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.

Innovative New Mortgage Event Launches

NEXT Mortgage Events LLC, a creator of events for women mortgage executives, has announced that today, Friday, November 3, 2017, is the last day to register for NEXT 2018 under its preferred rate of $895. On Saturday, November 4, 2017, the registration fee will increase to $995.

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NEXT, the industry’s first technology-centric conference and expo for women executives in the mortgage industry, will take place on January 18-19, 2018 at the Dallas InterContinental. It will feature educational sessions, technology demonstrations, a product-focused exposition hall and networking opportunities.

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Companies that wish to sponsor or demonstrate their technologies at the event can get more information on the NEXT conference website (www.NEXTMortgageConference.com).

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NEXT Mortgage Events LLC is the creator of NEXT, the first women’s mortgage technology conference and expo. NEXT features informational tech-focused talks, a fast-paced tech demonstration showcase, a product-focused exposition hall and well-organized networking events – all in a comfortable environment catering to the accomplished woman executive. NEXT’s inaugural event will take place January 18-19, 2018 at the InterContinental Dallas. For more information visit NEXTMortgageConference.com, follow @NEXTmtgEvents or email info@NEXTmortgageEvents.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.

Lenders Weigh In On The Importance Of Efficient Mortgage Technology

Lenders One polled participants at its annual Summer Conference on their use of technology and their expectations for the market in the year ahead. As most phases of mortgage lending are increasingly being automated and conducted through online platforms, information security and data protection have become a central concern for the industry. Three-fourths of respondents (74 percent) indicated that they are very concerned about the protection of customers’ personally identifiable information during the mortgage originations and trading processes, even though this survey was conducted before the recent, major security breach at one of the largest credit reporting agencies became public. However, despite the potential data privacy challenges associated with some technology offerings, members recognized that innovative new platforms have the potential to significantly optimize efficiency and streamline processes.

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The Growing Importance of Technology for Efficiency and Enhancing the Customer Experience

The need and desire for expanded technology use was evident among the mortgage bankers surveyed. The majority (56 percent) said that improving operational efficiencies was the most influential catalyst for investing in new technologies, followed by offering a better customer experience (26 percent). Technology is also positively impacting traditional mortgage trading processes with more than half (53 percent) of the respondents identifying streamlining workflow as one aspect of the current process that could be most enhanced by a technology platform.

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“Mortgage professionals today realize the need for technology to drive efficiency, reduce the cost per loan and streamline daily tasks and interactions with customers,” said Michael Kuentz, President of Lenders One. “At the same time, there is rising concern regarding privacy protection as lenders increasingly integrate technology into traditional processes. As a cooperative, our focus has been on developing solutions that provide both efficiency and security, such as noteXchange, a trading platform developed with our members to streamline trading and help protect borrower data.”

Attracting and Retaining Talent

As the mortgage industry evolves and adapts to new technologies and regulations, lenders are investing in developing their employees. Of the respondents, 42 percent noted that professional development and training was the most important step their company is taking to attract and retain talent.

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“One of the most critical challenges our members face is recruiting and training talent who can carry their businesses into the future,” said Kuentz. “Robust training programs are critical, and we are seeing great success in pilots with our members to explore new methods for attracting talent from outside of the industry by identifying the key traits needed to thrive in a digitally driven mortgage environment.”

Market Outlook

When asked to forecast how the real estate market will look in 2018 and whether it will be a buyers’ or a sellers’ market, the majority of respondents anticipate that 2018 will again be a sellers’ market:

>>Modest sellers’ market (46 percent)

>>Heavy sellers’ market (25 percent)

>>Modest buyers’ market (17 percent)

>>Heavy buyers’ market (8 percent)

>>Undecided (4 percent)

When asked which factor will have the greatest impact on the mortgage industry’s growth in 2018, nearly half (47 percent) of respondents chose potentially higher interest rates, followed by continued increases in home values (18 percent) and innovation in banks’ menu of mortgage products (17 percent).

Survey Methodology 

The survey had 78 participants and was conducted at the Lenders One 2017 Summer Conference held in August. Respondents consisted of Lenders One members.

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.

Meridian Bank Announces Commencement Of Public Offering

Meridian Bank has commenced an underwritten public offering of approximately 2.2 million shares of its common stock, with an initial public offering price per share of its common stock of between $17.00 and $19.00.  All of the shares to be sold in the offering will be offered by Meridian Bank.  In addition, Meridian Bank intends to grant the underwriters a 30-day over-allotment option to purchase an additional 15% of the shares sold in the offering.  The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering.

