the purchase of an automobile or home.

Brent Chandler, founder and CEO of FormFree, pioneered digital asset verification with the 2009 launch of AccountChek®, a service that was used by more than 3,500 mortgage lenders to verify more than $4 trillion in borrower assets before its strategic divestiture to Stewart Information Services Corporation (NYSE: STC) subsidiary Informative Research in March 2023. With the consumer debut of Passport, Chandler aims to transform the lending industry once again with technology that leapfrogs current financing barriers.

"Kevin [Harrington] is a masterful communicator. Together we're reshaping credit access with Passport by giving consumers direct control over their data for the first time," said Chandler. "As we initiate this transformative shift in lending, our focus on low income and minority buyers is unwavering. They are at the heart of this change and stand to reap significant benefits."

"Having to gather and provide dozens of documents just to understand their own borrowing capacity deters countless consumers from applying for financing - and it's a hurdle they have to clear again and again if they want to apply with several lenders and compare offers," added Harrington. "Passport makes it practical for consumers to share their always up-to-date financial data with a marketplace of lenders all at once and consider multiple, competitive offers."

Chandler and Harrington will appear together at the Mortgage Bankers Association Annual Convention and Expo in Philadelphia next week to introduce Passport to mortgage industry participants and preview the FormFree Exchange (FFX), the online marketplace where lenders compete for the business of Passport users.

"This idea is something we've been working on for a while now," said Chandler. "There is already a lot of excitement about how FFX would speed and simplify customer acquisition and help buyers get the best financial products for their needs."

About FormFree®:

FormFree empowers consumers to understand their ability to pay and share it with lenders like never before. Using FormFree's Passport® app, consumers can verify all the core financial data required by loan underwriters - including identity, assets, income, employment credit history and cash-flow data - in seconds. Once consumers are ready to transact, they can anonymously share their verified data on the FormFree Exchange (FFX) and receive immediate offers from a marketplace of lenders who fully understand their ability to pay, residual income and eligibility for down payment assistance and inclusive lending programs.

For more information, visit https://www.formfree.com/ or follow FormFree on LinkedIn.

About Kevin Harrington:

Harrington is world renowned as the inventor of the infomercial, pioneer of the "As Seen on TV" brand and one of the original "sharks" on the hit ABC show "Shark Tank." He has launched more than 20 businesses that have each grown sales in excess of $100 million as part of a career that has introduced 1,000+ products generating over $6 billion in global sales. His business experience spans the globe, including opening distribution outlets in over 100 countries. https://kevinharrington.tv/

Related link: https://www.formfree.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Oct, 03
2023
Business, Free News Articles, Software

Dark Matter Technologies joins ACUMA as an affiliate member

JACKSONVILLE, Fla. -- Dark Matter Technologies (Dark Matter), an innovative new leader in mortgage technology backed by time-tested loan origination software and leadership, has joined the American Credit Union Mortgage Association (ACUMA) as an affiliate member. Through its membership, Dark Matter aims to help credit unions increase loan origination, improve loan quality and enhance member satisfaction.

Dark Matter, formerly Black Knight Origination Technologies, is on a mission to revolutionize the mortgage origination business by supporting, growing and aggressively innovating new and existing products including the popular AIVA(r) artificial intelligence solution and the comprehensive Empower(r) Loan Origination Platform. Dark Matter also provides a suite of tools - from product and pricing engines to document classification and indexing powered by machine learning - to seamlessly complement Empower, making lending operations faster, smarter and more efficient.

"ACUMA members should never be forced to make a tough decision between technology that comprehends and serves the distinct requirements of credit unions and technology that delivers a genuinely exceptional mortgage experience," said Dark Matter CEO Rich Gagliano. "With Dark Matter, credit unions of every size can compete on equal footing with other financial institutions in terms of mortgage efficiency and the overall member experience."

ACUMA is an organization dedicated to helping credit unions optimize their real estate financing services. ACUMA member organizations include federal- and state-chartered credit unions and credit union service organizations (CUSOs), mortgage insurance companies, secondary market investors and investment banking firms and mortgage technology firms.

"ACUMA serves as a vital resource in creating opportunities for credit union professionals and their primary suppliers to network, share knowledge, build relationships and grow market share," said ACUMA President Peter J. Benjamin, CMB. "We are delighted to introduce this extraordinary company to our members and extend a warm welcome to the team at Dark Matter."

About Dark Matter Technologies:

Operating with the nimble nature of a startup and the disciplined maturity of one of the industry's leading providers, Dark Matter Technologies delivers cutting-edge technology, unparalleled automation and relentless innovation to leading mortgage lenders and companies nationwide.

For more information, visit https://www.dmatter.com/.

About ACUMA:

The American Credit Union Mortgage Association is a not-for-profit trade association dedicated to credit unions and mortgage lending. ACUMA provides resources and education to credit unions aimed at streamlining performance, processes, and procedures for real estate lending services. ACUMA's goal is to encourage credit unions to help more consumers get fairly priced and safe mortgage loans delivered locally, and in so doing, provide them with a pathway to the American dream of homeownership. ACUMA brings together the shared real estate lending and financing interests of hundreds of credit unions and CUSOs. ACUMA member organizations include federal and state charted credit unions and CUSO, mortgage insurance companies, secondary market investors, investment banking firms and technology companies.

Visit ACUMA's website at https://www.acuma.org/ for more information.

Related link: https://www.dmatter.com

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Sep, 29
2023
Awards and Honors, Business, Free News Articles, Software

Mortgage Capital Trading Named Best Place To Work 2023 By SDBJ

SAN DIEGO, Calif. -- Mortgage Capital Trading, Inc. (MCT®), the de facto leader in innovative mortgage capital markets technology, announced that it has been named one of the Best Places to Work 2023 by the San Diego Business Journal (SDBJ) in the medium-sized company category (50 - 249 U.S. employees). This award is designed to identify, recognize, and honor the best places of employment in San Diego that benefit the county's economy, workforce, and local businesses.

MCT has been headquartered in downtown San Diego for nearly two decades, and during that time, the firm has evolved its "team member first" mindset - focusing on wellbeing and intentional work/life balance. Throughout the pandemic and segueing into the volatile mortgage market the entire industry is currently facing, MCT leadership has continued to prioritize team member needs.

"We are honored to be named the Best Place to Work in San Diego year after year," said Chad Campora, Head of Human Resources. "It's humbling to know that MCT team members feel respected, rewarded, and empowered to bring their best selves to work each day. The tenure among many of our key people is definitely a point of pride."

The SDBJ puts companies that applied for the award through an extensive evaluation process that includes a detailed analysis of company workplace policies and practices along with a comprehensive employee survey. The combined scores determine the top companies and the final rankings. The winning companies were honored at an awards ceremony hosted by the SDBJ in August.

More information on the SDBJ's Best Places to Work in San Diego program can be found at https://www.sdbj.com/.

About MCT:

For over two decades, MCT has been a leading source of innovation for the mortgage secondary market. Melding deep subject matter expertise with a passion for emerging technologies and clients, MCT is the de facto leader in innovative mortgage capital markets technology. From architecting modern best execution loan sales to launching the most successful and advanced marketplace for mortgage-related assets, lenders, investors, and network partners all benefit from MCT's stewardship. MCT's technology and know-how continues to revolutionize how mortgage assets are priced, locked, protected, valued, and exchanged - offering clients the tools to perform under any market condition.

For more information, visit https://mct-trading.com/ or call (619) 543-5111.

Related link: https://mct-trading.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Sep, 28
2023
Awards and Honors, Business, Free News Articles, Taxes and Accounting

INSIDE Public Accounting Ranks KROST Among Top 100 Firms in the US in 2023

PASADENA, Calif. -- INSIDE Public Accounting (IPA) has named KROST CPAs & Consultants Top 100 Firm in 2023. The firm ranked 73rd on the prestigious Top 100 list. KROST along with other recipients of these distinguished awards are highlighted in IPA's monthly newsletter. KROST has been named Top 100 firm for the third year in a row.

