As Fiserv held its client conference in Las Vegas, the company announced that Fiserv Lending Solutions' CredStar has entered into an alliance with Boston-based PCi Corp. to integrate several of PCi's Wiz systems with WebStar, CredStar's credit services platform.The Brookfield, Wis.-based Fiserv said the combined offering is expected to streamline processes for wholesalers using CredStar with Fiserv's easyLender and UniFi LOS systems. The alliance also promises to reduce steps for brokers submitting loans to lenders using CredStar. The PCi functionality available to CredStar customers includes: geocoding, edit checks, and validation of Home Mortgage Disclosure Act data using FFIEC error-checking logic, flood zone determinations, and identification of high-cost loans before they are funded. The companies can be found on the Web at http://www.fiserv.com and http://www.pciwiz.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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