The online lender approved Black applicants at lower rates than non-Hispanic whites, according to a law firm that monitors its artificial intelligence models. Upstart said it’s an industry leader in fair lending but acknowledged room for improvement, calling disparities “an industry-wide challenge.”
Mortgage rate shock and increased choice continued to drive more than 15% of homebuyers to back out of deals in the latest month’s numbers.
A new proposal calls for systemically important transaction clearing firms to update their practices on handling risks related to cyberattacks and climate change.
The four depositories with the highest volumes wrote more than sixty million dollars in loans combined in Q2.
The month ended with 54,000 less properties for which the borrower was at least 30 days or more late on their payments, Black Knight said.
The Federal Housing Finance Agency’s quarterly report said that the government sponsored enterprises prevented a total of 96,952 foreclosures
From lead generation to automated appraisals, the role of digital tools in the home lending process is greater than ever, but amid increased cyberattacks, most mortgage firms have much further to go with its adoption.