Ocrolus taps OpenAI to sift more mortgage apps — without humans

The document automator’s analysis of borrower-supplied mortgage documentation provides “full-stack capabilities,” helping lenders capture data fields, detect fraud and analyze cash flows. Continue reading

EasyKnock acquires Ribbon in bid to launch national marketplace

The sale-leaseback platform plans to launch a marketplace later this year designed to serve homesellers and buyers, both individuals and investors, EasyKnock revealed to Inman exclusively. Continue reading

Ongoing doubts about soundness of regional banks rattle investors

Shares in regional banks PacWest Bancorp and Western Alliance Bancorp tumble, and TD Bank Group and First Horizon announce they’re calling off their merger. Continue reading

Fed signals it may be done raising rates, but Powell won’t talk pivot

Bank failures and potential debt ceiling showdown are wildcards for Fed policymakers weighing their next move as the threat of recession looms. Continue reading

Fannie and Freddie boost profits even as mortgage business tanks

The $68 billion in single-family mortgages Fannie Mae acquired during the first quarter made it the slowest period in more than 20 years. Continue reading

New video explores potential for AI bias in mortgage lending

Experts participating in BAD INPUT argue technology could expand access to credit, but also perpetuate discriminatory lending unless it is closely overseen. Continue reading

Stricter rules eyed for controversial PACE energy improvement loans

PACE loans can burden homeowners with higher property tax bills that heighten the risk they’ll get behind on their mortgages, federal regulators say. Continue reading

Mr. Cooper says it will use AI to service $1 trillion in mortgage loans

The loan servicer spends “several hundred million dollars a year” on call center operations and expects $50 million in annual savings at the outset of a ‘multiyear’ artificial intelligence project. Continue reading

Impac Mortgage kicked off of NYSE American exchange, shares plunge

The non-QM lender has kept the doors open by slashing costs and repositioning its retail consumer direct channel, CashCall Mortgage, to be a mortgage broker. Continue reading