Lenders will handle an estimated 1.5 million maturing lines of credit per year in the next several years, Scott Stein, Xetus president and CEO, said in a press release.
About $11 billion in LOCs reached maturity last year and that number will grow exponential to $111 billion in 2018, according to Xetus, which has introduced an
Stein reiterated the need for automation to re-examine maturing LOCs given pending Consumer Financial Protection Bureau regulatory requirements.
The industry reported $275 million in losses from internet crimes last year, a 59% annual increase as losses nationwide surpassed $20 billion.
A Colorado couple filed suit after realizing they might owe as much as $279,000 on a home equity investment contract used to obtain $88,000 in 2018.
Economists surveyed by Wolters Kluwer are scaling back rate cut expectations as Iran conflict-driven energy costs push inflation higher, complicating the Fed's path forward.
A 21.2% spike in the price of gasoline was the biggest contributor to a 0.9% increase in the Consumer Price Index in March, according to a Friday report from the Bureau of Labor Statistics. The agency said other price increases were largely contained.
Jumbo loans demand more scrutiny and documentation, but automation is streamlining the process — and lenders who master the product stand to gain in a moderately bullish market.
LoanDepot will integrate Figure's proprietary credit and loan underwriting engine into its own proprietary mello technology platform and point of sale system.
