Over 100 lending executives gathered for this very special event. What is our Innovations Program all about? First, let’s talk about what we’re not. We’re not the Academy Awards that showcases tons of finalists in tons of categories, with judges unknown to the industry telling you who wins and loses. Instead, we are the Good Housekeeping Seal of Approval.
We recognize innovations introduced between January of 2010 to December of 2010 that changed the mortgage space. Also, our Executive Team is made up of six professionals that combined have over 100 years of mortgage experience. Each of these executives act as equal judges. They know the space and you probably know them, too.
All applications that entered were scored on a weighted scale. We were looking for the innovation’s overall industry significance, uniqueness, positive change, the intangible efficiencies gained, and the hard cost and time savings that the innovation enables. In alphabetical order, the top five innovations of 2010 are:
DRI Management Systems
The unfortunate reality is that the mortgage servicing segment has neglected to innovate its core technology over the years, and it is now coming back to haunt not just servicing, but the entire industry. The servicing business was once simply just another department of every mortgage banking firm and depository institution making home loans. The industry was totally unprepared for the onslaught it faced, owing to the lack of innovation in core servicing systems, which were basically unchanged over the course of two generations.
When the crisis hit, the private sector, led by DRI, helped fill the workflow gap with increasingly sophisticated default management systems that were integrated with the main servicing platforms. This innovation provided much-needed technology for an area of the business that had taken a budgetary back seat to origination and secondary marketing since the late 1970s. As a result, DRI developed its Rincon offering to provide servicers the ability to handle many more loans using the technology than would otherwise be possible for individual servicing associates.
Field Asset Services
For years, property preservation companies have struggled with how to quickly, easily and accurately document completed work orders in the field. Many vendors rely on e-mail, FTP and photo sharing sites for this process, and there is no easy way to organize the photos, associate them with work orders and ensure that the photos represent an accurate record of the work performed.
To address these issues, FAS embarked on creating FASconnect. To make the photo management process truly automatic, FAS knew they needed to leverage the intelligence of a smart phone but at the end of the day, they still could not trust that the data on the phone had not been changed or tampered with from the time the photo was taken to when it was shared with FAS. To eliminate this doubt, FAS developed an application on the Android-based phone that would tie directly into the camera to capture photos in addition to the GPS, date and time information and then relay this information directly to a web server.
MISMO V3 Architecture and reference model have seen a consolidation of favorable opinions during 2010. Release Candidate 3.0 has been out for over a year. FHFA, Fannie Mae and Freddie Mac have adopted it and have published a schedule for adoption by all lenders that deliver loans to them. The participants and subscribers have continued to refine and develop the model. Release candidate 3.1 will be published in January of this year.
This advance incorporates Credit, MI, Document Classification, and Property Valuation. These have been major steps this year. In addition MISMO has incorporated all of the compliance requirements that came out in 2010. In the end, a single model that accommodates every aspect of the loan from the first contact with the borrower until the holding period after the loan has paid off will greatly reduce errors. High data quality and efficient processes will evolve as a result of this model. The hard work by the MISMO volunteers will enable the mortgage industry to be truly transparent and restore investor confidence.
The Movation technology provided by Motivity Solutions speaks directly to industry needs like ensuring transparency, data quality, executive insight, total insight into the entire mortgage operation, etc. The Movation Enterprise Platform is a business management platform that combines the user’s existing systems to fill the gaps, optimize the organization and simplify the business. By connecting fragmented technology and plugging into existing systems, Movation actually is able to maximize the user’s insight and control over the entire mortgage business.
Movation’s innovative, performance-driven business intelligence capabilities are entrenched in the customers’ culture and will be instrumental as they deploy regulatory and business solutions in 2011. Through Movation, customers will strive to optimize efficiencies in an industry that is expected to see a 40% decrease in originations by yearend. Further, Movation provides the ability, to maximize revenue opportunities by placing the customer first. The configurable CRM functionality enables lenders to maximize lead generation relationships, enrich customer interaction and touch points throughout the loan origination process, and create life-long relationships.
The patented BIOWRAP file encryption and management solution developed by NATION Technologies allows companies and individuals to easily certify, secure, manage and track electronic information at rest as well as in motion. BIOWRAP customers are capable of encrypting any electronic information, designating retention rights and specifying precisely who is authorized to gain access. Certificate authentication supports digital and hardware tokens to create BIOWRAP encrypted files. It allows for encryption for any electronic information. Encrypted files are always protected and can be delivered by any electronic means (CD, e-mail, FTP, thumb drive, etc.). The encrypted file can only be accessed by the creator. Only those that present their certified biometric can gain access. Only those with a valid certificate can gain access. Specifically, Only members of the company or group can gain access.
In short, the BIOWRAP file encryption solution represents a cost-effective means to meet and even exceed State and Federal requirements for the protection of sensitive electronic information. The BIOWRAP solution serves to bring the confidence of a handshake back to the mortgage space.
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