“The NOLO platform allows customers to complete the mortgage lending process entirely online without the industry standard loan officer interference at each step,” 360 said.
“Before a loan closes there will need to be [property] reinspections,” said Pete Mills, senior vice president of residential policy and member engagement for MBA.
The volume of defective Fannie Mae and Freddie Mac mortgages repurchased by lenders increased modestly in the second quarter of 2017, according to a new Inside Mortgage Trends analysis of buyback disclosures filed by the two government-sponsored enterprises. Lenders repurchased some $244.44 million of home loans or made other indemnification to the GSEs during the second quarter. That was up 2.5 percent from the previous three-month ... [Includes two data charts]
Commercial banks and savings institutions saw a modest improvement in profits earned on mortgage-banking activities during the second quarter, according to a new Inside Mortgage Trends analysis of call report data. In aggregate, banks and thrifts earned $3.72 billion from mortgage banking during the second quarter, a 4.4 percent increase from the first three months of the year. Year-to-date, industry mortgage-banking income was running ... [Includes one data chart]
For a firm that’s only been involved in the mortgage industry for a year, Eli Global has already bought a stake in two lending companies, inched its way into the warehouse lending arena – and become a plaintiff in a messy lawsuit that accuses a veteran mortgage banker of fraud. So far – except for the lawsuit filed by Eli Global affiliate CapLoc – the Durham, NC-based financial services company has kept a low profile while turning down repeated requests for interviews ...
Are loan officers headed for extinction? There certainly will be much less of a market for them in the future if the new online platform, No Originating Loan Officer, being rolled out by 360 Mortgage Group, a privately-owned mortgage banking firm based in Austin, TX, takes hold across the industry. On the other hand, fewer humans in the mortgage lending mix may mean fewer opportunities for errors, cutting compliance corners or engaging in steering and other discriminatory practices that ...
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