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Meridian Bank intends to use the proceeds to repurchase all of the outstanding shares of its Series 2009A Preferred Stock, Series 2009B Preferred Stock, and Series 2009C Preferred Stock for approximately $12.8 million and for general corporate purposes.

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Sandler O’Neill + Partners, L.P. is acting as sole book-running manager for the proposed offering.  Keefe, Bruyette & Woods, Inc., a Stifel Company, and D.A. Davidson & Co. are acting as co-managers.

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The offering will be made only by means of an offering circular.  Copies of the preliminary offering circular relating to this offering may be obtained, when available, by contacting Sandler O’Neill + Partners, L.P., Attention: Prospectus Department, 1251 Avenue of the Americas, 6th Floor, New York, NY 10020, or via email at syndicate@sandleroneill.com.

Meridian Bank has also submitted an application to list its shares of common stock on The NASDAQ Stock Market LLC (“Nasdaq”).  The listing is conditional on Nasdaq approving Meridian Bank’s listing application.  If approved, the ticker symbol for its shares of common stock would be “MRBK.”

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.

Technology Achieves 100 Percent Investor Adoption

Mortgage Capital Trading, Inc. (MCT), a leading mortgage hedge advisory and secondary marketing software firm, announced that it has gained unprecedented industry-wide technology adoption among the investor aggregator community. MCT officially unveiled the Bulk Acquisition Manager (BAM) within its capital markets software platform, MCTlive!, in July of this year.

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BAM centralizes and streamlines the entire process of packaging and securely transferring whole loan information and bids. The technology provides a web interface that enables lenders’ bid tapes to be securely and efficiently delivered to approved buyers following best execution analysis in a centralized repository. Investors are lauding BAM as the most robust, easy-to-use, scalable, and secure bid tape management technology on the market, which are cited as the primary reasons for rapid investor adoption.

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“We initially developed BAM to address the Nonpublic Personal Information (NPI) security risk associated with transmission of bulk bid tapes via email, but the efficiency gains and improved market color for both counterparties drove rapid adoption,” said Phil Rasori, COO of MCT and architect of BAM. “MCT represents 30 to 40 percent of approved sellers for the average correspondent investor with about 1,200 bid tapes flowing through BAM every day. BAM is raising the bar for other bid tape management solutions, with one major investor already leveraging BAM to serve as their database of record for bulk bid tape transactions. BAM is well on its way to becoming the defacto standard in the mortgage industry.”

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BAM includes tiered user administration, putting decision-making about access to transaction data in the hands of lender clients and their investors. Overall, BAM is improving the industry’s existing loan sale practices with quicker best execution pricing for bulk bid tapes, better communication and transparency, enhanced data security, greater organization and consistency, endless scalability, and optimization of the entire process from start to finish.

To make BAM’s functionality conveniently integrate with existing processes, MCT established two different methods for investors to securely transmit bid tape files. This can be done by accessing MCTlive!’s secure browser-based user interface or via a Restful API (Application Programming Interface) which enables MCT to integrate with various loan exchange platforms and homegrown investor systems. To date, nearly all investors have elected to use MCTlive! due to its extreme ease of use, built-in metrics, and robust user administration.

Company officials at MCT say that plans are in progress to expand BAM and its user base, yielding even more improvements to management of the bid tape transfer process. Moving forward, investors, lenders, traders, account executives, and the bid tape market as a whole will realize additional benefits through feature development within MCTlive! and the Bulk Acquisition Manager.

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.

Wholesale Lender Improves The Broker Experience

United Wholesale Mortgage (UWM), the No. 1 wholesale mortgage lender in the nation, has launched their newly designed, fully integrated website that was built to serve as a one-stop shop for mortgage brokers. Here’s the significance:

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“A lot of research went into finding the content and tools that our clients most frequently look for online, and we built UWM.com to be the destination to fulfill all those needs,” said Mat Ishbia, President and CEO of UWM. “We’ve upgraded to an all-inclusive hub of information and resources that is relevant to everyone in the mortgage industry. Now, originators, owners and processors can spend less time searching the web for tools and news and focus more of their time on obtaining new business and providing exceptional service to their clients.”

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The new UWM.com seamlessly integrates with UWM’s EASE loan origination system. The websites gives users one-click access to improved tools that enable them to start a loan, manage their pipeline, and grow their business.

