Essent Guaranty of Philadelphia has been greenlighted by 35 states to write mortgage insurance policies and hopes to close its first policy early next year. "Early 2010 is when they'll start writing coverage," said a company spokeswoman. She noted that back in October Essent — which was formed by former Radian executive Mark Casale — had approvals from 24 states. On Tuesday Essent announced that it has closed on its purchase of technology assets and the operating platform of Triad Guaranty, an MI that is in self-liquidation mode.
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Rejections for mortgage credit outpaced almost every other borrowing category, according to the Federal Reserve Bank of New York.
1h ago -
Consumer Financial Protection Bureau Director Rohit Chopra said the FICO credit-scoring model has drawbacks in price, predictiveness and market competition, and stakeholders should develop a more open-sourced model that uses artificial intelligence.
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Smaller players face challenges when it comes to mortgage servicing rights, and larger ones have varying motivations, experts at an industry meeting say.
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The 30-year fixed rate mortgage average resumed its climb that started in September, as the benchmark 10-year Treasury price still reflects views on inflation.
5h ago -
Fannie Mae's latest economic forecast no longer expects mortgage rates to go below 6% next year, and that is affecting its views on loan origination volume.
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Amid steady customer growth, USAA's banking arm failed to make the investments necessary to satisfy either its regulators or some decades-long customers. Changes in the executive suite haven't fixed the problems.
10h ago