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Bestborn Joins Elite Microsoft Dynamics Inner Circle

Bestborn Business Solutions, creators of Loan Vision, has been inducted into the Microsoft Dynamics Inner Circle, an elite group of Microsoft partners honored for their outstanding achievements in innovative design, sales, and superior commitment to service. The mortgage accounting technology firm (Bestborn) has earned membership for the 2017-2018 year and is recognized as one of only 60 Microsoft Dynamics partners, globally, to earn the award.

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“We’re honored to join this highly esteemed group of partners who have leveraged the latest Microsoft technology to simplify and advance business processes,” said Martin Kerr, President of Bestborn Business Solutions. “We plan to take advantage of every resource this membership provides in order to further expand our capabilities.”

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Bestborn was officially inducted into the 2017 Inner Circle at the Microsoft Dynamics Partner Recognition Event hosted at the Smithsonian National Museum of Natural History in Washington, D.C., where the new members discussed Microsoft’s upcoming plans. Each Microsoft partner invited to join the Inner Circle is afforded greater access to Microsoft resources, allowing the partners to forge a closer relationship with the world’s leading software provider than ever before.

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“Each year we recognize Microsoft Dynamics partners from around the world for delivering innovation and driving unsurpassed customer success,” said Ron Huddleston, CVP, One Commercial Partner. “Our Inner Circle members are chosen based on their capabilities as an organization, whether that’s creating IP, developing solutions, or having an industry leading focus on digital transformation. Microsoft is honored to recognize Bestborn for their achievements this past year, their dedication to their customers, and their innovation with Microsoft technologies.”

“Early access to Microsoft’s functionality launches and latest updates gives us a highly competitive edge,” said Igor Pchelnikov, CTO at Loan Vision. “This membership creates more opportunities for our team to leverage technology than ever before.”

Built on Microsoft Dynamics NAV, Loan Vision brings enterprise level accounting and business management functionality to the mortgage banking industry and a new option for lenders who require more flexibility in their enterprise software. Loan Vision can consume data from any LOS, efficiently passing detailed loan level information directly into the accounting system, thereby reducing manual workload and avoiding the risks of human error that come with rekeying data. The Microsoft look and feel reduces the learning curve for new users, while IT benefits from a solution fully deployed on the Microsoft suite of technologies. The platform contains modules for Interim Servicing and LO Commission as well as an extensive Branch Reporting module.

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Helping Struggling Miami Homeowners

Ocwen Financial Corp., the National Association for the Advancement of Colored People (NAACP), and NID Housing Counseling Agency (NID) are working together to host an event on Saturday, July 29 for struggling homeowners in the Miami area. This event is part of Ocwen’s “Summer of Help & Hope” series, an initiative to bring responsible mortgage solutions to struggling homeowners across the U.S.

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The event will be held from 9:00a.m. to 3:00p.m. at the Betty T. Ferguson Recreational Complex at 3000 NW 199th Street in Miami Gardens, FL. There is no cost for admission or parking.

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This event will offer Ocwen customers the opportunity to meet with Ocwen Home Retention Agents and NID housing counselors to explore loan modifications and other options to make their homes more affordable.

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“The rate of foreclosure in Florida, specifically Miami-Dade County, is much higher than the national average,” said Jill Showell, Senior Vice President of Government and Community Relations at Ocwen. “Ocwen is committed to helping struggling borrowers in Florida, and across the country, remain in their homes and a part of their communities. Having trusted partners such as the NAACP and NID, organizations that work in some of the nation’s hardest hit communities, allows Ocwen to reach more of its customers who are in need of assistance.”

Ocwen currently services more than 117,000 loans in Florida. From January 1, 2008 through June 30, 2017, Ocwen has provided borrowers in the state more than 85,500 loan modifications. Approximately 38 percent of these modifications included principal forgiveness, as permitted by applicable agreements, totaling more than $2.15 billion. Nationwide, Ocwen has granted over 735,000 loan modifications and provided billions of dollars in principal forgiveness to homeowners at risk of foreclosure.

“Homeownership remains one of the single biggest ways a person can build wealth in America,” commented Marvin Owens, Senior Director of Economic Programs at the NAACP. “Even though the housing market is showing signs of recovery, homeowners in Florida’s minority communities continue to struggle to pay their mortgages and remain in their homes. Ocwen borrower outreach events are crucial to helping homeowners receive assistance and resources on the local level, and hopefully have a chance at a fresh start.”

“NID is a strong advocate of homeownership. One of our goals is to help families facing financial hardship, remain in their homes and avoid foreclosure,” said Ray Carlisle, President of NID. “NID has seen firsthand the value of local homeowner outreach events. We have had significant success collaborating with the NAACP and Ocwen, and together are making a difference in the lives of many low- and moderate-income and minority families throughout the country.”

