By Tony Garritano
What’s going on in the mortgage market? What trends should you be aware of? Tony tells you in this daily column.

Market Analysis: Are Your Processes Sound?

*Are Your Processes Sound?*
**By Tony Garritano**

***As we all know there is a big push toward being as risk averse as possible. Investors are cracking down and nobody wants a buyback. So, if you’re a lender, what do you do? Dominic Iannitti, president and CEO of DocMagic, a provider of loan document preparation and delivery solutions for the mortgage industry, called on all originators to integrate automated loan file audits in their workflow throughout the mortgage production chain, from the time borrowers submit an application to the time loan file documents are prepared for delivery to the secondary market. Here’s why:

****“The traditional approach has been to perform an audit at the conclusion of the loan, before closing, but that’s not good enough anymore,” Iannitti said. “Only by monitoring compliance at every stage of the loan production process – from the time a borrower submits an application, to the time documents are prepared and packaged for investors, to every stage in between – can we be assured that the loans we originate are going to meet investor guidelines and compliance requirements so that down the road, lenders won’t be plagued by repurchase demands.”

****Compliance remains a serious issue as evidence of problematic loan files in the mortgage industry continues to persist. For example, Fannie Mae, the largest purchaser of residential mortgages in U.S., reported in February 2012 that it made a total of $23.8 billion in repurchase requests from lenders during 2011. That was an increase from $13.1 billion in repurchase requests in 2010. In fact, some lenders continue to owe billions to Fannie Mae for troubled loans.

****“With many of the loan parameters being set at inception, data integrity is essential to the entire origination cycle. Not only does a lender need to be aware of data that has changed, but equally important is data that has been lost along the way,” Iannitti continued.

****Technology exists today to make it possible for lenders to be more risk averse as Iannitti suggests. So, my question is: Why aren’t more lenders using it?

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.

Market Analysis: Taking Auto Indexing Further

*Taking Auto Indexing Further*
**By Tony Garritano**

***There’s a lot of talk about going paperless, especially with new regulation asking lenders to be more transparent. How do you do that? You move to a more paperless process where more parties are invited to electronically collaborate. You also have an electronic audit trail that is not possible in a paper world to not only ensure, but to prove compliance. Further, vendors are stepping up to provide this type of service. For example, PROGRESS in Lending has learned that VirPack, a provider of document management and e-delivery solutions for the mortgage industry, launched the next generation of its end-to-end paperless platform, Enterprise Center (EC), highlighted by Automated Document Indexing (ADI) which significantly reduces the manual indexing process and eliminates a dependency on barcode separator sheets. Here’s all the details:

****VirPack’s ADI is completely integrated into EC, and is offered as an automated step in EC’s existing workflow capabilities. VirPack’s ADI leverages full text recognition followed by an analysis of the text to classify documents, and its document library is dynamically updated regularly to include new or non-standard document types.

****“VirPack’s ADI is a game-changer for lenders,” said Wayland Pond, vice president of sales and marketing. “In looking for ways to create better efficiencies, lenders have asked us to automate the indexing process, and we have done that. Via our Automated Document Indexing feature, we’ve taken manual steps out of the process so lenders no longer have to worry about who will index documents and when they will be indexed.”

****Additional time and cost saving features in the latest version of EC are on-image annotations, including the ability to add a signature and date to an imaged document, thus eliminating the need to print, sign and rescan applicable documents.

****Enterprise Center was designed to provide lenders a single platform for paperless operation from origination through post-closing, including fully indexed e-delivery to investors, the Department of Housing and Urban Development (HUD), QC/due diligence companies and other business partners.

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.

