Credit Interlink Integrates Income Verify With LendingQB For Faster Verifications

Credit Interlink, a provider of SaaS mortgage origination technology solutions, has integrated its Income Verify, with LendingQB, a provider of SaaS loan origination technology solutions, to facilitate quicker and more efficient 4056-T verifications.

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Thanks to certification through Fannie Mae’s Day One Certainty, Income Verify has direct access to tax transcript verifications through the IRS in order to expedite the time needed to process requests within LendingQB’s LOS. Likewise, the solution better prevents the risk of fraud through its secure interface, creating a more cost-effective way to collect borrower data.

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“In a world growing more dependent on digital technology, borrowers have come to expect the lending process to replicate experiences they experience in other areas,” said Mark Yoder, Vice President of Business Development, Credit Interlink.  “With Income Verify, borrowers are able to provide their information up front and loan officers are able to verify it without adding unnecessary delay to the origination process, all in a secure manner.”

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LendingQB’s web browser platform provides mortgage lenders with core LOS capabilities using modern web-optimized technology, enabling robust integrations to other web platforms such as Credit Interlink. Using LendingQB’s API framework, Credit Interlink is able to extend the capability of lenders, expediting the origination process and allowing more direct interaction with borrowers and other parties to the loan.

“Credit Interlink’s streamlined approach to data verification, credit and fraud is innovative and perfectly fits the ever-changing mortgage industry,” said David Colwell, vice president of strategy at LendingQB. “By utilizing Income Verify, our lenders are able to verify borrower data in a fast and safe manner, enabling them to reduce the time needed and the overall cost to originate loans.”

Creating A Frictionless Digital Lending Process

We have learned that Finicity, a provider of real-time financial data aggregation and insights, has signed an integration agreement with Blue Sage Solutions, a cloud-based digital mortgage lending platform. Under terms of the agreement, Blue Sage will integrate Finicity’s Verification of Assets (VoA) solution into its multi-channel digital lending platform to accelerate the credit decisioning process for mortgage lenders.

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Finicity’s credit decisioning solutions allow lenders to free up resources, improve accuracy and reduce mortgage fraud, all while giving borrowers a paperless and hassle-free experience. By partnering, Blue Sage and Finicity can provide mortgage lenders with validated insights of a borrower’s assets in seconds.

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“Our goal is to find top-notch partners who are also committed to creating a frictionless experience for lenders and borrowers through a digitized process,” said Steve Smith, Finicity CEO. “We’re excited to work with Blue Sage to accelerate the process of verifying a borrower’s assets, which has traditionally been a painful paper chase that takes several days or longer.”

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Blue Sage’s digital lending platform allows mortgage lenders and borrowers to collaborate together in real-time to communicate, exchange required information and track progress. Since Blue Sage operates as a cloud-based platform, both parties can access VoA reports at virtually any time during the process.

“We look forward to working with Finicity as an asset verification provider,” said Joe Langner, CEO of Blue Sage. “The company’s credit solutions align well with our mission to empower mortgage lenders with best-in-class, consumer-centric tools to achieve an excellent origination performance—every time.”

Finicity is an authorized, integrated provider of asset verification reports within Fannie Mae Desktop Underwriter (DU). This gives lenders a certified asset report through Fannie Mae’s Day 1 Certainty initiative. Finicity is also part of the Single Source Validation (SSV) pilot, meaning Fannie Mae will utilize transaction data from Finicity reports to validate assets, income and employment. A broader rollout of SSV is planned later this year and will build on Fannie Mae’s Day 1 Certainty initiative.

Finicity is also an authorized Freddie Mac asset validation report provider, and Freddie Mac and Finicity are working together on new methods to validate income from payroll deposit data from bank statements.

Nation’s Top Credit Union Adopts CertifID For Wire Fraud Prevention

Citing its ongoing commitment to protect its members and the integrity of the mortgage process, Lake Michigan Credit Union (“LMCU”) has adopted Michigan-based CertifID as a solution to prevent wire fraud in its mortgage and retail operations.

