Resource Bancshares Mortgage Group, Columbia, S.C., is implementing automated underwriting software developed by Commerce Velocity, Irvine, Calif.Commerce Velocity's Underwriter evaluates risks based on loan application data and underwrites loans using lender-determined rules. The tool also serves as a product engine, matching borrowers to suitable loan products within seconds. The initial implementation of the software will serve to automate the underwriting of RBMG's alternative-A loans and is expected to be completed by the end of November. The announcement was made at the MBA's annual convention in San Diego. Commerce Velocity can be found on the Internet at http://www.cvelocity.com. RBMG is a subsidiary of NetBank Inc., which can be found at http://www.netbank.com.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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