Industry Briefs June 27, 2023

Mortgage Capital Trading: Mortgage Lock Volume Drops

Mortgage lock volume had a stronger downturn in May compared to the lighter downturn in April, reported Mortgage Capital Trading, Inc., San Diego.

MCT reported purchase lock activity was down 15.20% in May compared to April. Rate/term refinance volume was down 21.88% and cash-out refinance volume was down 21.77%. Lock activity in total was down 15.87% in total compared to April.

“In general, May had a stronger downward trend compared to April, but we should see lock activity begin to climb as the Fed decides if they’ve reached their terminal fed funds rate,” MCT said, noting total lock activity is down more than 29% from last year. Purchase lock activity sits 23.23% lower than at the same point last year. Rate and term refinance volume is down 41.85% from one year ago, and cash-out refinance volume is down 71.83% over that same period.

MCT bases its rate lock activity indices on actual dollar volume of locked loans, not the number of applications. “Especially in a tight purchase market, MCT believes its methodology (using actual loans locked vs. applications) is a more reliable metric,” the firm said. “There is a higher likelihood of having multiple applications per funded loan, and prequals do not convert at as high of a rate in the current market as has historically been the case – especially when applications are counted at the early stage of entering a property address.”

Truv Acquires Credegraph, Joins Financial Data Exchange

Truv, New York, announced it acquired credit-decisioning platform Credegraph, which cleanses raw banking transactions to derive over 2,200 customer-level attributes to deliver an alternative credit report for lenders.

Truv said the acquisition will strengthen its consumer-permissioned data platform by providing significant value to Truv’s income verification via bank aggregation product. The enhancements created from the acquisition will be available to lenders through Truv’s Bank Aggregation products.

Additionally, Truv announced it has joined the Financial Data Exchange to help further the organization’s mission of creating controlled, accessible, transparent and secure user permissioned data sources.

FDX is a nonprofit operating in the U.S. and Canada that is dedicated to unifying the financial services ecosystem around a common, interoperable and royalty-free technical standard for user-permissioned financial data sharing.

“Truv decided to join FDX because we believe open finance should accelerate to all data sources, not just data from banks and credit unions,” the company said in a release. “We are passionate about our mission and will be working with other industry leaders to standardize data sharing for payroll, insurance, tax and other data sources that are often siloed.”

Select Portfolio Servicing Chooses CoreLogic for Residential Tax Business

Select Portfolio Servicing, Salt Lake City, designated CoreLogic, Irvine, Calif., for its tax, flood and portfolio monitoring business.

CoreLogic said its servicing and payment solutions will help streamline critical workflows to support SPS’ commitment. Its cloud-based DigitalTax Platform is designed to deliver transparency into key data, enabling lenders to make dynamic payment decisions and optimize their portfolio and cash management.

SPS is a mortgage servicer specializing in the servicing of single-family residential mortgages.

SimpleNexus Announces New Integration With Black Knight’s Empower

SimpleNexus, an nCino company, Lehi, Utah, announced an integration with the Black Knight, Jacksonville, Fla., loan origination system, called Empower.

The bidirectional integration is available to financial institutions nationwide and dynamically shares loan application data, milestone updates and documents in real time.

It allows two-way sync of loan file data and milestone status updates. Other features include the ability of borrowers to securely photograph and upload documents from an Android or iOS mobile phone, while saving loan originators and back-office staff valuable time by eliminating the need for manual file import into other systems of record.

ATTOM Launches New Neighborhood Navigator

ATTOM, Irvine, Calif., launched Neighborhood Navigator, which will provide companies with comprehensive information on communities for their clients.

Neighborhood Navigator enables companies to implement neighborhood data into their websites using an iFrame or a stand-alone company branded instance with a logo. The service will provide information about things such as demographics, crime, schools, nearby establishments, recent home sales and home value estimates.