Entries by Tony Garritano

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.

Market Analysis: Advancing The Cause Of Paperless Processing Further

*Advancing The Cause Of Paperless Processing Further*
**By Tony Garritano**

***Anyone who has purchased a home is familiar with the stack of paper that has to be signed to finalize the loan transaction. Less known are the challenges lenders face to get the loan to the closing table–complex interactions behind the scenes, multiple participants needing access to the same file and regulation requirements for data transparency. PROGRESS in Lending has learned that Xerox Mortgage Services is helping lenders simplify the process with new features for its BlitzDocs intelligent collaboration network. 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 Afraid Of The GSEs?

*Are You Afraid Of The GSEs?*
**By Tony Garritano**

***We have seen the GSEs launch a number of requirements that try to ensure loan quality. They are cracking down for sure. Most lenders are fearful, but they don’t have to be. Technology is always there to help. For example, PROGRESS in Lending has learned that Interthinx has released its new Watchlist Review Module, a stand-alone application that allows/enables lenders to check all loan participants against several industry lists to ensure compliance with Fannie Mae’s Loan Quality Initiative (LQI) as well as rules from the Office of Foreign Assets Control (OFAC) and the Bank Secrecy Act (BSA). 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 Your Processes Sound?

*Are Your Processes Sound?*
**By Tony Garritano**

***As we all know there is a big push toward being as risk averse as possible. Investors are cracking down and nobody wants a buyback. So, if you’re a lender, what do you do? Dominic Iannitti, president and CEO of DocMagic, a provider of loan document preparation and delivery solutions for the mortgage industry, called on all originators to integrate automated loan file audits in their workflow throughout the mortgage production chain, from the time borrowers submit an application to the time loan file documents are prepared for delivery to the secondary market. Here’s why:

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: Taking Auto Indexing Further

*Taking Auto Indexing Further*
**By Tony Garritano**

***There’s a lot of talk about going paperless, especially with new regulation asking lenders to be more transparent. How do you do that? You move to a more paperless process where more parties are invited to electronically collaborate. You also have an electronic audit trail that is not possible in a paper world to not only ensure, but to prove compliance. Further, vendors are stepping up to provide this type of service. For example, PROGRESS in Lending has learned that VirPack, a provider of document management and e-delivery solutions for the mortgage industry, launched the next generation of its end-to-end paperless platform, Enterprise Center (EC), highlighted by Automated Document Indexing (ADI) which significantly reduces the manual indexing process and eliminates a dependency on barcode separator sheets. Here’s all the details:

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 Mobile Trend Continues

*The Mobile Trend Continues*
**By Tony Garritano**

***Last week I told you about how origination vendor Mortgage Cadence was going mobile. It’s the wave of the future my friends. Today PROGRESS in Lending has learned that LenderMobile, a provider of mobile mortgage loan applications for iPad computers, has upgraded LenderMobile, its flagship application, to enable the ordering of vendor services. Loan officers and other originators now can order, directly from their iPads, credit reports, identity checks, tax return verifications, flood determinations, among other third-party vendor requests. 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.