Origination

The Consumer Financial Protection Bureau issued on Wednesday a rule requiring lenders to use its new mortgage disclosure templates designed to streamline and simplify information for consumers. The forms will replace the standard disclosures given at the opening and closing stages of a loan. Testing the new templates against the old, the CFPB found borrowers using the updated forms showed a better understanding of their loan, demonstrating a 29 percent improvement in comprehension.

In Texas, Wingspan Portfolio Advisors named industry veteran Susan Pettem to the newly created position of EVP for business development.

Next year will likely be the first year since 2000 that home purchases outpace refinances, according to Freddie Mac's expectations.

Velocify, a provider of cloud-based intelligent sales automation software headquartered in California, announced it has published a free e-book designed to help mortgage originators increase sales.

Mortgage application volume declined once again for the week ending November 15, the Mortgage Bankers Association (MBA) reported in its Weekly Mortgage Applications Survey.

The lending division of Carrington Mortgage Services (CMS), LLC appointed Kathy Pilgrim as branch manager of the company's branch in Duluth, Georgia.

Republic Mortgage Insurance Corporation faces a $100,000 fine and enhanced supervision by the Consumer Financial Protection Bureau for allegedly offering illegal kickbacks to lenders in return for business referrals, according to an announcement from CFPB. "The CFPB believes that RMIC provided kickbacks to mortgage lenders by purchasing captive reinsurance that was essentially worthless but was designed to make a profit for the lenders," the bureau said in its announcement.

Diane Nordin, a seasoned asset management executive, has joined Fannie Mae's board of directors, the company announced.

In Connecticut, Norcom Mortgage touted the creation of its new Norcom Origination Exchange (NOX) Portal, a secure loan exchange program designed with the firm's wholesale and correspondent partners in mind.

LoanLogics, a company specializing in loan quality management and performance analytics technologies for the mortgage industry, announced it has raised $11.2 million in funding from growth equity firm Volition Capital and existing investors.