"We couldn't be prouder to be recognized by our industry once again. It's a true testament to the hard work and dedication of our incredible team who made this recognition possible. Receiving this award reinforces our commitment to providing quality services to our valued clients," said Jason Melillo, CEO

INSIDE Public Accounting (IPA) is a leader in practice management resources for the public accounting profession that include: the monthly practice management newsletter, the annual national practice management benchmarking reports and corresponding reports and training. IPA has assisted firms across North America grow and thrive since 1987. The one-of-a-kind IPA 500, recognizing the top U.S.-based accounting firms, is the most comprehensive list of North American public accounting firms available.

IPA annually ranks the largest public accounting firms in the U.S. based on participating firm's net revenues - from the multi-billion-dollar U.S.-based Big 4 to the $3.8 million firm. Ranking data is captured through IPA's annual practice management survey and analysis of firms. IPA is the survey leader in data collection for the profession, with more of the largest 600 firms participating than any other survey today and a 92% return rate of participating firms.

Learn more about our services - https://www.krostcpas.com/services

View INSIDE Public Accounting's 2023 Top 100 Rankings - https://insidepublicaccounting.com/top-firms/ipa-500/


For more information about KROST's awards and recognition, visit KROSTCPAs.com/awards

ABOUT KROST CPAS & CONSULTANTS:

KROST is a full-service Certified Public Accounting and Consulting firm headquartered in Pasadena, California. As trusted advisors and industry leaders, clients depend on KROST for timely information, innovative solutions, and results-driven teamwork in the areas of accounting, assurance, business management, consulting, tax, mergers and acquisitions, and wealth management. Our professionals have expertise in a variety of industries. We proudly serve the restaurant, hospitality, manufacturing, real estate, technology, sports & entertainment, financial services, not-for-profits, and grocery industries. We also provide thought leadership on tax laws and the rapidly changing market.

Learn more: https://www.krostcpas.com/

Related link: https://www.krostcpas.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Sep, 28
2023
Free News Articles

MMI expands Custom Dashboard Hub with Community Reinvestment Act and low-to-moderate income data analytics capabilities

SALT LAKE CITY, Utah -- Mobility Market Intelligence (MMI), a leader in data intelligence and market insight tools for the mortgage and real estate industries, today announced the addition of a suite of new dashboards to its growing Custom Dashboard Hub. Built to assist lenders in researching areas to expand their Community Reinvestment Act (CRA), low-to-moderate income (LMI) and majority-minority census tract (MMCT) lending initiatives, the six new dashboards allow lenders to penetrate areas of high growth and increase the span of actionable insights and applications for users.

Banks, credit unions and independent mortgage companies have an increased need for tools to analyze the market at a deeper level and find hidden pockets of opportunity for CRA, LMI and MMCT lending. The new suite of dashboards, including Census Tract, Community Reinvestment Planning and Minority Community Lending dashboards, can help lenders formulate business plans in high growth / high reward areas, identify recruiting candidates and referral partners entrenched in these areas and gain insight into baseline and comparative performance metrics.

Minority homeownership is on the rise and is expected to continue to grow, as predicted by The Urban Institute. Between 2020 and 2040, there will be 6.9 million net new homeowners, which includes 4.8 million more Hispanic homeowners, 2.7 million more Asian and other homeowners and 1.2 million more Black homeowners.

Additionally, a recent report from the National Association of Hispanic Real Estate Professionals (NAHREP) states Latinos are more mortgage-ready than ever, referencing that there were 7.9 million Latinos aged 45 or under who have the credit characteristics to qualify for a mortgage and 2.8 million who were near mortgage-ready in 2022.

"MMI's Custom Dashboard Hub allows users to access a deep well of the most current and accurate data available in a faster, more visual format," said MMI founder and CEO Ben Teerlink. "The new CRA, LMI and MMCT capabilities provide increased granularity and insights related to these lending initiatives. For lenders emphasizing CRA, LMI and MMCT lending, it's not enough to analyze their overall performance in local markets; they need to analyze the data through those lenses."

