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.

MBA President And CEO Calls For GSE Reform

David H. Stevens, CMB, President and CEO of the Mortgage Bankers Association (MBA), testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs at a hearing entitled, “Principles of Housing Finance Reform.” His full written testimony is available here. Below is Stevens’ oral testimony, as prepared for delivery:

Chairman Crapo, Ranking Member Brown, and members of the Committee, thank you for the opportunity to testify today.

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It has been nearly nine years since the GSEs entered conservatorship, and yet their long-term status remains unresolved. The financial crisis exposed the structural conflicts and misaligned incentives in the GSE business model, as well as weaknesses in the regulatory framework that was in place at the time.

Extended conservatorship is economically and politically unsustainable and an unacceptable long-term outcome. Without comprehensive reform, borrowers, taxpayers, and lenders will all face increased risk and uncertainty about the future.

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Because MBA represents over 2,300 member firms of all sizes, both single-family and commercial/multifamily, including nearly 650 small, community-based mortgage lenders, we firmly believe that housing finance reform must foster a competitive primary market that is served by a diverse cross section of lending institutions.

A year ago, MBA convened a Task Force for a Future Secondary Mortgage Market. The Task Force reflected the composition of MBA’s membership, residential and multifamily, from integrated financial institutions to the smallest community lenders. Our Task Force truly represented the full depth and breadth of the entire real estate finance industry rather than the narrow interest of any one specific market segment.

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Our proposal seeks to ensure equitable access for smaller lenders to the secondary market: prohibiting special pricing and underwriting based on loan volume as occurred prior to conservatorship, preserving cash window and small pool execution options, and preventing vertical integration by the largest market participants.

I have submitted our proposal as part of my written testimony.

Our proposal recognizes the need for any comprehensive GSE reform plan to balance three major priorities: taxpayer protection, investor returns, and consumer cost and access to credit.

To achieve these policy objectives, MBA’s plan recommends recasting the GSEs’ current charters and allowing a multiple-Guarantor model that features at least two entities and preferably more.

Guarantors would be monoline, regulated utilities owned by private shareholders, operating in the single-family and multifamily markets. The core justification for utility-style regulation rests with the premise that privately-owned utilities attract patient capital and derive much of their existence and powers from the state.

The Guarantors would be subject to rigorous capital requirements that would provide financial stability without unduly raising the cost of credit for borrowers. These requirements could be satisfied through a combination of their own captial and proven means of credit risk transfer.

The implied government guarantee of Fannie Mae and Freddie Mac would be replaced with an explicit guarantee at the mortage-backed security level only. This guarantee would be supported by a federal insurance fund with appropriately-priced premiums paid by the Guarantors, much like banks pay for FDIC insurance.

Our plan explicitly calls for deeper first-loss risk sharing that is transparent, scalable to all lenders, and capable of limiting taxpayer exposure to nothing more than catastrophic risk.

The Task Force also developed recommendations in two areas that have vexed past reform efforts: the appropriate transition to a new system and the role of the secondary market in advancing a national affordable-housing strategy.

Our proposal specifically notes the importance of leveraging the assets, infrastructure, and regulatory framework of the current system wherever possible. We also believe that any workable transition must utilize a clear road map and be multi-year in nature.

We sought to develop an affordable-housing framework that appropriately focuses the scope of the federally-supported secondary market, covering both renters and homeowners of varying income levels.

Our plan suggests other improvements to better serve the full continuum of households, including updating credit-scoring models, better capturing nontraditional income, and providing enhanced liquidity for small-balance loans.

Our framework has outcomes that are transparent, well-defined, measurable and enforceable.

Only Congress can bring about the changes necessary to achieve the core principles outlined in our plan, which are necessary for a vibrant housing finance system.

FHFA has put in place a number of policies and procedures to improve access to the secondary mortgage market and reduce the risks to taxpayers. Now is the time for Congress to act to “lock in” these improvements.

After all, only Congress can alter the existing GSE charters, establish an explicit federal government guarantee, and create a regulatory mandate to maintain a level playing field.

And most importantly, only Congress can provide the legitimacy and public confidence necessary for long-term stability in both the primary and secondary mortgage markets.

We cannot go back to a housing finance system that provides private gains when markets are strong yet relies on support from taxpayers when losses occur.

