United Wholesale Mortgage in Troy, Mich., has introduced software to help brokers and correspondents close loans faster.
The
"It's very important for Realtors and borrowers to get to the closing table as quickly as possible, especially in a purchase market," Mat Ishbia, chief executive, said in a news release.
The tool is designed to comply with TILA-RESPA integrated disclosures, also known as TRID, that take effect in October, United Wholesale said.
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
