Lancaster Mortgage Bankers, a wholesale lender based in Warren, N.J., is deploying Mozart AUS, an automated underwriting application by Overture Technologies, Bethesda, Md."We're leveraging Overture's Mozart AUS to produce our own proprietary underwriting engine for use within our website," explained Elliot Salzman, Lancaster's president and chief executive officer. "We expect to be able to increase volume by 20%-30% while keeping the same number of staff." Mozart AUS offers Lancaster the ability to automatically price, select, and underwrite all conforming and nonconforming loans, including alternative-A, subprime, and interest-only products. The application is expected to be fully operational by early 2006. Overture can be found on the Web at http://www.overturetechnologies.com.
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New jobs in health care largely drove the gains, while the federal workforce and finance continued to shrink.
5h ago -
Finance of America has not disclosed any incident, but a consumer filed an immediate lawsuit over a lone report of a ransomware gang's recent hack.
9h ago -
United Wholesale Mortgage lost ground to RKT in one category but held onto a healthy lead in another, an analysis of Home Mortgage Disclosure Act data shows.
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HECM endorsements rose 16% in March to 2,117 loans, but monthly volumes remain near their slowest pace since last summer as proprietary reverse products quietly steal market share.
April 2 -
Which parties are responsible for the surge persisted as a source of debate as community lenders released updated survey data reflecting their average expense.
April 2 -
The 30-year fixed rate climbed to 6.46% this week, its highest mark since September, as mortgage applications fell 10.4% and sellers outnumber buyers by a record 46%.
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