Aimbridge Home Loans, Denver, has introduced a subprime mortgage program that it says allows credit unions to service a wider range of loans while reducing the risk associated with subprime lending.Under the program, a hyperlink is integrated into a credit union's existing website, allowing members to complete a loan application via a secure online connection, Aimbridge said. The company then runs a report to determine the applicant's credit score and borrower profile. "The risk associated with servicing subprime loans often forced credit unions to deny their members' applications," said Aimbridge president Keith Brown. ".... This subprime mortgage program allows credit unions to service all ranges of loans, with little to no risk involved." The company can be found online at http://www.aimbridge.com.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
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