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LMCU, a top five mortgage originator among all US credit unions, will utilize CertifID, a unique wire fraud prevention platform designed to safely authenticate the identities of parties and share banking information in a secure manner. CertifID uses patent-pending digital device analysis, identity authentication sequencing, and multi-factor verifications which is guaranteed up to $500,000 – an industry first. LMCU will leverage the solution to verify identity and confirm bank credentials before mortgage funds are sent. It will also protect members in its branches by using the technology to confirm the member is dealing with the right person before funds leave their account.

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“We are seeing more wire fraud activity and are concerned about the safety of our members who walk into branches holding fraudulent wiring instructions without knowing it,” said Eric Burgoon, Chief Lending officer of LMCU. “CertifID provides the real-time identity verification and account confirmation that allows our staff to send funds electronically with trust. They also stand behind each transfer up to $500,000 – this is something we’ve needed in the industry for some time.”

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CertifID is a real-time identity platform for real estate, mortgage and title industry professionals to authenticate parties in a transaction and securely transfer bank account information. It has the unique ability to protect the entire transaction ecosystem from fraud. “It’s an honor to add LMCU to our great list of enterprises that are taking a stand against fraud,” said Tom Cronkright II, Co-Founder and CEO of CertifID. “Our goal is to remove wire fraud from transactions so that our enterprise clients can focus on delivering great customer experiences without the threat of loss. We applaud LMCU for joining us in this journey.”

CertifID’s patent-pending technology harnesses billions of digital records and Internet metadata to confirm the identity of an individual and the device he or she is using in the course of the transaction.

Integration Achieves Real-Time Automation Of Pipeline Management And Rate Locks

Optimal Blue, a provider of secondary marketing automation and services to the mortgage industry, recognizes enterprise SaaS digital mortgage solution provider, Capsilon, as its first strategic partner to complete certification with the highly anticipated Pipeline & Lock Management APIs. By debuting these innovative system-to-system API interfaces in the mortgage industry, Optimal Blue has enabled Capsilon’s digital mortgage platform to fully support the creation, management, registration, and locking of first-lien mortgages instantaneously with Optimal Blue. As a result of this advanced integration, a completed application and pre-approval are done in half the time of the traditional back-and-forth processes, empowering loan officers to be more competitive in today’s purchase market and win more business from real estate agents.

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“Pipeline and rate lock management is a crucial step in the mortgage process and involves many parties, from the consumer to the loan officer, to the secondary marketing department,” explained Bob Brandt, Vice President of Marketing and Alliances at Optimal Blue. “In exposing Optimal Blue’s industry-first pipeline and lock automation functionality to leading point-of-sale experiences like that of Capsilon, we have taken a major step forward to eliminate traditional inefficiencies and advance the industry’s digital mortgage agenda.”

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Just one year ago, Optimal Blue released its first set of API transactions as part of a groundbreaking initiative to knock down the traditional vendor integration barriers that have held the mortgage industry back. This approach aimed to enable Optimal Blue clients to integrate real-time, compliant product and pricing data with the leading mortgage technology systems they rely upon throughout the loan lifecycle, and further automate key functions like pipeline management, rate locks, and more. Since that first release, Optimal Blue’s robust partner ecosystem has experienced substantial growth, integrating more than 45 mortgage technology vendors and driving millions of transactions each month.

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In addition to the Pipeline & Lock Management APIs, Capsilon has thoroughly leveraged Optimal Blue’s Scenario Pricing APIs throughout their digital mortgage platform. These APIs enable Capsilon to natively integrate the highly sophisticated product and pricing strategies of Optimal Blue clients into their captivating user experiences and workflow management capabilities. Optimal Blue’s Scenario Pricing APIs support both Best Execution Search Results and Complete Search Results methods for Capsilon, returning the loan officer’s best-fit mortgage financing alternatives for every loan scenario supported by the lender in real time.