Market Analysis: The Mobile Trend Continues

*The Mobile Trend Continues*
**By Tony Garritano**

***Last week I told you about how origination vendor Mortgage Cadence was going mobile. It’s the wave of the future my friends. Today PROGRESS in Lending has learned that LenderMobile, a provider of mobile mortgage loan applications for iPad computers, has upgraded LenderMobile, its flagship application, to enable the ordering of vendor services. Loan officers and other originators now can order, directly from their iPads, credit reports, identity checks, tax return verifications, flood determinations, among other third-party vendor requests. Here’s the scoop:

****When loan officers and originators order third-party vendor services on the iPad using the new ordering feature of the LenderMobile+ app, the necessary forms, such as the IRS 4506-T for tax return transcripts, are forwarded to the LenderMobile cloud computing system where they are automatically validated, processed and sent to the vendors. The information from the vendors is received and stored in the LenderMobile cloud. Instant vendor results are immediately available on the iPad for review by loan agents and then can be forwarded to loan origination systems (LOS). For vendor orders requiring more processing time, an Apple push notification will appear on the iPad, alerting loan agents and originators when the results from the vendor are available.

****By using LenderMobile+, loan originators can fill in all the required mortgage application forms, save the loan data and transfer it to their LOS. Borrowers can electronically sign the loan application directly on the iPad.

****The LenderMobile+ application can be downloaded at no charge from the online Apple App store. A monthly subscription is required for loan originators using the LenderMobile+ app to order services from third-party vendors and submit mortgage loan documents to their LOS. The subscription is available on www.LenderMobile.com.

****“LenderMobile+ can support a list of third-party service providers that is easily customized and expanded to accommodate the preferred vendors of each mortgage lender,” said Iordan Gavazov, CEO and co-founder of LenderMobile.

****“Loan agents using the services ordering feature on our iPad app are able to request a product and price list for a particular loan application from their product and pricing matrix vendor,” Gavazov added. “Borrowers can then choose the mortgage product and price that best suits them, right on the iPad.”

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.

And The 2012 Winners Are …

2012-innovations-header
And The Winners Are…

True Innovators Recognized

Over 100 executives gathered to honor the top innovations. It was an event to remember. In the face of adversity the mortgage industry responded. Several new innovations arose to help aide the industry in its efforts to get closer to recovery. And that’s really what the Innovations Program is all about. We are the Good Housekeeping Seal of Approval, the Gold Seal when it comes to recognizing true mortgage industry innovation.

What were we looking for specifically? We are recognizing innovations that were introduced into the mortgage market between January of 2011 and December of 2011 that truly changed the mortgage market for the better. Understand that this is not a subjective competition. All applications were scored on a weighted scale. We looked for the innovation’s overall industry significance, the originality of the innovation, the positive change the innovation made possible, the intangible efficiencies gained as a result of the innovation, and the hard cost and time savings that the innovation enables industry participants to achieve.

Also understand that this recognition was not decided by mere industry onlookers, all six industry experts that make up the PROGRESS in Lending Association Executive Team acted as judges and all were given an equal say in how applications were evaluated. In short, the winners were judged by industry peers who know the space inside and out, just like you do.

In alphabetical order, the top innovations of 2011 are:

2012-innovations-winners-group-shot

a la mode, inc.

The rapidly changing regulatory landscape and the new GSE requirements significantly impacted the appraisal management and collateral valuation industries in 2011. Without critical innovation, delivery difficulties of the newly required MISMO 2.6 appraisal data could have choked origination pipelines at a time when this industry can least afford it. Since a la mode’s appraisal formfilling software is the choice of well over half the appraisers in the country, the company already had a presence on the desktop of a majority of the nation’s appraisers. That presence gave Mercury Network the unique opportunity to innovate a solution that streamlines the delivery of compliant appraisal data and ensures the easiest possible transition for all lenders and AMCs to easily comply with the GSEs new Uniform Collateral Data Platform (UCDP). In September of 2011, a la mode’s Mercury Network launched DataCourier, a new service that allows appraisers to easily deliver the MISMO XML to any lender or AMC they work for, without any manual file conversions or non-compliant e-mail attachments.

