underwriting Archives

Mortgage underwriting algorithm at heart of Wells Fargo’s racial disparity lawsuit

June 13, 2024 mpsingh No Comments Real estate Algorithm, Black Homeownership, disparate impact, Disparity, Fargos, heart, HWmember, lawsuit, Mortgage, Racial, underwriting, Wells, Wells Fargo

In court filings, the plaintiffs argue that Enhanced Credit Score disproportionately sent Black and Latino applicants to higher-risk classes, subjecting them to more underwriting scrutiny than other applicants and resulting in higher denial rates. Enhanced Credit Score generates a score that measures each applicant’s likelihood of default. “Wells Fargo discriminated against the minority applicants by [...]read moreMortgage underwriting algorithm at heart of Wells Fargo’s racial disparity lawsuit

Buy now, pay later: How do mortgage pros deal with ‘phantom debt’?

May 30, 2024 mpsingh No Comments Real estate Buy, deal, debt, debt-to-income, Mortgage, mortgage origination, pay, Phantom, Pros, underwriting

Traditionally, Silex Financial Group ran the initial numbers for a potential borrower to qualify for a mortgage based on what’s on their credit report, according to Racamato. “But we saw recently with a client that none of her buy now, pay later payments were on her credit report,” Racamato said in an interview with HousingWire. [...]read moreBuy now, pay later: How do mortgage pros deal with ‘phantom debt’?

UWM’s Agnes Standowicz on leadership strategy and harnessing technology

May 14, 2024 mpsingh No Comments Real estate Agnes, harnessing, HW Women of Influence, leadership, Standowicz, strategy, Technology, underwriting, United Wholesale Mortgage, UWMs

The HousingWire award spotlight series highlights the individuals and organizations that have been recognized through our Editors’ Choice Awards. Nominations for HousingWire’s 2024 Women of Influence award are open now through May 31, 2024. Click here to nominate someone. HousingWire’s Women of Influence award has become one of the housing industry’s most prestigious honors, celebrating [...]read moreUWM’s Agnes Standowicz on leadership strategy and harnessing technology

Rocket launches patented AI-driven tech platform

April 10, 2024 mpsingh No Comments Real estate AIdriven, Artificial Intelligence, launches, Loan Processing, patented, platform, Rocket, Rocket Mortgage, tech, Technology, underwriting

Rocket Mortgage’s bet on artificial intelligence (AI) has resulted in a patented platform called Rocket Logic, which can automatically process nearly 90% of data points extracted from documents in a month and reduce by 25% the number of times a professional interacts with a mortgage loan year over year, the company claims. The launch is part [...]read moreRocket launches patented AI-driven tech platform

NAR, MBA ask for clarification on underwriting rules

March 28, 2024 mpsingh No Comments Real estate clarification, Commission Lawsuit, Featured Homepage, FHA, FHFA, MBA, Mortgage Bankers Association, NAR, National Association of Realtors, rules, underwriting

The National Association of Realtors (NAR) and the Mortgage Bankers Association (MBA) are asking federal housing officials to confirm their treatment of interested party contributions (IPCs) to home purchase transactions. In a letter addressed to Federal Housing Finance Agency (FHFA) director Sandra Thompson, Fannie Mae CEO Priscilla Almodovar, Freddie Mac CEO Michael DeVito, and Federal [...]read moreNAR, MBA ask for clarification on underwriting rules