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.
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Eric Kujala talks about why going paperless is so very important. This issue also covers: M&A Trends, E-Collaboration Strategies, Mobile Computing Tips, Apraisal Delivery News, Compliance Issues, and much more.
*Don’t Credit Unions and Community Banks Deserve Help, Too?*
**Talking Loan Quality**
***As more community banks and credit unions beef up their mortgage presence, they need help. Mortgage isn’t their specialty and with all the new rules and regulations, it’s not easy. As a result, we are seeing new technology tools hit the market specifically designed to help this group. For example, PROGRESS in Lending has learned that Aklero Risk Analytics, a provider of automated data and document validity assurance, has unveiled DQx Scan, designed to meet the quality control needs of small lenders; particularly, community banks and credit unions.
*Appraisal Assistance Needed*
***Let’s face it, the appraisal space is changing. As the industry moves toward a more data-centric approach, lenders and others are looking for an automated approach. For example, PROGRESS in Lending has learned that National Real Estate Information Services (NREIS) is in production with Appraisal.com, an appraiser-facing portal that scrutinizes appraisal reports for completeness, correctness, consistency, and compliance.
*Partnering Up With HUD*
**Emphasizing Loan Quality**
***As everyone talks about the new government program to get more underwater loans modified, here’s some more government news: Matt Martin Real Estate Management (MMREM), a provider of real estate services, including asset disposition, financial advisory, and mortgage loan loss mitigation services, has been awarded a multi-year contract with its prime contracting partner, STS-MAAG, to provide Mortgage Insurance Endorsement (MIE) processing services for the U.S. Department of Housing and Urban Development (HUD), Denver Homeownership Center (HOC).
*The Cloud Has Finally Come Of Age*
**A New Consulting Service Forms**
***Acris Technology, the software development company behind Mortgage VCO, a full suite of cloud-based software applications and business support resources for mortgage bankers and lenders, has launched a new consulting service designed to help lenders and other financial service companies build an entirely cloud-based virtual corporate office. Named VCO Airlift, the new consulting program will identify the specific steps a lender needs to undertake to run a compliant, scalable, paperless, virtualized mortgage office without the expense and complexity of on-site servers, software, maintenance and upgrades, while taking into account the company’s existing software and business needs. Airlift will also pinpoint the savings in dollars that lenders will realize by freeing themselves from on-site servers and legacy systems and migrating to a virtual environment.
*Nonconforming Is Making A Comeback*
**Quadriga Mortgage Group Profiled**
***Who said nonconforming is dead? The Quadriga Mortgage Group specializes in portfolio funding nonconforming mortgages with low loan to value (LTV) ratios on a wholesale basis, originated through licensed mortgage brokerages and other third party lending professionals. Quadriga manages a mortgage pool that is funded by private investors who are taking advantage of the benefits of investing in a diversified pool of well secured residential mortgages. To further streamline its operation and grow the company has chosen to implement the Mortgage Builder LOS. Here’s why:
*Recovery Tips: Dodd-Frank’s Impact* **By Melanie R. Finkelstein and Marsha L. Williams** ***The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), which was signed by President Obama on July 21, 2010, radically changes all aspects of the financial industry, especially mortgage lending. Dodd-Frank created the Consumer Financial Protection Bureau (the “Bureau”) to replace the Federal […]
*Your Voice: A New Deficit Problem* **By David Lykken** ***Our nation’s fiscal deficit is dominating today’s news. There is another deficit crisis however, that is NOT getting much if any attention. I am referring to the leadership deficit in this country…both in the private and the public sectors. ****Leadership has been a topic of interest […]
*Getting Their Just Reward*
**The Latest Promotions, New Hires and Layoffs**
***There is no denying that there’s a lot of bad news going around. Are you tired of bad news? Well, we at PROGRESS in Lending Association are sure tired of bad news. So today we want to bring you some good news. PROGRESS in Lending has learned of two staffing news stories that made us smile. Here’s the scoop: