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Genpact Launches New MOS Platform

The mortgage industry is gaining a new technology tool targeting streamlined loan processing for originators and lenders. Launching the Quantum Mortgage Operation System, Genpact Limited is now offering a platform for real estate and banking professionals. Genpact, a technology company specializing in business processing and management solutions, will provide automation for major elements of the mortgage origination cycle through Quantum. In an official statement, Genpact noted that the platform's use of data eliminates the silos between origination, closing and secondary marketing, enabling lenders to work on each loan file simultaneously.

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House Committee Clears Bill to Undo HAMP, CFPB Independence

The House Financial Services Committee signed off on largely symbolic legislation Wednesday that would repeal bailout funds under the Dodd-Frank Act, eliminate force-placed insurance requirements, and rope the Consumer Financial Protection Bureau into future congressional appropriations processes. Clearing the legislation by a party-line vote, committee members billed it as a way to slash $35 billion from the national deficit. The bill also proposed doing away with bailout mechanisms under Dodd-Frank.

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New Corporate Director Appointed at ISGN

In Florida, ISGN Corporation has announced the appointment of a new director of corporate technology strategy. ISGN, an end-to-end technology solutions and services provider for the mortgage industry, recently hired Tim Anderson to the leadership role.

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Existing-Home Sales Fall in March for Second Straight Month

Existing-home sales fell to a seasonally adjusted annual rate of 4.48 million in March from a downwardly revised February rate of 4.60 million, the National Association of Realtors reported Wednesday. Economists had forecast the March sales pace would be 4.62 million. At the same time, the median price of a new home rose to $163,800, its highest level since last November's $164,000 and up 2.5 percent since March 2011, the first price increase since December 2010.

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Initial Unemployment Dip But Remain Elevated

First time claims for unemployment insurance remained over 380,000 for the second straight week for the week ended April 14, the Labor Department reported Thursday, the highest levels of the year. According to the report there were 386,000 initial claims, down from the revised 388,000 one week earlier The prior week├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós report was adjusted upward by 8,000 Economists had expected initial claims would decrease (from the original report) to 365,000.

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Home Prices Climb 5.8% Year-Over-Year: RE/MAX

Home prices rose year-over-year on average for the second straight month, according to RE/MAX. Of 53 metro areas surveyed by the real estate company, RE/MAX found that median prices climbed 5.8 percent higher than in March last year. Home sales moved in the same direction by cresting 25.4 percent higher than in February, a shift upward year-over-year by 1.5 percent. The company chalked up the good news for prices and sales to improvements in weather, low interest rates, and better home prices.

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HUD Swears in Rhodes Scholar, Publisher as Deputy Secretary

HUD swore in a Virginia-based publisher with British credentials as deputy secretary Wednesday. Confirmed by the Senate in late March, Maurice Jones stepped up to serve as the federal agency├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós second senior-most official. Jones arrives at his new position with considerable credentials. Graduating from Hampden-Sydney College, he snagged a Rhodes scholarship to study and later pick up a degree from the University of Oxford. He later graduated from the University of Virginia with a juris doctor.

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CFPB Goes After Lenders for Disparate Discrimination

If new guidance from the consumer bureau means anything, lenders could face action in instances that allegedly involve discriminatory lending practices for homeowners ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô even if practices seem fair at face value. The Consumer Financial Protection Bureau released a bulletin Wednesday that reasserts disparate impact, a legal doctrine tucked into the Equal Credit Opportunity Act by policymakers that lays blame at the feet of lenders for overt and disparate acts of discrimination.

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Debt Crises Inspire 6.9% Pick-Up in Loan Volume: MBA

Debt crises in Europe spurred a wave of refinance applications last week, leading mortgage loan applications to tick up by 6.9 percent, according to the Mortgage Bankers Association. The trade group found that mortgage loan application volume went up 6.9 percent on a seasonally adjusted basis from the week before. The Refinance Index edged up 13.5 percent from the week before, with the refinance share of mortgage activity increasing to 75.2 percent of the share of total activity.

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Provident Bank Appoints New Commercial Banking Leader

In Rockland County, New York, Provident Bank is welcoming a new leader for its commercial banking team. The company, a subsidiary of Provident New York Bancorp, recently announced Marianne McGoldrick as the firm's senior managing director of commercial banking. In her new role for Provident Bank, McGoldrick will handle team leadership for building and cultivating commercial relationships. Prior to joining the company, McGoldrick served as the vice president and senior relationship manager for HSBC's middle market portfolio in the Hudson Valley region.

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