E-docs

To avoid alienating a consumer base increasingly expecting digital options, lenders must take the plunge and update old loan origination systems that cannot accommodate today's technology demands.

Many lenders may not have been ready for the CFPB's new mortgage disclosure rule if it took effect on Aug. 1 as planned. Now a slip-up by the agency itself has given lenders a two-month reprieve.

WASHINGTON — After months of declining industry and congressional pleas to delay an impending rule combining two mortgage disclosure regimes, the Consumer Financial Protection Bureau on Wednesday announced a two-month delay due to an "administrative error."

Mortgage lenders are in the final stretch of preparing to deliver the new TILA-RESPA Integrated Disclosures to borrowers. But it's not just the change of forms that's causing alarm bells. Fines could be steep and legal liability could be even higher for violators, while necessary technology changes are expensive.

Veros will offer a direct connection to the Federal Housing Administration's new Electronic Appraisal Delivery portal using the same interface it offers for submitting appraisals to Fannie Mae and Freddie Mac.

Mercury Network, the mortgage lender and appraisal management company software unit of a la mode, was acquired by private equity firm Serent Capital, the companies announced Thursday.