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[ad_1] The Federal Reserve in September signaled that it plans to begin unwinding, or tapering, its nearly $8 trillion portfolio of mortgage-backed securities (MBS) and Treasury holdings as early as November, assuming the economy stays on track as expected.  On the MBS side, which now represents about $2.5 trillion in securities held, observers believe the Fed will move cautiously – the Fed is expected to slowly reduce the level of new asset purchases while continuing to replace assets that have matured and run off the books. The central bank also can reverse course at any time and expand its MBS portfolio should economic conditions change. That’s the consensus of a group of economists interviewed this week by HousingWire. In fact, stepping back into the secondary market is precisely what the Federal Reserve did in March and April of 2020, when the pandemic first choked the economy. The Federal Reserve became essentially the sole player in the MBS market over those two months, gobbling up $587.3 billion in MBS assets to help stabilize the market and spare the nation another major financial crisis.  This content is exclusively for HW+ members. Start an HW+ Membership now for less than $1 a day. Your HW+ Membership includes: Unlimited access to HW+ articles and analysis Exclusive access to the HW+ Slack community and virtual events HousingWire Magazine delivered to your home or office Become a member today Already a member? log in The post Federal Reserve’s ‘tapering’ plan will open up space in the secondary market appeared first on HousingWire. [ad_2] Source link

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[ad_1] Image courtesy of Roostify Home lending proptech Roostify is releasing the “first of many” APIs on its existing lending platform built to automate document validation and data extraction in the lending process. The latest tech, coined Roostify Document Intelligence (RDI) Service, will use AI to classify, validate and extract data from mortgage-related documents. Roostify CEO and Co-founder, Rajesh Bhat, told FinLedger that RDI operates as an API microservice, so it can be integrated at any stage in the lending process that works for a lender, regardless of whether Roostify is part of the lender’s tech stack or not. The development teams inside of a lender’s business can implement the capabilities anyway they like, and configure it to their current digital experience, tech stack, and use case, Bhat explained. The tech can also give users automatic feedback when they upload incorrect or ineligible documents and flag errors before they become a data-entry error. For example, if a borrower uploads their bank statements, the data extracted can pinpoint a large deposit that would require a letter of explanation. Once a large deposit is flagged, a task can be automatically created for the borrower that explains to them what is needed, why, and how to provide the required information. A super useful tool, given the tech can trigger additional steps if needed in what would typically be a paper-leaden trail. “The way we are using the Document Intelligence Service at Roostify is just an example of one use case,” Bhat told FinLedger. “Since this is an API, it can be integrated anywhere in the lending process and support many use cases benefitting from automated identification and extraction of data contained within the mortgage document set.” A number of proptechs are working towards the eventual fully digital documentation experience in lending (see Blend, Snapdocs or Docutech), but Bhat sees key differences in the San Francisco based company’s mission. “That ease of integration at every stage, and the ability to carry extracted information forward throughout the entire process really sets it apart. What also sets it apart is that it’s already boosting FI scores,” Bhat said. Add to that the fact that the service already supports all major income verification documents and bank statements—and is constantly being updated with new supported documents, including assets and debts, identity, and other mortgage documentation. Even in its relatively early stages of training the AI models, it is already turning out FI scores between 0.83 and 0.99. Roostify’s newest launch arrived on the back of a massive year for not just Roostify but for the housing and lending industry overall. In 2020 alone, Roostify saw a 250% increase in the number of applications submitted through its system and processed just under 1.5M loan applications through its current platform. The tech currently powers digital mortgage platforms of JPMorgan Chase, TD Bank, Guild Mortgage, HSBC Bank USA and more, allowing different lending parties to bring in data and information from online sources that then tailors the homebuying process. They also offer a home equity platform for home equity loan applications and HELOCs under the same umbrella. In January, the proptech raised a $32 million Series C bringing Roostify’s total funding to $65 million at the start of the new year. At the time, Roostify suggested that its latest cash injection would go towards investing in AI – now they are delivering on that promise. “In order to thrive in a digital-first world, mortgage lenders need critical digital transformation initiatives, such as cloud-based technology, self-service solutions for consumers, and meaningful AI deployments,” Bhat said. “We see the Document Intelligence Service as a really important early step in that process, and more broadly, our API platform as being the foundation for future developments.” The post Roostify launches first of many AI-powered APIs on home lending platform appeared first on HousingWire. [ad_2] Source link

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[ad_1] White House meets U.S. Chamber of Commerce, other industry groups on vaccine rule [ad_2] Source link