Entries by Tony Garritano

Market Analysis: A New LOS Player Enters The Space

*A New LOS Player Enters The Space*
**By Tony Garritano**

***The past two weeks have seen a whirlwind of activity on the loan origination side of the business. We broke the news that Canadian firm D+H acquired LOS Avista and yesterday we broke the news that LOS Mortgage Builder acquired servicing mainstay GCC. It’s been a lot to take in. Well, today there’s more news to digest. I told you last week that I would tell you about some exclusive news from Genpact when it was ready. Well, it’s ready. Here’s the scoop:

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Market Analysis: LOS Acquisition Ups The End-To-End Ante

*LOS Acquisition Ups The End-To-End Ante*
**By Tony Garritano**

***The loan origination space is heating up for sure. We’ve seen some noted acquisitions and today I’ve been given the scoop on another such deal. Let’s understand, LOS companies have to add value. In this case an LOS is not getting acquired, but rather is doing the acquiring to be able to offer its customers that much more value. I told you last week that I would bring you some exclusive news from Mortgage Builder when it was good to go. Today Mortgage Builder has acquired an industry mainstay. Here’s the scoop:

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Market Analysis: Are You Happy With Your LOS?

*Are You Happy With Your LOS?*
**By Tony Garritano**

***As the mortgage industry and economy begin to recover, lenders are increasingly reevaluating their technology options. According to a QuestSoft survey of 461 lenders nationwide, 18.7 percent of mortgage lenders are considering changing their loan origination software (LOS) in the next 12 months. This is the highest percentage looking to switch in the six years QuestSoft has been conducting its annual survey. Here’s the scoop:

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Market Analysis: Get Creative To Avoid Buy-Backs

*Get Creative To Avoid Buy-Backs*
**By Tony Garritano**

***Everyone is trying to be risk averse. Nobody wants a buy-back. And investors are cracking down. Loans have to be ironclad these days. As a result, technology providers are trying to come up with new ways to support their lender clients. For example, origination vendor Ellie Mae is adding a loan buy-back insurance option to its Total Quality Loan (TQL) program. Here’s how it works:

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Market Analysis: Being Automated Does Pay Off

*Being Automated Does Pay Off*
**By Tony Garritano**

***Who says technology doesn’t pay off? Well, it does. Just take servicing for example. It’s a tough space, but for those that automate, they’re doing well. To this point, Wingspan Portfolio Advisors, a Dallas-based diversified servicing company, is leveraging technology and servicing know-how to track ahead of the industry averages in speeding short sales to successful conclusions. The secret to accelerating the short sale process is in keeping the objectives of all parties aligned and the communications clear, finds Robert Shiller, senior vice president of Wingspan’s Enhanced Servicing Solutions, the company’s unit focusing on foreclosure alternatives. While the industry as a whole still takes up to six months to complete a short sale, Wingspan’s average is four to six weeks. Here’s how they do it:

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Market Analysis: Mortgage Builder Is Making News

*Mortgage Builder Is Making News*
**By Tony Garritano**

***The industry is still talking about the Avista acquisition. However, Avista isn’t the only prominent LOS making headlines. I talked with the executives at Mortgage Builder yesterday and they have some exciting plans for this year. When I’m able, I will tell you all about it. Stay tuned. But today I want to talk about a recent integration that Mortgage Builder completed that will really improve the appraisal space. Here’s the scoop:

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Market Analysis: The Future Of The Correspondent Channel

*The Future Of The Correspondent Channel*
**By Tony Garritano**

***Everyone asks: Is correspondent dead? I respond: Sure, a lot of the bigger players may be pulling back or exiting, but that doesn’t mean the space is gone. In my estimation, it just needs retooling. It needs a fresh approach. New entrants will reinvent how correspondent lending is done. What correspondent really needs is technology to create a more trusted process. I was told of a company offering technology to do just that. The purpose of this new automated solution is to help this sector of our industry shoot back to life. Here’s the scoop:

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Market Analysis: Wipro Embraces Mobile

*Wipro Embraces Mobile*
**By Tony Garritano**

***No, I haven’t heard of another LOS acquisition, but I was recently treated to a demo of a new offering. I thought it was very slick. As it turns out, more LOS companies are trying to harness the power of mobile technology. Franklin, Tenn.-based Wipro Gallagher Solutions (WGS), a provider of end-to-end lending solutions for financial institutions, introduced Enterprise Mobile Origination (e.MO), a native iOS lending productivity suite for the iPad, designed to enable sales teams in the field to run and originate new loans of all types. Here’s the scoop:

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Market Analysis: Reaction To The Avista Acquisition Starts Rolling In

*Reaction To The Avista Acquisition Starts Coming In*
**By Tony Garritano**

***As you all know, D+H, the parent company of point-of-sale vendor Mortgagebot, acquired loan origination system Avista Solutions for $40 million. I broke the news yesterday. Since the scoop, I’ve gotten a lot of reaction from various industry experts. It’s great to hear your thoughts. Now that we’re about 24 hours removed from the news breaking, I thought that I would share what people are saying about this deal. I also got a chance to talk with Matt Cotter, senior vice president of sales and marketing at Mortgagebot. Here’s the industry reaction to this big acquisition:

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Market Analysis: Breaking LOS Acquisition News

*Big LOS Acquisition News*
**By Tony Garritano**

***I don’t usually do this because I know that you don’t like getting multiple e-mails a day and I don’t want to spam you. However, this warrants an extra e-mail, believe me. I always expected more consolidation in the LOS space. It’s been too slow as far as I’m concerned. Sure, we saw DataTrac get acquired recently, but that’s it. Now the big news starts my friends. Today I learned that Avista Solutions has been acquired. Here’s the scoop:

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.