We’re not necessarily looking to break technology news, but we are looking to put it all into greater context for you. Right now we’re hearing:

Origence To Integrate With Docutech’s ConformX And Solex Platforms

Docutech, a provider of document, eSign, eClose, and digital to print fulfillment technology, will integrate with Origence, a provider of lending technology and solutions to the financial services industry. Integration of the Origence mortgage lending platform with Docutech’s ConformX and Solex platforms will allow lenders to generate dynamic loan documents and enable those documents for eDelivery, eSignature, and eClosing capabilities thereby improving the borrower experience and optimizing the lending process.


Featured Sponsors:

 


Designed from the ground up to help lenders embrace digital mortgages, the Origence lending platform is an end-to-end system that combines point-of-sale and loan origination system tools that accelerate a lender’s loan production and reduce process cycle time while significantly reducing costs. The Origence platform may reduce loan cycle time by upwards of 10 days, increase lender productivity and decrease costs per loan. Through the integration with Docutech, the streamlined workflow for generating, distributing, and signing loan documents and disclosures will help lenders continue to reduce costs per loan while expediting the mortgage process.


Featured Sponsors:

 


“Origence stands apart from other LOS and POS platforms in the market today, laser-focused on delivering a digital platform that improves both the lender’s and borrower’s experience, and powers lenders’ business for years to come,” said Roger Hull, president and chief product officer of Origence.  “Integrating with Docutech’s ConformX dynamic document generation and Solex digital mortgage platforms is a strategic alignment to provide the optimal experience for lenders and their customers.” 


Featured Sponsors:

 


By bringing digital automation front and center to the mortgage lending process, the Origence platform solves four common pain points lenders face – sub-optimal pull-through rates, decreased productivity, rising costs and increasing borrower demand for a better mortgage experience.


Featured Sponsors:

 


“Origence’s ability to digitize everything from document processing, compliance checks and being more paired with Docutech’s industry-leading doc gen, eSignature and eClosing technology creates a unique and compelling solution for loan origination,” said Amy Brandt, president and CEO of Docutech. “With lenders competing to offer a true digital mortgage to their customers, this integration brings the industry one step closer to delivering an amazing customer experience.”

SingleSource Launches Deed In Lieu Title Product

SingleSource, a provider of title and settlement, valuation, real estate-owned (REO) asset management, property preservation, and document management services, is now offering a Deed in Lieu title product that provides full, state-driven searches at 20, 40 and 60 years. As a result of the ever-increasing pool of REO properties, SingleSource devised a thorough end-to-end Deed in Lieu process and has added team members who specialize in servicing Deed in Lieu transactions. 


Featured Sponsors:

 


“One of the biggest challenges servicers face is title transparency and quicker decisioning ability,” says Ed Austin, COO at SingleSource. “Rather than rely exclusively on a current owner search, we go the extra mile to provide servicers with a full product search to help them make informed decisions about properties from the outset of their involvement with transactions.”  


Featured Sponsors:

 


As a licensed title insurance agent in 35 states (and expanding), and workshare partnerships in 15, SingleSource offers this service nationwide.  “The difference is in the thoroughness and research of the product,” adds Chrissy Ziccardi, Director of Title and Settlement at SingleSource. “Traditional Deed in Lieu products only offer servicers a current owner search. With our full search, we perform in-depth research, including municipal searches, to reduce risk for our customers immediately and save them time later.” 


Featured Sponsors:

 


SingleSource is celebrating its 20th anniversary and will be announcing additional product launches while celebrating that milestone throughout the year.  SingleSource’s commitment to its customers is exemplified by the fact that the company provides a full range of industry-compliant products and services. SingleSource has been working with 9 of the top 10 national mortgage lenders and financial institutions for 20 years.


Featured Sponsors:

 


SingleSource provides title and settlement, valuation, REO asset management, property preservation, and document management services.  The company manages a network of independent real estate agents, brokers, appraisers, property preservation field contractors, closing agents, title abstractors, and attorneys nationwide and in Puerto Rico, the U.S. Virgin Islands, and Guam. SingleSource clients include loan servicing and origination organizations, banks, credit unions, investment banks, and hedge funds. 