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The site also provides mortgage professionals with easy access to essential tools designed to make their jobs more efficient, all at no cost, including:

>>Pulling all-encompassing home value reports

>>Getting answers to guideline questions using the “Ask UWM” smart search engine

>>Monitoring current market trends with lock alerts

>>Comparing interest rates and fees between multiple lenders

>>Reading the latest mortgage industry news

To take a tour UWM’s new website and learn more about how it will centralize business practices of mortgage professionals, visit www.UWM.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.

STRAMTOR Report Guides Lenders Through Digital Lending

This month in the In Focus section of the October edition of its STRATMOR Insights report, STRATMOR Senior Partner Garth Graham explores the steps lenders should take to make the best decisions about their digital investments. As Graham explains, he has observed that many lenders struggle with a clear sense of the problem they are trying to solve with digital technology, beyond the general idea of “making the mortgage process better.”

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To help lenders as they evaluate digital solutions, Graham offers five tips that can serve as a pre-investment assessment for making the most of digital technologies. Among those tips, he points out that lenders should take the time to define the business case for any investments they are planning. “Without a very specific business case, it is difficult to generate the additional revenue or lower expenses to the level necessary to generate a return on investments in new technology,” said Graham. He also shares important insights on current market realities and future market scenarios lenders should consider as they create a specific business case. “Of course, it’s fine to want the mortgage process to be better in general, but lenders should get very specific about how they want the process to be more efficient, lower cost, and/or provide higher revenue per loan,” Graham continues.

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Also included in Graham’s tips for making the most of digital technologies is his advice that lenders make sure that any solutions they consider will work well for their high producers. The latest STRATMOR Originator Census Survey shows that roughly 40 percent of originators generate 80 percent of the business. “What this means is that if lenders can increase the production of their top-tier originators by 25 percent, this production increase would equal the volume generated by the bottom 60 percent,” said Graham. “With such productivity gain potential, lenders should consider how the digital technology tools they are evaluating can help make top originators more productive.”

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In addition, this month’s report features highlights from the latest STRATMOR Originator Census Survey, which provides lenders with valuable insights into the makeup of their sales force and how it compares to peer lenders. Looking at how originator age varies between retail and consumer direct originators, the survey shows that, on average, consumer direct originators are ten years younger than retail originators. The average age of consumer direct originators is 37 years versus 47 for retail originators. While there are retail originators under the age of 30, their numbers are not proportional to the under 30 bracket in the consumer direct origination space. More Millennial hires are occurring in consumer direct call centers where they work in a centralized environment that facilitates training and coaching.

This month’s report also announces that the next STRATMOR Originator Census Survey will open in January 2018. Survey participants receive a report that includes 15 pages of individualized results. Any originators interested in learning more should contact STRATMOR here.

Click here to download the October 2017 edition of STRATMOR Insights, and to sign up to receive the report each month, please click here.

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.

The Future Of Digital Compliance

As everyone talks about the digital mortgage, executives at the Seventh Annual ENGAGE Event held in Denver, Colo, looked to broaden the conversation. They discussed the future of regulatory compliance in mortgage lending in a digital world. Here’s how they see things:

The burning question was: Will the coming digital mortgage reshape compliance? “It already has. Pre-2007 we didn’t think about compliance until after the loan was closed,” said Keith Kemph, Managing Consultant at CC Pace. CC Pace is a boutique business and technology consulting firm which has been serving the mortgage industry for 37 years. Early in Keith’s career, he was a Retail Branch Manager and later Regional Manager with Dime Banks, North American Mortgage. He went on to serve as Director at Merrill Lynch for seven years where he implemented numerous business and technology projects for the mortgage division. The last 10 years Keith has been consulting with executive management teams of mortgage vendors and mortgage bankers nationwide on strategy, process, and technology while successfully guiding organizations through change.

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“We didn’t have to. Now, we have to think about compliance at every step of the loan process,” continued Kemph. “We just went through ten years of chaos as we stitched together technology tools, our loan process and navigated our way through relentless new compliance measures. In our recent survey we found that lenders have formally transitioned from extremely cautious to optimistic. They are less on defense and more on offense, able to focus on the customer experience. However, while lenders feel like they can finally breath, they need to remain somewhat cautious as they map out and implement their digital mortgage strategy.”

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The landscape is becoming much clearer. “The CFPB came out with things like TRID, HMDA, etc. to really set the rules,” said Leonard Ryan, Founder and President of Laguna Hills, Calif.-based QuestSoft Corporation, a provider of automated compliance review software for the mortgage industry. Since the company’s founding in 1995, Ryan continues to oversee strategic planning and the day-to-day operations for the company including business and software development, interface partners, sales and pricing. Under Ryan’s leadership, QuestSoft has received Mortgage Technology’s Top 50 Service Provider Award since 2009 and was named a Top Workplace by The Orange County Register in both 2013 and 2014 out of over 10,000 applicants.

