Deal gives the nation's biggest provider of riskier 'non-QM' mortgages additional capacity to offer more traditional loans backed by Fannie Mae and Freddie Mac, FHA, VA and USDA
Mortgage giant claims lenders who embrace automation enjoy fewer loan defects and cut loan production time and cost compared to lenders with lower technology utilization
Executives and employees of the combined company will continue to serve a nationwide footprint as Go Mortgage, which is now hiring retail branch managers and loan originators
After months of beta testing, loanDepot's melloNow underwriting engine can analyze credit reports, detect fraud, and validate income and employment data without human assistance
Deal sets the stage for TransUnion to go head-to-head with Equifax's verification service, The Work Number, and help mortgage lenders speed up closings
Proposed standards would include random sample testing and reviews to protect against data manipulation and ensure a 'high level of confidence' in the estimates produced by AVMs
Mortgage lenders seeking economies of scale are automating much of the loan application and underwriting process