Fairway Independent Mortgage Corp., Sun Prairie, Wisc., funded $720 million in residential loans in the New England area last year, a 244% jump from 2009. The 14-year old company said it now ranks among the top 30 lenders in Massachusetts (the most populous state in the region) compared to 76th a year earlier. Company CEO Steve Jacobson credited Fairway's branch managers for the strong showing. "It's back to selling mortgages like we did ten years ago when everybody had to be extremely detailed," he said. "Our local branch managers are proof that it's possible to thrive in a challenging market if you're a strong leader." FIMC has 80 branches and 900 employees nationwide.
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Deephaven expanded its HELOC product for wholesale lenders, Attom launched an AVM model and First American added an AI assistant to its title platform.
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The Canadian-American bank's first AI agent does the work of gathering any missing documents and verifying data for mortgage applications.
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This is the fourth settlement MV Realty reached in the last two months over its controversial homeownership benefits program, which is now illegal in 33 states.
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Mortgage payments climbed to a 10-month high in April as rates rose, but strong annual wage growth of 5.3% helped keep the MBA's affordability index nearly flat month to month.
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A report from the Financial Stability Board said limited transparency in the private credit market makes it difficult for regulators to monitor and understand risks, potentially masking challenges to the financial system.
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The Consumer Financial Protection Bureau is ending remote work and ordering its entire staff to report to a new Washington, D.C., headquarters five days a week.
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