“We are thrilled to be the first industry partner to become certified on Optimal Blue’s powerful Pipeline & Lock Management APIs. This integration enables loan officers to do more of their day-to-day work within the intuitive and user-friendly Capsilon platform, helping them increase efficiency and more quickly convert leads into loans,” expressed Jim Obsitnik, Chief Operating Officer of Capsilon. “This is a collaboration of like-minded technology leaders that have consolidated best-of-breed solutions in the marketplace, ultimately providing a tremendous value to joint clients and the mortgage industry as a whole.”

Enhanced Offering Provides Much-Needed Differentiator For Lenders

Mortgage Coach, creator of point-of-sale borrower conversion software, has partnered with Optimal Blue, a provider of secondary marketing automation. Through direct integration with Optimal Blue’s API platform, every Mortgage Coach application now seamlessly connects real-time, compliant product and pricing data with the compelling financial analyses Mortgage Coach is known for.

Through this collaborative effort and newly expanded product offering, Mortgage Coach and Optimal Blue enhance their long-standing strategic partnership and take their industry value proposition to a whole new level.

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“Without ever leaving the Mortgage Coach app on their mobile device, loan officers can create informative, side-by-side comparisons highlighting multiple loan programs and comprehensive pricing information in just seconds,” explained Bob Brandt, Vice President of Marketing & Strategic Alliances for Optimal Blue. “Combining the sophisticated product and pricing data at the heart of every mortgage transaction with a compelling user experience — and doing so whenever, wherever it matters most — is a game changer for the industry.”

The benefits are not exclusive to lenders and loan officers. Today’s consumers immerse themselves with the details behind major financial decisions and pride themselves on deeply understanding their alternatives. Mortgage financing is no exception. When provided with a comparative, in-depth analysis of the financial impact of their best financing alternatives in a highly consultative environment, consumers are more engaged with their loan officers and more likely to move forward with a loan.

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“In today’s price compression marketplace, converting every prospect into a borrower is the most important aspect of achieving increased profits for mortgage lenders,” said Joe Puthur, President of Mortgage Coach. “This new innovation gives lenders the instantaneous benefit of earning more commitments at a lower cost of acquisition.”

Mortgage Coach, the company’s flagship platform, is the technology behind the Total Cost Analysis (TCA), a report that illustrates the long and short-term impact of any loan program on the borrower’s financial situation. The TCA incorporates real time rates, fees, closing costs, and program information and presents its findings using simple yet powerful graphical elements like charts and graphs. The TCA provides a level of clarity that is virtually impossible to achieve without the Mortgage Coach platform.

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“The difference between using a TCA to explain mortgage options and using any other method is like the difference between having a film described to you versus watching it in high definition with Dolby sound,” explained Mike Hardwick, President of Churchill Mortgage. “Having been in partnership with Mortgage Coach and Optimal Blue for several years now, we’re happy to have helped thousands of borrowers make a better, more informed decision. These new capabilities will provide greater clarity, transparency, and confidence to any borrower – in a way that is faster for every loan professional.”

Redefining The Point-Of-Sale

PromonTech, the technology unit of Promontory MortgagePath, has entered into an agreement with ISGN to become the exclusive point-of-sale (POS) solution for ISGN’s MORVision loan origination system (LOS).

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ISGN MORVision users can now leverage PromonTech’s white-label, Borrower Wallet to engage and educate customers and prospects. Borrower Wallet provides a secure, borrower-friendly environment designed to build confidence and make it easy for the borrower to enter information, approve automated data collection, upload/e-send documents and stay informed throughout the entire loan journey. Data and documents captured in the front end of the origination process can be seamlessly exported into MORVision via the PromonTech-ISGN integration.

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“Having a next-gen point of sale experience is increasingly becoming the cost of doing business in a digital mortgage world,” said Michael Kolbrener, chief technology officer of PromonTech. “Borrower Wallet engages with customers using any computer or mobile device, on either a self-serve or loan officer-assisted basis. We look forward to working with ISGN and its LOS users to enhance both their customer experience and their efficiency.”

