Despite the fact that many lenders are shedding their wholesale channel, panelists at the 11th Annual SourceMedia Mortgage Technology Conference in Orlando, Fla., indicated that wholesale will make a comeback. "Wholesale is not dead," said Greg Smith, vice president and general manager at e-collaboration vendor Xerox Mortgage Services. "It will be reborn. However, in the more near term, lenders will focus on retail and online retail channels." The key to the rebirth of wholesale will be greater adoption of automated fraud detection and compliance tools to ensure loan quality, Ellie Mae chief strategy officer Jonathan Corr acknowledged. Mr. Smith concluded: "In the process of adopting such quality-control tactics, lenders can also use technology to create a high-touch environment to actually help their broker partners be more competitive themselves."
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11