“So, the CFPB is telling you who should get a loan and who shouldn’t. They are setting the rules. In some ways they are reducing the industry to numbers. Now lenders have to work within those rules to differentiate themselves, and that’s where technology can play a role,“ added Ryan.

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As a a result, the future of digital lending compliance will include a greater emphasis on data and bringing compliance as close to the front of the mortgage process as possible. “Digital compliance is evolving into a process that is embedded into every aspect of the mortgage loan lifecycle,” noted Michael L. Riddle, the Managing Director of Mortgage Resources Group, LLC. He guides the teams within the firm that develop and deliver “best in class” compliant disclosure and documentation systems to single family mortgage lenders throughout the country. Mr. Riddle is the Co-Founder and Managing Partner of the Middleberg Riddle Group, one of America’s preeminent mortgage banking law firms and, in that role, has spent much of his 40 plus year professional career providing advice and legal counsel concerning regulatory compliance, enforcement and litigation to clients including banks, mortgage lenders, insurers and related financial service entities.

“Compliance will be essential. Further, compliance will be a key part of digitizing every part of the future loan process,” Riddle concluded. “Compliance will also be increasingly data driven. There will be no escaping embracing a more data-centric approach to mortgage lending.”

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.

Explaining The Mortgage Process Of The Future

As executives discussed the state of mortgage lending at the Seventh Annual ENGAGE Event in Denver, Colo., a lot of hot-button topics came up. For example, the discussion around what the future lending process will look like was very insightful. Here’s what was said:

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“Looking back at my immediate family, my grandparents couldn’t afford to own a home. My parents were the first to buy a home and they worried about how they were going to pay their mortgage, but owning a house meant that they had arrived and could secure a future for their family,” shared Molly Dowdy, Co-Founder of NEXT, the mortgage technology conference for women. Molly has nearly 20 years experience marketing in the mortgage technology space. She is also a member of the PROGRESS in Lending Executive Team.

“My parents still live in that home today. My point in sharing this story is to say that we have the power to create a more inclusive and transparent mortgage process.”

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And most believe that begins at the point-of-sale. “We have to elevate the customer’s experience,” said Pamela Stahl, the Product Manager for VirPack, a leading provider of document management and delivery technology for the mortgage banking and financial services industries. Leveraging 6 years of mortgage lending secondary market management experience, she joined the mortgage technology industry in 2011 as a product manager for a leading Loan Operation System before joining VirPack in late 2016. With almost 12 years combined mortgage and mortgage technology experience, she has a proven history of producing and delivering innovative mortgage lending SaaS technologies.

“We as an industry have done a lot in recent years to embrace mobile technology. We’ve launched mobile apps and we send the consumer mobile alerts, but we don’t use this technology to really explain the process,” Stahl continued. “Improving the customer experience is not just about pushing out automated messages in real time, it’s about helping the consumer truly understand what’s going on at all times.”

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Everyone agrees that the borrower has to be more informed at the frontend, but what happens after that? “We’ve focused a lot on the beginning of the process and how we can make that better for the borrower, but we have forgotten about the backend of the process,” explained Matt Hydrew, SVP, Enterprise Solutions at Mortgage Cadence, an Accenture Company. Matt specializes in the execution of enterprise software solutions with Mortgage Cadence, which focuses on end-to-end, SaaS based residential lending technology in the United States market. Mortgage Cadence solutions manage the workflow process, imaging, document prep, secondary marketing and other important components to a true end to end digital mortgage platform.

“If lenders are not efficient and communicative of everything that goes on in the backend of the process, all that communication and explanation on the frontend amounts to just window dressing,” Hydrew notes. “We have to use technology to genuinely improve the whole mortgage process an fully communicate that to the borrow up to and including the closing of the loan.”

Why is this important? Data shows that 34% of the buying power rests with millennials and they want a better mortgage proces. “We have a lot of very slick applications in this industry, but without borrowers to feed into them we have no business,” explained Brandon Perry, President at TTP Enterprises. Brandon oversees all operational and administrative activities of TTP. Brandon brings over 16 years of experience in various financial services industries to TTP, which enhances the company’s ability to maintain it’s position as industry leader in providing customers with an advanced marketing solution.

