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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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18 -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
April 18 -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18