Mortgage technology

Ashley D. Bell and Bernice A. King, respectively the CEO and advisory council chair of Ready Life, are teaming up to help folks with poor credit buy a home by using rent payment history for mortgage underwriting.

The move builds on the government-sponsored enterprise’s previous program that facilitated the collection of more rent payment records from tenants who work with its multifamily borrowers.

Home valuation professionals have had mixed feelings about automation out of concern that some forms could result in less accurate assessments.

The expanded credit access in its automated mortgage decisioning goes into effect in mid September.

The company is looking to sell 20 million shares, with a 3 million underwriters' option, at between $16 and $18 per share.

Nonbanks claimed more of the top slots based on loan volume, while the origination gains experienced by Hispanic, Black and Native American borrowers were weaker than those of other groups.

Credit unions were already transforming their home loan operations before COVID-19, but many of the adjustments made as a result of the outbreak are likely to become permanent.

The company aims to help borrowers apply for home loans in as little as 15 minutes by automating immediate validation of bank information used in qualification.

The coronavirus pandemic has turned every industry on its head. For lending, it exposed the need for modernized, fully digital platforms.