LoanSnap said it used  its innovative AI technology, affectionately called Nell, to close the loan in the record-breaking amount of time.

The decline in mortgage rates prompted an uptick in refinancing, with government refinances increasing more than 20% over the week, MBA associate vice president of economic and industry forecasting Joel Kan said in a press release.

The Federal Housing Finance Agency (FHFA) recently announced its 2022 conforming loan limits (CLL) for conventional loans acquired by Fannie Mae and Freddie Mac.

“Despite higher mortgage rates, purchase applications had a strong week, mostly driven by a 6% increase in conventional loan applications.” — MBA associate vice president of economic and industry forecasting Joel Kan

Banosian has funded $2 billion in total loan volume this year, becoming the company’s first loan originator to reach that milestone.

Company officials say the organizational changes will support the company’s record-setting growth.

“Mortgage rates decreased for the first time since August, as concerns about supply-chain bottlenecks, waning consumer confidence, weaker economic growth and rising inflation pushed Treasury yields lower.” — MBA associate vice president of economic and industry forecasting Joel Kan

At the same time, the increase in interest rates drove fewer borrowers to refinance their loans, according to the Mortgage Bankers Association.

The company has also launched a redesign and multi-platform advertising and marketing campaign.

The Low-Income First Time Homebuyers Act (LIFT) establishes a program to sponsor 20-year mortgages that would build equity at twice the rate of a conventional 30-year mortgage.

Knox Financial has teamed up with Better Mortgage to help customers save time and money on investment property financing.

“The net result for housing is that these low and stable rates allow consumers more time to find the homes they are looking to purchase,” Freddie Mac Chief Economist Sam Khater said.

The fintech company has hired three new vice presidents of user design and experience, engineering and marketing.

As Market Leader of Movement Mortgage, Sherry Fonseca is spreading the word about making the homebuying process a much smoother experience for all.

Two of the largest leaders in the real estate market are joining forces to form a new mortgage origination company.

The startup that allows buyers to make cash offers on homes while trying to secure a mortgage is expanding to new markets while growing existing ones.