A good six months earlier than many mortgage technology pundits predicted, Fidelity National Information Services Inc. has launched the .NET version of its Empower loan origination system.The move follows beta testing with National City Mortgage prior to implementation in that lender's correspondent division. Fidelity said the system, which includes smart-client and Web-client presentation layers, is fully functional and immediately operable. National City partnered with Fidelity on the project with the strategic objective of enabling straight-through processing of loans that require little human touch. Empower for .NET also leverages the Windows Workflow Foundation to automate workflow. According to the announcement, FIS is offering a "First Adopters" purchase and implementation program targeting top retail and wholesale lenders. Fidelity will continue to support and enhance the client-server version of Empower as well.
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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.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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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.
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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.
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