Mortgage Cadence Enhances Enterprise Lending Center Through Integration With Radian

Mortgage Cadence, an Accenture company, has integrated Radian’s mortgage insurance service into its Enterprise Lending Center solution, further expanding on-platform access to top-tier services.


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Enterprise Lending Center (ELC) facilitates lending in all forward and reverse mortgage channels and across all mortgage products, including home equity. Through the Radian integration, Mortgage Cadence clients can quickly obtain Radian MI rate quotes, order insurance, and receive order status updates without ever leaving ELC.


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“At Mortgage Cadence, our goal is to help our clients connect to the providers they want to work with and operate at optimal efficiency,” said Brian Benson, executive manager of services at Mortgage Cadence. “This integration extends our provider network and offers direct, on-platform access to Radian’s mortgage insurance services.”

The integration centralizes all data and documents related to the mortgage insurance transaction and stores this information within ELC to avoid rekeying of information from external sites. This single-system approach benefits lenders by eliminating the risk of human error, reducing labor and accelerating loan closing.


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“Radian’s integration with Mortgage Cadence is a testament of our commitment to making it easier for our customers to do business with us,” said Brien McMahon, chief franchise officer, Radian. “With this integration, customers can obtain accurate Radian MI rate quotes with greater speed and accuracy, while continuing to focus on their business.”

Enhancement Enables Lenders To Streamline Reviews Of All Fannie Mae Loans

LoanLogics has updated its LoanHD Loan Quality Management platform to make it easy for lenders to run automated checks to validate data prior to loan delivery through Fannie Mae’s EarlyCheck application on loans sold to Fannie Mae. 


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As an approved Fannie Mae technology vendor, LoanLogics has built a seamless interface to Fannie Mae’s EarlyCheck application that enables lenders to run EarlyCheck during the audit process, view the warnings and edits in the response, and correct loan data errors in the loan file. This new integration helps to assure all loan data is accurate and complete when delivered to Fannie Mae.  

The integration is a single-click delivery of the relevant file information to Fannie Mae via LoanLogics’ AppQ Network™. The results are delivered back in real time, allowing immediate feedback to the auditor. EarlyCheck may be run as many times as necessary and the entire history of results are visible from within the audit platform. 


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“Our EarlyCheck integration allows our clients to ensure every loan file has the right data points in the right place before delivery to Fannie Mae,” said Don Smith, LoanHD Product Manager. “Only by automating quality control checks can lenders improve loan quality, ensure data accuracy, and reduce the amount of time and money spent in the process.”  


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The LoanHD Loan Quality Management platform includes a LoanFacts tool, which displays the accuracy of all data elements in loan files destined to be sold to Fannie Mae. A unique feature of LoanHD, LoanFacts is a dashboard that provides underwriters with a direct link to the underlying data within loan documents that automatically validates every datapoint across all documents in the loan file against a single reference document.

Millennials Undeterred From Purchasing Homes Despite Rising Interest Rates

Millennials were not deterred from purchasing homes in October as the market continued to tighten, interest rates rose, and average loan amounts decreased. According to the latest Ellie Mae Millennial Tracker the average loan amount to Millennial borrowers for all closed loans was $189,686 in October, down from $192,005 in September, yet higher than last October’s average of $186,567. When men were listed as the primary borrower, the average closed loan in October was $198,864, compared to a much lower $188,607 when women were the primary borrower.


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Even with rising mortgage rates, purchase loans still accounted for 88 percent of closed loans to Millennial borrowers in October, four percentage points higher than a year ago. Of all closed loans to this demographic, 68 percent were conventional loans, while 27 percent were for FHA loans, 2 percent were VA loans and 3 percent were undisclosed.


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“Although housing prices and interest rates are still rising at a faster pace in 2018 than they have in previous years, those trends are not yet stopping Millennials from purchasing homes and putting down roots,” said Joe Tyrell, executive vice president of corporate strategy for Ellie Mae. “It is important for lenders to educate Millennials on the value of FHA loans that bring lower down payments and can allow these new homebuyers to stretch their dollar a little further even with rising interest rates.”