DecisionReady

In 2011, DecisionReady tackled a tough industry problem—default mortgage servicing—head-on, and came up with a technology solution that has already had far-reaching effects. The challenge of how to manage the business of servicing defaulted and delinquent loans in an efficient, cost-effective, and, most importantly, compliant manner, is one faced by nearly all of today’s mortgage servicers. By combining up-to-the-minute technology with a shrewd business strategy, DecisionReady came out with a solution that delivers major advancements in the business of managing defaulted loans, while ensuring the servicing of those loans is compliant. The solution created by DecisionReady addresses the full range of issues faced by today’s servicers. The DRAW platform helps servicers reduce costs, improve accuracy, and reduce the compliance risk associated with servicing delinquent loans.

Five Brothers

Over the past couple of years we have experienced serve economic challenges. High unemployment rates, an epidemic of foreclosures and defaults, declining home prices and an economy that is struggling to get back on track.  This has been difficult on everyone, including municipalities. To combat this situation municipalities have turned to implementing a wave of new regulations, and municipal codes requiring strict vacant property registration.  Each municipality across the country has added their own requirements and penalties for not adhering to these strict vacant property requirements. Resulting in fines and fees for non-compliance. To provide an effective and powerful tool, Five Brothers Default Management solutions has applied over 40 years of default management expertise, deep knowledge and working experience with municipalities, and advanced technology to deliver the industry an innovative vacant property registration solution. This Web-based system leverages the most advanced vacant property registration database to deliver 24/7 solutions to servicers to ease their burden of handling vacant property registration.

GreenBar America

Mortgage technology is advancing but really nothing innovative has been created to change the consumer experience at the point-of-sale. That’s where GreenBar comes in. The GreenBar solution addresses the intent of the Consumer Financial Protection Bureau as it pertains to the mortgage transaction; it endeavors to eliminate intentional and unintentional product steering by mortgage originators; it provides the mortgage industry with a more effective, comprehensive, realistic and consumer centric definition and solution for adhering to intent of the “safe harbor” provisions; it protects consumers against loan originator bias (intentional and unintentional), as pertains to the selection or recommendation of a specific mortgage product and terms; it establishes a simple, easy to understand and universally accepted framework for evaluating the borrower’s ability-to-pay; it puts consumer needs as the starting point of the mortgage transaction; and it incorporates a standardized educational method into the origination process. To elaborate, the GreenBar Decision Engine enables mortgage borrowers to be “pre” underwritten by loan originators for the purpose of educating consumers as to the optimal product and strategy to maximize the likelihood that they will be able to meet their new long-term financial obligation.

LoanSifter

The LoanSifter Available Mortgage Rate Index (AMRi) is the mortgage industry’s first complete, real-time mortgage rate index that is based on same-day rates and the only index that provides a realistic idea of what borrowers typically pay for a loan. Three main characteristics set LoanSifter AMRi apart. First, it provides the most accurate depiction of current and historical mortgage rates available on the market. It is the only index based on same-day rates. Rather than using past sources of information, the LoanSifter AMRi’s indices are created by leveraging real-time data from 25 wholesale and correspondent lenders. Second, the LoanSifter AMRi was created in partnership with the Federal Reserve Bank of Boston, one of twelve district Reserve Banks in the Federal Reserve System. Third, use of the LoanSifter AMRi is completely free of charge. The LoanSifter AMRi lists all relevant rate information all on a single page.

MortgageFlex

Recognizing that the lending industry would never be the same after the last industry down time and lenders would need smarter and more efficient solutions, MortgageFlex developed an offering that isn’t just new technology but a new solutions approach. One that addresses everything a lender needs to respond quickly and easily to the ever-changing rules and regulations and the demands of tech savvy borrowers while continuing to increase revenue. Traditionally, technology vendors simply upgrade to the latest platform (DOS > Windows > .NET) and tout the advantages. And while the latest advantages are numerous, there still needed to be a support solution paradigm shift to accommodate the lending transformation that has occurred. Just upgrading technology is not enough to be successful anymore; lenders need flexible pricing options, secure hosting choices and experienced resources. In short, they need a strong partner with new answers. To meet these needs, MortgageFlex redesigned not only the LoanQuest product offering but looked internally and evaluated their resources and processes.

