Wednesday , 13 January 2021

Origination

Mortgage Application Fraud Risk Low But on the Rise

The risk of fraudulent information in mortgage applications increased 1.6% in November compared with October, reaching a score of 62 on First American’s Loan Application Defect Index. Year over year, fraud risk was down 8.8% compared with November 2019. The risk of fraudulent information submitted in applications for purchases was up 9% compared with a year earlier, while the risk …

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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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Guaranteed Rate to Acquire Stearns Holdings

National mortgage lender Guaranteed Rate is acquiring Stearns Holdings, parent company of wholesale, retail and correspondent lender Stearns Lending, from Blackstone for an undisclosed sum. The deal gives Guaranteed Rate additional multichannel capabilities and builds on the company’s goal to become the country’s number one mortgage lender. Stearns was founded in 1989 and operates in all 50 states through retail, …

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CoreLogic Becomes Third-Party Provider for Freddie Mac AIM Tool

CoreLogic has implemented its income calculation and analysis solution through Freddie Mac’s Loan Product Advisor asset and income modeler (AIM) for self-employed solution. Calculating a self-employed borrower’s income can be a complex process for those with multiple sources of potential income beyond a paycheck – especially when income is reported from different business structures, such as sole proprietorships, partnerships and s-corporations. …

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Mortgage Rates Kick Off 2021 by Hitting a New Record Low

Mortgage rates hit new record lows as 2021 commenced, with the average rate for a 30-year, fixed-rate mortgage dropping to 2.65%, down from 2.67% last week, according to Freddie Mac’s Primary Mortgage Market Survey. A year ago at this time, the average rate for a 30-year was 3.64%. “A new year, a new record low mortgage rate,” says Sam Khater, …

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Jemma Pachiano Promoted to COO at Mid America Mortgage

Jemma Pachiano has been promoted to chief operating officer at Mid America Mortgage Inc., a multi-state, full-service mortgage lender serving consumers and mortgage originators through retail, wholesale and correspondent channels. Pachiano was previously national support and training director, a position which she held for nearly a decade. During her time in that role, Pachiano helped Mid America Mortgage maintain a culture …

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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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Mortgage Application Activity Kicks Off the New Year Down

According to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Jan. 1, mortgage applications decreased 4.2 percent from two weeks earlier, including adjustments to account for the holidays.  The holiday-adjusted Refinance Index decreased 6 percent from two weeks ago. The unadjusted Refinance Index was 34 percent lower than two weeks ago and was 100 percent …

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