eLynx, Cincinnati, has launched an electronic closing network (eCN) service that lenders can integrate into their closing process to increase loan quality and provide more control in order to meet the government's new demands for more accurate closings. The launch, which came at the annual MBA show, is designed to help lenders ensure that borrowers and settlement agents have a better experience at the closing table. The technology firm said a top five U.S. lender/servicer is now using the eCN but did not name the company.
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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.
July 24 -
NJ Lenders suffered a cyberattack last August, which potentially exposed the names and social security numbers of about 30,000 individuals.
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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.
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The mortgage subsidiary of PlainsCapital Bank saw improvement in its bottom line but remained in the red amid ongoing affordability constraints.
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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.
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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.
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