Sperlonga Data & Analytics

The past few years have revealed a growing problem faced by mortgage servicers: delinquent homeowners association (HOA) fees causing delays in reselling foreclosed and defaulted residential properties. It has been said that this is “the biggest problem the mortgage industry has never heard of,” and it affects, in one way or another, over 24 million properties. Enter Matt Martin and team with a simple, yet ingenious, solution; find every HOA out there and bridge the gap between them and the mortgage servicer and investor community.Martin’s concept was the genesis of Sperlonga Data and Analytics, an Arlington, VA-based company created in 2011 to provide a technology-enabled centralized interface for HOAs and servicers, as well as an array of services to benefit both sides. Sperlonga’s technology facilitates the identification, delivery, and resolution of outstanding account balances related to association fees. Servicers and investors upload portfolios of properties directly into the Sperlonga workflow engine, and progress and results are viewable through a personalized Client Dashboard. This simplifies the overall process.

 

innovations-logo

Market Analysis: Putting A Premium On Experience

*Putting A Premium On Experience*
**By Tony Garritano**

***Yesterday I told you about my friend Tim Anderson moving from LPS to ISGN. Tim has been promoting SMART Docs and the e-mortgage all of his career. He’s a true believer. And I think the time has come. With all the compliance demands, lenders need to automate. It takes a leap of faith, but now is the time to leap. For this very reason mortgage technology companies are increasingly looking to bring on visionaries like Tim to help their lender clients move in this direction. Along these lines, I just heard that Xerox Mortgage Services has brought on two such experienced executives. Here’s the scoop:

****Xerox Mortgage Services has hired Ken Marlin as Vice President of Business Development and Bryan Young as Vice President of Product Management. Charged with expanding the network of Xerox’s BlitzDocs certified partners and providers, Marlin will help lenders, brokers and investors benefit from an expansive network of best-of-breed providers to promote electronic collaboration from origination to the archival of a closed loan.

****“I bring a thorough, practical understanding of the business,” noted Marlin. “I started as an LO before I moved to the vendor side doing RFPs and working on technology implementations in large lenders. Plus I’ve done so many things in the business that I’m very fortunate. I’ve dealt with the business from many different perspectives so I know a lot about the different roles. On top of that, I grew up in a family-owned business. So, making a profit and delivering the highest form of customer service are instinctive to me.

****“At Xerox Mortgage Services I will be building out the bi-directional network. The starting point is that we have a network with industry standard providers. We don’t know the new providers that will be coming into the business that are not strapped with legacy systems that Tim Anderson mentioned when you talked with him yesterday, but we’re eager to meet them. I’m anxiously looking for those new faces. We want to drive services to the lender. The way to do that is through the LOS. So, I’ll look to tightly integrate with as many LOS systems as I can.”

****Bryan Young is tasked with keeping pace with the changing regulatory environment and ensuring the BlitzDocs solution continues to help lenders promote data transparency within the mortgage process.

****“By adding to our experienced team, we’re even better prepared to help our customers respond to changing market conditions and help them find new ways to collaborate, innovate and grow,” said Nancy Alley.

****Marlin previously served as a national account executive and the alliance manager for the mortgage division of Wolters Kluwer Financial Services. Young spent the last decade at Erxchange, a division of Xerox Services.

****“When I was at WKFS, Xerox Mortgage Services stood out as a tool and a company that had great customer satisfaction,” added Marlin. “I always liked the tool because it prepares lenders for the cloud and full e-mortgages. I was also impressed with Nancy Alley. She is fresh, energetic, visionary and she isn’t saddled with a legacy mentality. It’s all about the people you work with.”

