Addressing pain points currently haunting the mortgage industry, Fort Worth, Texas-based Rapid Reporting has announced major initiatives addressing fraud prevention and buybacks.Rapid Reporting has partnered with collateral valuation and fraud specialist Magellan Lender Services, San Francisco, to give mortgage lenders a complete solution that checks the validity of both borrower and collateral-related data used to evaluate and approve mortgage loan applications. Rapid Reporting will provide borrower-related verifications and Magellan will provide collateral-based verifications to deliver one-stop coverage. Rapid Reporting said it is also offering a Stated Doc Report providing additional IRS-verified information to determine whether information on stated-income loan applications is corroborated by Internal Revenue Service data. No actual numerical data are released in Rapid Reporting's Stated Doc Report, so the integrity of stated-income loans can be maintained.
-
Lenders at the MBA conference say non-agency is more than just non-QM — and those still treating it as a niche product are falling behind as it becomes a core part of the business.
34m ago -
A capital rule overhaul could make bank charters attractive to independent mortgage banks, reshaping who controls home lending in America.
34m ago -
Zombie properties rose quarter over quarter in 38 states and the District of Columbia, according to Attom's latest Vacant Property and Foreclosure Report.
6h ago -
The House passed housing legislation that includes a slightly pared-down institutional investor housing ban, as well as a raft of community bank measures.
May 20 -
Delinquencies among recent FHA originations are showing up alongside a notable volume of subordinate liens carried by the borrowers.
May 20 -
The share of sellers dropping their asking price fell in April as buyer demand picked up, though Sun Belt markets — especially in Texas — still saw widespread price cuts.
May 20