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“By partnering with PromonTech, our clients will have access to an advanced, customizable front-end solution, at a fraction of the cost of developing one in house,” said Amit Kothiyal, chief executive officer of ISGN. “Borrower Wallet is an elegant digital solution for both consumer direct and loan-officer centric lenders.”

Allowing For The Seamless Transfer Of Bank Data

ACES Risk Management (ARMCO), a provider of enterprise financial risk mitigation software solutions, has integrated with BankVOD, the company that pioneered the electronic risk interface for asset verifications. This integration, which provides a direct, seamless connection between ARMCO’s ACES Audit Technology and BankVOD’s Verification Hub, enables ARMCO clients the ability to order Asset Verifications, 4506-T, Employment and Occupancy and Liens & Judgments on a batch or flow basis, and receive the data via a secure electronic transfer directly into their ACES instance.

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BankVOD is the exclusive provider of bank statement verifications for 18 of the country’s top 50 banks. Prior to this integration, organizations were required to leave their QC software system, then order and receive IRS tax transcripts and bank verifications from BankVOD’s secure web-based portal. In addition, they were not able to order IRS transcripts or verifications on a bulk basis.

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“This integration doesn’t merely make the verification process faster, it also makes it more consistent and secure, which are two big factors in achieving quality,” said Phil McCall, president of ARMCO. “At ARMCO, we feel lenders should never have to choose between quality and time or resources. That’s why we are constantly pursuing ways, like this integration, to make quality faster, easier and more accessible to achieve for lenders of all sizes.”

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“Industry leading companies like ARMCO always appreciate our unflinching commitment to providing the most secure way that files are exchanged and data is handled,” said Tim Portley, co-founder and managing partner of BankVOD. “We’re pleased to partner with ARMCO to offer lenders an even faster and more efficient way to verify bank data, and we’re elated to discover new ways to make the user experience the best it can possibly be.”

Partnership To Deliver Modern Mortgage BI And Performance Management Tools

Wipro Gallagher Solutions (WGS), a Wipro Limited company and a provider of loan origination software solutions, and Precision Risk Management Systems, Inc. (PRMS), a provider of performance management solutions, have partnered to deliver advanced mortgage business intelligence (BI) and customer experience management solutions to mortgage lenders.

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As a part of this alliance, Wipro will offer its clients a powerful set of dashboard-driven performance management tools, including enterprise reporting, intuitive metrics and Key Performance Indicators (KPI) that focus on identifying potential problems before they progress in efforts to prevent business losses for lenders.

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“As Wipro Gallagher Solutions consistently strives to add value for customers, we have partnered with PRMS to deliver enterprise-wide management information and production analytics tools that help customers achieve greater profitability and efficiency,” said Scott Dunn, Head of Product Management, Strategy and Compliance, Wipro Gallagher Solutions, Wipro Limited.  “PRMS provides innovative solutions that are intuitively easy to use and are capable of integrating and functioning in an extremely short period of time to provide a rapid return to our customers.”

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“PRMS is extremely pleased to be working with the team at Wipro Gallagher Solutions to help lenders perform at a higher level,” said David Demster, Executive Vice President, Precision Risk Management Systems.  “These solutions will provide Wipro customers with focused business reporting, graphical dashboard information and key performance indicators that will enable management and staff to work more efficiently and effectively.”

The Percentage Of Purchase Loans Continues To Rise

The percentage of closed purchase loans increased to 62 percent of total closed loans, up 6 percent from the month prior according to the March Origination Insight Report from Ellie Mae. The percentage of closed refinances decreased to 38 percent, down from 43 percent the month prior.

This comes as 30-year interest rates continued to rise to 4.69 percent, up from 4.48 percent in February and 4.33 percent in January. This is the highest rate since January of 2014. Additionally, the percentage of Adjustable Rate Mortgages (ARMs) increased from 5.5 percent in February to 6.3 percent in March.

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Closing rates on purchase loans rose to 76.3 percent, up from 75.7 percent the month prior, while closing rates on refinances decreased slightly from 65.0 percent in February to 64.9 percent in March.

