Figure invites lenders to use its DART system, a competitor of MERS
National Mortgage News
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Figure Technology Solutions, an umbrella company for Figure Lending LLC, is opening the door for retail and wholesale lenders to begin using its DART system, a lien and eNote registry service. This pushes the company into direct competition with an already existing mortgage electronic registration system known as MERS owned by ICE Mortgage Technology. DART, or Digital Asset Registration Technologies, can be used to originate, pledge and sell HELOC loans, Figure said. The company promised other lending products will soon be available to partners. FTS claims the platform, which runs on blockchain technology, is a "streamlined and markedly efficient alternative to manual assignments and conventional loan tracking databases."
The 2024 countdown of the National Mortgage News Top Producers list continues by featuring the loan officers ranked 51 to 100. Even with a drop in overall annual volume in 2023 to the lowest level in recent memory, the originators in our Top Producers rankings found ways to keep their personal activity robust. The listing of loan officers ranked 201 to 300 can be found here and those ranked 101 to 200 here. Read on for the latest rankings.
A measure of success with loss-mitigation efforts appears in the drop of recently completed foreclosures, but at the same time, the length of processing times is shortening, despite assistance provided to avoid such an outcome. The number of lender-completed foreclosures totaled 10,052 in the first quarter this year, representing an approximately 20% decrease from 12 months earlier, according to a new report by data analytics provider Attom. However, on a quarterly basis, repossessed real-estate owned properties rose by 7%.
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The brouhaha over real estate commissions and who pays them has generated much discussion in housing finance, but a significant number of recent consumers don't know some of the basics regarding those fees, a Redfin survey found. Approximately 28% of respondents to a February survey that bought a home in the past year and used an agent said they had no idea how much money that person was paid. Another 35% said they had some idea while 37% claimed they knew the exact amount of their agent's compensation.
The 30-year fixed rate mortgage was at 6.88% for April 11, up from 6.82% one week earlier and from 6.27% at this point last year, the Freddie Mac Primary Mortgage Market Survey found. At the same time, the 15-year FRM gained 10 basis points, to 6.16% from 6.06% on April 4 and 5.54% a year ago. The benchmark 10-year Treasury yield, one component in mortgage pricing, hit a high of 4.59% on Thursday morning, after closing Tuesday at 4.37%.
Better Home & Finance appears on track to cure its fading stock price, potentially averting a $500 million bill. Nasdaq staff granted the lender an additional 180-day period to come into compliance with a $1.00 per share requirement for listing. The company's stock has hovered under $1.00 per share since its Wall Street debut last August. Shareholders are on track to approve a reverse stock split at Better's June investor conference. A post-reverse stock split price over $1.00 per share would relieve Better of the requirement to redeem $528.6 million in convertible notes under a delisting scenario, a sum due to corporate sponsor SoftBank.
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