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Industry Veteran Named President of IndiSoft

IndiSoft, a technology development firm that specializes in systems for the financial services industry, has named Camillo Melchiorre president. He will focus on the firm’s sales and marketing efforts. The move allows Sanjeev Dahiwadkar, who previously held both the roles of president and CEO, to concentrate on IndiSoft’s strategic direction as CEO.

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Melchiorre joins IndiSoft from HLP where he was president and CEO. HLP, which is powered by IndiSoft’s RxOffice, is a nonprofit collaborative that enables counselors, advocates, mortgage lenders, servicers, investors, attorneys and government agencies to build solutions that help individuals and families achieve and sustain homeownership.

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Before working with HLP, Melchiorre was senior vice president of loss management at Radian Group Inc. (RDN: NYSE) where he led their efforts to manage losses during the financial crisis with new systems, operations and loss mitigation strategy.

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Prior to his Radian position, Melchiorre was co-founder and executive vice president of business development at MSTD Inc. MSTD developed the mortgage servicing industry’s first web-based default servicing and loss mitigation application, BackInTheBlack. He was also vice president of servicer relations and policy at Freddie Mac where he led Freddie Mac’s landmark Servicer Advisory Board. Before joining Freddie Mac, he was vice president of loss mitigation and quality control at Commonwealth Mortgage Assurance Corp. (CMAC, now Radian Group Inc.) where he began the company’s affordable housing pre-purchase counseling program.

“We have a long history with Cam that started years before he worked for HLP,” Dahiwadkar said. “Cam’s longevity in the mortgage industry and his knowledge will help us further position IndiSoft as a strong technology player that not only understands the industry but can also anticipate the technology needed to address any process or regulatory challenge.”

Melchiorre has more than 30 years of experience in many areas of the mortgage industry which has afforded him the opportunity to be a featured speaker during several industry events, and he has authored multiple articles that have appeared in leading industry publications. He is a graduate of Gettysburg College and Widener University School of Law.

“I have a long history with Sanjeev and IndiSoft,” Melchiorre said. “This is an exciting time in the industry one in which we have a chance to truly harness the power and capability of technology to make fundamental changes in efficiencies while being agile enough to be compliant with the ever-changing regulatory climate. IndiSoft has a remarkable platform that can help achieve those goals, and I am happy to be a part of the effort to move the company forward during this time.”

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Ensuring A New Kind Of Compliance

Comergence, an Optimal Blue company and compliance solutions provider to the mortgage industry, has launched its newest compliance solution, Social Media Compliance. Powered by sophisticated regulatory intelligence capabilities and embedded with the specific policies and procedures of a licensed mortgage originator, the unique service addresses the growing need and seemingly insurmountable task of monitoring social and digital media communications within a regulatory framework.

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“Social media is a powerful tool used more and more by today’s loan officers to source business. Yet, with numerous regulations today and even more expected in the future, the risk is high for unintentional social media mistakes that could pose significant financial risks for lenders,” stated Scott Happ, Chief Executive Officer of Optimal Blue. “We recognize that adherence to growing compliance demands will be challenging for lenders if social media compliance remains a manual, time-consuming effort coming at a great cost. By delivering this robust automation at an extremely affordable price, lenders discover an immediate ROI – regardless of whether they have five loan officers or hundreds.”

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The Social Media Compliance system can evaluate social media activity across all loan officers and all venues in real time via automated scheduling. The platform also identifies potential violations, highlights usage trends, and provides 360-degree audit reports for a deeper violation review so lenders can communicate and remediate internally and externally – all within a single, turnkey compliance tool. The system provides enormous advantages for the hundreds of organizations that already rely upon other Comergence compliance solutions, including streamlined organizational and user set-up.

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“Social media presents a large playing field and a new frontier for today’s lenders that is not going away anytime soon. Leveraging automation removes the heavy lifting and positions lenders to properly take full advantage of the opportunities through this great marketing asset,” said Greg Schroeder, Vice President of Comergence. “Everything lenders need to self-manage social media compliance is available in our solution, bringing efficiencies, simplicities, and real-time oversight with little effort.”

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Take Note Mortgage Industry

A new initiative between a technology company and a nonprofit organization is sparking interest in coding and programming at a younger age, paving the way for entry-level technology employees with more experience.

By partnering with the Children of Armenia Fund (COAF), Digital Pomegranate, an NYC-based technology company with a field office in Armenia, has entered into a long-term plan to teach the young generation coding skills for app and website development.

