Items Tagged with 'IBM'

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  • Growing pains for Mr. Cooper? Nonbank takes big loss thanks to lower interest rates

    Adds more than 400,000 new servicing customers, but takes MSR-related loss
    Mr. Cooper grew its business significantly in the first few months of the year, closing the acquisitions of Pacific Union Financial and IBM’s Seterus mortgage servicing platform in the first quarter alone. But despite all of that, the nonbank formerly known as Nationstar Mortgage still took a big financial loss in the first quarter, due to lower interest rates.
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  • IBM lays off 310 mortgage servicing staff at Seterus

    Layoffs announced days after Mr. Cooper reveals Seterus purchase
    More than 300 employees working for mortgage servicer Seterus in Durham, North Carolina, will be out of a job come March. The news comes just days after Mr. Cooper announced it had purchased Seterus from IBM in a deal expected to close in the first quarter of the year, and coincides with layoffs in Mr. Cooper's origination channel.
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  • Mr. Cooper Group buys IBM's Seterus mortgage servicing platform

    Acquires $48 billion in servicing rights
    Mr. Cooper Group purchased IBM’s Seterus mortgage servicing platform in a deal announced Thursday, which includes $24 billion in GSE mortgages and a subservicing contract for $24 billion. Mr. Cooper Group Chairman and CEO Jay Bray said the deal "is consistent with our outlook for profitability targets and portfolio growth."
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  • Keller Williams integrates new AI tech from CognitiveScale

    Keller Williams is putting increased effort into its AI R&D efforts to improve agent experience
    Keller Williams is continuing to add new technologies to help its real estate agents succeed, announcing recently that it is teaming up with CognitiveScale to bolster KW's artificial intelligence infrastructure.
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  • IBM to buy Promontory Financial Group; plans to bring AI to regulatory compliance

    Dealing with regulations just went next-gen
    Regulatory compliance is about to take a leap into the 21st century, and beyond, as IBM announced that it plans to acquire Promontory Financial Group. The purpose of the acquisition? To combine the financial regulatory experience that resides within Promontory with Watson, IBM’s artificial intelligence computer system to build a comprehensive service, to help financial institutions comply with their regulatory requirements.
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  • Will M&A change the mortgage tech business?

    I've been reading a fair amount lately about how merger and acquisition activity is about to heat up and how it will forever change the mortgage technology landscape. I agree with the first part, and I've already met with a number of executives who are actively seeking acquisition opportunities. I do not, however, believe that we're going to have only a few big conglomerates serving the industry in a few years.
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  • In This Corner: LoanSifter President Bruce Backer

    Bruce Backer is the president of LoanSifter, Inc., which provides tools for mortgage bankers, loan officers and secondary departments to price, market and manage loans. Bruce has held leadership positions with a number of technology-based companies, beginning with IBM and Travelers Companies. Prior to joining LoanSifter, he was the founder and president of C3 Corporation, an automation technology provider, and president and co-owner of EMS Sales and Engineering, an energy solutions provider.
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