Software giant Intuit Inc., Mountain View, Calif. -- the maker of the immensely popular Turbo Tax program -- has agreed to purchase direct/online lender Rock Financial, Bingham Farms, Mich., for $370 million in stock. Intuit already owns QuickenMortgage, an online loan broker that hopes to facilitate $1.2 billion in residential loan closings this year. Rock Financial, according to the Quarterly Data Report (http://mortgagestats.com), ranked 73rd among all lenders in the first half. Rock funds loans in its own name with its own money. QuickenMortgage does not. The marriage between the two should give QuickenMortgage the expertise -- including processing/underwriting/back office -- it needs to compete against the current residential online giants: E-Loan, Dublin, Calif.; Mortgage.com, Plantation, Fla.; and Countrywide Home Loans, Calabasas, Calif.
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Newrez's servicing arm approved an "obviously counterfeit" HELOC request from a bad actor totaling almost $500,000, a complaint claims.
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Products belonging to Amynta Group's newly acquired Crum & Forster platform included coverage aimed at protecting mortgage loan portfolios from borrower default.
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Central Mortgage Funding failed to adhere to an earlier consent order imposed for using unlicensed mortgage loan originators.
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Even as annual home value growth levels out and the pace slows, prices are still rising and reached new records in October, two separate tracking measures disclosed.
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A vast majority of the collateral pool balance, 82.6%, are mortgages used to purchase primary residences, and just 17.4% finance second homes.
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Improved digital communications in transfers could help mitigate one growing risk for servicers, which also could face a less friendly rate and credit scenario.
December 31