NAMB Lobbies For Protection Of Broker-Borrower Relationship

National Association of Mortgage Brokers (NAMB), an association that represents the best interests of mortgage brokers and small to mid-size mortgage lenders in local communities. NAMB champions the broker-borrower relationship in the legislation introduced by Congressman Lacy Clay, Chairman of the Committee on Financial Services, designed to ban trigger leads. The Trigger Leads Abatement Act (H.R. 5720 – The Trigger Leads Abatement Act) will protect consumers from having their data sold to companies who have no relationship or transactional connection to the consumer.


Featured Sponsors:

 


Mortgage trigger leads are a multi-million-dollar business in the home lending world. Trigger leads are sold by national credit bureaus to mortgage lenders based on online data that indicates a consumer is “shopping” for home financing. These consumers are unaware that once they enter their data in an online inquiry, their data, which has significant personal information, is then sold by the credit bureaus from $5 to $150 and above to home financing companies who are looking for “hot leads”.


Featured Sponsors:

 


“The credit bureaus compile trigger lists daily and sell them to numerous buyers across the US, including to so-called ‘lead generators’ who then resell the list to even more companies,” said Rocke Andrews, president of NAMB. 


Featured Sponsors:

 


In an effort to protect the mortgage broker industry, NAMB is on Capitol Hill advocating that the much needed consumer protection of data be exempt of impacting the ability of the mortgage broker who originated the relationship to maintain an ongoing relationship with the borrower, as well as the company who holds the servicing rights.


Featured Sponsors:

 


“The mortgage broker has no control when a lender sells off their borrowers’ loan to another lender or servicer,” says Andrews. “Our members are individual or small businesses who rely on the long-term relationship with their borrower. Therefore, this act should protect the small businesses or independent across the country when it comes to this act and allow them to maintain that relationship beyond the transaction.” 

At the upcoming NAMB FOCUS Conference, NAMB will be discussing the topic with its members. Additionally, NAMB is calling members and mortgage brokers and small business loan originators to join the lobbying efforts through NAMB’s legislative action center.

Additionally, the sale of trigger leads can impose danger to consumers in terms of potential risk of identity theft or activities that are deemed “unscrupulous”. 

“We have NAMB members who have reported an uptick in bad actors using trigger leads against the elderly when refinancing their present mortgage,” said Andrews. “Congressman Clays’ bill will go a long way to stop this type of elderly abuse.”

“Unfortunately, there are people who use all kinds of unethical tactics to target borrowers who have initiated the process of obtaining a mortgage,” said Andrews. “This activity should be classified as an unfair and deceptive trade practice and banned, with the only exception being those that have an ownership interest in the current mortgage for portfolio retention purposes. The only way to protect the consumer is to close this loophole immediately, and we thank Congressman Lacy Clay for seeing the harm to consumers brought on by “trigger leads”.”

Advancing Fair Lending Analysis

QuestSoft Corporation, a provider of automated mortgage compliance software, has updated and refined its Compliance RELIEF software to provide multi-user capabilities and faster performance without a price increase or any per user charges. By recompiling the software code from the ground up and switching to a more efficient Microsoft SQL Express database engine, the QuestSoft programming and development team reduced the installation size of the program by 50% and reduced the size of peer databases by 95%. 


Featured Sponsors:

 


All customers can now have multiple users simultaneously access data in various licensed modules, including HMDA RELIEF, CRA RELIEF and Fair Lending RELIEF, at no additional cost. The included SQL Express database can be installed on any machine that acts as a server, which prevents private customer data from having to be stored in the cloud.


Featured Sponsors:

 


“The #1 request from customers since we launched Compliance RELIEF has been a multi-user capability,” said Bhavin Shah, senior vice president of product development and technology at QuestSoft. “That became our highest priority so financial institutions could further streamline their compliance and regulatory reporting, analysis and submission.”


Featured Sponsors:

 


“With the continued and proposed changes to HMDA and CRA regulations, we pointed our development team towards establishing enhancements for future development needs,” Leonard Ryan, president and founder of QuestSoft said.