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Loan Vision Partners With National Lender, US Mortgage Corp.

Loan Vision, a mortgage accounting and financial management solution, announced that Melville, New York-based US Mortgage Corporation, a national Mortgage Banking company specializing in residential mortgages, has made the decision to switch from Intuit Quickbooks to the Loan Vision accounting software for mortgage banks with plans to go live on the platform in September.

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“US Mortgage Corporation performed an extensive analysis of its options for new accounting software before joining the Loan Vision family. This was a big decision for them,” said Martin Kerr, President of Bestborn Business Solutions. “I prefer it when a prospect looks deeply into the capabilities we offer and those offered by our competitors before making a decision. When they take the time to do this, it’s rare that they do not choose Loan Vision. I’m very pleased to welcome US Mortgage Corporation into our growing family.”

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“The way this industry is set up, you really need something that’s able to drill down on a loan level basis,” said Scott Milner, President of US Mortgage Corporation. “So accounting software that doesn’t even understand what that means wasn’t going to be practical for us. We went with Loan Vision because it was already in the Cloud, it will be much more integrated with our other Microsoft Suite of services and it will provide quicker calculations and give us a lot more flexibility from a reporting standpoint.”

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Milner said his team made its final decision based on three criteria they determined to be most important. First, the company needed a tool that was mortgage specific. Second, management wanted a tool that would provide real time information to senior managers and branch managers. Easy online access to the system was something that the company did not have but wanted. Finally, US Mortgage Corporation wanted a tool that would make it easier for the company Treasurer to provide senior management with actionable information based on company data.

“It was an extensive process,” Milner said. “When you are changing accounting software, you hope to do it only once so you want to make the right decision. We found what we were looking for in Loan Vision. In hindsight, I really wish I had made this decision years ago.”

“We were in discussions with US Mortgage Corporation for quite some time,” said Carl Wooloff, Business Development Manager for Loan Vision. “The company was very careful and we respect that. As more companies come aboard, the Loan Vision decision is becoming much easier for companies to make. Anyone considering a switch should visit with one of our customers. They generally say that they wish they had switched sooner.”

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Lender Uses Technology To Manage How Its Brokers Order Appraisals

JMAC Lending has implemented the Mercury Network platform to manage all appraisal orders placed by their brokers; routing the orders intelligently to their appraisal management company (AMC) partners. This implementation also ensures compliance with established appraisal independence and third-party oversight requirements.

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Specifically, Mercury Network announced the addition of JMAC Lending, a wholesale and correspondent lender based in Irvine, Calif., to their client portfolio. Mercury Network’s suite of software solutions is used by nearly 1,000 of the nation’s lenders and appraisal management companies to manage real estate valuation operations and collateral risk on their web-based platform.

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With Mercury, JMAC has a single view into appraisal ordering regardless of the AMC selected and can train brokers on one system while maintaining single audit trail of the entire appraisal transaction.  Mercury integrates with each of their AMCs so that orders, payment, statuses, and completed appraisals flow seamlessly between Mercury and the AMCs platform without the need to visit multiple sites or re-key information.

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“We are proud to provide all of our customers with a fast and efficient solution to order appraisals from their AMC vendors”, said Jennifer Miller, President of Mercury Network. “JMAC Lending is an industry leader and we are pleased with the opportunity to provide technology solutions that provides efficiency and high-quality service to their business, and their brokers.”

JMAC joins a growing client list at Mercury Network seeking access to the company’s web-based platform that automates vendor management, valuation ordering, tracking, documentation, and review for AMCs and Lenders. With the in-depth data provided through Mercury Network’s tools, clients are better equipped to manage workflow in more efficient means, which contributes to the company’s productivity and success.

“Companies like JMAC Lending recognize the need for the data and processes that our solutions provide in workflow management,” said Miller. “I’m honored that they have chosen to work with us, and I’m confident that our technology will help in their overall productivity and contribute to their long-term success.”

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Improving Home Valuation Quality Reviews

Mortgage Solutions, part of Computershare Loan Services, will be the sole provider of valuation reviews for Ventana Home Mortgage, the residential mortgage conduit subsidiary of Window Rock Capital Partners, LLC, an opportunistic, strategic credit investment manager. The Mortgage Solutions team will also provide valuation reviews on rental property assets managed by Window Rock Capital.

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Ventana Home Mortgage will utilize Computershare’s Appraisal Risk Analysis (ARA) to perform appraisal quality control reviews on new loan originations. A cost-effective alternative to traditional field reviews, the ARA report provides an independent conclusion of value and is performed by a state licensed appraiser in accordance with USPAP appraisal review guidelines. The ARA includes area sales data, local home price indices and MLS data. It can be completed in as little as one business day and reports can be customized to specific investor products.

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“In today’s dynamic housing market, trusted, high-quality valuations are critical to the success of our loan programs,” said Joseph Kohout, senior vice president of Ventana Home Mortgage. “After evaluating all the different providers on the market, Computershare stood apart with its team’s depth of valuation experience and its innovative solutions. It’s clear their products were built with a focus on quality and the customer experience, and that gave us immediate confidence that Computershare was the right partner for our needs.”

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For its rental property assets, Window Rock Capital will use Computershare’s Investment Property Analysis (IPA), a desktop review/reconciliation of income-producing property that includes a Form 1007 Single Family Rent Schedule. Each IPA is performed by a certified valuation expert and includes commentary analysis of as-is value and monthly rental rate. The IPA also includes an analysis of both manually sourced and automated rental data, property comparables, and data on local rental market trends.

Backed by a robust team of valuation experts with decades of experience, Computershare’s Mortgage Solutions team offers investors and residential lenders a various suite of valuation products and services nationwide. Both IPA and ARA products are available to lenders and investors as standalone solutions.

Mortgage Solutions President Jim Smith stated, “We’re delighted that Window Rock Capital and Ventana Home Mortgage have placed their trust in our valuation solutions, which have become increasingly popular among investors and correspondent and wholesale lenders. Both the ARA and IPA were developed specifically to deliver the speed, quality and reliability our clients need to demonstrate proper due diligence. We look forward to a long and productive relationship.”

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Castle & Cooke Mortgage Expands Into Mississippi

Castle & Cooke Mortgage, LLC, an independent mortgage lender with locations across the U.S., has expanded into Mississippi with the opening of its Southaven branch (NMLS #1647847). The new branch is led by industry veteran Tammy D. Kennedy (NMLS #35154), who has 16 years of experience in the mortgage industry and understands the housing needs of the Southaven area well.

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“We are thrilled to have Tammy and her team join the Castle & Cooke Mortgage family,” expressed John F. Brawner (NMLS #218829), area manager for Castle & Cooke Mortgage. “This group is in a fast-growing market and they are aggressive in their approach to helping homebuyers. They accomplish this through excellent customer service, a vast knowledge of the industry and strong, trustworthy relationships with Realtors and builders.”

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Prior to joining Castle & Cooke Mortgage, Kennedy was a sales manager for Envoy Mortgage and a senior loan officer with PrimeLending. Her years of experience have given her the expertise necessary to lead the Southaven team as they work together to serve the lending needs of their community. From rural housing loans and low down-payment programs to conventional lending options, Kennedy is persistent in her efforts to obtain the right loan for her clients’ needs. Her commitment to exceptional customer service is evident throughout the lending process.

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“My team and I are looking forward to helping borrowers purchase or refinance a home while interest rates are still historically low,” said Kennedy. “And I am thrilled to become a part of Castle & Cooke Mortgage, one of the leading and most responsible mortgage lenders in the country.”

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Four Credit Unions Partner With myCUmortgage

Four credit unions recently partnered with myCUmortgage as they strive to become better mortgage lenders for their members. myCUmortgage is a leading Credit Union Service Organization (CUSO), wholly-owned by Wright-Patt Credit Union.

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With the new partnerships, these four credit unions will not only have access to industry-leading service and support tools and systems, but more importantly, will benefit from what truly sets myCUmortgage apart from the rest: true collaboration, transparency and a keen focus on credit union members.

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The new myCUmortgage partners include:

>>Central Susquehanna Federal Credit Union – Pennsylvania

>>Crane Credit Union – Indiana

>>G.H.S. Federal Credit Union – South Carolina

>>Towns Union Educators’ Federal Credit Union – Georgia

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“At myCUmortgage, we don’t take our partnerships with credit unions lightly,” said Tim Mislansky, President of myCUmortgage. “What these four new partners will soon realize is our relentless pursuit of building strong relationships with their teams and providing the level of service that the credit unions and their members expect and deserve.

“We are very excited to welcome these four credit unions to the myCUmortgage family,” added Mislansky.

By partnering with myCUmortgage, credit unions are able to provide members with a wide variety of mortgage loan programs to fit their needs as well as truly member-centric service and support. Backed by 15 years of mortgage industry experience, myCUmortgage is dedicated strictly to the credit union mortgage industry and helping partner credit unions help their members enjoy the benefits and pride that come with owning their own homes.

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Paradatec Achieves Fannie Mae UCD Certification

Paradatec, Inc.’s new WriteUCD module was recently certified by Fannie Mae as meeting their requirements for producing valid Uniform Closing Dataset (UCD) files. This new module leverages Paradatec’s Optical Character Recognition (OCR) solution for the mortgage market to extract data from Closing Disclosure (CD) documents and then format that data in the MISMO standard required by Fannie Mae. The certification process required submitting test UCD files for multiple lending scenarios for Fannie Mae’s review, with all tests being passed successfully.

