*Jonathan Core Sizes Up Success* **Executive Interview** ***Can a loan origination system actually complete a successful IPO? It’s never been done before, but Ellie Mae got it done this year. The company not only went public, it completed two high-profile acquisitions. All this happened during a time of flux in the mortgage industry. Ellie Mae […]
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*Solving The REO Crisis* **Executive Interview** ***As we all know, defaults, workouts and foreclosures will continue to be the norm for some time to come. These market conditions are turning investors into landowners and whole neighborhoods in some areas of the country are inundated with vacant homes. What does all this mean? According to CNBC, […]
*The Paperless Movement* **Executive Interview** ***This year electronic collaboration vendor DocVelocity made headlines when it introduced DocVelocity Threads, which is essentially an online customer portal. Threads allows you to communicate and exchange documents with anyone involved in the loan process —even if they don’t have DocVelocity. This means anyone in or outside of your company […]
Ellie Mae’s new COO Jonathan Corr reflects on this year. This issue also covers how to improve borrower relations, use servicing data, restore our industry’s integrity, and much more.
*Read Appraisals With Ease*
**UAD Help Arrives**
***The new appraisal standards have some pulling out their hair, but fear not, technology can help. For example, ACI, a valuation technology provider for the mortgage industry, has launched a new Appraisal Reader powered by Appraisal.com. The new technology helps lenders and reviewers view and validate appraisal reports prepared by any appraisal software vendor that supports the new MISMO XML format. Here’s how it works:
*It’s All About Service*
**Riverview Community Bank of Vancouver Profiled**
***We all know how big compliance is. It’s top of mind for every lender. At the same time lenders want to be sure that in keeping compliant, they don’t compromise service. Because of these two factors more and more lenders are switching their LOS. For example, Riverview Community Bank of Vancouver, WA has selected Mortgage Builder’s platform for its mortgage lending business. Riverview Community Bank is a community-oriented financial institution and mortgage lender that provides local and personal service throughout Southwest Washington and in the Portland, Oregon metropolitan area just across the state line. Here’s why they made this choice:
*Looking For Excellence*
**The Latest Promotions, New Hires And Layoffs**
***Just this week we have seen that new appraisal rules have gone into effect. Also think week the Treasury Secretary said that Dodd-Frank is not going away and will be enforced. What does this mean? More regulation is here now and more is coming. As a result, lenders and vendors alike are looking to hire experienced executives that can help them grow their businesses in this very tense market. Here are two cases where we have seen this trend play out:
*Automate Financial Reporting For Reverse Lending*
**LOS Ensures More Accuracy**
***It’s all about making things simple and easy. Technology should improve the process, not complicate it. To this end, PROGRESS in Lending has learned that Mortgage Cadence, LLC simplifies changes to the HECM program using the ACE Rules Engine’s rules-based configuration. As financial assessments of all reverse borrowers take hold throughout the reverse industry, more lenders are turning to Mortgage Cadence’s advanced technology to easily implement the necessary changes.
*What’s The Rush To Automate?*
**Bank of Oklahoma Mortgage Group Profiled**
***You may ask: What’s the rush to automate? If you want to ensure a compliant process you have to automate. Luckily some lenders are getting this message. For example, eLynx, a portfolio company of American Capital told PROGRESS in Lending that Bank of Oklahoma Mortgage Group is now processing loan documents on the eLynx Expedite platform. With Expedite, the bank prepares and delivers all loan documents to borrowers electronically, including electronic consent and signatures. Borrowers that do not provide an email address or decline the electronic delivery process will have their documents automatically printed and mailed using eLynx’s redundant and secure print-and-mail facilities. Loan officers never lose a document because this fail-safe offering that facilitates all borrower deliveries with comprehensive tracking and auditing capabilities.
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