Vienna, Va.-based VirPack has been awarded a patent for its document management and imaging technology, MortgageWire has learned."This certifies that the e-packaging and e-delivery technology pioneered by VirPack is truly unique and provides value to both the lender and investor," stated VirPack president and CEO Michael Coar. The VirPack e-package contains all data, documents, images and other files permitting a business to share loan and other files with their partners, allowing fully automated processing through a free downloadable browser. The patent number is 7,191,392, issued by the U.S. Patent and Trademark Office.
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The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.
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The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
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Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.
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The deal for the Class A office building owner will be funded from Rithm's cash as well as liquidity on the balance sheets, plus possible co-investors.
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Mortgage applications saw a significant jump for the second consecutive week, as homeowners took advantage of plummeting rates, the MBA said.
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The government-sponsored enterprise is making changes to mortgage-backed securities and servicing disclosure files to support use of the advanced credit score.
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