Wolters Kluwer Compliance Solutions launched Small Biz Wiz, a system designed to support new requirements in the collection, reporting and analysis of small-business lending data. It supports the collection and reporting of all small-business loan data elements required by new Consumer Financial Protection Bureau regulations, including application dates, loan amount, pricing information, details about the business, and information about the race, sex and ethnicity of the principal owners of the business.
CoreLogic announced the company is entering into a strategic relationship to provide Wells Fargo Home Lending with real estate tax processing operations and will manage these services for Wells Fargo’s home loan customers moving forward. This includes the ability for Wells Fargo to oversee customer tax service via the CoreLogic Digital Tax Portal. This collaboration aims to enhance risk management, compliance and customer experiences in the mortgage servicing sector.
Valley National Bank announced the launch of its new community home equity line of credit program designed to support the needs of low-to moderate-income (LMI) borrowers. The program features a 12-month introductory rate of 6.67% as of Nov. 1, with no closing costs. LMI households can apply for lines of up to $250,000.
Finance of America partnered with Spera Security to bolster its defense against cyberattacks. The announcement comes in the wake of a security breach at Mr. Cooper that forced the company to lock down its systems for days, and after the Federal Trade Commission approved a new rule mandating that nonbank financial institutions report large data security breaches and other incursions into personal information.
Citizens Bank informed brokers that it has made the “difficult decision” to halt originations in its wholesale mortgage operation. It will stop accepting submissions after Dec. 6. The bank’s correspondent lending division will remain in business.