mortgage

Ncontracts Acquires Mortgage Compliance Software Firm QuestSoft

QuestSoft Corp., which makes mortgage compliance software, has been acquired by Ncontracts, which provides integrated risk management and compliance software to banks, credit unions, mortgage lenders and fintechs, for an undisclosed sum. “This is a tremendous combination for our customers,” says Michael Berman, CEO of Ncontracts, in a release. “Together, Ncontracts and QuestSoft will help financial institutions and mortgage companies not …

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Total Expert Extends Platform to Wholesale Mortgage

Total Expert, which offers an enterprise-grade marketing and customer engagement platform purpose-built for financial services, recently launched Total Expert for Wholesale, a solution geared for mortgage lenders seeking to add and/or grow a wholesale channel. The new solution will help mortgage lenders attract, engage and retain customers equally across retail, direct, and wholesale channels, the company says on s release. …

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FHFA Seeks Feedback on How to Modernize the GSEs’ Appraisal-Related Policies

The Federal Housing Finance Agency (FHFA) is seeking feedback on how best to modernize Fannie Mae and Freddie Mac’s appraisal-related policies. The pandemic and social distancing mandates have created increased pressure on the industry make greater use automation and data in the appraisal process. That means increased use of AVMs and exploration of contactless alternatives such as allowing homeowner-provided images …

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Mortgage Applications Increase as 2020 Draws to a Close

Mortgage application volume increased 0.8% on an adjusted basis during the week ended Dec. 18, as mortgage rates remained flat at historic lows, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Applications for refinances increased 4% compared with the previous week while applications for purchases decreased 5%. The dip in applications for purchases was in keeping with seasonal …

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For Mortgage Servicers, COVID-19 Crisis Has Made Investor Reporting Even More Complex

BLOG VIEW: 2020 was a year of profound changes for everyone, mortgage professionals included. Many borrowers and mortgage servicers have felt the impact of COVID-19 and natural disasters. Federal programs that protect homeowners from foreclosure have complicated mortgage servicing, including investor reporting. Since COVID-19 hit, servicers have had to adjust their processes to account for millions of loans entering forbearance …

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First Option Mortgage Adds Four New Locations

National lender First Option Mortgage reports that it has opened four additional offices in Kentucky, Texas and Florida. The new location in Corbin, Ken., will be led by Ben Minton. The new location in Ashland, Ken., will be led by Tom Hobbs.  The new location in San Antonio, Texas, will be led by Shane Kelley. The new location in Ft. …

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LERETA Acquires Wolters Kluwer’s Flood Determinations Solution

LERETA, a provider of national real estate tax and flood services, has acquired the Flood Determinations Solution from Wolters Kluwer Governance, Risk & Compliance for an undisclosed sum. In partnership with LERETA, Wolters Kluwer will continue to enable its lending customers to purchase flood determination services through its lending solutions. Alongside its property tax and flood data services, LERETA will …

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CFPB Updates Qualified Mortgage Rule

The Consumer Financial Protection Bureau (CFPB) has finalized two rules that will replace its Qualified Mortgage (QM) rule. The first rule, the General QM Final Rule, replaces the current QM rule which requires that a consumer’s debt-to-income ratio (DTI) not exceed 43% with a limit based on the loan’s pricing.  The second rule creates a new category for QMs, Seasoned …

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