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Additional findings from the October 2018 Ellie Mae Millennial Tracker include:

>>Interest rates on all loans rose to 4.96 percent, the highest percentage point since Ellie Mae started tracking this data in 2016, up from 4.87 percent in September, and up from 4.13 percent a year ago.

>>Refinances slowly began to rise in the fourth quarter, representing 11 percent of all home loans to Millennial borrowers.

>>Across all home loans, it took an average of 42 days to close last month. A year ago, it took one day longer at 43 days to close. Purchase loans took an average of 41 days to close last month, compared to an average of 42 days to close a year ago. Refinance loans closed in 48 days last month, on average, compared to 45 days in 2017.

>>The average FICO score for Millennial borrowers remained flat for the third consecutive month at 722, slightly down from 723 in July.

>>The average age of all Millennial borrowers remained flat at 29.7 from the previous month, and essentially flat from 29.3 in October 2017.

>>Millennial males (both single and married) were listed as the primary borrower on 60 percent of closed loans in October. Women were listed on 32 percent and the remainder did not specify a gender.

Mortgage Network Taps New Branch Leader

Mortgage Network Inc.,one of the largest independent mortgage lenders in the eastern U.S., is pleased to announce that Beth Vega Wittman is now the branch manager of the company’s Mansfield, Massachusetts office.


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Based in Danvers, Massachusetts, Mortgage Network is celebrating its 30th year in business.  The company has grown to over 400 employees, with 40 branch offices licensed in 27 states. The company provides a full array of residential mortgage products, from conventional and non-conventional loans to FHA and VA loans to mortgage refinances and reverse mortgages.  Mortgage Network is more focused and agile than many larger competitors, which allows the company to provide a high level of service to its customers and its business and referral partners.


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Wittman (NMLS# 49745) has over 25 years of mortgage banking experience. Prior to joining Mortgage Network, she served as branch manager at Residential Mortgage Services.  Wittman’s background in consumer lending and credit reporting provides an additional layer of knowledge and expertise for her clients. Over the years she has helped thousands of clients finance the purchase of their homes and is very familiar with the guidelines of today’s marketplace offerings, including FHA, USDA, VA, MassHousing and jumbo specialty programs.


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“Given her track record and long experience in the Metrowest real estate market, we’re confident Beth will be a great addition to our office,” said Brian Koss, executive vice president of Mortgage Network.

“Mortgage Network has a very genuine culture and is well-known for its superior customer service,” Wittman said. “The company has a great reputation with customers as well as in the industry, and we will continue to build on that in the Metrowest area. The large variety of programs we offer, along with local processing and underwriting, enables us to provide clients with the absolute best options available. Helping someone purchase their home, whether it’s a $60,000 condo or a multimillion dollar home, is what is important to me.”

“The Metrowest area is one of the most competitive housing markets in the nation, so prospective homebuyers have to be well prepared,” Wittman added. “The best way to do that is to get prequalified for a mortgage before starting the home hunting process.”

How Do Underwriters View Mortgage Lending?

CoreLogic surveyed 275 underwriting professionals. What are the top workflow challenges underwriters face today? Some stats on their answers to questions like this are revealed. Highlights include:

>>96% of underwriters said accessing applicants data from one source would save them time


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>>73% said that providing borrowers with a real-time status of their loan would their job easier


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>>56% of underwriters need more than 30 days to complete one loan file


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Here’s what else the survey revealed:

Developers Will Be Harder To Find

Overall, the growth rate of the worldwide population of software developers is forecast to peak in late 2019 and into 2020 followed by a decrease in growth acceleration and virtual flattening of the growth curve in subsequent years according to Evans Data’s recently released “Global Developer Population and Demographics” Study. However, growth rates for individual regions or countries vary as do those for major technologies. Japan, for example is currently flat and will remain so while South Korea, China, Vietnam, Colombia and Mexico are expected to retain a strong growth curve throughout the next four to five years.


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The Global Developer Population and Demographic Study, now in its 26th edition, is the definitive developer population estimate, updated every six months. The result of extensive secondary research, the study finds 23 million developers worldwide as 2019 approaches with projections to reach 27.7 million within five years. Global survey data laid atop the population estimates show technology adoption figures worldwide as well as by region and offer insights into estimates on numbers of developers such as how many developers in each region are developing in the Cloud, how many use Blockchain, etc.


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“Our projections for future developer populations aren’t solely based on linear regression analysis, though we have more than 25 data points to base that on,” said Janel Garvin, CEO of Evans Data, “We also include extensive data on the local conditions within each country such as GDP, computer products sold, Internet connections, tertiary education, CS graduations, and many more data points.  This allows us a good deal of accuracy in making future projections about developer population and tech advancements in each country.”


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The largest group of software developers is now between 26 and 40 years old (13.6M) which ties in with the tendency for emerging markets, where developers are typically younger, to have a stronger long-term forecast.

Conducted every 6 months, the Global Developer Population Study Vol 2, 2018 is 80 pages long with both population estimates and forecasts as well as tech adoption estimates by region and country.

CUNA Mutual Group Acquires CSi

CUNA Mutual Group announced the acquisition of Grand Rapids, Mich.-based Compliance Systems, Inc., a privately-held technology company specializing in compliance technology for financial services, to expand the company’s lending technology capabilities.


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Compliance Systems is a provider of financial transaction technology and compliance expertise. The company provides technology that enables delivery of loan, deposit, and other transaction content in adherence with compliance regulations. Compliance Systems’ solutions complement CUNA Mutual Group’s long-running LOANLINER business that credit unions utilize to stay on top of regulatory changes related to their transaction content.


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“Our vision is to transform and modernize our existing document services, elevating our ability to support the needs of credit unions through a simpler and more accessible solution for our customers,” said Robert N. Trunzo, CUNA Mutual Group president/CEO. “At the same time, Compliance Systems will continue to expand and grow within the banking and lending industry that they serve today.”


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With more than 25 years of experience, Compliance Systems currently supports content configuration, data analytics, and compliance risk management for more than 1,400 U.S. financial institutions with a warranty to cover all 50 states and the District of Columbia.

“The opportunity to bring our solutions to more than 5,600 credit unions, on top of our current growth trajectory in the industry, provides us with a path to grow very rapidly,” said Dennis Adams, president/CEO, Compliance Systems.

Radian Acquisition Adds New Real Estate Information And Valuation Solutions

Radian Group Inc. has acquired Independent Settlement Services, a national appraisal and title management services company. The acquisition is consistent with Radian’s growth and diversification strategy, and its focus on the core product offerings of its Title, Mortgage and Real Estate Services businesses.


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Independent Settlement Services provides real estate information and valuation solutions in all 50 states, and offers proprietary disruptive technology through Vendor Information Bridge (VIBe), a web-based, fully-integrated, real-time vendor management and settlement services technology system. VIBe provides lenders, appraisers, servicing firms, due diligence firms, and appraisal-management companies with a fully-automated platform to manage the ordering and delivery of products and services.


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“We are pleased to welcome Independent Settlement Services to the Radian family of companies, expanding our capabilities and providing our customers with the real estate information and valuation solutions they need, powered by best-in class technology,” said Radian’s Chief Executive Officer Rick Thornberry.


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Independent Settlement Services will operate under its current brand and continue to provide the same level of quality products and services to its customers through its office in Pittsburgh, Pennsylvania. Ed Chezosky, one of the company’s founders, along with the existing senior management team, will continue to lead the day-to-day operations with a focus on serving their customers and growing their business, as well as exploring additional opportunities to offer new and existing services to Radian’s established customer base. In the coming months, Independent Settlement Services will transition to the new One Radian brand identity as an integral part of the company’s Real Estate Services business.