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The global lack of coding knowledge implemented at a young age has created a gap between those who have received an education and their career in coding and website development. Without coding skills, there are limited opportunities in technology fields even with full high school and college curriculum standards being met. By holding workshop programs for rural Armenian kids, DigitalPomegranate and COAF are getting a head start in filling this gap. This means that down the road, rural Armenia may produce some of the best and most experienced coders in the business due to the implementation of these skills at a younger age. Implementing coding skills at a young age has a similar to effect when compared to how a younger student?s brain is more susceptible to language acquisition. “Research shows the younger the brain, the easier it is for the basics of coding and programming to become second nature,” a rep from Digital Pomegranate said.

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By utilizing the resources of the non-profit organization, the company is connecting with motivated and intelligent students and teaching them to code. The important skills the kids are learning are not only benefitting the future careers of the kids, but the initiative is creating a new generation of talented coders and technology specialists to further the ventures of their own company and others in the field. In other words, they are training people to hire in the future.

Digital Pomegranate held their first four-week intensive seminar this summer for rural Armenian kids. The classes took place three times per week with a 2:9 teacher student ratio. The kids who participated in the program learned to create and design websites using Photoshop, WordPress and Visual Composer. The 14 through 18 year old students successfully built their own websites using WordPress, CSS and JavaScript and completed work for Digital Pomegranate?s customers by the end of the program.

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By providing instruction at their SMART centers, COAF is hoping that the kids will one day become so proficient in coding they will be able to teach classes at the center themselves. The program intends to prepare rural Armenian youths for careers in coding and programming. By using their current staff of programmers to teach children new skills, Digital Pomegranate and COAF are setting them up for futures in programming, robotics, website and app development and similar fields. This means that the kids they are training now may be able to be hired by their own company just a few years down the road.

The Children of Armenia Fund?s SMART initiative is the most notable rural development initiative in the world. With initiatives like this one, COAF?s SMART centers will be hubs of intelligence, innovation and advancement. The first SMART center is set to open in the Lori region this upcoming academic year. Once the modern building is open to the public, COAF plans to implement this same coding education program on a larger scale. The SMART center is large enough to house much higher quantities of students and instructors. The vast space available will be utilized to spark passion and interest in students who may have bright futures in coding.

The kids who learn to code and create websites through Digital Pomegranate?s programs will be able to go on and teach the next generation the same skills. This creates a cycle in which these types of skills will continually be presented at a younger age than the current average. This is the kind of initiative COAF?s SMART centers intend to house. The mortgage industry should think out of the box and do similar things to encourage kids to get into this space. We need new ideas.

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Fiserv To Acquire The Assets of PCLender

Fiserv has acquired the assets of PCLender, LLC, a leader in next generation enterprise internet-based mortgage software and mortgage lending technology solutions. This acquisition will enhance the Fiserv suite of mortgage origination services, which enable Fiserv clients to deliver the experience today’s consumers and mortgage lenders expect. Financial terms will not be disclosed.

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Mortgage lenders operate in an evolving marketplace in which they are challenged to deliver a more efficient lending process in tandem with a compelling borrower experience. Fiserv is working to simplify today’s lending experience for financial institutions and borrowers, delivering powerful tools to originate, process, underwrite and deliver loans in a secure, paperless environment.

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“Rapidly evolving consumer expectations require a seamless approach to banking experiences, including mortgage origination,” said Jeffery Yabuki, President and Chief Executive Officer, Fiserv. “PCLender provides Fiserv with a full digital suite of mortgage origination solutions for banks, credit unions and mortgage lenders. We welcome the existing clients and talented team members to our company.”

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A complement to the existing Fiserv lending solution suite, these assets provide a set of simple, easy-to-use internet-based mortgage solutions for banks, credit unions and mortgage lenders. This fully managed, end-to-end solution simplifies origination, document collection and compliance reporting, streamlining consumer direct and retail mortgage and HELOC loan origination. The technology offers a feature-rich user experience and improved operational efficiency for mortgage lenders with existing resources. Supporting lenders of all sizes, PCLender provides solutions for lenders funding up to 5,000 loans per month.

“Joining Fiserv accelerates our ability to scale our solution, while simplifying solutions for every phase of the loan process to benefit our clients,” said Lionel Urban, Chief Executive Officer, PCLender. “We look forward to leveraging our combined expertise to deliver greater client value and an enhanced experience for their customers.”

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

LOS Upgrade Embraces Innovation And Configurability

Wipro Gallagher Solutions (WGS), a Wipro Limited company, has released the latest version of its Loan Origination System (LOS), NetOxygen v5.0. NetOxygen v5.0 provides users such as loan officers, processors and administrators with more simplified innovation and configuration tools to meet lenders’ evolving needs and support next-gen lender transformation.

