Austin, Texas-based mortgage accounting vendor Mortgage Banking Solutions has merged with San Diego-based Abacus Accounting Services. Abacus offers bookkeeping services to mortgage banks in the western U.S. MBS now offers bookkeeping services in addition to their CFO2Go product suite. The technology can now fully support outsourced bookkeeping activity with remote secure servers.
The drop in the annual metric for FHA loans was the biggest in over four years but other performance indicators ICE Mortgage Technology tracked were mixed.
NJ Lenders suffered a cyberattack last August, which potentially exposed the names and social security numbers of about 30,000 individuals.
Its origination volume of $621.8 million was an increase of $114 million compared with the first quarter but its gain-on-sale was 5 basis points lower.
The mortgage subsidiary of PlainsCapital Bank saw improvement in its bottom line but remained in the red amid ongoing affordability constraints.
The "stay-put" economy, along with higher mortgage rates, is responsible for this shift where home equity and seconds have a 17.5% market share, Benutech found.
Though the crimes occurred earlier this decade, they highlight how much easier it has become to create false documents today, given the rise of artificial intelligence.