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Tech firm Polly bulks up to help modernize mortgage industry

Housing Wire

Polly, a software-as-service mortgage-technology firm that operates a loan-trading platform , has raised $37 million through a new funding round, its third since launching in 2019 — bringing the total raised from investors to $57 million.

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Ready or not, CRA modernization is at the door

Housing Wire

Doing so would result in 32% of examined lenders receiving a “Needs to Improve” score, compared to the 16% earning that mark for their retail performance from 2017 to 2019, bank regulators estimated. Small-dollar mortgages, for example, could be viewed as a responsive home-mortgage product, the proposed rule states.

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Opinion: Reformed FHA program will offer lenders new business opportunities

Housing Wire

Modern manufactured homes are an unusual feature of today’s housing market, the rare homeownership opportunity that is both lower-cost and high-quality. Demand for home-only financing is strong; in 2019, there were more than 200,000 home-only loan applications. Yet help might be on the way.

Business 406
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States Title raises $150M for home closing tech

Housing Wire

Title insurance upstart States Title announced this week $150 million in debt financing from HSCM Bermuda , which will go towards developing a more modern home closing experience. which helped fund the 2019 acquisition of North American Title Co. NATC) and North American Title Insurance Co.

Finance 229
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Apps for Appraisers

Appraisal Today

With the GSE appraisal modernization program, appraisers will more likely be asked to complete desktop or hybrid appraisal assignments in the future. Confirm that you are covered by your appraisal E&O insurance policy for hybrid and desktop appraisals. Varies widely around the country. == Mortgage applications decreased 0.8

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Affordable housing inventory is limited due to foreclosure prevention efforts

Housing Wire

In 2019 the number was 200,000. Department of Housing and Urban Development ( HUD ) , that 200,000 represented close to 20% of all single-family homes supplied to the market in 2019. New single-family homes sold for an average price of more than $377,000 in 2019. This provides modern-feel homes to mostly newer homeowners.

Inventory 380
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OCC issues final rule to axe 2020 CRA version

Housing Wire

In a statement, the agency said the final rule would “facilitate the ongoing interagency work to modernize the CRA regulatory framework and promote consistency for all insured depository institutions.”. The federal banking agencies have in recent years disagreed on how to modernize the CRA, a 1977 anti-redlining statute.