Featured Sponsors:

 


The Fair Lending RELIEF module was also upgraded to expand market data analysis — including peer selection, comparison and review. Users can now generate parity reports to better communicate and assist management, marketing and compliance personnel in understanding lending performance for specific demographic groups or areas. The addition of peer mapping provides insight into lending distribution in higher risk geographies.

Other improvements to Compliance RELIEF Version 1.6.0 include advanced analytical reports, enhanced importing, and a simplified submission protocol for easier access to the CFPB Submission Platform. Quarterly submission of HMDA data is also now available within HMDA RELIEF for lenders subject to this requirement.

Wholesale Lender Embraces A Single Solution For Sales, Marketing And BI

Newfi Lending has named OptifiNow as its integrated cloud-based sales and marketing platform to help manage the growth of their rapidly expanding wholesale mortgage lending business. OptifiNow provides mortgage companies with a suite of sales and marketing modules that will manage the growth of Newfi’s wholesale mortgage lending business to manage their mortgage broker base, send targeted marketing messages and monitor performance in real-time. 


Featured Sponsors:

 


“Newfi Lending had a record-breaking 2019 and we’re looking to continue our growth in 2020. Managing our sales and marketing more efficiently is one of our major New Year’s resolutions,” said Steve Abreu, founder and CEO of Newfi Lending.


Featured Sponsors:

 


“OptifiNow has all the sales and marketing automation tools we need. They also have a tight integration with our LOS, which keeps our customer records up-to-date and allows us to track detailed production volume. OptifiNow goes beyond just sales and marketing by giving us real insight on our business performance.”


Featured Sponsors:

 


Since 2015, OptifiNow has provided mortgage companies with an innovative platform of software solutions for empowering their revenue growth through comprehensive sales and marketing automation and management. With support for all types of mortgage lending – retail, wholesale, consumer direct, correspondent and reverse – OptifiNow is uniquely equipped to handle the needs of any mortgage lending organization.


Featured Sponsors:

 


“We’re excited to partner with Newfi Lending and help them as they grow their wholesale business,” said John McGee, founder and CEO of OptifiNow. “Newfi is a tech-focused lender, so we’re confident we can help them scale their sales and marketing operations in 30 days or less. 

“We combine our cloud-based platform with easy-to-use tools, intelligent integrations and powerful business analytics to deliver a fully configured solution designed for their business,” concluded McGee.

MAXEX Reaches $5B In Lock Trading Volume

MAXEX, the first digital mortgage exchange to enable financial institutions to buy and sell residential loans through a single clearinghouse, has exceeded $5 billion in lock trading volume as of December 31, 2019.


Featured Sponsors:

 


MAXEX was launched in 2016 via a commercial partnership with J.P. Morgan to simplify the complex process of trading residential loans in the $10+ trillion secondary mortgage market. Since then, more than 100 bank and non-bank lenders, as well as more than 15 market-leading investors, including Wall Street dealers, money center banks and the largest real estate investment trusts in the U.S., have been approved to buy and sell mortgage loans on MAXEX. Trading volume more than doubled in the second half of 2019 as compared to the first half of the year.


Featured Sponsors:

 


“MAXEX set out several years ago with the ambitious objective of solving many of the problems that caused the 2008 financial crisis and collapse of the U.S. housing market,” said Tom Pearce, CEO and Chairman of MAXEX. “Years of hard work on the part of the MAXEX team, our investors and our customers have enabled us to do something that has never been accomplished before, and we are now bringing massive efficiency to the largest credit market in the world.”


Featured Sponsors:

 


“MAXEX is the first mortgage exchange to successfully have its loans securitized. The market’s confidence and trust in MAXEX is rapidly increasing as evidenced by its loans having now been securitized across 37 private mortgage-backed security transactions with many more on the horizon each month,” said Bill Decker, President of MAXEX.


