Reverse Mortgage Solutions Inc., a Houston-based servicer, subservicer, technology, and consulting firm, has acquired Mortgage Asset Systems LLC, Palm Beach Gardens, Fla.The terms of the transaction were not disclosed. As part of the acquisition, MA Systems president and chief information officer Kevin Gherardi has joined RMS as CIO and executive vice president. RMS said Mr. Gherardi has planned and implemented aspects of the Department of Housing and Urban Development's mortgage servicing system to support several reverse mortgage products as well as systems that support conventional mortgage products. The company can be found online at http://www.rmsnav.com.
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The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
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The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
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One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
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There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
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Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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May 10