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Short Takes: Freedom Expands Beyond Mortgages / DocMagic Offers TRID R&W

Sun, 01/31/2016

By Paul Muolo

Add the name of Freedom Mortgage to what appears to be a growing list of nonbanks looking to expand outside of residential mortgages. On Tuesday morning, the privately held nonbank said it is expanding its services to include business lending to small and medium-sized businesses nationwide. The affiliate that will engage in such lending is called Freedom Small Business BIDCO Inc., which is an authorized Small Business Administration lender…

Over the past few months, two other mortgage firms that have expanded their menus – either directly or through an affiliate – are Quicken and loanDepot. Both are making consumer loans. BIDCO will lend up to $5 million…

We understand that a $2-billion-a-year Midwest-based originator is talking to a California nonbank about an acquisition. For more information, see the upcoming edition of Inside Mortgage Finance.

MORTGAGE TECH NEWS: Compliance software giant DocMagic, Torrance, CA, said it is developing a new set of reps and warrants tied to its products dealing with the integrated disclosure rule known as TRID. The privately held firm cites the “greater risk of civil liability” under the new TRID disclosures.

As featured by IMF News, February 2016