“The mortgage process of the future has to reach people of all ages and backgrounds in a more meaningful way so buying a home doesn’t remain just a very long, complicated and stressful thing to go through,” concluded Perry.

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.

The Future Of Digital Mortgage Technology Innovation

High-powered mortgage executives gathered at the Seventh Annual ENGAGE Event in Denver, Colo., to discuss the future of the mortgage business. The discussions that happened were both lively and informative. Here’s how they see the future of digital mortgage technology innovation:

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“We have to move this industry forward by streamlining the process, and cutting the cost to originate,” said Michael Hammond, Chief Strategy Officer at PROGRESS in Lending Association and the Founder and President of NexLevel Advisors. NexLevel provides solutions in business development, strategic selling, marketing, public relations and social media. “This is far more then just hype. This is something that the industry has to do and it is not just about one technology or one platform, it is about coming together as an industry.”

Neil Fraser, Director of U.S. Operations at Paradatec, believes that this will be an evolutionary process. “You don’t need a revolution to convert the document into data that you can believe. You need technology to read the documents, and convert that to data that can be both read and understood. I see that as an evolutionary step in mortgage technology innovation.”

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Paradatec is a mortgage OCR technology organization that automates the data entry operations of large lenders through intelligent document analysis. Neil was Paradatec’s first U.S. employee and has grown the organization every year since the company incorporated here in 2002.

As the mortgage industry embraces innovation to become more digital, everything starts at the point-of-sale. Realizing this fact, a lot of new POS vendors have emerged claiming to offer the true digital mortgage experience. Curt Tegeler, President of WebMax, warns lenders not to be fooled by vaporware as they march toward more digital processes.

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“There’s a lot of buzz today around the digital POS. Why is that? We’ve found that 90% of homebuyers start the process online,” Tegeler notes. WebMax’s digital lending platforms expedites the borrowing process, helps maintain compliance, delivers dynamic online lending tools, and provides a highly innovative borrower experience. “Make sure that the executives behind your POS have deep mortgage experience. You have to understand the market so you know what you’re fixing.”

One area that everyone agrees needs fixing is the appraisal process. If the industry is going to move to a more data-driven process and a fully automated point-of-sale, slower processes like the appraisal need to be addressed.

“Appraisals were really left on the side,” noted Arturo Garcia, the Senior Vice President of Account Management at Mercury Network. He leads all customer retention efforts and strategies for the company, responsible for continuous improvements and increased returns for customer investments and overall satisfaction. “Appraisals didn’t get a lot of attention. However, it’s antiquated to send an appraiser out to the field time and time again. I envision a day when you have a system that can automatically flag issues with the appraisal, fix them or send them right back to the appraiser for fixing.”

The big takeaway from this discussion was that the digital lending process is coming and must touch all parts of the mortgage process in order to make a difference in how loans are done.

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.

Wholesale Lender Automates To Expand Business Growth

MORE Lending has implemented Portfolio Producer from LoanScorecard as its automated underwriting system (AUS), product and pricing engine (PPE), and distribution solution. Here’s why:

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MORE Lending is the wholesale division of Synergy One Lending, a San Diego-based mortgage lender. Licensed in 42 states, MORE Lending offers a variety of non-agency loan products, including program options for foreign nationals, interest only, non-warrantable condos, and recent credit events such as deeds-in-lieu, short sales, and foreclosures.

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Portfolio Producer is a sales distribution system that integrates with LoanScorecard’s AUS, Portfolio Underwriter, and PPE, Pricer1. It provides third-party originators (TPOs) access to a wholesale lender’s product and pricing options from within their loan origination system (LOS) or via the wholesale lender’s website.

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Using Portfolio Producer, MORE Lending will be able to instantly distribute the guidelines and pricing for their non-agency loan programs to TPOs via Calyx Point and their website. TPOs can search based on borrower profile, product type, rate and price to provide eligible products and pricing options to potential borrowers. If they like an eligible product and fully-adjusted price, TPOs can run “upfront decisioning,” and get back an in-depth Findings Report. The report provides an early indication of the likelihood that MORE Lending will approve the loan and reduces the likelihood that the TPO will provide inaccurate quotes to the borrower.

“Our goal is to provide the broker community with an automated solution that allows them to learn about our non-agency, non-QM offerings and gives them greater confidence when sharing these financing options with their borrowers,” said Steve Majerus, President of MORE Lending. “LoanScorecard’s Portfolio Producer, combined with our first-class customer support, helps us differentiate our company among brokers and provide them with more options for their borrowers.”

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.