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In the first of a series of significant advancements designed to simplify innovation, NetOxygen v5.0 streamlines access to its Application Programming Interfaces (APIs) through the development of a Loan Gateway Service. The Loan Gateway Service enables direct data sharing between third-party partners and NetOxygen, accelerating the development and deployment of future-ready lending models.

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NetOxygen v5.0 also accelerates and simplifies configuration through a suite of easy-to-use self-service tools available to business users. The business tools enable lenders to address necessary and urgent business changes such as fee schemes, conditions, products, and user maintenance without intervention from the IT team.

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“The NetOxygen Loan Origination System has always offered innovation through unmatched flexibility and configurability, and we consider this flexibility to be of even greater importance to lenders in today’s highly competitive market”, said Scott Dunn, Head of Product Management and Compliance, Wipro Gallagher Solutions, Wipro Limited. He added, “Only now, NetOxygen offers the same level of innovation with greater simplification to minimize complexity, speed up the deployment of new features, and fuel future growth.”

Additional advancements to NetOxygen include greater configurability to the Rate Exception Screen, which supports a data-driven secondary marketing strategy by allowing for more granular exceptions based on key loan performance indicators such as loan quality, sale-ability, customer loyalty, and campaigns.

NetOxygen v5.0 also enhances workflow logic to improve transparency around performance and increase efficiencies within a lending operation. Clients can now use custom and granular workflow filters within NetOxygen to create more sophisticated business processes and assign work to the right business user or group based on specialization. The same logic enhances the NetOxygen Compensation Manager giving lenders the ability to track compensation based on specific loan characteristics and parameters. The enhancements have the potential to significantly improve accuracy, employee experience, and productivity within a lending operation.

NetOxygen v5.0 also incorporates hundreds of features and functions that cover standard and mandatory business and industry requirements such as Uniform Closing Disclosures (UCDs), expanded browser compatibility and additional enhancements for construction, wholesale, correspondent and consumer lending, and updates to reflect changes to Desktop Underwriter (DU) and Loan Product Advisor (LPA).

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

REO Services, Property Preservation Merger

National REO and property preservation service providers TruAssets LLC, Northsight Management LLC, are merging as of August 1, 2017. The new company will retain the Northsight Management name and will be led by TruAssets’ Steve Johnson as President and Northsight Management’s Josh Sarchet as CEO.

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TruAssets was founded by Johnson in 2012 and under Johnson’s leadership the company has grown quickly, coming to be recognized in the market for its focus on comprehensive customer service. Similarly, since being founded by Sarchet in 2009, Northsight Management has differentiated its services with an emphasis on the use of efficient technology. Both Johnson and Sarchet are confident that the combination will create a new brand which differentiates in numerous aspects of the business.

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“Steve and I bring complementary strengths and skill sets to this partnership,” said Sarchet.  “As a result, we believe this leadership dynamic will make us a formidable brand in an already competitive marketplace.”

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“The merger of the unique strengths of Northsight and TruAssets bring about a brand which offers the best of both worlds,” Johnson added. “The new entity offers a disruptive approach to property management and REO services, generating improved efficiency, surprising speed and incredible flexibility—all a win-win for us and our clients. At the same time, the new brand will maintain the traditional strengths expected of such a service provider: unfailing customer service; continuous improvement and integrity.”

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Newfi Lending Reaches $1 Billion In Mortgage Originations

Newfi Lending, a technology-enabled residential mortgage lender and portfolio company of Warburg Pincus, has originated over $1 billion in loan volume. The company reached this milestone just 24 months from the time it launched lending operations in April 2015. The $1 billion in mortgage volume is a combined result of Newfi Lending’s direct-to-consumer and wholesale lending operations.

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“These incredible results in such a short period of time validate our dual-channel business model,” said Newfi Lending CEO Steve Abreu. “We achieved this significant milestone despite the challenges of ramping up a new company in a limited geography. This bodes well for Newfi as we accelerate the growth of our sales organization and the expansion of our national footprint.”

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Newfi Lending has experienced significant growth in 2017. The organization has now expanded operations to 9 states: Arizona, California, Colorado, Florida, Oregon, Pennsylvania, New Jersey, Utah, and Washington. The company has received licensing approval for 16 states and plans to operate in over 20 states by the end of 2017.

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Founded in 2014 by industry veterans, Newfi Lending is a national mortgage lender reshaping the borrowing experience through a combination of proprietary technology, product innovation, and personal touch. Newfi delivers a more efficient and transparent process resulting in lower costs and higher levels of customer satisfaction and trust.

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Partnership Enables Efficient Home Equity Lending And LOS Integration

FirstClose, a provider of end-to-end technology solutions for refinance and home equity lenders nationwide, today announced a partnership with Pensacola, Fla.-based Pen Air Federal Credit Union. The partnership integrates FirstClose into Pen Air’s loan origination system (LOS), LoansPQ. A MeridianLink solution, LoansPQ integrates loan origination, core processing and internal banking software in almost any configuration.