Calls to simply recapitalize the GSEs and allow them to operate without further structural changes are misguided. Under such plans, the post-crisis reforms already achieved could be reversed at the discretion of future FHFA directors.

The American people rely on a housing finance system that enables them to rent a quality, affordable apartment, buy their first home, or build a nest egg to pass on to their children. We owe it to them to proceed with the hard work of reform without delay.

Thank you again for the opportunity to testify. And I want to reiterate MBA’s long-standing commitment to working with the Committee on all elements of GSE reform. I look forward to your questions.

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.

June Home Sales To Decrease

The Ten-X Residential Real Estate Nowcast indicates a slight decrease in June existing home sales. According to the nowcast, June sales will hit a seasonally adjusted annual rate (SAAR) between 5.28 and 5.64 million with a targeted number of 5.49 million, down 2.3 percent from NAR’s reported May sales and down 0.7 percent from a year ago.

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“Pending home sales numbers, mortgage applications and online search activity all suggest that the market for existing home sales may be cooling off slightly as we enter the summer months,” said Ten-X Executive Vice President Rick Sharga. “It’s possible that home purchases in the first half were accelerated by consumers trying to get deals done before interest rates increased. If that’s the case, we may see existing home sales plateau for the balance of 2017.”

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Last month, the Ten-X Nowcast projected home sales to remain near their cycle highs, aligning with the recent the National Association of Realtors (NAR) release, which showed a minor uptick in home sales from the month prior. NAR reported that existing home sales in May rose to 5.62 million units, a 1.1 percent gain from a downwardly revised 5.56 million in April. After the uptick, home sales are now 2.7% higher than a year ago.

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Last month’s Ten-X Nowcast also predicted another solid year-over-year gain in existing home prices, which was confirmed by the NAR report, as the median existing home price for all housing types rose 5.8 percent year-over-year to $252,800 in May. This marks the 63rd consecutive month of year-over-year price gains. The May Ten-X Residential Real Estate Nowcast predicts that median existing home prices will continue to make annual strides falling between $244,194 and $269,899 with a target price point of $257,046, up 1.7 percent from May and a 3.8 percent gain from last year.

“While sales keep edging up, historically low inventory levels continue to restrain the pace of growth. Meanwhile, intensifying competition between owner-occupants and increasingly active investors amid the low inventory situation, are generating substantial price increases,” said Ten-X Chief Economist Peter Muoio. “This price appreciation is beneficial for existing homeowners, but will continue to affect affordability. As long as the labor market remains strong and wages continue to increase, the housing market will remain on solid footing.”

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.

Freedom Mortgage Agrees To Acquire Residential Mortgage Assets

Freedom Mortgage Corp., a privately held, full-service mortgage lender licensed in all 50 states, has agreed to buy approximately $500 million of selected residential mortgage assets from New York Community Bank’s mortgage banking operation. The deal includes the right to service over $20 billion of residential mortgage loans, as well as the loans in the warehouse at closing.

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The servicing portfolio includes Fannie Mae- and Freddie Mac-approved mortgage loans as well as a relatively small amount of Ginnie Mae insured mortgages. Freedom Mortgage also expects to hire select employees in originations, servicing and operations from New York Community Bank’s Cleveland-based residential mortgage operation.

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“I am delighted to have the opportunity to add the quality assets, platform and select employees which are part of New York Community Bank to our Freedom family,” said Freedom Mortgage CEO Stanley C. Middleman. “I think there will be a great future for both firms as a result of this transaction.”

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Freedom Mortgage has grown organically and through strategic acquisitions to become one of the country’s largest retail, wholesale and correspondent lenders. In business for over 26 years, Freedom Mortgage is renowned for its high service levels and for its commitment to delivering high quality financial products to consumers all across America.

Freedom Mortgage was advised on the acquisition by Dale Kurland of Classic Strategies Group, and Zukerman Gore Brandeis & Crossman LLP of New York City served as legal counsel to the company.

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.

Survey Reveals The Number One Obstacle For Homebuyers Nationwide

NAMB, The National Association of Mortgage Professionals, announced the results of its monthly member survey. The primary findings include the following:

>>low home inventory was cited by 58.0 percent of respondents nationwide as the number one obstacle for clients looking to buy a home, followed by down payment (18.5 percent) and credit (7.0 percent)

>>according to 57.6 percent of respondents nationwide, the average length of time to receive an appraisal is 10 days or fewer, for 36.8 percent of respondents, turn times average between 10 and 21 days

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Roughly 53 percent of responses the survey came from NAMB members in California, Florida and Texas.

