"It's the data, dummy," said Countrywide executive vice president Omer Simeon in introducing a live demonstration of the company's Web-based DIDO (data in, document out) system during Monday's keynote address at the Thomson Media Mortgage Technology Conference in Miami.The message was that paper capture processes will be a reality for some time, though electronic mortgages are the goal. In the meantime, the electronic processes will continue to mimic paper processes as lenders accustom themselves to the change, Mr. Simeon said. While supporting the process established by the Mortgage Industry Standards Maintenance Organization, he said Countrywide will continue to develop its own proprietary use of Extensible Markup Language for internal uses and convert to MISMO standards to communicate with the outside world.
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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.
April 25 -
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.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
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.
April 25 -
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.
April 25