USDA is automating its loan application uploading
The U.S. Department of Agriculture (USDA) announced this week that it has awarded technology services firm Phoenixteam a $49 million contract to modernize its mortgage underwriting platform, the Guaranteed Underwriting System (GUS). The Arlington, V.A.-based company will overhaul GUS, which supports
Mortgage rates hit year-to-date lows after Powell comments
We’ve reached fresh new year-to-date lows in mortgage rates after Jerome Powell, speaking at the Jackson Hole Economic Summit on Friday, suggested that the labor market may be more important than inflation for the time being. If only someone had been saying that for a few years! All jokes aside, mor
Redfin: Home purchase cancellations hit 8-year high
Nearly 58,000 U.S. home-purchase agreements were canceled in July, equal to 15.3% of homes that went under contract during the month, according to a Redfin analysis of MLS data. That marks the highest July cancellation rate since the company began tracking the metric in 2017 — and up from 14.5% a ye
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