In California, 73.0 percent of respondents cited low home inventory as the number one obstacle for clients looking to buy a home, followed by down payment (9.0 percent) and credit score (3.3 percent). Appraisal turn around times are fairly quick in the Golden State, averaging fewer than 10 days for 79.8 percent of respondents. Of the three states, California was the only one in which appraisal turn times were reported to exceed 21 days, although only 2.2 percent of responses indicated average times between 22 and 30 days.

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In Florida, the reported top obstacles to home buying were more balanced: low inventory was cited most often at 36.4 percent, followed down payment (30.3 percent) and credit score (21.2 percent). The majority of respondents (60.6 percent) reported average appraisal turn times of fewer than 10 days, and the remainder (39.4 percent) stated timeframes between 10 and 21 days.

Texas NAMB members also cited low inventory as the number one obstacle to home buying (58.0 percent), followed by down payment (16.1 percent) and credit score (6.5 percent). The average length of time to get an appraisal back in Texas takes fewer than 10 days for 54.8 percent of respondents, and between 10 and 21 days for the remaining 45.1 percent.

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NAMB surveys its members periodically to determine mortgage activity and trends. For the June 2017 survey, over 65 percent of respondents nationwide reported being employed by mortgage brokerage firms. Slightly more than 30 percent stated that they are licensed in multiple states.

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 Expands Its Offering And Brand Awareness

OpenClose, a multi-channel loan origination system (LOS) and mortgage software solutions provider, has unveiled a new corporate website to better position the company’s expanded enterprise-class solution set, customer profile focus and long-term value proposition. Here’s the value proposition:

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“We’ve grown exponentially over the past five years, and as such, had a need to ensure that the positioning of OpenClose as a company and its products are in line with our corporate mission, business strategy, customer commitment and ongoing technology innovation efforts,” explains JP Kelly, president of OpenClose. “This new website is designed to clearly convey our comprehensive solution offering and our ability to cater to top 20 lenders that have multiple business channels and complex operations.”

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OpenClose offers a 100 percent browser-based LOS platforms that has multi-channel automation capability. The company’s LenderAssist LOS and other solutions were all engineered from the ground up using the same code base, and it has been owned and operated by the same principles since the company was founded in 1999. Unlike many LOS vendors, LenderAssist’s comprehensive end-to-end functionality was not created by way of multiple acquisitions, which typically rope together disparate technologies that can be prone to issues; or, via integrations with many third party vendors that are done in order to make up for system deficiencies.

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Vince Furey, SVP of lending solutions at OpenClose, stated:  “We have been boarding top-tier, very large lending entities that are successfully leveraging our LOS as a centralized platform to automate all business channels and workflows. Our new positioning showcases the immense power that OpenClose’s enterprise-class mortgage software solutions offer and how they are very flexible, scalable and well-supported by our staff. While we have the proven scalability to support the largest national lenders, OpenClose is really the ideal solution and long-term technology partner for any size lending organization.”

Key aspects of OpenClose’s value proposition include: quick implementations; custom-configurable with easy set up; seamless workflow-driven automation with no manual intervention; fully web-based with no installs whatsoever; fully SaaS and Cloud-based technology; proven scalability; single code; hands-on implementations and system training; and second to none, boutique-style customer support.

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.

Vendor Launches Comprehensive Additional Parcel Search Solution

LERETA, a national real estate tax and flood service provider, has launched its Additional Parcel Search Solution, a proprietary new solution that materially improves identification of additional parcels at the initiation of tax service. This solution reduces portfolio risk associated with penalties and interest and potential loss at tax sale.

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One of the biggest challenges in tax service has been identifying additional parcels associated with an address without going through the expense of using a legal description on every loan. Missing parcels when a property is set-up for tax service exposes the servicer to both potential losses from penalties, interest and lost properties as well as borrower dissatisfaction. Despite the importance of identifying additional parcels, the industry has relied on the same tools and methodologies for decades.

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“Over the past 30 years, mortgage servicers have had to rely on virtually the same tax service solutions without significant enhancement or product innovation,” said John Walsh, CEO of LERETA. “LERETA has been aggressively working on methods to reinvent tax service technology and processes. Additional Parcel Search Solution is just one initiative in that agenda, and it’s an important solution that can reduce servicers’ financial risk and increase borrower satisfaction.”

