MortgageFlex Systems Inc. has announced its certification by Freddie Mac as one of only six companies to offer a loan origination system interface that meets the specifications of Loan Prospector, version 4.1.Loan Prospector is Freddie Mac's Web-based automated underwriting system. MortgageFlex said its LoanQuest Residential Lending System automates all functions inherent in the loan origination process from pre-qualification to commitment to secondary marketing. The Processing and Underwriting modules include embedded interfaces to Freddie Mac's Loan Prospector and Fannie Mae's Desktop Underwriter, the company said. MortgageFlex can be found on the Web at http://www.mortgageflex.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24