The new CRA, LMI and MMCT capabilities will allow users to:

* See detailed census tract data to better understand an area's demographic breakdown;

* Increase visibility into performing and non-performing markets;

* Analyze production by LMI and MMCT for lenders and loan originators (LOs); and

* Cultivate relationships with referral partners having success in diverse markets.

To learn more about MMI's Custom Dashboard Hub and its new CRA, LMI and MMCT features, contact sales@mmi.io.

About MMI

Mobility Market Intelligence (MMI) is a market leader in data intelligence and market insight tools for the mortgage and real estate industries. Headquartered in Salt Lake City, the company's signature product, MMI, provides actionable intelligence for lenders, real estate agents, real estate brokerages, title companies and others in the real estate industry. MMI is currently used by more than 450 enterprise customers, including 20 of the top 25 lenders in the country. To learn more, visit https://mmi.io or contact sales@mmi.io.

Related link: https://mmi.io

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Sep, 26
2023
Business, Free News Articles

Dovenmuehle appoints Robert Howerton as CIO to oversee the company’s IT infrastructure

LAKE ZURICH, Ill. -- Dovenmuehle Mortgage, Inc. (Dovenmuehle), a leading mortgage subservicing company, announced today that Robert Howerton has joined the organization as Chief Information Officer. In this role, his responsibilities include maintaining and expanding Dovenmuehle's current information technology (IT) infrastructure.

"Robert has an impressive history of information technology experience and a proven record of strategically implementing technology," said Dovenmuehle Senior Vice President of IT George Mynatt. "Today's tech-driven mortgage environment demands a leader of Robert's caliber who can balance thoughtful innovation with maintaining a sound, safe and compliant operating environment."

Howerton brings more than 20 years of IT experience, including an expansive track record of working with cloud solutions, development, infrastructure data centers and strategic implementation of automation strategies. Most recently, he was the Leader Platform Security Engineer at IBM, where he modernized the company's technology infrastructure and led the development and execution of an enterprise-wide IT strategy. These efforts resulted in a 30% increase in operational efficiency and a 30% reduction in infrastructure costs.

His career history also includes experience as the Head of IT Operations and Engineering at Santander Consumer USA, Vice President of Infrastructure at Mr. Cooper and Technology Architect and Global Operations Leader at The Kraft Heinz Company. He is currently working toward his master's degree in biomechanics at Texas A&M University.

"I have a passion for being at the forefront of technology advancements, which has led me to work with cloud solutions, development and infrastructure data centers and appreciate the art of automation," said Howerton. "Implementing these systems for organizational benefits across the board is extremely rewarding. I'm pleased to join the team and eager to contribute to Dovenmuehle's mission of delivering best-in-class mortgage servicing."

About Dovenmuehle:

Founded in 1844, Dovenmuehle (Lake Zurich, Ill.) is a mortgage subservicer for commercial banks, credit unions, independent mortgage lenders, MSR investors and state housing finance agencies nationwide. The company subservices portfolio loans, as well as loans sold to Fannie Mae, Freddie Mac, Ginnie Mae and the Federal Home Loan Bank with servicing retained. Using a combination of best-in-class and proprietary technology, Dovenmuehle helps lenders reduce servicing costs and deliver consistently high levels of service to homeowners while maintaining compliance with investor and regulatory requirements. Learn more at https://dovenmuehle.com.

Related link: https://dovenmuehle.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Sep, 26
2023
Business, Free News Articles

Mortgage Machine Services taps Digital Mortgage Expert Dan McGrew to Lead Company’s Go-to-Market Strategy

ADDISON, Texas -- Mortgage Machine™ Services, an industry leader in digital origination technology to residential mortgage lenders, announced Dan McGrew has joined the company as Director of Sales. In this role, McGrew will be responsible for bringing the company's digital mortgage innovations to market, including the company's flagship loan origination system (LOS) Mortgage Machine.

