When E-Loan started up in 1998, its slick-looking website masked a clunky paper-based process. But now it is launching the electronic signing of closing documents in first-quarter 2007, and its back office is all but paperless.This was the story E-Loan senior vice president Pete Bonnikson told attendees in his keynote address Monday morning for the 10th Annual Mortgage Technology Conference in Tempe, Ariz. The key to online lending today, he said, is to give the borrower an instant decision communicated by a live loan consultant who gets the borrower to lock in a rate and submit a credit card for credit and appraisal. Mr. Bonnikson said E-Loan consultants succeed in that goal 25% of the time. He boasted that E-Loan now gets high marks from 95% of Realtors involved in its purchase loans. The Pleasanton, Calif.-based company can be found online at http://www.eloan.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.
8h ago -
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.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11