****Going forward, Marlin sees more industry contraction and technology acquisitions, but thinks Xerox Mortgage Services will take a different path. “From an industry perspective, I see consolidation of providers. I think we’ll see acquisitions to gain share,” he concluded. “At Xerox Mortgage Services we will stay the course and look to pass data more successfully. We’ll continue to march toward the e-mortgage and be vendor agnostic. We want to move the whole industry toward full ‘e’ processes.”

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.

Market Analysis: Tim Anderson Looks To Shake Things Up

*Tim Anderson Looks To Shake Things Up*
**By Tony Garritano**

***I am very proud to call Tim Anderson a friend. When I started in this industry as a little pup, he helped me. He took me under his care and showed me the lay of the land. I am very grateful for all the time and effort that he put into guiding me so that I could really understand the space. His friendship is invaluable to me. So, when he told me that he was no longer at LPS I was eager find out where he went and what he would do next. I can tell you, based on my talk with him, Tim Anderson is ready to shake up this space like only he can. Here’s the scoop:

****ISGN Corporation, a provider of end-to-end technology solutions and services to the U.S. mortgage industry, has named Tim Anderson director of corporate technology strategy. Anderson brings more than 30 years of mortgage industry and technology experience to ISGN, where he’ll develop a strategic roadmap for ISGN’s delivery of products, services and technology, helping position the company as the leading driver of solutions in the mortgage marketplace.

****When ISGN started it made a lot of high-profile acquisitions of companies like MortgageHub, Dynatek, London Bridge and others. However, recently we haven’t heard too much from ISGN. Tim Anderson explains, “The company has been laying low. They have a much fuller offering in terms of technology and outsourcing services as compare to our competition. We at ISGN want to address any pain points that our clients have. For example, the client may want to automate underwriting so we can start there and stretch out as they need us to fill future gasps. Some companies are offering technology or outsourcing, but we do both. I’ve been tasked to look at their technology here at ISGN and plan for the future in terms of automating the mortgage process. I will be incorporating technology strategy into their outsource offerings.”

****Anderson has been involved in all facets of the mortgage industry during his career, most recently on the technology side where he helped to develop one of the first e-mortgage platforms, and e-signature and e-vaulting technologies. At ISGN, Anderson will lead efforts to define the company’s technology strategy, enabling ISGN to create next generation products and services that take advantage of evolving web-based cloud technology.

****So, given his long tenure in our space, I asked my friend Tim what his true vision for the future of the mortgage space really was. He said, “The market has changed. The big guys have gone internal to defend themselves against lawsuits on the servicing side. So, I think there will be new entrants that come in with a new approach. These new players will not be mired down with legacy technologies. We’ll also see old players attack the market place with a new approach. ISGN is actively looking to partner with these players to streamline this market.

****“We want to eliminate manual touch points, increase loan quality and maintain compliance,” Anderson stressed. “You have to quit attaching the process piecemeal. We’ve got to move the orchestration of the mortgage process to the cloud. You need to call needed systems through the cloud to perform necessary functions and workflow. Dynatek had a comprehensive plug-in network that we will utilize, but our cloud approach will also interface to other systems through our cloud approach.”

****Anderson sees a more on-demand environment where the client calls the shots, not the LOS. “The client can determine the user interface that they want and we can orchestrate all that for them. It will be a shared and common system. It’ll all be about execution and how we deliver for our clients. The standard outsourcing service level agreements are based on metrics and performance. We will apply that same philosophy to technology. The only way to execute and scale is to automate. In a people-based process you’re only as good as the last person in that role, but there is always turnover. The way to fix that is to automate. There will always be competition for the best producers so you will never have 100% of those good producers 100% of the time. If you can automate and replicate that process you will be much better off, especially when you get audited.”

****Prior to joining ISGN, Anderson served as senior vice president of Lender Processing Services (LPS), and before that as president of SigniaDocs, Inc., where he was involved in the development of e-commerce mortgage products and services. Previously he was vice president of eMortgage services with Stewart Transaction Solutions. As a leader in the evolution of technology in the mortgage arena, Anderson also founded eMortgage Alliance, which supports MISMO open standards for compliant paperless processes for mortgages.

****Now Anderson has to take things even further. He is tasked with reshaping the technology strategy of a large company and aligning that company to fit the present and future needs of lenders. “Nobody can build that silver bullet,” noted Anderson. “You can’t have that one system that does everything, but that’s where the cloud comes in. We can create a cloud-based system of record that standardizes the data, the systems and the process. ISGN is in a unique position to build that new process. The other benefit to working with and being involved with ISGN is that they are not saddled with the old legacy mindset.”

****But industry vets like Dave Demster, Bill Adamowski, Jack Luhtanen and others have led ISGN’s mortgage strategy in the past with limited success. So, I asked Tim why he will be different. “A lot of those guys came from acquisitions,” Anderson answered. “We acquired their companies and brought them in. The problem is that we bought their baby and they were attached to their baby. I don’t come to ISGN through an acquisition. I’m open to new ideas and so is ISGN as a company. I’m not trying to sell a product per se, I’m about creating a long-term relationship and giving the lender what they need now and stretching out from there to automate more and more for the client when they’re ready. I want to build deep relationships with our clients and do what they need. We are not just a technology company or just an outsourcing company, we’re both.

****“ISGN will be bringing in more senior people like me who can develop an implementation process to eliminate pain processes for our clients. I’m happy to be on board a company that has taken the right approach at the right time. We don’t want to be a me too. There are too many people trying to cut price just to stay in the game. We don’t want to be a me too like that, we want to re-shape the mortgage space.”

****Well, if anyone can do it, my friend Tim Anderson can. I’ll be sure to keep you informed about his progress and all the news at ISGN as it unfolds.

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.

Market Analysis: LOS Goes Mobile

*LOS Goes Mobile*
**By Tony Garritano**

***We at PROGRESS in Lending believe in mobile computing. Back in October of last year we launch our own iPad app that you can download for free on iTunes. There will come a day when everything is done on one mobile device and that day is quickly coming. Realizing this trend, a prominent loan origination system is now going mobile, as well. Here’s the scoop:

****Mortgage Cadence, LLC, a provider of Enterprise Lending Solutions, Default Servicing Technology, and Document Services for the financial services industry, will debut Orchestrator Mobile, their on-the-go origination technology. Orchestrator Mobile will allow Mortgage Cadence customers to view their leads, pipeline, statuses, and tasks, lock loans, and offer tools like financial calculators. This new mobile web interface is functional on all Internet-enabled devices such as smart phones, iPads, iPhones, and tablets.

****In today’s highly tech-savvy world where communication is exchanged instantaneously, borrowers expect their needs to be met on-demand. In addition, smart mobile devices continue to increase market share at such a rate that exceeds both producer and analysts’ predictions. This is due, in part, to the fact that businesses across the country are leveraging these devices in an effort to make their people and processes more efficient all while giving their clients the very best experience. Loan officers need to be armed with the latest technology to secure and grow their customer’s satisfaction and market share.

****Orchestrator Mobile will give loan officers the ability to proactively meet the needs of their customers by accessing their loan pipeline, viewing statuses, quickly locking loans to keep up with volatile markets, and acting on critical tasks – all instantly from wherever they are via their smart mobile device. This advancement in lending technology is the first full-featured one of its kind and will no doubt shape the future of the mortgage industry.

****With Mortgage Cadence’s mobile origination technology, loan officers are able to search and quote current rates and prices and view assigned tasks. In addition, loan originators can leverage easy-to-use financial calculator tools to further assist their borrowers on the spot.