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LERETA recently ran a test for a top five servicer that included a subset of approximately 16,000 loans that had been parceled by another tax service vendor. LERETA’s Additional Parcel Search Solution found 11 properties that had previously been unidentified. Although 11 loans is only 0.1 percent of 16,000, it does represent $2.4 million of potential losses or 10 basis points of MSR value.

“We understand the importance of identifying these parcels and the difficulties created from the inability to discover them,” Walsh explained. “This is an area in the tax service landscape that needed an injection of innovation, and we are proud to provide a solution that can bolster tax service and provide servicers materially better solutions.”

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.

Better Automation Solves A Lot Of Problems

Technology is not the enemy. Technology should be a lender’s friend. And technology can solve a lot of problems. For example, Longbridge Financial, LLC., a national reverse mortgage lender based in Mahwah, New Jersey, has decided to implement Loan Vision accounting software for mortgage banks. The company cut over from its existing accounting solution on June 1.

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“We are very pleased to have Longbridge Financial join our growing family,” said Martin Kerr, President of Bestborn Business Solutions. “This company is really growing and we’re looking forward to assisting them in that process by giving them more information about how their company is operating than they have ever had access to before.”

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“One of our investors knew the team at Bestborn and recommended its Loan Vision accounting solution,” said Mary Riski, Longbridge Financial’s controller. “Loan Vision offered the mortgage loan accounting functionality we needed built in and the solution was more robust than the other solution we reviewed. We wanted to drill down into the specifics that make our company more profitable.”

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Riski said that the accounting solution the company had been using previously was not meeting the institution’s needs. She said her department was eager to generate financial reports by channel and product line, to have visibility into the company’s lines of business and their specific P&Ls, instead of settling for a roll-up to a generic corporate level that made it difficult to determine actual performance on a granular level.

“Getting that visibility is really the most exciting thing,” Riski said. “And then with all of the automation to import data from all of our various front end systems, that also is going to save us probably close to at least half an FTE if not a whole FTE, once we’re up and running.”

“With competition tightening, organizations must look deeper into their numbers than ever before to maximize their profit on every loan,” said Carl Wooloff, Business Development Manager for Loan Vision. “The folks at Longbridge, by moving to Loan Vision, have absolutely given themselves an edge over their competition. We are all looking forward to a long and successful relationship.”

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.

Ensuring Total UCD Compliance

DocMagic, Inc. has announced that its technologies are now capable of supporting both phases of the upcoming UCD (Uniform Closing Dataset) requirement. The company’s technology solutions, which have been certified by Fannie Mae and Freddie Mac for both phases of the UCD file delivery mandate, enable lenders to start immediate testing of full UCD delivery—well in advance of the phase one 2017 deadline and the phase two 2018 deadline—as has been recommended by both GSEs.

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The Uniform Closing Dataset (UCD) is a common industry dataset that allows information on the Consumer Financial Protection Bureau’s (CFPB’s) Closing Disclosure to be communicated electronically.

On September 25, 2017, the GSEs will require lenders to deliver borrower data and the Closing Disclosure in the UCD file. Later, in 2018, the second phase of the mandate will require seller data to be included as well. However, according to a joint statement issued by the GSEs, both Fannie Mae and Freddie Mac are recommending that lenders start to “submit files with both Borrower and Seller data, if available, in order to test their processes and become familiar with the messaging from each GSE’s collection system.”

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DocMagic’s technology solutions allow lenders to fulfill the GSEs’ recommendation by generating and compliantly delivering UCD files that include both borrower and seller data to the GSEs. DocMagic can also accept UCD XML data from third parties and deliver it to the GSEs. In addition, the company offers an API for direct, seamless connection to the GSEs’ technologies.

“At DocMagic we went above and beyond attaining the initial GSE UCD certification because we want our customers to have the option to implement the GSE-recommended testing, which allows them to implement phase two requirements now,”  says Tim Anderson, director of eServices at DocMagic.  “Phase one addresses the XML file for the borrower CD and associated data, but the GSEs have definitively recommended that lenders complete everything before the phase one September 25, 2017 deadline. We find that lenders that are serious about sustained profitability and growth tend to follow GSE recommendations and take action ahead of time. Now with DocMagic, all of our lender clients have that option.”