"Dan's extensive industry expertise is rooted in mortgage IT services and technology, with a particular emphasis on digital mortgage strategy and implementation. As Mortgage Machine Services continues to pioneer technology for the mortgage industry, we knew we needed a seasoned and innovative thinker like Dan to help us deliver these innovations to the masses," said Mortgage Machine Services President and CEO Jeff Bode. "The recent launch of our namesake LOS is only the beginning, and we look forward to Dan's assistance in helping lenders harness the power of our current and future digital lending technology releases."

McGrew brings nearly three decades of experience to his role at Mortgage Machine. Throughout his extensive career, McGrew has worked closely with providers of LOS, document generation, eVault and eClosing platforms to ensure clients have the necessary tech stack to transition to digital successfully, including guiding clients on MERS eRegistry setup, meeting with all lender's counterparties, and equipping clients with the knowledge and foresight of transitioning from a traditional paper-based process to digital. Previously, McGrew was the Chief Operating Officer and Senior Vice President of Sales at Pavaso, a full-service eClosing platform. He also spent six years as the President of IT Services, a U.S.-based boutique SAP consulting firm.

"My entire career has specialized in 'eReadiness' and guiding mortgage lenders through the journey of paper to digital," said McGrew. "With its proven history in powering digital mortgage originations at scale, Mortgage Machine is the LOS lenders need to compete effectively in today's digital marketplace."

About Mortgage Machine™ Services, Inc.:

Mortgage Machine™ is an industry leader in transforming residential mortgages using a range of digital solutions. Drawing on its extensive industry knowledge and advanced technology infrastructure, the company has been innovating in financial markets since 2007. Today, its flagship LOS product utilizes intelligent automation, configurable business workflows and a cloud-based infrastructure to optimize the entire loan lifecycle. By consolidating retail, wholesale, correspondent and home equity lending onto a single platform, Mortgage Machine™ enables lenders of all sizes to reduce cycle times, costs, and risks while improving data quality and borrower satisfaction. Visit http://www.mmachine.net/ to learn more.

Related link: http://www.mmachine.net/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Sep, 22
2023
Books and Publishing, Business, Free News Articles, Insurance, Product Launches

Insurance Industry Pioneer Releases Hybrid Guidebook on Building a Profitable Insurance Agency

LOS ANGELES, Calif. -- Inspirational entrepreneur Tim Gaspar has re-launched his debut book "The Biggest Leap: Building a Profitable Insurance Agency from the Ground Up" (ASIN: B0C3JGZZQR).

In "The Biggest Leap," Gaspar takes readers on a captivating journey, chronicling his remarkable rise from being on the brink of bankruptcy at the age of 20 to achieving immense success in the insurance business by understanding the industry and emphasizing people management. Gaspar draws on a lifetime of entrepreneurial experience, and the lessons and insights they taught him, in order to craft a book that contains key ingredients for building a successful insurance agency.

Throughout the book, Gaspar shares his own hard-won methodologies that propelled him from his personal rock bottom to a successful exit worth tens of millions of dollars by the time he reached 40. In the book, Gaspar avoids the typical get-rich-quick schemes and instead offers genuine principles for building a thriving insurance agency. Primarily, Gaspar stresses the importance of having all major corporate decisions benefit the business, team and customer at once, with the intention of creating sustainable long-term value:

"As I started an agency and opened different offices, I valued having full control over my time, allowing me to spend precious moments with my family," Gaspar says. "I wrote this book to help people build the insurance agency of their dreams. It's not about quick money; it's about building a business that generates millions of dollars in commission revenue and profitability."

Grounding these principles are lessons from Gaspar's life, illustrating that his journey was inspired by both his stepfather, a successful life and health insurance agent, and his late father, whose influence motivated Gaspar to make an impact as a positive, hardworking individual.

While "The Biggest Leap" is certainly a guide to building a successful business, it is also a testament to what Gaspar calls one of the best industries in the world. As he explains, the insurance industry has no inventory concerns and plenty of recurring revenue-all of which offers aspiring entrepreneurs everywhere a unique opportunity to create lasting value.

