Software giant Intuit Inc., Mountain View, Calif. -- the maker of the immensely popular Turbo Tax program -- has agreed to purchase direct/online lender Rock Financial, Bingham Farms, Mich., for $370 million in stock. Intuit already owns QuickenMortgage, an online loan broker that hopes to facilitate $1.2 billion in residential loan closings this year. Rock Financial, according to the Quarterly Data Report (http://mortgagestats.com), ranked 73rd among all lenders in the first half. Rock funds loans in its own name with its own money. QuickenMortgage does not. The marriage between the two should give QuickenMortgage the expertise -- including processing/underwriting/back office -- it needs to compete against the current residential online giants: E-Loan, Dublin, Calif.; Mortgage.com, Plantation, Fla.; and Countrywide Home Loans, Calabasas, Calif.
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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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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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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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