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Oregon Achieves 100 Percent eRecording Engagement

The Property Records Industry Association (PRIA) is telling PROGRESS in Lending that Oregon has become the ninth state to reach the 100 percent mark with all its recording jurisdictions eRecording-enabled.

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Colorado was the first multi-jurisdictional state to earn the 100 percent designation in 2011, with Arizona reaching that landmark in 2012. Massachusetts and Iowa reached the 100 percent mark in 2015, while Hawaii, Alaska, Delaware and District of Columbia also claim 100 percent of jurisdictions eRecording.

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With the number of counties that are eRecording across the nation now nearing 1,800, an increase of more than 150 jurisdictions in the past 12 months, significant progress has been made toward nationwide acceptance of electronically recorded documents.

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The Property Records Industry Association (PRIA) develops and promotes national standards and best practices for the property records industry. PRIA is a coalition of government and business partners collaborating to formulate positions on issues of common interest. PRIA strives to identify areas of consensus within the industry, leading to recommendations for national standards pertaining to recordable documents.

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.

Growing FinTech Companies Partner To Revolutionize Digital Lending

WebMax, a digital mortgage solution provider, and FinLocker, a financial data and analytics platform, have finalized a partnership as a result of successful execution on their five joint customers. The partnership aims to build on 17 months of collaborative efforts to further propel lenders into the digital mortgage revolution.

According to the Mortgage Bankers Association, between 2010 and 2017, mortgages took 70 percent longer to close and origination costs skyrocketed 80 percent as the burden of regulatory compliance grew.

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“The best ideas, especially in technology, are born out of the need to solve a problem. Home buyers need a faster, easier way to get a mortgage. Lenders need a more efficient, less costly way to originate loans. The combined solution of WebMax and FinLocker makes that happen,” said Curt Tegeler, president and CEO of WebMax.

WebMax streamlines the mortgage application process with a range of products, including enterprise-level mortgage websites, graphic pre-qualification forms, and point-of-sale (POS) applications. FinLocker automates previously manual loan processes by collecting, verifying, and analyzing crucial borrower information like assets, employment, income, taxes, credit and more. Essentially, WebMax provides a portal for borrowers and loan officers, while FinLocker integrates with the portal to automate slow and costly back end loan processes.

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“Based on marketplace feedback – what our customers told us – this partnership provides the leading solution to improve the home buyer’s experience while significantly reducing costs for the lender at the most cost-effective price,” said Peter Esparrago, CEO of FinLocker.

“We created a task force team last year that was made up of business leaders from originations, compliance, operations and executive management with the goal of finding a best in class provider to provide a digital customer experience and improve loan efficiency. We looked at over 20 different providers in the space and determined that the combination of WebMax/FinLocker was the best in class provider that allowed us to achieve the digital customer experience and reduce loan manufacturing costs,” said Mike Goldman, COO of AmCap, a mortgage lender with 900 employees across 120 branches and 30 states.

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WebMax’s POS application, START, makes borrowing easier with smart data entry, auto-fill fields, and a user-friendly interface that walks applicants through each step of the loan application. START is reactive, meaning that it intuitively adapts to each borrower and condenses the application into the shortest possible version.

Unlike other data providers, FinLocker does far more than collect and supply financial information. FinLocker verifies and analyzes the borrower financial data. It utilizes its advanced rules engine and intelligent algorithms to sift through the data, identify irregularities and red flags, and determine vital loan processing and underwriting factors such as qualifiable income. This advanced data analysis automates manual and time consuming processes to significantly reduce lenders’ costs while allowing for faster loan approvals for the home buyer.

“When FinLocker identifies red flags, loan processors can go right into START and communicate with the borrower to solve the issue. It’s a one-two punch,” said Tegeler.

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.

MBA, NAMMBA Partner To Promote Diversity

The Mortgage Bankers Association (MBA) and the National Association of Minority Mortgage Bankers of America (NAMMBA) announced today that the two associations will form a formal strategic partnership to advance each other’s diversity and inclusion efforts.

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“The real estate finance industry must continue to enhance diversity and inclusion in order to retain and recruit the best workforce possible,” said David H. Stevens, CMB, President and CEO of MBA. “Our industry helps individuals and families achieve the American dream; we have to make sure that dream is available to everyone, and that our workforce reflects the customer base we serve.”

“Forging a partnership with the MBA to promote inclusion is paramount to furthering NAMMBA’s mission to provide education and professional development to women and minorities in mortgage lending,” said Tony Thompson, CMB, founder of NAMMBA. “Together, the MBA and NAMMBA can respond to the clarion call in our industry for more diversity so that we may better serve our customers no matter where they live or what they look like.”

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The agreement will help the two associations collaborate on certain conferences and meetings, work together on industry advocacy and research, and promote efforts aimed at furthering diversity and inclusion, including recruitment and professional development scholarships.

In addition, MBA will offer a discount to NAMMBA members on their purchases of qualified MBA products, including many MBA Education offerings.

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NAMMBA is a national trade association dedicated to the enrichment and betterment of minorities and women who work in the mortgage industry. NAMMBA’s mission is to increase the engagement of minorities and women in the Mortgage Banking Industry at the local, state and national level. For more information visit www.nammba.org.

MBA is the leading voice in the real estate finance industry. MBA is committed to increasing racial, gender, sexual orientation and ethnic diversity within the mortgage banking industry. For more information on MBA’s efforts, please visit mba.org/diversity.

About The Author

Progress In Lending

The Place For Thought Leaders And Visionaries

Teledata Communications And EnableSoft Partner To Streamline LOS-To-Core Integration

For a financial institution wanting to integrate its loan origination system (LOS) with its core platform, the endeavor can be both expensive and time-consuming. The core-provided connectors and APIs typically needed to push data from the LOS to the core can devour both programming hours and dollars.

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Users of TCI’s LOS products have another option: EnableSoft’s Foxtrot robotic process automation (RPA) software. A Foxtrot-powered data push can be set up in a matter of hours rather than the weeks or months it can take working with a core-provided solution. Foxtrot can also be used in both real-time and batch environments. Finally, Foxtrot costs substantially less than virtually all core connectors.

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“We offer a number of automation solutions to our clients and encourage them to evaluate each one,” said Barry Kirby, TCI’s vice president of sales, “but we fully expect Foxtrot to be the solution of choice for this important application.”

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“We like working with companies that don’t play favorites,” said EnableSoft president Richard Milam. “because we know when Foxtrot goes head to head with competing solutions, Foxtrot will likely win.”

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.

LERETA Launches Advanced Tax Status Reports

LERETA, a national real estate tax and flood service provider, has launched advanced Tax Status Reports (TSR). These reports standardize the delinquent tax research format regardless of the variations between agencies. They can accelerate the determination of whether real estate tax payments have been made or are owed.

The reports supply the delinquent status of loans that are not in cycle and may have not been monitored for property taxes. Typically, an employee will conduct time-consuming research to identify a specific tax agency and parcel numbers for accurate tracking in order to eliminate costly delinquency and penalty fees. Now, the company’s reports standardize the format regardless of the agency.

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“Existing delinquent tax research methods are limited and overly complicated, creating an environment where mistakes can easily occur and speed to payment is restricted,” John Walsh, CEO of LERETA, explained. “With unmatched service level agreements, LERETA has proven time and again that we have the best interest of our clients in mind when we develop such products. Our Tax Status Reports streamline processes and make it easier for lenders and investors to reach secure, qualified decisions. We are breaking new ground and advancing the industry to a new level of excellence with this new method of reporting. These reports allow LERETA to set a higher standard for delinquent tax research. We are proud to provide our customers with an advanced solution that will help them better manage the process.”

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Reporting, labeling and collecting delinquent taxes is a complicated process. Having a standard format automatically eliminates manual errors, and allows for more accurate tracking of payments and fees. This new approach expands current tax status report combinations from four to 13 possible variations, creating a robust reporting system that is customizable to each customer’s needs and allows for a more thorough risk assessment. Lenders and investors can now better analyze risk and tax payment data, while reducing the time needed to make payment decisions.

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“In our tax status reports, we provide a unified look and feel across the board, making it easier for lenders to digest the abundance of information provided in delinquent tax research,” Walsh said. “We want to create tools that will give the industry an opportunity to advance and grow as the market does. These reports will save time and eliminate mistakes, alleviating the burden on internal resources and improving the method and outcome of tax research.”

The LERETA advanced reporting system searches all loans in a portfolio for delinquent real estate taxes. Reports can be timed in accordance with the posting of payments by tax collecting agencies to ensure payments are made on time to minimize delinquency fees and penalties.

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.

LoyaltyExpress Becomes Authorized Fannie Mae LOS Integration Vendor

LoyaltyExpress, a provider of marketing automation and cloud-based CRM solutions for mortgage companies and banks, announced that its LendingManager Digital Mortgage platform now seamlessly integrates with Fannie Mae Desktop Underwriter for greater efficiency with upfront data validation & eligibility.  Borrowers can apply for a loan or prequalify via loan officer, branch, and/or corporate websites, which LendingManager also designs, and gain immediate time savings with this integration.

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As part of the LendingManager solution, banks and mortgage companies can access the following with significant cost savings versus the majority of POS competitors:

>>Custom & Responsive Corporate, Branch & Loan Officer Websites

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>>Prequalify & 1003 Applications

>>Client Portal (Loan Status, Document Uploads, Lender-Borrower Messaging)

>>Mobile Websites and Applications

>>Over 60 LOS, CRM, Pricing, & Credit Integrations

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“We are excited to add the Fannie Mae DU integration for our clients,” said Wayne Stegall, President LendingManager.  “Integrations and efficiency are the name of the game for digital mortgage solutions and, as a result of the acquisition by LoyaltyExpress, we look forward to adding new capabilities even more frequently. This new functionality, in particular, keeps us at the leading edge of the market requirements and our competitors. Simply put, there is no provider that can deliver the breadth of functionality, automation and value we do.”