Featured Sponsors:

 


The key to MAXEX’s growth is the company’s ability to simplify secondary market trading by overcoming barriers in three important areas:

  • One counterparty: MAXEX has created a single, proprietary clearinghouse, which serves as the central counterparty to each side of the transaction. 
  • One contract: All MAXEX buyers and sellers have agreed to a single, standardized trading agreement.
  • One digital exchange: MAXEX enables buyers and sellers to execute trades via an easy-to-use cloud-based platform.

MAXEX has solved many of the market’s complexities that have prevented prior mortgage exchanges from succeeding. Its digital platform enables loan buyers and sellers to obtain consistent liquidity at optimal price execution by providing access to multiple trading partners, reducing costs and mitigating risk.

Kentucky Bankers Association Endorses LERETA For Tax And Flood Certification

LERETA, LLC, a provider of real estate tax and flood services for mortgage servicers nationwide, has been endorsed by Kentucky Bankers Association (KBA) as a preferred tax and flood service provider for its membership. 


Featured Sponsors:

 


KBA is a nonprofit trade association that has provided legislative, legal, compliance and educational services to its member institutions since 1891. The group has an extensive due-diligence process that vendors must complete in order to receive an endorsement. Partners endorsed by the KBA must demonstrate that they are offering a service needed by members and that the product or service is of equal or better quality than other service providers while also offering a competitive cost compared to other vendors of the service.   


Featured Sponsors:

 


“This level of endorsement demonstrates that our commitment to excellence in the tax and flood industries is recognized and that we are on the right path to ensure that companies have quality service and access to the latest technology available in this arena,” said John Short, vice president of business development at LERETA. “We are encouraged that this relationship will lead to similar relationships.”


Featured Sponsors:

 


In addition to its commitment to customer service, LERETA offers advanced reporting system searches on all loans in a portfolio for delinquent real estate taxes through its Tax Status Reports. Reports can be timed in accordance with the posting of payments by tax collecting agencies to ensure payments are made on time to minimize delinquency fees and penalties.


Featured Sponsors:

 


LERETA’s Total Tax Solutions allow servicers to efficiently process a pre-cycle mini-audit, automate tax payments, open items, conduct tax research and review delinquencies and payments. The five modules on the platform are Pre-Cycle Audit Manager, Tax Cycle Manager, Escrow Open Item Manager, Delinquency Manager and Task Research Manager.

“KBA is excited to have LERETA providing our members two important services — tax and flood certification,” said Ballard W. Cassady, Jr. KBA president and CEO. “The banks are in good hands when they work with LERETA.”

DIMONT Promotes Laura MacIntyre To Chief Executive Officer

DIMONT, the largest provider of Hazard insurance claims and loan administration services to the residential mortgage industry, announced the promotion of Laura MacIntyre to Chief Executive Officer (CEO).

MacIntyre has a proven record of leading mortgage and business development organizations throughout her career and has been an essential part of DIMONT’s success since her hiring over two years ago, as DIMONT’s Chief Revenue Officer. MacIntyre, an industry veteran bringing over 25 years of mortgage industry experience to her position as CEO, is poised to lead DIMONT through its next chapter of growth. In her new role, she will lead the company’s strategic initiatives, oversee business development and client relations and ensure alignment of the organization to grow its new business segments while maintaining a quality product and a customer-centric focusMacIntyre will work closely with Renovo Capital, DIMONT’s long term private equity partner, in their continued support to drive additional technology enhancements and new business line growth. 


Featured Sponsors:

 


Prior to her role at DIMONT as Chief Revenue Officer, MacIntyre served as Director of Sales at DocMagic, a leader in compliant loan document production and delivery, where she was instrumental in deploying the company’s digital strategy, growing revenue and expanding market share.  MacIntyre has also served as Chief Operating Officer for both Fidelity National Financial and Black Knight, Inc. (FKA Lender Processing Services, LPS), where she was instrumental in building the industry’s leading default technology solutions. 


Featured Sponsors:

 


“I have worked with Laura for a number of years, and I know her experience and knowledge make her a great resource for our organization and our industry,” said Jocelyn Martin-Leano, President, Rushmore Servicing Division.  “Laura has years of demonstrated success within the mortgage industry and a proven track record of driving excellence in organizations through her leadership. This promotion is well-deserved. I congratulate her as she moves into her new role as CEO of DIMONT.”