****Michael Detwiler, chief executive officer of Mortgage Cadence, stated, “I have found that many enterprise applications tend to overlook sales personnel who are the tip of the sword when it comes to generating new business. Our advancements in mobile technology not only take lending to a new level but allow originators to increase sales and customer satisfaction at a time when providing world-class customer service to borrowers is critical. I, for one, would be more than confident applying for a mortgage with a Mortgage Cadence client as these tools take service to a new level.”

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.

Market Analysis: What Happens After The Acquisition Closes?

*What Happens After The Acquisition Closes?*
**By Tony Garritano**

***At least twice a year, more so these days, I hear about a big mortgage technology acquisition. Quite frankly I was expecting to hear about more these past few years given market conditions, but I’ll be sure to keep you posted on what I know when I can. As I look at these deals I think some times that deal was great and it made perfect sense. However, some times after the deal is done there’s poor execution in making that acquisition a value add for the industry as a whole. I’m happy to say that this one acquisition done last year made perfect sense to me and I just heard today that the acquiring company’s ability to turn that deal into a win for the industry has now happened as well. Here’s the scoop:

****Following the acquisition of Loan-Score Decisioning, Calyx Software has launched the Calyx Decisioning Systems suite of products. LoanScoreCard provides competitively priced FHA Total Scorecard access directly through the Calyx Point tool as well as through other loan origination systems (LOS). The Calyx Decisioning Systems is a suite of automated underwriting and pricing products designed to help you determine a loan’s eligibility and pricing within investor or FHA guidelines. Fully integrated with Point, the decisioning system saves time, reduces cost, and improves the quality of each loan’s eligibility decision with a complete analysis of borrower’s loan and credit information against multiple standard or custom programs.

****Dennis Boggs, EVP of Business Development for Calyx Software says,”We are proud to announce LoanScoreCard, which provides universal access to FHA TOTAL Scorecard, for everyone in the mortgage industry. The beauty of LoanScoreCard is that it offers improved, user-friendly findings, and saves money on underwriting at the same time. Everyone can access to LoanScoreCard no matter what loan origination system they’re using. And if they are Calyx users they can access LoanScoreCard from inside Point.”

****LoanScoreCard is a HUD-approved automated underwriting system (AUS) that determines a loan’s eligibility for FHA insurance. The tool provides a detailed FHA Findings Report with decision from TOTAL and LoanScoreCard underwriting, along with set of HUD-approved messaging. LoanScoreCard is available via Calyx Point, standalone web access, or web services.

****LoanScoreCard is one of few programs approved by HUD for TOTAL Scorecard and it offers the same user-friendliness with which Calyx products have always been credited. Calyx users can order their low-cost findings directly through Calyx Point and store them in the electronic document management system for transparent access at any time. LoanScoreCard is also easily accessible at www.loanscorecard.com and can be exported to any LOS.

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.

Market Analysis: Experience Really Matters These Days

*Experience Really Does Matter These Days*
**By Tony Garritano**

***We all know a lot of good people that are out of work. It’s sad really. I laugh when the media say we’re doing so much better because unemployment is down to 8.3%. Is 8.3% unemployment recovery? I don’t think so. The good news is that if you’re an experience lending executive, you can get employment. There is a premium for people who “know” this business. Let’s face it, if you don’t know anything about mortgage lending, how can you fix the business? You can’t. Case in point, here a few recent hires that demonstrate that experience matters:

****Specialty servicer Wingspan Portfolio Advisors has announced that Ed Delgado will join the company as chief operating officer, effective April 2, 2012. Formerly CEO of the Five Star Institute, SVP of Wells Fargo and executive at Freddie Mac, Delgado has more than 20 years of experience in mortgage banking and is widely recognized as a thought leader and innovator in the industry.