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According to Neil Fraser, Paradatec’s Director of US Operations, “Developing this new module was an easy decision for us. Many clients are already using our solution to extract data from the TRID documents to support certain internal review and audit procedures, so since we have the logic to extract this data it made sense to create a module which formats this data per the UCD specification. Now that we’ve attained certification with Fannie Mae, our clients who work with them are assured of complying with their September 2017 UCD requirement with this new WriteUCD module.”

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Paradatec also announces the release of their new AuditUCD module for auditing UCD file content against the Closing Disclosure contained in the UCD file. Fraser continues, “Again, developing this module was a logical extension to our mortgage solution. Since we’re able to build the UCD file from extracted Closing Disclosure data, it’s just as easy for us to unpack a UCD file’s content to compare the individual data elements against the values extracted from the submitted CD to verify the integrity of both components in the UCD file. Any elements that don’t match will be flagged in our XML output for further review and resolution. Given the volume of content that will be produced and need verification with this UCD initiative, our solution is uniquely positioned to offer a high degree of automation and operator efficiency.”

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Paradatec’s OCR solutions offer significant efficiencies for classifying large quantities of differing document types and extracting key data elements from those documents.  In the mortgage market, these capabilities allow for quick and accurate identification of over 500 unique documents in the typical mortgage file, along with the ability to capture nearly any data element from those documents that an organization requires.

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Financial Resources Federal Credit Union Creates A Better Borrower Experience

Financial Resources Federal Credit Union (FRFCU) has implemented Roostify’s mortgage technology platform in order to create a better online experience for its members applying for or refinancing a home loan. Here’s why:

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“We were looking for something more user friendly for mortgage applicants. The standard online form didn’t help our members through the process and provided no guidance into what they need to do through each step in the process,” said Jason Reed, First Vice President, Real Estate Lending at Financial Resources. “The Roostify platform has given us a way to walk members through a simple process to input their information, upload documents and get us the information we need in order to close their loan in the most efficient way possible.”

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Financial Resources members are now able to complete their entire mortgage application online, including using a mobile device or tablet. They can upload their financial information directly into the platform and communicate with a loan officer during every step of the process. When they are on the go, they can easily upload and sign documents without a trip to the bank, saving precious time in the closing process.

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“Not only do our members get a much more user-friendly experience, our loan officers spend much less time chasing information, and they can focus on providing a better experience and closing loans in much shorter timeframes, which benefits all parties involved,” added Reed.

Loan officers benefit from the use of Roostify’s platform with a better way to communicate with members, realtors, lawyers, title agents, and more throughout the process. Additionally, because the application is clearly laid out loan officers receive more complete and accurate information when they receive an application.

“Consumers are looking for two things in today’s home buying market – an easy online experience and transparency,” said Frank Gelbart, Chief Revenue Officer, Roostify. “Utilizing a mortgage solution that keeps the consumer informed of the process in real-time and that can be done entirely online is the key to providing today’s homebuyers with the best experience possible.”

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Amherst Sells Portfolio Of Homes To Altisource

Amherst Holdings, LLC  (“Amherst”) announced that its Single Family Residential platform has sold a portfolio of 751 single family rental properties to Altisource Residential, L.P. (“Altisource Residential”), an operating partnership controlled by Altisource Residential Corporation (NYSE: RESI), a publicly traded REIT, for a total sale price of $117.1 million.

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The transaction represents Amherst’s second closing with Altisource Residential as part of a March 2017 agreement to sell Altisource Residential up to 3,500 single family rental properties this year. Amherst and Altisource Residential have now closed on the purchase and sale of 1,508 single family rental properties in the first half of 2017.

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Under the terms of the agreement, Altisource Residential has purchased a fee simple interest in the portfolio of properties, and Amherst-sponsored entities are providing seller financing equal to 75 percent of the sale price. Amherst will remain the property manager for the portfolio through its subsidiary, Main Street Renewal, LLC, a vertically integrated property acquisition, repair and management business that currently manages more than 12,000 single family rental properties across the United States.

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“We are excited to continue our partnership with Altisource Residential to deliver portfolios of professionally managed single family rental properties with strong cash flow,” said Drew Flahive, President of the Amherst Single Family Residential platform. “Amherst is committed to investing significant capital in this asset class as single family rental properties continue to demonstrate strong performance momentum and institutional investor interest in this asset class continues to rise.”

The Amherst Single Family Residential platform provides a comprehensive suite of services to facilitate ownership of single family rental properties, including the sale of stabilized cash flowing properties, property management services, asset level financing and asset management services. With a deep understanding and proprietary analytics on the single family home and mortgage markets, Amherst’s platform combines a unique combination of national scale with local market knowledge and execution. The platform has sold over 9,000 professionally managed rental properties since the beginning of 2016 to institutional investors and operators.

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