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The integration with FirstClose provides the credit union access to an end-to-end refinance and home equity lending solution, as well as a vendor management system that eliminates duplicate data entry. Pen Air is able to easily order instant property reports, AVMs, desktop valuations, property condition reports and flood reports directly from its LOS. In addition, FirstClose will handle all closing and recording responsibilities on behalf of the credit union.

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“FirstClose’s unique, comprehensive solution provides an effortless way to process all home equity loans and home equity lines of credit,” said David Lancaster, VP of Lending, at Pen Air. “We pride ourselves on providing our members with the best possible service, and we’re looking forward to working closely with FirstClose to achieve this.”

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“We already value our partnership with Pen Air and look forward to helping Pen Air reduce closing times, cut costs and increase efficiencies,” said Tim Smith, co-founder and president of FirstClose. “Our goals align with Pen Air’s in that we are focused on providing the most accurate property information in an efficient and easy-to-use way.”

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Union Bank Tries To Assist Qualified First-Time Homebuyers

Union Bank has received $1.1 million in program funds from The Federal Home Loan Bank (FHLB) of San Francisco to provide matching grants to low- and moderate-income, first-time homebuyers. The bank received $1 million in Workforce Initiative Subsidy for Homeownership (WISH) Program funds and $100,000 in Individual Development and Empowerment Account (IDEA) Program funds. This is the seventh year that the bank has received WISH and IDEA program funds.

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“We are pleased that the FHLB of San Francisco has for the seventh consecutive year entrusted us with both WISH and IDEA program funding,” said Julius Robinson, Head of Corporate Social Responsibility. “Home ownership is critical to building economically strong communities and we look forward to working with our community partners to assist more qualified recipients achieve the dream of home ownership.”

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The WISH and IDEA first-time homebuyer programs offer eligible low- and moderate-income households 3-to-1 matching grants of up to $15,000 for the purchase of a home.  The funds can be applied to the home buyer’s down payment or closing costs. WISH grants are targeted to working families and individuals who are ready to make the transition from renting to owning. The WISH funds can complement or supplement a number of local, state, and federal homeownership programs and initiatives. IDEA grants are targeted to homebuyers who have been saving for the purchase of their first home through an Individual Development Account (IDA) or participating in their local housing authority’s Family Self-Sufficiency (FSS) homeownership program or in a lease-to-own program administered by a government entity or nonprofit organization.

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Union Bank will provide this year’s matching grants to qualified homebuyers in California. The funds will be available for home buyers with loans in escrow between April 1, 2017 and July 31, 2018.

Last year, the bank provided 67 WISH matching grants for a total of $986,825.

For more information about the WISH and IDEA programs, please send your inquiry to CSRgroup@unionbank.com.

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Updated Platform Now Alerts Lenders To Loan Defects

LoanLogics has enhanced its LoanHD Loan Quality Management platform with an Audit Response Center (ARC). The new ARC enables mortgage lenders to efficiently address defects and conditions on loans immediately after each loan has been reviewed. Importantly, it also provides lenders with a compliance trail showing how each defect was addressed, so regulators and investors are able to clearly see what actions were taken.

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The ARC allows the lender to auto-assign a respondent, or the person in the lender’s organization who will submit rebuttals and clear loan defects, such as a missing document or an incorrect fee. The system configuration also identifies “responsible parties,” or the people most responsible for the defect in the origination process.

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The ARC includes a communication module that immediately notifies the respondent and the responsible party of defects discovered after a loan quality review. These notifications will also display responses from the auditor regarding the curing of conditions. The respondent will be prompted to log into the ARC portal to address all issues. Once resolved, the application automatically updates the LoanHD platform.

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This capability enables lenders to have complete visibility into the process, while making sure defects are addressed in a timely manner. Further, lenders can create action plans in LoanHD based on the frequency and sources of defects. These plans can then be easily monitored and tracked to reduce future origination defects.

“With this enhancement to LoanHD, relevant parties in the loan process will find out quickly if there are any defects or conditions in a loan that need to be addressed,” said Dave O’Malley, director of loan quality solutions with LoanLogics. “In addition, lenders will be able to track the progress of defect resolution and make sure the appropriate person in their organization responds to the issue or issues expeditiously.”

“At the same time, there is a compliance trail that shows how each defect was addressed,” O’Malley said. “Regulators and investors not only require lenders to find and resolve issues with loans, but they also would like them to show proof of what they did. This enhancement provides that level of detail so lenders are covered.”

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.