****While at Five Star, one of the nation’s largest trade groups, Delgado led various industry initiatives and hosted discussions with former President George W. Bush, New York Mayor Rudolph Giuliani, First Lady Laura Bush and U.S. Secretary of State Condoleezza Rice. He pioneered the formation of the Lender Leadership League, a consortium of the nation’s top mortgage-servicing executives. Prior to joining Five Star, Delgado was SVP of government and industry relations at Wells Fargo, where he played an integral role within the company’s servicing and default group and served as a leader in the mortgage community, government agencies and industry trade groups in Washington, D.C. While serving as a key representative to the U.S. Department of the Treasury and in conjunction with industry leaders, Delgado was supportive of the Obama and Bush administration’s efforts to develop mortgage solutions designed to stem the increasing number of home foreclosures in the United States.

****Also, Appraisal Logistics, a compliance risk management firm, named Dennis H. Ashcroft vice president, sales and marketing. In this position, Ashcroft oversees Appraisal Logistics’ business and sales strategy, marketing efforts and growth initiatives. He serves as the foremost expert on all ongoing sales initiatives within the company, as well as oversees the customer experience for the company’s nationwide client base and appraisal network.

****With nearly 30 years of experience in the financial industry, including co-founding and managing a federal credit union, Ashcroft brings a unique perspective to Appraisal Logistics. His vision will play a key role in the company’s continued expansion in the bank, credit union and mortgage lending market.

****Lastly, Axis Appraisal Management Solutions announced the addition of Janice Bezou, SRA, as the Director of Vendor Management and Lender Services. Ms. Bezou brings more than 25 years of appraisal management as well as asset and risk management experience to Axis. She spent more than 16 years with a top tier national bank, managing residential appraisal departments and assisting in corporate valuation risk management. She was also Chief Appraiser for Service Link, Fidelity’s National Lending platform. Ms. Bezou was most recently Director of Appraisal Services for Bay Equity Home Loans in San Francisco. She holds the SRA designation from the Appraisal Institute and is a Certified Appraiser in California.

****Why was Ms. Bezou and the other executives mentioned hired? “Axis is entering a new phase in its level and range of services for our lender partners and Ms. Bezou’s deep background in risk management, reo decision making, repurchase negotiations, and extensive industry- wide relationships assures our clients of the gold standard within the suite of new services they can anticipate from Axis,” answered Michael Simmons, SVP of Business Development. “In addition, our expectations of, and support for, our elite appraiser panel will flourish even further under Ms. Bezou’s tutelage.”

****Experience matters.

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.

Market Analysis: A New Paperless Integration Launches

*A Paperless Integration Launches*
**By Tony Garritano**

***I’m a cheerleader when it comes to talking about paperless processing. So, anytime I hear about vendors making it easier for lenders to go paperless I have to share that news with you. Today I learned that ProLender Solutions, Inc., a paperless lending software, has a new electronic file delivery integration with Provident Funding. The interface allows lenders to simplify and accelerate the file delivery process through a fully integrated ImageCenter. Here’s the full story:

****“Provident Funding is excited to have a full integration for image file delivery completed with ProLender,” said Eric Wilson, Director of Correspondent Operations at Provident Funding. “The integration process was the smoothest we’ve had with any vendor due to ProLender’s exceptional programming response time and approach to a customized solution.”

****From within ProLender’s ImageCenter, the user clicks a button to transmit the investor package directly to Provident Funding. ImageCenter intuitively selects the required images, generates the investor package and uploads it into the Provident Funding system. Within seconds a confirmation is returned to the user when the upload is complete.

****“By integrating imaging file delivery to Provident Funding, ProLender clients now have the ability for point and click loan delivery from their computer,” said Kevin Roczey, President at ProLender Solutions, Inc. “No more wasted paper, wasted time at the copy machine or expensive overnight packages.”

****The interface provides flexibility and speed for the delivery of the investor file. Users may upload the full investor package or send individual documents as needed.

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.