Technology

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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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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Uber co-founder's real estate tech company Haus hires new CEO

Names former Trulia exec Jonathan McNulty as its new CEO
Haus, Uber Co-Founder Garrett Camp’s real estate tech company, hired Jonathan McNulty as its new chief executive officer. Along with McNulty’s addition to Haus’ C-suite, Haus is launching a new digital platform to help homebuyers and sellers go through the real estate process on their own for free.
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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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ComplianceEase names Sanjay Tibrewal vice president of product management

Will be responsible for the roadmap and execution of risk management products
ComplianceEase, a provider of automated compliance solutions, has named Sanjay Tibrewal vice president of product management. ComplianceEase President John Vong said Tibrewal's "entrepreneurial spirit combined with his technological expertise" will enable the company to better service its clients.
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Dow Jones drops more than 800 points in the face of rising rate fears

Worst drop the Dow has seen since February
Rate hikes have spurred a selloff and the Dow Jones Industrial Average received its worst pummeling since February, dropping more than 800 points today. It’s been a tough month for the major indexes with S&P 500 and the Dow down more than 2.7% and 1.6%, respectively. And the Nasdaq has lost more than 5.5%.
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Former SoFi CEO Mike Cagney's blockchain lending startup Figure unveils first loan program

Launches first home equity loan product, grants approval in 5 minutes, funds in 5 days
Figure Technologies is aiming to shake up home equity lending. Co-founded by former SoFi CEO Mike Cagney earlier this year, Figure leverages blockchain, AI and advanced analytics to elevate the lending process for homeowners looking for access to their equity. The company just announced the release of its first product – the Figure Home Equity Loan – which offers borrowers a completely digital experience at an impressive clip.
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Norcom Mortgage starts eClosing and the digital mortgage marches on

Partnership with Pavaso offers customers eClosings, a common strategy in a tough market
The rush toward the digital mortgage is still in full force. Today, Norcom Mortgage just became the first Connecticut-based lender to offer fully digital closings. Norcom will use Pavaso’s digital closing platform to float its new eClosing process dubbed “Swift Sign.”
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