Featured Sponsors:

 



“It’s been clear to me from day one that DIMONT is a very forward-thinking company that cares deeply about the success of its customers,” said MacIntyre. “Having grown up in the mortgage industry and seeing changes that have taken place in our market, it is truly an honor to be in the company of such great leaders and business partners who have supported me throughout my career.  I am so very grateful and honored for the opportunity to serve as DIMONT’s CEO and am truly excited for the future of our organization.” 


Featured Sponsors:

 


Primary Residential Mortgage, Inc. Launches eClose Across The Nation

Primary Residential Mortgage, Inc. (PRMI) now offers eClose services in 49 states and the District of Columbia. eClose—the process of electronically signing some or all mortgage closing documents—is the next digital innovation streamlining the mortgage process and empowering borrowers, and PRMI is one of the few lenders to offer it.


Featured Sponsors:

 


“eClose is a real advantage for borrowers,” said Ruth Green, PRMI chief operations officer. “Unlike standard closings, eClose lets borrowers review the closing documents at home, or anywhere really, before their closing appointment. Then they can choose to sign them on their own computer, tablet or smart phone, or sign with a settlement agent.”


Featured Sponsors:

 


PRMI is educating settlement agents directly to help make the eClose process available to more borrowers. The process is simple, secure and reduces the closing time for all parties.


Featured Sponsors:

 


“It’s not complicated and doesn’t require any additional software,” said Jessica Rackham, PRMI director of closing operations. “This process is one more way we can create a more seamless borrower experience.”


Featured Sponsors:

 


PRMI is known for its personalized approach to mortgage financing, as well as its industry-leading digital conveniences. eClose is another technology offered to complement PRMI’s one-on-one customer service.

Mortgage Applications Increase In Latest MBA Weekly Survey

Mortgage applications increased 7.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 24, 2020. This week’s results include an adjustment for the Martin Luther King Jr. Holiday.


Featured Sponsors:

 


The Market Composite Index, a measure of mortgage loan application volume, increased 7.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1 percent compared with the previous week. The Refinance Index increased 8 percent from the previous week and was 146 percent higher than the same week one year ago. The seasonally adjusted Purchase Index increased 5 percent from one week earlier. The unadjusted Purchase Index increased 2 percent compared with the previous week and was 17 percent higher than the same week one year ago. 


Featured Sponsors:

 


“Mortgage applications continued their strong start to the year, as borrowers acted on the drop in mortgage rates last week. Rates were driven lower by investors’ increased concern about the economic impact from China’s coronavirus outbreak, in addition to existing concerns over trade and other geopolitical risks,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “With the 30-year fixed rate at its lowest level since November 2016, refinances jumped 7.5 percent. Purchase applications grew 2 percent and were 17 percent higher than the same week last year. Thanks to low rates and the healthy job market, purchase activity continues to run stronger than in 2019.” 


Featured Sponsors:

 


The refinance share of mortgage activity decreased to 60.4 percent of total applications from 61.6 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 4.7 percent of total applications. 

The FHA share of total applications decreased to 10.7 percent from 11.3 percent the week prior. The VA share of total applications decreased to 11.7 percent from 13.8 percent the week prior. The USDA share of total applications remained unchanged from 0.5 percent the week prior. 


Featured Sponsors:

 


The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) decreased to 3.81 percent from 3.87 percent, with points increasing to 0.28 from 0.27 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week. 

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $510,400) decreased to 3.78 percent from 3.87 percent, with points decreasing to 0.2 from 0.21 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. 

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.82 percent from 3.78 percent, with points increasing to 0.27 from 0.25 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week. 

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.24 percent from 3.25 percent, with points remaining unchanged at 0.22 (including the origination fee) for 80 percent LTV loans. The effective rate remained unchanged from last week. 

The average contract interest rate for 5/1 ARMs decreased to 3.15 percent from 3.29 percent, with points decreasing to 0.12 from 0.25 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.