Entries by Progress In Lending

Understanding The News: What A Mess

*What A Big Mess*
**Putting The Meltdown In Perspective**

***PROGRESS in Lending has learned that there were 66,000 completed foreclosures in the U.S. in April 2012 compared to 78,000 in April 2011 and 66,000 in March 2012, according to CoreLogic. Since the start of the financial crisis in September 2008, there have been approximately 3.6 million completed foreclosures across the country. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Here’s the details:

Understanding The News: Is Your Website HARP 2.0 Ready?

*Is Your Website HARP 2.0 Ready?*
**Reach Out To Borrowers Easily**

***PROGRESS in Lending has learned that Financial Literacy Solutions LLC, a firm that uses the power of the Internet and the accessibility of video to educate consumers about their mortgage options and to provide a more effective communication channel for loan originators, servicers and asset managers, has released a new video solution that lenders can use on their websites to attract borrowers who hope to refinance their loans under the government’s HARP 2.0 program.

Technology Spotlight: A New Take On Reverse Lending

*A New Take On Reverse Lending*
**Plaza Home Mortgage Profiled**

***Reverse mortgage lenders have traditionally relied on automated valuation models (AVMs) and desk appraisal reviews in order to obtain a value on the property securing the transaction. Today that is changing. San Diego-based Plaza Home Mortgage Inc., a full-service wholesale mortgage lender, has implemented Platinum Data Solutions’ RealView appraisal review technology in its Reverse Mortgage Division, which transacts reverse mortgages nationwide. Here’s why:

Understanding The News: Research Points To Some Growth

*New Research Points To Some Growth*
**Equifax Report Seems Positive**

***Non-home finance write-off dollars year-to-date through April have decreased 52% according to Equifax’s April National Consumer Credit Trends Report. The write-offs have decreased to $26.2 billion as of April 2012 from $54.1 billion in April 2009. Today’s write-offs approach 2006 pre-recession levels of $24.0 billion and continue an improving trend.

Technology Spotlight: Calming The Chaos With End-To-End Automation

*Calming The Chaos With End-To-End Automation*
**Omega Financial Services, Inc. Profiled**

***PROGRESS reported on the launch of a new LOS a while back in the form of LendingQB. We said that we would keep you updated on its progress and we don’t break our promises. As more lenders look to migrate toward a more end-to-end solution, systems like LendingQB are gaining traction. For example, Omega Financial Services, Inc., a retail and wholesale mortgage banker, has implemented LendingQB’s Web-based loan origination system to automate each of its business channels. LendingQB’s platform will reduce Omega’s cost per loan, maximize productivity across operations and decrease its existing technology costs. Here’s how:

Video Insights: Loan Quality Vs. Loan Quantity

*Loan Quality Vs. Loan Quantity*
**Industry Insiders Speak Out**

***What’s the difference between loan quality and loan quantity? Find out here. Our Straight Talkers Roger Gudobba and Kelly Purcell discuss the new subprime. Also, MortgageFlex details how integrations can enforce loan quality. Further, Michael Hammond schools you on how to craft a better presentation. Lastly, Tony Garritano breaks down the latest trends.

On The Move: Leaders Can Stop The Downward Spiral

*Leaders Can Stop The Downward Spiral*
**By Tony Garritano**

***What will it take to get our industry back? Surely the answer is not more regulation or government intervention. I think we can all agree on that. The answer is people. But not just any people, we need true leaders. These leaders will step up and step out to make the process better. Here are two examples of people making a difference:

Understanding The News: Painting A Very Clear Picture Of HARP II

*Painting A Clear Picture About HARP*
**Webinar Looks to Educate All**

***Will HARP II be the thing that restarts the mortgage industry? Probably not. However, HARP II does present a set of opportunities for lenders to help borrowers. So, what’s HARP II really all about? There’s a lot of misinformation out there so AllRegs will offer a training webinar entitled, “The HARP II Program,” Tuesday, May 22, 2012, from 2:00 p.m. to 3:30 p.m. Eastern Time. Registration is $265 per site, to educate the space. Here’s the details:

Understanding The News: Knowledge Is Power

*Knowledge Is Power*
**LOS Sees Refi Upswing**

***As vendors look to provide more value, they are realizing the importance of market visibility. So, what are they doing? They are using their data to create industry reports. Interthinx has been very successful in publishing its fraud report, for example. Now, origination vendor Ellie Maehas released its Origination Insight Report for April 2012. The report draws its data and insights from a sampling of the volume of loan applications that flow through Ellie Mae’s Encompass360 mortgage management software and Ellie Mae Network. Here’s what the report found:

Understanding The News: The Mobile Technology Advances Keep Coming

*The Mobile Technology Advances Keep Coming*
**LenderMobile Enhances Its Offering**

***PROGRESS in Lending has reported on a few vendors getting their feet wet in the mobile space. One of those vendors is LenderMobile, a provider of mobile mortgage loan applications for iPad computers. Now we have learned that the vendor has added two new features to its LenderMobile+ flagship application in response to users’ requests. Here’s the full details on how this vendor hopes to take this space mobile: