Entries by Progress In Lending

Understanding The News: Can You Calculate How Much Your LOS Saves You?

*Can You Calculate How Much Money Your LOS Saves You?*
**A New Report Quantified LOS ROI**

****Lenders never seem to be happy with their loan origination systems. And they’re right to be upset. Many LOS systems on the market are based on old technology and hinder the lender from truly advancing. Lenders become hostages to their LOS. Nonetheless, lenders need an LOS. So, how do you quantify the true return on investment? Origination vendor Blueberry Systems LLC released the independent findings of a MarketWise Advisors’ detailed ROI Analysis of the implementation of its RELAY loan origination system at Plano, TX based Starkey Mortgage. Here’s what the report found:

On The Move: Hiring Mind Share And Market Share

*Hiring Mind Share And Market Share*
**Strategic Hires Dominate The News**

***Many may see this as a time to retrench. But that won’t prepare your company for the future. Companies like Equator get that message. “From government modification and refinance programs to shadow inventory, the servicing segment is facing challenges it couldn’t have imagined five years ago,” said Chris Saitta, CEO of Equator. “There is a great opportunity for us here and we are confident that Anna and Chuck will play a big role in helping us further our growth and expansion.” As a result, here’s the scoop on the new hires at Equator and a top lender:

Understanding The News: New Website Builds On Clayton’s Reach

*New Website Expands Clayton’s Reach*
**The Power Of The Web Continues**

***Clayton Holdings LLC, a provider of due diligence, underwriting, surveillance and default servicing to the residential and commercial mortgage and fixed-income industries, announced today that it launched its redesigned website. The company said that it designed the new site to better align it with the services that Clayton is currently providing to mortgage servicers, originators, commercial banks, investors, hedge funds and credit unions. Here’s the full story:

Understanding The News: Good News On Delinquencies

*Good News On Delinquencies*
**New Data Shows Improvement**

***According to Equifax’s March National Consumer Credit Trends Report and Creditforest.com, a joint product of Equifax and Moody’s Analytics, total delinquent first mortgage balances are under $500 billion in March 2012, the lowest since Jan. 2009. As of March 2012 there were a total of 49.5 million outstanding first mortgages, nearly an 11% decrease from the peak of more than 55 million in March 2008. The decline is caused by high foreclosures and loan payoffs and low homebuyer demand. Of delinquencies within existing home equity credit lines, an overwhelming 79% come from loans originated from 2005 to 2007. The number of revolving home equity loans is at a five-year low, with 11.6 million outstanding as of March 2012. Credit levels are also continuing to drop, falling 25% from the peak of $1.3 trillion in 2008. Other highlights of the data include:

Understanding The News: Research Shows That Fraud Concerns Are Mounting

*Research Shows That Fraud Concerns Are Mounting*
**Industry Sees Fraud Rising**

***Ernst Publishing Company, a specialist in land recording requirements for almost two decades and processing more than 120,000,000 transactions annually, recently released the results of a title industry survey, revealing thoughts and perceptions held by industry insiders regarding mortgage fraud. The survey touched about 9,000 industry participants, many of whom provided detailed answers. And what they had to say about the state of mortgage fraud was not encouraging. Here’s the scoop:

Technology Spotlight: Tech Equals Higher Customer Satisfaction

*Tech Equals Higher Customer Satisfaction*
**Mortgage Network Profiled**

***Mortgage Network, Inc., an independent mortgage lender, has released the results of their March 2012 Customer Satisfaction Survey showing that over 99% of March’s borrowers would use Mortgage Network again. It also concluded that over 99% would recommend a friend, a standard that Mortgage Network, Inc. states is even harder to meet. In addition, March was an all-time record for retail fundings for the company. Here’s why:

Understanding The News: Moving The Point-Of-Sale Forward

*Moving The Point-Of-Sale Forward*
**FIPCO Interfaces With Data-Vision**

***Data-Vision, Inc., a provider of Internet lending technologies that enable mortgage lenders to quickly and affordably implement innovative web portal and e-lending capabilities, announced that they have entered into a DU3.2 interface agreement with Financial Institution Products Corporation (FIPCO) A wholly owned subsidiary of the Wisconsin Bankers Association, FIPCO is widely regarded as a leader in financial services form sets, loan and deposit software and document imaging.

Understanding The News: Servicing Leader Embraces New Cloud Technology

*Servicing Leader Embraces New Cloud Technology*
**DRI Launches New Cloud Solution**

***Default management software, DRI Management Systems has announced that its award-winning DRI Office is now available as Software as a Service (SaaS) through cloud computing. Users of DRI Office are able to access the platform over the Internet while the software and data are securely hosted on servers at a top-tier data center. Servicers benefit from the same or better service levels and performance than if the software programs were installed locally on end-user computers.

Understanding The News: Companies Link To Ensure Compliance

*Companies Link To Ensure Compliance*
**Xerox Looks To Compliance Experts**

***Got compliance on your mind? Most lenders do. It’s a tough market from a regulatory standpoint and it’s going to get tougher. That’s why proactive vendors are stepping up to provide education and technology to help lenders keep compliant. Along these lines, Xerox Mortgage Services has some big plans. Here’s the scoop: