Top Lender Selects New LOS

PrimeLending, a PlainsCapital Company and top 10 mortgage lender that originated more than $14.5 billion in mortgage loans last year, has chosen the Blue Sage Digital Lending Platform as its new mortgage origination platform. Here’s why:

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The Blue Sage Digital Lending Platform is a completely cloud-based, highly scalable solution capable of supporting any mortgage channel, including retail, wholesale and correspondent lines of business.

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“We are laser-focused on delivering the best mortgage experience and, in our opinion, Blue Sage gives us a tremendous advantage now and in the future,” said Tim Elkins, CIO, EVP of PrimeLending. “Because of Blue Sage’s unique combination of mortgage industry expertise and open architecture capable of seamless integration and automation capabilities, we will be substantially better positioned to evolve and improve efficiencies over time. Blue Sage was a great fit – there is simply nothing else on the market like it.”

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The Blue Sage Digital Lending Platform is event-driven. The platform handles pricing, underwriting and decision-making from the point-of-sale stage all the way to the closing and funding of the loan. Because Blue Sage can be easily integrated with third party services due to its APIs and integration options, an unlimited number of third party vendor services, such as appraisals, title and flood insurance can also be ordered online through the Blue Sage platform. Blue Sage also includes mobile applications and CRM tools geared to helping loan officers increase sales.

“We are beyond thrilled that a powerhouse lender like PrimeLending has placed its trust in the Blue Sage platform,” said Joe Langner, CEO of Blue Sage. “Based on its large origination volume, a lender the size of PrimeLending can achieve enormous savings by leveraging our digital mortgage technology. We look forward to a long and productive relationship with PrimeLending.”

ComplianceEase Adds New Home Equity Audit Functionality

ComplianceEase has updated its flagship platform—ComplianceAnalyzer—so it is now able to audit home equity lines of credit (HELOCs) for state licensing requirements in most states.

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ComplianceAnalyzer with TRID Monitor has been able to audit both closed-end and open-end mortgages for federal, state and local requirements, including TRID compliance, and for state predatory lending issues for some time. ComplianceEase has now enhanced the system to allow non-banks, banks and credit unions to audit all liens in most states in which they are licensed. Currently, the system covers more than 80 licensing types in the 42 states that account for more than 90 percent of home equity originations in the United States.

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Depending on the state license, the system can test HELOC originations for:

>> Interest rates

>> Restricted fees

>> Late fees

>> Grace periods

>> Prepayment penalties

“According to TransUnion, approximately 5.5 million HELOCs were originated in the last five years, and that number could rise to 10 million over the next five years,” said John Vong, president of ComplianceEase. “With rising home prices creating equity, one estimate says that 44 million homeowners now have more than $6 trillion in ‘tappable’ equity and could be candidates for home equity lines and loans.”

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Vong added, “Not surprisingly we are seeing a growing interest from banks and now non-banks in this category. From a compliance perspective, however, the patchwork of different state regulations for both real estate and consumer lending has presented challenges for lenders with multi-state footprints. Our new enhancements to ComplianceAnalyzer mean that lenders can now use their preferred system for first mortgage compliance to reduce exposure to potential state licensing rules for HELOCs as well.”

Wells Fargo Takes On eNotes

Wells Fargo Home Lending has entered into an agreement with eOriginal, a digital solution provider for the mortgage industry, to enable the acquisition of eNotes through Wells Fargo Funding, their correspondent channel. As the nation’s leading residential mortgage aggregator, Wells Fargo’s launch of eNote capabilities represents a major step forward in the continuing digitization of the mortgage industry.

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“Our expansion in the digital lending space is larger than just our ability to purchase eNotes. It’s a move to broaden our approach to serving consumers and clients as we transform our mortgage business,” said Michael DeVito, Head of Wells Fargo Home Lending. “We’re committed to delivering innovative solutions throughout the mortgage lending process. With eOriginal providing eVault services, we’re aligned with a company that has earned the trust of the digital lending community.”

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“Lenders transitioning into digital mortgage can move forward knowing a trusted technology partner is aligned with the industry’s leading aggregator,” said eOriginal CEO Brian Madocks. “This agreement with Wells Fargo facilitates a new, essential outlet for lenders to deliver loans with eNotes into the secondary market. The capability will make digital mortgages accessible to a broad spectrum of lenders who can realize the advantages of going digital, such as increased efficiency and improved execution while reducing risk.”

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Wells Fargo will begin purchasing eNotes from a select group of lenders, to be followed by a broader market offering throughout 2019. This is the second significant digital initiative launched by Wells Fargo Home Lending in 2018. Earlier in the year, Wells Fargo introduced an online mortgage application for its retail origination consumers.

Total Expert Raises $20 Million In Series B Funding To Fuel Growth

Total Expert has raised $20 million in Series B funding. The round was led by Emergence Capital with participation from Rally Ventures and Arthur Ventures, bringing Total Expert’s total funding to $34 million.

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“We started Total Expert to ensure banks and lenders stay ahead of how customers expect to communicate, shop, and manage their financial lives in the digital/social era,” said Joe Welu founder and chief executive officer at Total Expert. “People expect digital simplicity and real human relationships, and financial services companies too often lose these relationships when they don’t engage with personalized, automated communication as people go from awareness to lead to transaction. We solve this using data to drive each customer’s journey toward a relevant transaction, then manage each customer relationship for life.”

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Customer relationship management (CRM) is one piece of a complex marketing automation software puzzle. For banks and lenders to grow sales while protecting consumers from unfair and deceptive messages, CRM software isn’t enough. They must have a full Marketing Operating System (MOS) to easily create and track every tweet, text, email, postcard, etc., from first send to closed transaction, and every communication must be polished and personalized whether a customer is just starting to research a mortgage or they’re a years-long relationship who may now be ready to open new credit and deposit accounts for their teenagers.

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Total Expert created the MOS in 2012 to address these complex needs and began with mortgage, the most technical and highly-regulated sector of consumer finance. The company already powers marketing and revenue growth for 10% of $2 trillion per year U.S. mortgage industry, and since 2016, it has multiplied it’s customer base seven times, which includes eight of America’s top 15 lenders like U.S. Bank, loanDepot and Guaranteed Rate. Total Expert has also quadrupled in size to 162 employees since then, and is the fastest growing software company in its hometown of Minneapolis.

“We saw a massive opportunity in the MOS software category to turn marketing into a revenue center for lending, banking, wealth management, and insurance companies,” said Joseph Floyd, partner at Emergence Capital. “Financial services software requires specialized expertise to allow large sales forces to deploy creative, compliant marketing across all channels, and this is the DNA of Total Expert’s product, brand and vision. Their team of engineers, data scientists, designers and financial services veterans puts them in a rare position to modernize how financial institutions acquire, manage and grow customer relationships.”

With the new capital, Total Expert will accelerate marketing innovation in banking and lending, and also begin expanding into insurance and wealth management in America and around the world.

Integration Brings Automated File Imaging To Point And PointCentral

VirPack, a provider of document management, virtual workflow and eDelivery solutions for the mortgage lending industry, has a new integration with Calyx Software, a provider of innovative solutions to help streamline and simplify all phases of the loan process.

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VirPack’s Point Integration Modules enable Calyx’s customers to utilize VirPack’s virtual file automation capabilities including: multiple methods of document capture, automated document recognition and indexing (OCR), and rule-based workflow capabilities. With VirPack’s one-click electronic loan delivery, Calyx customers also gain the ability to quickly and precisely deliver loan files and data electronically to investors, HUD for FHA insuring, servicers, subservicers, QC firms and MI companies.

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McKinney, TX-based Independent Bank was one of the first Calyx customers to take advantage of the new integration module and saw immediate results. “Integrating VirPack with Calyx Point provides added efficiencies without altering processes or workflow – all within a truly paperless environment,” said Kristy Robison, Senior Vice President Mortgage Operations at Independent Bank.

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Point and PointCentral customers may also leverage VirPack’s preconfigured technology which enables rapid deployment and delivers immediate operational efficiency to the loan lifecycle.

“With mortgage origination costs continuing to rise, lenders need to leverage integrations between their technology providers to eliminate costly and time-consuming manual processes,” said Bob Dougherty, Executive Vice President of Calyx Software. “Calyx is proud to partner with VirPack to provide our customers seamless access to a solution that improves productivity and efficiency.”

“The positive reaction we have received from Point and PointCentral customers validates that our integration delivers increased productivity and efficiency without major IT and operational disruption,” said Wayland Pond, Chief Business Development Officer of VirPack. “Using best-in-class virtual document management and workflow technology will enable Calyx customers to fund more loans with the same staff and meet the competitive challenges of driving down per loan costs.”

Roostify Integrates With Salesforce

Roostify, a digital lending platform provider, has launched its Roostify connected app on Salesforce AppExchange. This new application enables mutual customers to easily connect leads generated within the Roostify suite of lead generation tools to their Salesforce environment.

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The app enables leads created in Roostify to be directly pushed to Salesforce, eliminating the need for manual entry or a lender-built integration. Lenders leveraging Roostify’s lead gen tool suite, including the DecisionBuilder lead capture tool, can now enjoy greater ease of use with the tools, streamlined workflows, and lower operational costs. Managed and maintained by Roostify, the app will remain current with all future Roostify updates without disruption to the lender’s workflows. The app can be up and running after a straightforward configuration.

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Built on the Salesforce Lightning Platform, the Roostify app is currently available to Roostify clients on the AppExchange. For more information, please contact sales@roostify.com.

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“An integration with Salesforce provides tremendous value for our customers that rely on the software for lead generation and prospecting by enabling them to easily work between the two platforms and not have to manually enter information,” said Mark McLaughlin, SVP of Business Development, Roostify. “This app will accelerate our customer’s ability to act on and convert new leads in an increasingly competitive environment.”

“We are happy to welcome Roostify onto the AppExchange, as they provide customers with an exciting new way to generate and follow up on leads,” said Mike Wolff, SVP, ISV Sales, Salesforce. “The exponential growth of the AppExchange underscores the enormous opportunity the entire Salesforce ecosystem has in creating cutting-edge solutions and driving customer success.”

Salesforce AppExchange, the world’s leading enterprise cloud marketplace, empowers companies to sell, service, market and engage in entirely new ways. With more than 5,000 solutions, 5 million customer installs and 70,000 peer reviews, it is the most comprehensive source of cloud, mobile, social, IoT, analytics and artificial intelligence technologies for businesses.

Considerations For Implementing A Digital Mortgage Solution

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While implementing a digital mortgage solution might seem like a mammoth undertaking, there’s no better way to streamline your organization, delight your borrowers, and drastically reduce tedious admin tasks for your LOs so they can spend more time building meaningful relationships with their borrowers.

If you’re ready to be a mortgage heavyhitter and find the right digital mortgage solution but you’re intimidated by the shopping process, you’re in the right place.

This Digital Mortgage Buyer’s Guide will lead you through the digital mortgage shopping process to help you find your perfect fit.

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TD Bank Makes Moves To Go Digital

TD Bank has deployed their initial rollout of the Encompass digital mortgage solution, continuing Ellie Mae’s push upmarket into the largest lenders and banks in the United States. TD Bank is leveraging Encompass to streamline origination and call center vendor integrations onto one platform, speed up deployment of new online products, and significantly reduce the bank’s loan cycle time.

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TD Bank selected the Encompass platform because of their desire to improve the customer experience by leveraging an all-in-one system that will consolidate processes on a single, efficient, and easy-to-manage ecosystem. Encompass will enhance the bank’s ability to audit in-process loans, significantly reduce time to close, deploy new products faster and without gaps in services, and increase the bank’s overall nimbleness and flexibility. In addition, customers will now be able to access their disclosures online.

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TD Bank leveraged Ellie Mae’s Professional Services Organization for the implementation of Encompass. The implementation process required consensus from stakeholders across the organization reaching far beyond Encompass users, from technology groups in the United States and Canada, to downstream data systems to feed the bank’s diverse reporting needs. Ellie Mae’s proven implementation methodology with hundreds of Enterprise-class customers enables lenders to minimize costs, lower risks and accelerate team member adoption, leading to faster ROI. Ellie Mae’s Custom Solutions experience in delivering customized integrations built on top of the Encompass platform was leveraged by TD to collaboratively build out enhancements to further improve user efficiencies.

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“We are thrilled to announce that TD Bank has officially completed its initial rollout of Encompass,” said Jonathan Corr, president and CEO of Ellie Mae. “We’ve worked together to successfully transition TD from a legacy origination system to an agile solution equipped to handle the complexities and loan volume experienced by a leading national bank. We value the opportunity to partner with TD Bank to help them grow the mortgage lending arm of their business.”

“At TD, we place a strong and steadfast emphasis on continually enhancing both the customer and employee experiences,” said Rick Bechtel, EVP, Head of U.S. Mortgage Banking, TD Bank. “By leveraging Ellie Mae’s Encompass platform, we’re able to provide our customers with a simplified process, online access to documentation, and a substantial reduction in their loan closing time, all of which will dramatically enhance the mortgage lending experience. Simultaneously, Encompass will provide our employees with tools that increase efficiency and streamline processes – a huge win for the employee experience, as well. We could not be more excited to bring TD to the forefront of digital mortgage technology, and our Encompass deployment is the first step.”

SimpleNexus Recognized As A Top 500 Company By Inc.

SimpleNexus, a provider of enterprise digital mortgage solutions, was recognized as a top 500 company by ranking No. 359 in the recently-released 2018 Inc. 5000 List.

The recognition comes at a time of tremendous growth for SimpleNexus in both revenue and customer satisfaction. The company is known primarily for their private-label digital mortgage platform and mobile app. The platform connects mortgage lenders with borrowers and real estate agents, streamlining the exchange of data and documents for all parties throughout the loan lifecycle.

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SimpleNexus has 15 of the top 25 retail mortgage lenders in the US using its enterprise digital mortgage platform. Over $100 billion in transactions have flowed through the platform, and over 450,000 borrowers have used the SimpleNexus app.

The swift adoption of digital mortgage solutions is indicative of need for this service within the mortgage industry. “We are humbled by this recognition and acknowledge the direct role our lenders’ success using the platform has played in the significant growth we have experienced as a company,” stated Matt Hansen, SimpleNexus founder & CEO.

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More and more lenders are beginning to turn to a mobile-first approach for their digital mortgage solution, and as a result, more than 18,000 Mobile Originators™ are using SimpleNexus. The platform enables loan officers to close loans more quickly, increase realtor referrals, and gain a competitive advantage.

“The data shows that using SimpleNexus, originators can close loans up to 20 percent faster,” Hansen noted. With the ability to close loans quickly and efficiently, both lenders and borrowers are eager to switch to this mobile-first mentality for their digital mortgage needs.

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SimpleNexus joins the ranks of companies such as Intuit, Zappos, Under Armour, Microsoft, Patagonia, and other household names. Inc.’s 36-year history celebrates the unprecedented growth of American organizations from a multitude of industries.

“Companies that made the list, on average, have grown sixfold since 2014,” stated James Ledbetter, Inc. Editor-In-Chief. “During a stretch when the economy grew around 11 percent, that’s a result most business can only dream of,” Ledbetter continued.

Other inductees to the 2018 rankings include Peloton, Brooklinen, and PopSockets. All inductees will be recognized at the annual Inc. 500 conference and gala, which will take place in San Antonio, Texas, from Oct.17-18.

Millennials’ View Of Home Buying Turns Negative

Millennials’ perceived value in buying a home dropped below 50 percent, down significantly from post-Brexit high, according to the latest ValueInsured quarterly Modern Homebuyer Survey:

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In the third quarter of 2018, 48 percent of all millennials believe buying a home in America today is a good investment; this is a record low, down from 54 percent in the second quarter. The previous high was 77 percent two years ago.

Fifty-eight percent of millennials now agree buying a home is the best financial decision they can make for themselves and their family, another survey low in ten quarters.

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Just over six in 10 millennials (61 percent) now believe buying a home is more beneficial than renting, again a survey low, down from a high of 83 percent two years ago.

While 76 percent of all homeowners believe now is a good time to sell a home, only 39 percent of millennials who want to become homeowners believe now is a good time to buy a home.

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The ValueInsured Housing Confidence Index for millennials registered a score of 56.9 on a hundred-point scale in Q3 2018. It is the lowest level recorded, down 1.7 points from Q2, and down 10.1 points from a year prior.

In addition to reporting a steady slide in their conviction for home buying, more millennials now associate owning with sacrifices:

Nearly one in four (23 percent) believe they need to delay having children in order to afford buying a home

Thirty-two percent do not believe they can afford a healthy and balanced diet while saving for a home at today’s high prices

Thirty-one percent seriously consider relocating to another city to afford buying

“Conventional wisdom assumed millennials were buying homes later because they chose to get married and have children later,” says Joe Melendez, CEO and founder of ValueInsured.  “New research now suggests homeownership may be the cause, not the effect, of delayed family formation. It is an alarming trend, and we see more acute evidence in expensive housing regions.”

Among millennials who are still interested and motived to become homeowners “in the near future,” their anticipation is often filled with anxiety. Among motivated first-time buyers, 49 percent are concerned rising mortgage rates could make homes currently within their budget become unaffordable later; 67 percent are concerned they will not save enough for a home they would actually like to live in; and 52 percent believe a home they buy now will likely drop in value within one year. Sixty-eight percent are concerned about another housing crisis; and 64 percent admit they will likely experience buyer’s remorse after reaching their homeownership goal.

Their trepidation could be explained by the high stakes these millennials plan to undertake. Eighty-five percent in the survey expect their home down payment to represent over half of their total personal assets.

“Most homebuyers experience a healthy amount of jitters before such a milestone purchase – that’s normal,” Melendez said. “But the new normal is highly anxious, inexperienced buyers bungee jumping in without knowing if their safety harnesses will work. That is an unhealthy, bordering on dysfunctional trend that our industry needs to mitigate to ensure we do not lose an entire generation of future homeowners.”