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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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago