PrivoCorp

[privo-corp]

Mortgage Process Automation involves making use of modern technologies such as AI to help long-winded mortgage processing functions.

The current mortgage landscape is a highly competitive one. Speed, accuracy, cost efficiency, and superlative customer experience are vital to ensuring an edge in the crowded marketplace. In this scenario, if you can use the latest technologies to replace manual workflows, it can certainly empower modern-day lenders to enhance their performance and stand out among their prospective customers. 

[privo-corp]

There are many advantages of Leveraging Technology in Mortgage Lending - Here’s how mortgage lenders can leverage digital lending.

The total mortgage debt outstanding in the U.S. as published by Statista Research Department amounted to approximately 16.96 trillion U.S. dollars in the first quarter of 2021. The number when clubbed with the findings that, “The rise of information technology (IT) in the financial sector has dramatically changed how information is gathered, processed, and analyzed,” point towards the influence that technology has in the growth of the mortgage industry.

[privo-corp]

The mortgage underwriting process is changing. Here's a closer look at the most common issues that affect the Mortgage Underwriting Process.

The fall season is a great time for people to move locations and look to buy homes. The demand for home purchases has been high over the past several weeks. Mortgage lenders have had to deal with a large number of applications from borrowers. A mortgage lender needs to assess the borrower’s information carefully before sanctioning the loan. This is where mortgage underwriting comes in.

[privo-corp]

In a recent article published on HousingWire, FHFA Acting Director Sandra Thompson announced expansions to the eligibility requirements for

In a recent article published on HousingWire, FHFA Acting Director Sandra Thompson announced expansions to the eligibility requirements for refinancing programs geared towards low-income borrowers.

[privo-corp]

The Future of Non-QM Lending and what lenders need to do to be prepared for the surge. Also, learn how PrivoCorp can help.

The post- covid 19 era has seen a spike in interest for homes. People are changing locations and need to buy a home, while others explore the possibilities of investing in real estate through mortgage. The increasing need has significantly increased the number of borrowers who seek mortgage.

[privo-corp]

Learn what happens during a Mortgage Post-Close Audit and what needs to be done to reduce audit risk. We offer an easy way out.

After closing the mortgage, the mortgage lender must undergo a crucial process, which the industry calls a mortgage post-close audit. A mortgage post-close audit is a process where the auditors evaluate the entire mortgage process and documents to ensure that all compliances are met.

[privo-corp]

Lenders benefit from mortgage process outsourcing. PrivoCorp makes use of advanced technologies to automate mortgage operations.

The mortgage procedure involves everything from mortgage origination through closure. Unfortunately, due to the changes in the industry policies and the increased demands of borrowers, the mortgage process proves to be tedious for lenders. Also, if they have to process a huge volume of applications at one go, they may not have the appropriate resources to scale and satisfy their needs.

[privo-corp]

Mortgage origination poses several challenges for the lender, and this blog helps lenders improve the mortgage origination process.

From loan boarding to final closure, mortgage origination entails several steps that result in the borrower receiving a house loan. Unfortunately, the process poses a number of challenges for both the lender and the borrower due to the industry’s strict laws and structure.

[privo-corp]

The post talks about the Importance of Pre-underwriting for Lenders and how Pre-underwriting helps them boost their bottom line.

Underwriting is a crucial stage in the mortgage process. It helps lenders decide whether or not to approve the loan. In addition, the underwriter ensures that the lender doesn’t close mortgages the borrower can’t afford. Therefore, lenders face minimal risk.

[privo-corp]

Here are the top 5 Non-QM Posts of 2021 that talk about Non-QM loan processing, documentation, scrutiny, and underwriting, etc.

A non-qualified mortgage loan, commonly known as a Non-QM loan, is a type of mortgage loan where alternative methods are used for income verification. It could be through bank statements or done by using assets as income. The Non-QM loan is the option available for investors, foreign nationals, and the self-employed, as well as for borrowers with credit faults, such as foreclosures or prior bankruptcies. In short, for those who may not qualify for a conventional loan.

[privo-corp]

After reaching 3.12 percent the week before, the average 30-year-fixed rate mortgage dropped to 3.05 percent during the week ending Dec. 23.

According to a recent article on HousingWire, the average 30-year-fixed rate mortgage decreased to 3.05 percent during the week ending Dec. 23, down from 3.12 percent the week before, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the average 30-year fixed-rate mortgage was 2.66 percent

[privo-corp]

The post talks about what lenders should do to make sure that they are able to serve the underserved communities in 2022.

At a time when diversity and inclusion is receiving increasing attention in businesses across the world, the housing sector is still further behind than the country as a whole. While sustainable homeownership has been one of the main drivers of wealth accumulation, there still remains a socioeconomic inequity when it comes to the mortgage sector.

[privo-corp]

In this blog, we discuss how a decrease in refinancing demand may contribute to the Non-QM market growing substantially in 2022.

It is a double-edged situation as borrowers continue to move into the market since most of them fail to qualify for the traditional mortgage. Hence the non-qualified mortgage becomes an alternative.

[privo-corp]

In this blog, we discuss what loan officers and brokers should do for an effective and smooth loan closing.

The US housing market created a history of sorts throughout 2021. Housing supply fell to a record low with buyers scooping up homes faster than ever before. Now, experts say the housing demand will likely stay strong even in 2022. As per the Mortgage Bankers Association (MBA) forecast, mortgage originations are expected to grow 9% to a new record of $1.73 trillion in 2022.

[privo-corp]

As we draw to a close in 2021, it is time to plan ahead for 2022. Mortgage Banker’s Association is projecting significant growth in purchase

As we draw to a close in 2021, it is time to plan ahead for 2022. Mortgage Banker’s Association is projecting significant growth in purchase volumes, while refinance is expected to see a significant decline through 2022. If lenders want to benefit from these purchase volumes, they should be able to convert these volumes to funded loans. Low closure ratios will only affect them adversely, as this will keep adding to their fixed costs. Click here to read full blog...

[privo-corp]

The housing market experienced an all-time high in 2021 due to a mix of low-interest rates and limited availability in desired areas leading

The housing market experienced an all-time high in 2021 due to a mix of low-interest rates and limited availability in desired areas leading to an overall increase of 16.9%, according to data from Freddie Mac. Click here to read full blog...

[privo-corp]

This blog highlights the Impact of Technology on Mortgage Lending Industry and how PrivoCorp can help.

The mortgage industry has been recently experiencing a significant digital transformation. Experts have pointed out that the technological shift has been accelerated by two chief factors – the need to deal with the challenges brought about by the pandemic and the rise in tech-savvy home buyers. Click here to read full blog...