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To assist lender clients in preparing to meet the entire UCD mandate, DocMagic recently launched its ‘UCD Control Center,’ a one-stop, go-to resource for everything lenders need to know about the UCD requirement.  It offers tools, documentation, interactive communication for Q&A, webinars, updates, and most importantly the ability for lenders to test for the entire UCD mandate ahead of the complete 2018 deadline.

The company says its goal is to have the bulk of its clients fully prepared to meet the requirements for both phases this year.

“Our customers and partners rely on us to do everything we can to assure they transact the safest, most compliant loans—and helping them prepare for a major new mandate like the UCD requirement is no different,” said Dominic Iannitti, CEO of DocMagic. “Lenders, settlement providers and other organizations must prepare now or run the precarious risk of being unable to sell their loans.”

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.

Property Services Firm Looks To Mobile Technology

Purdy Enterprise, a property services firm, has selected FotoNotes, a provider of mobile and cloud field service management platform, as its technology solution for managing property inspections, maintenance work orders and other field service activities.

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Purdy Enterprise, which offers a comprehensive range of field services, maintenance, property management, and investor services, was recently awarded two Field Service Management (FSM) contracts from the US Department of Housing and Urban Development (HUD). Purdy selected FotoNotes as its technology solution because of FotoNotes’ reputation in the industry, best in class Android and iOS mobile apps, comprehensive back office work flow management features, and full integration with Yardi’s HUD P260 system (launching July 2017).

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Purdy COO, Mitch Davidson, commented “We selected FotoNotes because the product is highly configurable and constantly improving, provides a cutting edge mobile experience, has a highly robust and reliable cloud and web based backend, is API friendly, and is significantly helpful to our field subcontractors. We also based our decision on the fact that the FotoNotes people are fantastic to work with regarding both development and an ongoing service relationship.”

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FotoNotes’ mobile app and cloud platform solution provides companies full visibility and control of HUD FSM inspections, work orders, and field service operations. FotoNotes also provides solutions for a wide variety of other use cases, including estimating, construction, renovations, and turns.

“We’re thrilled to be working with Purdy Enterprise” said Kamal Shah, FotoNotes’ CEO and founder. “They are established leaders in property services and true innovators in the use of leading technology tools to operate their business more effectively.”

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 Look And Feel Of Technology Matters

Legacy technology is old and outdated, yet it permitted our industry. Technology has to have a great GUI these days to help our industry progress and good vendors realize this. For example, Exceleras, creator of the DispoSolutions Real Estate Owned (REO), ValueSolutions Collateral Valuation and ClearView Offer Management platforms, has released another regular software update on schedule. This time, software engineers and UX experts at Exceleras made application-wide updates to the look and feel of the company’s software. The company also added some functionality to further increase the power of custom tasks.

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“The new look and feel was a significant update for us, since so many pages were affected,” said Amy Bergseth, Chief Operating Officer for Exceleras. “In this first push of a multi-part update to further improve the interface of our software products, all of our system’s pages have been updated with a new look and feel. Changes include new color schemes, alignment changes, heading updates, and improvements to many other elements across the system. As changes have been cosmetic only, all users will find the location of all pages, links and information unchanged. So far, feedback has been good.”

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Bergseth said that eventually nearly every page of its existing software will be updated to meet the new design esthetic, which will improve the user’s experience. In addition, the new page design will be completely mobile ready. Because Exceleras develops, updates and maintains all of the software it offers to the market, it makes frequent updates and releases them to customers on a set schedule.

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Minor enhancements included in the most recent release include the addition of an option to adjust custom task re-occurrence at launch and a new menu to specify a category for  uploaded documents. The custom task functionality has become more important as new DispoSolutions users are coming from new parts of the business and managing more vendors than default servicers have in the past.
 
“Once primarily a tool used by servicers dealing with REO disposition, DispoSolutions has evolved into a powerful asset management system that has been embraced by  investors, community-based organizations, property managers and others who need to manage real estate portfolios,” said Exceleras President and CEO Michael Harris. “Because this evolution has tracked with our customer’s changing requirements, we found the need to update our design across the entire application. The pages look great, they’re easy to use and our customers love them. I’m very proud of our development team and the work they are doing.”

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.