Clear Capital launches new remote inspection tool

By | March 26, 2020

“Over the past couple of weeks, we have witnessed firsthand the difficulty of navigating physical appraisal inspections,” Chen said. “Whether it’s a shelter in place area, or even just an area where you’re getting the borrower, their occupants and the appraiser comfortable with physical inspection, it is a difficult thing.” “We see it causing impacts and delays to the lending… Read More »

Conversational AI New Requirement for Financial Services

By | March 25, 2020

Consumers want answers, not a fancy answering machine. AI can deliver. DALLAS-March 25, 2020–Consumers want fast answers they can get themselves from a company’s website and will choose another option if they don’t get it immediately, according to Medrick Yhap, a 25-year veteran of the mortgage industry and founder of ailutions.com. Yhap has launched a new Conversational AI… Read More »

Mortgage applications drop by biggest amount in 11 years

By | March 25, 2020

The number of people applying for a mortgage — either to refinance or buy a home — plunged by the largest amount in more than 11 years, according to the Mortgage Bankers Association. The MBA’s index that measures application volume dropped 29.4% last week from the previous one. That was the biggest decrease — percentage-wise — since January… Read More »

Mortgage Bonds Rattle Wall Street Anew With Invesco Joining Pain

By | March 24, 2020

The $16 trillion U.S. mortgage market — epicenter of the last global financial crisis — is suddenly experiencing its worst turmoil in more than a decade, setting off alarms across the financial industry and prompting the Federal Reserve to intervene. Unlike last time, risky mortgages aren’t the cause. Instead, the coronavirus pandemic is threatening to make good loans… Read More »

John G. Stevens Joins SRE Mortgage Alliance as CMO

By | March 23, 2020

An innovative approach to serving the industry pulls Stevens back into wholesale lending. EL SEGUNDO, CA–March 23, 2020–SRE Mortgage Alliance, Inc., a technology focused wholesale lender specializing in residential home loans, announced today that John G. Stevens has joined the company as its first Chief Marketing Officer. The company launched in January, but its offerings are the result… Read More »

We’re Looking at a System-Wide Margin Call

By | March 23, 2020

The Federal Reserve ushered out a second wave of quantitative easing Monday. But the worst scramble for cash is happening in an opaque corner of the market, where Chairman Jerome Powell has little control. What we’re witnessing is a system-wide margin call. With the coronavirus outbreak intensifying, asset managers are getting squeezed by a record outflow from bond… Read More »

Fannie Mae And Freddie Mac Adopt “Alternative” Home Appraisals Due To Coronavirus

By | March 23, 2020

“The Federal Reserve cutting rates doesn’t do anybody any good in the housing sector if appraisers are forced to go inside properties and endanger themselves and the occupants,” Miller says. Before restrictions shuttered most activities in the state of New York, which has now surpassed Washington in the number of COVID-19 deaths, some homeowners worried about appraisals, Miller says. “We were getting… Read More »

How coronavirus is already threatening the housing market

By | March 21, 2020

As the coronavirus pandemic threatens financial markets and sends the U.S. economy into a potential recession, those of us who lead mortgage firms must take swift action to prepare for the worst. The last time the financial markets suffered such a precipitous drop was during the 2008 Great Financial Crisis. More than 50% of U.S. mortgage originations and… Read More »

What will a 0% interest rate mean for mortgages?

By | March 18, 2020

No, mortgage interest rates will probably not go to zero percent. The federal funds rate is the rate banks pay to borrow money overnight. “Even the government can’t borrow at zero percent,” said Greg McBride, chief financial analyst at Bankrate. “The most creditworthy consumer carries a higher risk than the US Treasury, so you are going to pay… Read More »