ERS Group, an economic and financial consulting subsidiary of Dallas-based SourceCorp, has announced the release of Home Mortgage Disclosure Act peer data and rankings in RiskExec regulatory compliance software.ERS said it believes its release of the HMDA Peer Databases and Rankings makes it the first firm in the nation to provide its financial clients with a "full review of lending and competitive performance" in the 2004 home mortgage market. The company said the RiskExec software includes geocoding, mapping, edit-check management, regulatory filing, interactive maps, peer rankings, and executive and regulatory reporting for all facets of HMDA, as well as the Community Reinvestment Act and the Home Ownership Equity Protection Act. ERS and SourceCorp can be found online at http://www.ersgroup.com and http://www.srcp.com.
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Nonbank mortgage firm Pennymac said having an in-house system gave it a leg up on implementation, while a vendor also reported progress in its systems testing.
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United Bank and Five Points Bank, both ranked among the top-performing banks by Capital Performance Group, said they have stayed in the mortgage business because they see it as a way to build strong relationships in the communities they serve.
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The servicer will pay $4.5 million in remediation to affected homeowners for incorrectly imposing force-placed insurance on thousands of borrowers.
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The trade group supports a narrow rewrite of the agency's manufactured home definition but it wants FHA valuation projections before lenders can scale.
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Pending home sales, a real-time indicator of homebuying demand, dropped 2.5% to their lowest level since December, according to Redfin's latest report.
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Mortgage production declined overall in July from activity earlier this summer amid growing rate volatility, according to two new originations reports.
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