ComplianceEase, San Francisco, has launched 4506Xpress, an electronic income verification system designed to help lenders detect income exaggeration by borrowers and comply with requirements for investors in the secondary mortgage market.The product streamlines quality-control procedures associated with reducing application fraud, the company said. "The prevalence of income exaggeration in the marketplace requires mortgage originators to quickly and accurately verify the borrower's income through government records," said David Girling, executive vice president of ComplianceEase, a division of LogicEase Solutions Inc. "By delivering electronic transactions and Web-based file management to the income verification process, 4506Xpress helps lenders accelerate loan closing and reduce overall costs and risk." The company can be found online at http://www.complianceease.com.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
9h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
10h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16