In the latest step in its "green" initiative, Credit Plus Inc., Salisbury, Md., will allow supporting documents for corrections of inaccuracies on credit files to be directly uploaded into its system. In the past, explained Greg Holmes, national director of sales and marketing, this had been more of a manual process, with the documentation faxed or e-mailed in. Now, Credit Plus operates more efficiently, with all the information on one screen. The green initiative started three or four years ago at Credit Plus with e-fax. In June 2008, customers started receiving a one-page invoice with a link to a secure website to review account details. This initiative alone, Credit Plus said, saves 30 reams of paper a month. Mr. Holmes, interviewed at the MBA convention in San Diego, said the company would be rolling out in the next year a new technology that will contribute to a paperless disclosure delivery environment.
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The drop in the annual metric for FHA loans was the biggest in over four years but other performance indicators ICE Mortgage Technology tracked were mixed.
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NJ Lenders suffered a cyberattack last August, which potentially exposed the names and social security numbers of about 30,000 individuals.
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Its origination volume of $621.8 million was an increase of $114 million compared with the first quarter but its gain-on-sale was 5 basis points lower.
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The mortgage subsidiary of PlainsCapital Bank saw improvement in its bottom line but remained in the red amid ongoing affordability constraints.
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The "stay-put" economy, along with higher mortgage rates, is responsible for this shift where home equity and seconds have a 17.5% market share, Benutech found.
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Though the crimes occurred earlier this decade, they highlight how much easier it has become to create false documents today, given the rise of artificial intelligence.
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