Entries by Tony Garritano

Market Analysis: Figuring Out Ellie Mae

*What Can We Learn From Ellie Mae?*
**By Tony Garritano**

***What can we learn from Ellie Mae? First, that an origination technology player can go public. I think that’s a good thing for other origination vendors. It sets a good standard to follow. Some criticize Ellie Mae’s revenue, but times are trying. In the end, Ellie Mae’s total revenue for the third quarter of 2011 increased 23% to $14.7 million, compared to $11.9 million in the third quarter of 2010. Software Solutions revenue increased 30% to $11.8 million, compared to $9.1 million in the third quarter of 2010. Network revenue was $2.8 million, compared to $2.8 million in the third quarter of 2010. But Ellie Mae’s financial reporting tells me something else about the mortgage space that goes beyond just Ellie Mae. Here’s what I mean:

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 Power Of The Web

*The Web/Client Server Debate is Settled*
**By Tony Garritano**

***I remember the days when we debated about client server technology vs. Web-based technology. The consensus was that mortgage lenders would never embrace the Web. Boy were those industry experts wrong. The Web is everywhere and lenders are increasingly turning to Web-based tools. Vendors are turning to the Web more and more, too. For example, CoreLogic has launched HomeStandingson RE/MAX Mainstreet, a members-only extranet website exclusive to the RE/MAX organization, including RE/MAX Affiliates, RE/MAX Employees and RE/MAX Approved Suppliers. The HomeStandings report provides property specific, easy-to-understand, professional-grade data and analytics that enable RE/MAX Agents to accurately assess the overall purchase quality of a home. HomeStandings combines property, neighborhood and market characteristics to provide a complete local understanding of a home’s value, marketability and rent potential and is available for virtually every property in the United States. Additional data taken into consideration include area pricing, surrounding market conditions, crime rates, schools, estimated market rent and investment opportunities.

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: A Gift For Servicers

*Tackling The Single Point Of Contact Rule*
**By Tony Garritano**

***Servicers are plagued with, among other things, dealing with the new single point of contact rule. The good news for servicers, and mortgage professionals in general, is that vendors always catch on to provide solutions. In this case a lot of vendors have sought to solve this issue. For example, eMASON, Inc., developer of the Clarifirebusiness process automation software for the financial servicers industry, has unveiled the Clarifire Community. The new Clarifire feature, it says, enables the nation’s largest servicers to drive compliance with Department of the Treasury regulations, while delivering a solution to borrowers—and all others involved in mortgage servicing—that provides real-time access to borrower delinquency management processes. Clarifire Community is the portal through which borrowers, servicers, investors, title agents, realtors, regulators and other mortgage industry players can come together in one platform to synchronize activities relating to mortgage loans.

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: Give Back

*Let’s Lend A Hand*
**By Tony Garritano**

***My great friend Roger Gudobba lives to golf. In fact, most people in the mortgage space love to golf. I always say that once they add a miniature golf component to mortgage outings, I’m in, but until that happens my skills when it comes to real golfing are lacking. My friends will attest to this fact. So, why am I talking about golf today? I just got an announcement about a company that has combined golf with charity, and those of you that read this column regularly know, I love to talk about companies giving back. In this case The Carrington Charitable Foundation (CCF) announced today that its Inaugural Golf Classic was a tremendous success, raising $350,000 to benefit the Veterans Airlift Command. Funds raised through this event will support the administrative functions required to coordinate the efforts of the VAC volunteer pilot network, which includes arranging free air transportation for Veterans of Iraqi Freedom and Enduring Freedom (Afghanistan) for medical and other compassionate purposes.

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: Acquisition News

*A New Title And Data Quality Acquisition Deal Inked*
**By Tony Garritano**

***I sound like a broken record when I say now is the time to innovate, but it really is. Now is the time to take a new approach to an old method or strategy. To this end PROGRESS in Lending has learned of a creative acquisition that pledges to revamp the title sector. Charles Sanders, the founder of Urban Lending Solutions, a provider of residential and commercial mortgage products and services, has teamed up with settlement services industry veteran Michael Forgas, formerly CEO of National Real Estate Information Services (NREIS), to acquire RealtyData, a provider of title search productivity solutions. Sanders will serve as President and will hold a majority interest in the company and Forgas will serve as chief executive officer. Here’s the new company’s value proposition:

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: A Bright Idea For Servicers

*A Bright Idea For Servicers*
**By Tony Garritano**

***Yesterday I talked about how e-collaboration can benefit servicers. Today, I want to stay on the servicing topic because it’s a huge issue for our industry. Servicers need help. So, when I hear about new innovation happening in the area of servicing, I’m going to bring you that news. PROGRESS in Lending has learned that Wingspan Portfolio Advisors, a special servicer based in the Dallas area, is preparing to launch a new affiliate company, Wingspan Information Technology, LLC, aimed at helping mortgage servicers adapt to new requirements more easily. 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: Putting The Spotlight On Servicing E-Collaboration

*Putting The Spotlight On Servicing E-Collaboration*
**By Tony Garritano**

***I’m a true believer in electronic collaboration. It just makes sense. Why pick up the phone to order title, credit, the appraisal, etc., when you can put in an electronic order for all those services and more on a centralized system? I think this makes a lot of sense to most people in the mortgage industry, but most don’t think of it in terms of servicing, but rather in terms of origination. Not so, this approach benefits servicers, too, and vendors realize that. For example, PROGRESS in Lending has learned that DRI Management Systems, Inc. has launched the new DRI Office Service Ordering Platform, whereby servicers can automatically execute their orders for services, seamlessly manage the incoming information from providers, and tap a growing list of premiere, in-network vendors. 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: Going Turnkey

*Going Turnkey*
**By Tony Garritano**

***Right now everyone is talking about efficiency and ease of use. Some times that means switching systems. As a result, you’re seeing vendors embrace concepts like SaaS and cloud computing to make it easier for lenders to implement new technology. For example, PROGRESS in Lending has learned that Mortgage Cadence, LLC has introduced Mortgage Cadence Symphony Reverse, a reverse mortgage software solution, allowing lenders to get up-and-running quickly utilizing standard, pre-configured workflow. Products like this not only allow faster implementation, but also allow forward lenders to dabble in the reverse world. 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: See What I Mean?

*See What I Mean*
**By Tony Garritano**

***Remember the industry scramble to be RESA compliant? Well, the new RESPA Rule has worked. It did its job. PROGRESS in Lending Association has learned that Ernst Publishing Company, an authority on land recording requirements to the mortgage marketplace, reports that a survey it conducted earlier this month showed that 57% of respondents think that the title and lending industry communicate “well” or “very well” in their efforts to comply with The Real Estate Settlement Procedures Act (RESPA). In addition, 35% describe the communication between them as adequate. Here are the other survey findings:

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: A Dynamic Approach To Compliance

*A Dynamic Approach To Compliance*
**By Tony Garritano**

***Everyone is worried about compliance these days. But of course, I’m going to tell you that technology can help, and it is a true statement. For example, Motivity Solutions, creators of the business management platform called Movation, has formulated a new approach to tackling compliance. The pace of new regulation has been feverish to the point when it is almost unbearable for mortgage lenders. In response, Motivity Solutions has adopted a performance-driven approach that helps lenders remain ahead of any new regulation. 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.