Mortgage technology

LoanDepot's CEO Anthony Hsieh delivered a bracing message to mortgage lenders on Monday — strong new competitors are coming into this market, so they need to expand their offerings.

Government-sponsored enterprises Fannie Mae and Freddie Mac are in a race to offer services and technology that help mortgage bankers raise cash from mortgage servicing rights.

Fannie Mae's first-quarter profits were enough for it to rebuild its minimum capital buffer and pay the Treasury Department dividend after being forced to take a draw during the previous fiscal period.

Quicken Loans, Citizens Bank and Better Mortgage are refinancing loans using Airbnb income as part of a pilot project with Fannie Mae.

Startups that have developed the technology for real estate finance are starting to conduct a broader array of transactions, including property sales.

The CFPB's practice of "regulation by enforcement" forces mortgage companies to develop compliance standards based on the mistakes of their peers, rather than clear guidance from the enforcement agency, said David Motley, the new chairman of the Mortgage Bankers Association.

The online lender, which focuses on high-earning millennials, is offering assurances that it will also serve Americans who make less money. But the company has not convinced critics, who say the plans are inadequate.