IBM has formed a new business unit that will specialize in mortgage origination services.IBM Lender Business Process Services Inc. "will enable mortgage lenders to replace the fixed costs associated with typical loan fulfillment operations with a variable cost framework," the company said. Services it will offer include loan application, underwriting, processing, vendor management, document preparation and loan closing, according to IBM.
CrossCountry increased its agreed-to offer for the real estate investment trust by 50 cents per share, as UWM Holdings made an unsolicited bid on April 20.
The former Wall Street player blamed its decline on rising interest rates, trouble at its lending subsidiary, and debt stemming from the Great Financial Crisis.
The Federal Open Market Committee's April meeting — likely Federal Reserve Chair Jerome Powell's last — is unanimously expected to keep interest rates steady, but questions about energy, inflation and the upcoming transition in leadership still loom.
Jonathan Corr, the former CEO of Ellie Mae, is one of six new members of MeridianLink's board, added following its acquisition by Centerbridge Partners.
Newrez expects significant expense reductions from AI partnerships with HomeVision and Valon, as executives rule out mergers and a Rithm spinoff amid strong Q1 earnings.
More than half of the major metropolitan markets in the United States posted year-over-year price declines in February, according to a new report.
