Irvine, Calif.-based Mavent has inked a deal to provide compliance services to Ocwen Financial Corp., West Palm Beach, Fla., a provider of mortgage servicing and loan processing services.Ocwen currently uses Mavent's flagship service, the Mavent Expert System, as a compliance tool for Ocwen's recently announced loan processing and due diligence services. Data received by Ocwen from its clients will be submitted to the Mavent system, where it will be automatically reviewed for compliance with local, state, and federal lending and purchasing regulations. The companies can be found on the Web at http://www.mavent.com and http://www.ocwen.com.
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The drop in the annual metric for FHA loans was the biggest in over four years but other performance indicators ICE Mortgage Technology tracked were mixed.
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NJ Lenders suffered a cyberattack last August, which potentially exposed the names and social security numbers of about 30,000 individuals.
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Its origination volume of $621.8 million was an increase of $114 million compared with the first quarter but its gain-on-sale was 5 basis points lower.
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The mortgage subsidiary of PlainsCapital Bank saw improvement in its bottom line but remained in the red amid ongoing affordability constraints.
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The "stay-put" economy, along with higher mortgage rates, is responsible for this shift where home equity and seconds have a 17.5% market share, Benutech found.
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Though the crimes occurred earlier this decade, they highlight how much easier it has become to create false documents today, given the rise of artificial intelligence.
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