Entries by Tony Garritano

Market Analysis: We Are All Connected

*We Are All Connected*
**By Tony Garritano**

***As talk about the elections in Greece this weekend heat up I’m reminded of how connected we are. Something that happens far off in Greece could spur another world economic crisis. The mortgage process is similar. Some lenders think about it as an assembly line, but it’s not because several steps can and should be happening at the same time. Originating a mortgage is more about constructing parallel workflows instead of a traditional assembly line. In order to do that though, technology has to connect all the players. Along these lines, PROGRESS has learned that ISGN has launched new integrations to Gators, its browser-based settlement services and vendor management system that enable the system to auto-populate HUD forms, automate calls to vendors, and export title data onto customer XML fields, among other features. Here’s the details:

Market Analysis: Use The Cloud To The Fullest

*Use The Cloud To The Fullest*
**By Tony Garritano**

***There’s a lot of talk about cloud computing these days. But how do you use it? I think that’s the question that most lenders are asking. If done right, cloud computing can add value. For example, I have learned today that CoesterVMS, a nationwide provider of appraisal management services and technology, has successfully integrated its Cloud Control appraisal management technology into the Ellie Mae Encompass360 mortgage management system, giving Encompass360 users the ability to order Coester appraisals with a single mouse click. The integration also allows users to automatically schedule appraisal appointments and process check payments through an integrated e-check tool. Here’s how the cloud is making a difference:

Market Analysis: Is Industry Stabilization Starting?

*Is Industry Stabilization Starting*
**By Tony Garritano**

***Is our industry finally hitting bottom? According to the CoreLogic April Home Price Index (HPI) report, Home prices nationwide, including distressed sales, increased on a year-over-year basis by 1.1 percent in April 2012 compared to April of last year. This was the second consecutive year-over-year increase this year, and the first time two consecutive increases have occurred since June 2010. On a month-over-month basis, home prices, including distressed sales, increased by 2.2 percent in April 2012. This marks the second consecutive month-over-month increase this year.

Market Analysis: ISO Launches New Standard

*ISO Launches New Standard*
**By Tony Garritano**

***Hot off the presses, I have just learned that ISO has just published a new standard for the financial services industry which provides a global solution for the accurate and unambiguous identification of entities engaged in financial transactions. ISO 17442:2012, Financial services – Legal Entity Identifier (LEI), is aimed at meeting the data collection and analysis needs of both national and global regulators in their responses to problems arising from the world financial crisis. Here’s the details so far:

Market Analysis: It’s All About Quality

*It’s All About Quality*
**By Tony Garritano**

***Buying a quality product is better in the long run as compared to buying something subpar that’s not going to last. It’s the same when you’re talking about the loan process, you want to do what you can to ensure quality. To this end, ISGN has launched a new Quality Control Service for Correspondents, a program for correspondent lenders with warehouse lines of credit that evaluates all quality control points in the origination of mortgage loans, from the submission of a loan application to post-closing. ISGN’s quality control expertise ensures that mortgage loans are ready for delivery into the secondary market, reducing repurchase risk.

Market Analysis: Tech Vendor Gets Paperless Patent

*Tech Vendor Gets Paperless Patent*
**By Tony Garritano**

***Any time I can bring you news about advancing paperless processing, that’s what I’m going to do. I believe in it and you should, too. To this end, today I learned that Capsilon, a provider of cloud-based document sharing, imaging and collaboration solutions for mortgage lenders, said that U.S. Patent # 8,176,004 was issued to the company on May 8, 2012 to cover specific Capsilon systems and methods for intelligent paperless document management. Here’s the full details:

Market Analysis: A Partnership That Matters

*A Partnership That Matter*
**By Tony Garritano**

***When you’re the leader in a space, who you partner with matters. When the GSEs chose Veros to run the new appraisal portal that was significant. Today I learned about another partnership like this that I think matters. Mortech, Inc., a mortgage technology software company specializing in solutions for mortgage bankers and secondary market teams, announced an exclusive new strategic alliance with AllRegs, the market leader when it comes to providing mortgage information. Under the new agreement, the Mortech Product & Pricing Engine (PPE), a tool built into MarksmanLMP, will be the exclusive PPE recipient of AllRegs’ massive loan product library, which includes loan programs for more than 70 investors, some of whom only share information with AllRegs. Here’s the scoop:

Market Analysis: Another High-Profile Vendor Goes Mobile

*Another High-Profile Vendor Goes Mobile*
**By Tony Garritano**

***We at PROGRESS in Lending have always seen the value in going mobile. That’s why we launched the PROGRESS in Lending app for the iPad back in October of last year. I encourage you to download the free app in iTunes today. Our concept was to create an industry app that not just displays our content in this newsletter and in our magazine, but rather an industry app that houses content from a variety of sources. For example, we just added our eighth industry Twitter account to the app. You can follow all these different industry Twitter accounts from within the app. We also have contributed white papers from over 20 different companies and video content from us and four other sources. We are the first B2B mortgage publishing company to have an iPad app, but the app is not just about PROGRESS, it’s about the whole mortgage industry. So, it gives me great pleasure to write about vendors in the space that are now going mobile, as well. Here’s the latest vendor to move in this direction:

Market Analysis: Taking On A New GSE Rule

*Taking On A New GSE Rule*
**By Tony Garritano**

***First off, welcome back from your Memorial Day vacation. I hope you enjoyed it! Now, back to business. You guessed it, I’m going to talk about even more new regulation coming out of the GSEs. When is enough enough? Today servicers are struggling to meet Fannie Mae’s requirement that homeowners association (HOA) claims be satisfied in order to preserve the GSE’s first lien position. The requirement, specified in Servicing Guide Announcement SVC-2012-05 (www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2012/svc1205.pdf) was published on April 11th and is slated to take effect on July 1, 2012. PROGRESS has gotten the scoop on one way that you can comply with this new rule. Here’s the story:

Market Analysis: How Can The Cloud Help You?

*How Can The Cloud Help You?*
**By Tony Garritano**

***My kids are getting to the point where they’re using slang words that I don’t understand. I try to understand what they mean, but I realize that next week they’ll say something else that I don’t grasp. I’m sure lenders feel the same way when technology vendors throw out buzzwords and acronyms. The latest buzz is all about cloud computing. But how can cloud computing help lenders? Actually in a variety of ways. For example, Coester Appraisal Group, a nationwide provider of appraisal management technology and services, has launched the Cloud Control Compliance Center, a new tool that lenders can use to ensure compliance with all major industry regulations, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, Truth in Lending Act, and more. Here’s how it works: