First American Real Estate Solutions, Anaheim, Calif., a provider of property information and services, has formed a strategic alliance with -- and purchased a minority interest in -- ComplianceEase, a provider of regulatory compliance and risk management technology based in Burlingame, Calif.The terms of the transaction were not disclosed. As part of the strategic partnership, ComplianceEase's flagship product, ComplianceAnalyzer, will be tightly integrated into First American's mortgage technology platforms to provide lenders and investors with an automated compliance system, First American said. ComplianceAnalyzer automatically performs critical checks and calculations necessary to ensure compliance on every loan that is originated or purchased. The companies can be found on the Web at http://www.firstamres.com and http://www.complianceease.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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