TD Bank Launches New Digital Mortgage Experience

TD Bank has leveraged Roostify’s technology to provide customers with a digital mortgage offering. This digital experience combines the latest in lending technology with a human-centric approach that gives TD Bank’s customers an accelerated, low-stress path to home ownership.


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The deployment now provides prospective homebuyers with useful tools to assist them in finding a loan that fits their needs and budget.  Leveraging Roostify’s proprietary DecisionBuilder lead tool, TD Bank’s Digital Mortgage allows consumers to explore which loan products they qualify for, right from a simple-to-use web page. Consumers can then move on to apply for their chosen loan in minutes, and follow a streamlined, all-digital process for moving their loan through closing. With easy access to TD Bank’s expert loan team, homebuyers can enjoy both the convenience of a digital solution and reassurance of expert guidance as they navigate one of the most significant transactions of their lives.


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“Today we’re seeing consumers adopt digital offerings across all sectors. From filing taxes to managing investments to buying a car – consumers are doing these things completely autonomously and entirely online,” said Rick Bechtel, Head of Mortgage Banking at TD Bank.

“When it comes to a mortgage, it’s critical for prospective buyers to leverage both the digital and the human element. The digital aspect provides ease of use, while the human aspect provides expertise, and ultimately, peace-of-mind. By leveraging Roostify for TD’s Digital Mortgage, we’re able to provide borrowers with online capabilities in addition to face-to-face guidance and support. This is the game changer for today’s buyers – digital when they want to handle it on their own, and human when they need the help,” Bechtel continued.


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In addition to the improved online experience, the new solution rolls out enhanced tools to help TD loan officers connect with potential buyers. Using Roostify’s recently-announced integration with their customer relationship management application, TD Bank’s loan officers can easily manage their leads, freeing up more time to assist prospective buyers. Once a lead becomes an applicant, a bi-directional integration with TD Bank’s loan origination system allows loan officers to seamlessly track the status of the mortgage loan, who the participants are, and any outstanding requirements to move forward, helping their customers close on time.

“The new TD Bank Digital Mortgage improves the lending process for both consumers buying a home, and loan officers managing their clients,” said Rajesh Bhat, CEO and Co-Founder, Roostify. “Since the experience is built on Roostify’s API-based platform, it provides the flexibility to meet TD Bank’s business needs right now and in the future.”

Mortgage Delinquencies Rebound Strongly in October

According to data from Black Knight, after last month’s spike, mortgage delinquencies rebounded strongly in October, falling 8.2% from September and nearly 18% from last year. There were 165K fewer past due loans in October than the month prior. It wasn’t just early-stage delinquencies that improved, either: seriously delinquent loans (90 or more days past due) hit a more than 12-year low after falling 14K from last month and 90K from last October. Continued improvement in hurricane-related delinquencies associated with Harvey and Irma are contributing to the strong year-over-year improvements.


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Foreclosure starts did see a monthly increase, but keep in mind they were coming off of last month’s nearly 18-year low. And even with an uptick in starts, the number of loans in active foreclosure fell slightly from last month, and is down by 24% from last year. There are now just 267K loans remaining in active foreclosure; 1K fewer than last month and 81K than last month. Finally, and somewhat surprisingly, mortgage prepays (now driven more by housing turnover than refinance activity) increased 14% from September. Even so, they were still 29% below last year’s level.


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The report from Black Knight found that:

>>After rising sharply in September, mortgage delinquencies fell by 8.2 percent in October and are now down by nearly 18 percent from the same time last year

>>Serious delinquencies – loans 90 or more days past due – fell by 14,000 from last month and 90,000 from last October to hit a more than 12-year low


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>>Improvements in hurricane-related delinquencies associated with Harvey and Irma – which spiked in late 2017 – are contributing to the strong year-over-year improvements

>>Despite foreclosure starts seeing a monthly increase from September’s nearly 18-year low, the number of loans in active foreclosure fell slightly from September and has decreased by 24 percent from last year

>>Prepayment activity – now driven primarily by housing turnover – climbed 14 percent, but remains 29 percent below last year’s level