Lending

CitiMortgage takes a beating in Q3

Mortgage originations fall 29% and its mortgage division succumbs to scandal
Citigroup released its earnings report this morning, and mortgage originations are down. Way down. The bank reported a 29% decrease in originations year over year and an 8% decrease in originations from the second quarter.
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JPMorgan Chase earnings increase, but reveal slowdown in mortgage sector

Earnings down slightly from Q2 but much higher than 2017
In the third quarter of 2018, JPMorgan Chase saw a decrease in its earnings from the previous quarter, but still managed to increase from the previous year despite a lackluster mortgage banking sector. JPMorgan Chairman and CEO Jamie Dimon said increasing economic and geopolitical uncertainties could have negative effects on the economy's future.
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Open Mortgage is all in on reverse

"We think chaos in the marketplace makes it a great time to invest"
Whether you originate traditional mortgage loans or focus on reverse, it’s a tough time in the lending space right now. For Open Mortgage, that means there’s opportunity for those bold enough to go after it. "It's all about moving forward when others are stuck," said CEO and Founder Scott Gordon.
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Fannie Mae selling $1.88 billion in non-performing loans to Goldman Sachs subsidiary

MTGLQ Investors is back
Over the last few years, Goldman Sachs’ subsidiary MTGLQ Investors has been one of the top buyers of non-performing loans from both Fannie Mae and Freddie Mac, buying billions and billions in loans from both of the government-sponsored enterprises. And now, MTGLQ is preparing to buy another $1.88 billion in non-performing loans from Fannie Mae.
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Total Expert raises $20 million to expand business

Marketing and CRM platform already works with 8 of top 15 lenders
Total Expert, a growing fintech company that provides marketing and CRM solutions for lenders and financial services firms, is ready to turbocharge its growth thanks to $20 million in new funding. Total Expert, which was selected as a 2018 HousingWire Tech100 winner as one of the housing industry’s top technology companies, already has eight of the top 15 lenders, including U.S. Bank, loanDepot, Guaranteed Rate, and Movement Mortgage, using its platform.
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OpenClose launches new API Suite

RESTful API suite offers a secure standardized solution
OpenClose recently announced the release of a new RESTful API suite, designed to offer its customers a secure and cost-efficient standardized solution. OpenClose President JP Kelly said as customer business models evolve, new needs and requirements emerge that require flexibility and nimbleness to respond to changing marketplace conditions.
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Trump blames Fed for stock market nosedive

President told reporters he thinks the Fed went "crazy"
President Donald Trump is quadrupling down on his ire toward the Federal Reserve’s rate hikes. On the Tarmac at Erie International Airport, he blamed Wednesday’s market meltdown on the Fed, telling reporters, "The Fed is making a mistake," and saying, "I think the Fed has gone crazy."
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Executive Conversation: Phil McCall on the rising risk of inaccurate data

ARMCO's DataSure provides robust data validation technology for greater lender efficiency
Lenders who are still using a manual "stare and compare" method to assure data accuracy on loan files are not only wasting time but also putting their business at risk of compliance violations. In this executive conversation, Phil McCall, president of ARMCO, explains how lenders can radically increase their efficiency while reducing their risk by using ARMCO's DataSure. DataSure automatically parses and evaluates data on virtually any type of loan document, cross comparing that data to the lender’s source system and automatically communicating all corrected data fields back into that system.
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