San Jose, Calif.-based wholesaler LoanCity is poised to announce the release of AU 2.0, a proprietary automated underwriting system that delivers recommendations and stipulations in the same format and time frame as Fannie Mae's Desktop Underwriter.The benefit Loan City claims for brokers is that they can underwrite everything but hardcore subprime loans without exiting one AU system to run loans through another. The company calls AU 2.0 "the next generation of automated decisioning," because it lets mortgage brokers upload files in three clicks and receive firm decisions "almost instantly." The company offers group loan programs in seven broad product bands: conforming, jumbo, expanded, alternative-A, alternative-B, FHA/VA, and seconds. Within each band, there are wide ranges of credit, property, underwriting, and documentation options. The company can be found online at http://www.loancity.com.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
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The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
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Equity is entitled to a little over $70,000 worth of damages.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27