“With interest rates rising to the highest levels since January 2014, we’re seeing the purchase market continue to gain momentum,” said Jonathan Corr, president and CEO of Ellie Mae. “As we’ve seen in the past several months, the shift to a purchase market coupled with the adoption of digital mortgage solutions by our customers aids in driving down the time to close.”

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Other statistics of note in March included:

>>The percentage of refinances decreased across the board with FHA refinances dropping from 28 percent in February to 23 percent in March. Conventional refinances dropped from 48 percent in February to 43 percent in March, and VA refinances decreased from 33 percent in February to 28 percent in March.

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>>The time to close all loans decreased slightly from 42 days in February to 41 days in March. Time to close purchases dropped to 43 days in March, down from 45 days in February and 47 days in January.

>>Overall FICO scores increased slightly to 722. LTV increased slightly to 79 and DTI decreased to 26/39.

The Origination Insight Report mines data from a robust sampling of approximately 80 percent of all mortgage applications that were initiated on the Encompass all-in-one mortgage management solution. Ellie Mae believes the Origination Insight Report is a strong proxy of the underwriting standards employed by lenders across the country.

Partners Deliver Collaborative eClosing With eNotarization

Pavaso has partnered with Utah-based mortgage lender Intercap Lending, Salt Lake City-based Elevated Title and Columbus, Ohio-based Signature Closers to deliver an eClosing experience during which the lender, title company and notary provider all collaborate within the Pavaso portal to complete the closing.

On March 26, 2018, Intercap Lending used the Pavaso platform to electronically close its first loan with national title company Elevated Title and Signature Closers, a technology enabled notary and closing firm that partners with agencies nationwide. The partnership represents a true collaboration between lender, title company and closer using a single technology as its platform.

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40 years ago Intercap Lending started in the mortgage industry.  Their commitment to adapt and evolve to consumer demands allows them to continually add value to their customers. By shortening the process and collaborating with all parties to streamline the process, they deliver a better experience to their customers.

Pavaso’s built-in eNotarization capabilities allows borrowers to sign and notaries to verify and stamp documents digitally, executing the closing package more efficiently and securely. Pavaso’s Digital Close platform is scalable from hybrid closings (part ink, part digital) all the way to a full eNote and eVault capabilities. All parties to the transaction can execute a seamless eClosing process that provides transparency and education, supporting fairness to the borrower throughout the transaction.

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“Adapting to a rapidly evolving market has always been an important part of Intercap Lending’s ethos,” said Josh Romney, chairman and owner of Intercap Lending. “Our biggest asset is the trust and loyalty of our customers. Incorporating new technologies, such as eClosing, that help our customers have a better experience with our platform helps us continue to provide a level of service to our customers that surpasses that of our competitors.”

“So often the national lender doesn’t think about the client’s closing experience. They don’t realize that the last thing the borrower remembers is the closing process,” said Sally Farrar, Elevated Title’s CEO. “The lender can offer a streamlined, cutting-edge, online loan experience, but then, they turn their borrower over to a traditional title company that requires a borrower to go to an office or, sign with a notary, hundreds of documents. This can ruin the borrower’s entire loan experience.”

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“Today’s consumer demands transparency and efficiency to enable a smooth closing experience,” said Dan McGrew, COO, Pavaso. “IntercapLending, Elevated Title and Signature Closers have proven themselves leaders in the industry when it comes to using the best technology for the benefit of the consumer. In partnering with Pavaso, these companies have signaled the industry that the digital closing is no longer a “nice-to-have,” but rather, an essential ingredient in the consumer experience.”

“It’s extremely fulfilling to take part in the eClosing transformation in our industry working with partners like Elevated Title, Intercap Lending, and Pavaso,” said Mark Fleming, Jr., President Signature Closers, LLC. “The high level of communication and trust developed between our companies creates a simple, efficient process for signers across the country and allows us to continue to stay true to our mission of serving others in a responsive, first class way.”