"The Biggest Leap: Building a Profitable Insurance Agency from the Ground Up" is now available on major platforms, including Amazon and Barnes & Noble. For more information on entrepreneurship, Gaspar offers additional free resources on https://thebiggestleap.com/.

Related link: https://thebiggestleap.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

Sep, 21
2023
Business, Free News Articles, Reports and Studies

ACES Q1 2023 Mortgage QC Trends Report Finds Critical Defect Rate Declines for Second Consecutive Quarter

DENVER, Colo. -- ACES Quality Management® (ACES), the leading provider of enterprise quality management and control software for the financial services industry, announced the release of its quarterly ACES Mortgage QC Industry Trends Report covering the first quarter (Q1) of 2023. The latest report analyzes post-closing quality control data derived from ACES Quality Management & Control® software.

Notable findings from the Q1 2023 report include the following:

* The overall critical defect rate declined by 3.26%, ending at 1.78% and marking the second straight quarter of decline.

* In the major underwriting categories, Assets and Income/Employment improved, while Credit and Liabilities deteriorated.

* Despite its improvement this quarter, Income/Employment remained the leading defect category, followed by Assets and Legal/Regulatory/Compliance.

* The sub-category analysis showed increases in eligibility-related defects for both the Assets and Credit categories, whereas this seems to have been the primary driver of improvements in the Income/Employment category. However, analysis- and documentation-related errors both increased this quarter, with documentation remaining the largest sub-category of defects for both the Income/Employment and Asset categories.

* Appraisal defects increased, albeit nominally, for the second straight quarter.

* Purchase and refinance shares held steady in Q1, achieving defect parity for the second consecutive quarter.

* FHA defect share declined after two consecutive quarters of increase. While USDA defects continued to improve, VA defects increased significantly in Q1, and conventional defects also grew slightly.

"While the drop in origination volume has challenged the industry, it has also enabled underwriting and QC teams to be more diligent with each loan file, resulting in higher loan quality. The continued decline in the overall critical defect rate on the heels of last year's historic high indicates lenders have not let the desire for volume override the need to reduce errors and mitigate risk," said ACES Executive Vice President Nick Volpe. "With the recent changes to Fannie Mae's pre-funding QC reviews and post-closing QC cycle times, time will tell in the following quarters how diligent lenders have been in maintaining loan quality and investor requirements."

Findings for the Q1 2023 ACES Mortgage QC Industry Trends Report are based on post-closing quality control data derived from the ACES Quality Management and Control® benchmarking system and incorporate data from prior quarters and/or calendar years, where applicable. All reviews and defect data evaluated for the report were based on loan audits selected by lenders for full file reviews.

"The tough decision lenders were faced with at the beginning of the year appear to be paying off. Lenders reported a pre-tax, per-loan net loss of $1,972 in Q1. This result is an improvement over Q4 2022's record $2,812 per-loan loss and reverses the trend of production losses that began in Q4 2020," said ACES CEO Trevor Gauthier. "We expect this data to continue to improve in the coming quarters. Making strategic investments in tech and optimizing operations - especially in QC - can have a significant impact on protecting existing revenue amidst challenging market conditions."

The Mortgage QC Industry Trends Reports are available for download, free of charge, at https://www.acesquality.com/resources/reports.

About ACES Quality Management:

ACES Quality Management is the leading provider of enterprise quality management and control software for the financial services industry. The nation's most prominent lenders, servicers and financial institutions rely on ACES Quality Management & Control® Software to improve audit throughput and quality while controlling costs, including:

* 60% of the top 50 independent mortgage lenders;

* 8 of the top 10 loan servicers;

* 11 of the top 30 banks; and

* 3 of the top 5 credit unions in the United States.

Unlike other quality control platforms, only ACES delivers Flexible Audit Technology®, which gives independent mortgage lenders and financial institutions the ability to easily manage and customize ACES to meet their business needs without having to rely on IT or other outside resources. Using a customer-centric approach, ACES clients get responsive support and access to our experts to maximize their investment. For more information, visit www.acesquality.com or call 1-800-858-1598.

Related link: https://www.acesquality.com/

This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

1 2 3 … 236