LoyaltyExpress simplifies CRM and marketing automation for banks and mortgage companies, including one of the top three retail lenders in the nation. Its flagship solution, CustomerManager, is an enterprise-wide, Software-as-a-Service platform that combines lead management, email and direct mail campaigns with a 360-degree view of each loan officer’s customers, partners and prospects. The MarketingCentral service delivers a web-based, sales collateral store powered by custom content creation and integrated print fulfillment.

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.

Equifax Unveils New Analytic Dataset

Equifax Inc. has introduced Analytic Dataset, a new analytic tool that provides borrower-level data in an anonymous and non-aggregated format. The dataset provides key information for researchers and modelers such as credit risk scores, geography, debt balances and delinquency status at the loan level for all types of consumer loan obligations and asset classes.

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With this new solution, investors and other market participants have the ability to better model delinquency, default, loss severity and prepayment, as well as the ability to more accurately value securities and understand broader consumer credit trends. Asset Backed Securities (ABS) and Mortgage Backed Securities (MBS) investors, issuers, traders, and ratings agencies researchers can use the tool to analyze and model consumer payment performance across a variety of asset classes such as auto, credit card, mortgage and unsecured personal loans. Also, better modeling may give investors better predictive power to price risk and thus finance consumer debt at the best possible rates.

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“This data is one of the most important advances in consumer modeling and analytics,” said Professor Tomasz Piskorski, Columbia Business School.

Analytic Dataset is created from an unbiased ten percent statistical sample of the U.S. credit population across all geographic boundaries, with historic data starting in 2005. It provides insights into the credit health and payment performance of U.S. consumers over time and across various economic cycles.

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“When businesses or government entities are able to apply segmentation and perform analytics by credit quality or asset class, they can better determine important factors such as how consumers prioritize payments and the impact of behaviors of given loan types on other forms of credit,” said Geoffrey Hickman, Managing Director of Government Credit and Capital Markets at Equifax. “This in turn gives them the ability to drive a deeper level of understanding and improve modeling efforts.”

Analytic Dataset is available now for direct delivery from Equifax. Additionally, the solution can be accessed through 1010data. “1010data is excited to expand our decade-long partnership with Equifax by hosting their new Analytic Dataset. This is the largest and most powerful consumer modeling set across all consumer asset types,” said Perry DeFelice, Director of 1010data. “The combined Equifax/1010data hosted solution eliminates the burdens traditionally associated with managing and analyzing data of this size and complexity by providing direct browser-based access to every data element, at its most granular level, for unlimited analytical flexibility.”

The Analytic Dataset solution, which is available beginning today, enables entities with little or no historical data in multiple consumer asset classes to quickly acquire insights that can materially improve their business prospects.

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.

NAMB Seeks To Ban Trigger Leads

National Association of Mortgage Brokers (NAMB), an association that represents the interests of individual mortgage loan originators and small to mid-size mortgage businesses, has announced that it is seeking to ban the sale of trigger leads by urging Congress to add appropriate legislative language to Bills HR4028 and S1982 (also known as the PROTECT Act of 2017, Congressional legislative action relating to the recent credit bureau data leak of over 143 million Americans).

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Mortgage trigger leads are created and sold by the national credit bureaus. These leads are comprised of names, contact information and other data, including a significant amount of personal information, for individuals who have recently applied for a mortgage.

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“The credit bureaus compile trigger lists daily and sell them to numerous buyers across the US, including so-called ‘lead generators,’ who then resell the list to even more companies,” said John G. Stevens, president of NAMB.

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At this time, mortgage brokers are unable to prevent credit reporting agencies from including their borrowers’ personal information on the trigger lead lists they sell.

“Trigger leads impose danger to consumers in several ways,” said Stevens. “First, they expose borrowers to identity theft and increase the risk of compromising borrowers’ financial passwords. They also increase the borrower’s exposure to potentially unfair and deceptive activity by unscrupulous mortgage originators looking to impinge on another mortgage professional’s client.”

Contacting consumers for the express purpose of encroaching on an in-process transaction can be harmful and confusing during the complex process of obtaining a mortgage, Stevens explained.

“Unfortunately, there are people who use all kinds of unethical tactics to target borrowers who have initiated the process of obtaining a mortgage,” said Stevens. “This activity should be classified as an unfair and deceptive trade practice and banned, with the only exception being those that have an ownership interest in the current mortgage for portfolio retention purposes. The only way to protect the consumer is to close this loop hole immediately, and that’s what NAMB is seeking to accomplish.”

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 Eyes Workflow And User Experience Updates

Wipro Gallagher Solutions (WGS), a Wipro Limited company, has released the latest version of its Loan Origination System (LOS), NetOxygen v5.1. “We are constantly updating our system to keep pace with the evolving industry landscape, while adding innovative efficiencies to enhance lenders’ speed, productivity and accuracy throughout the entire lending process,” said Scott Dunn, Head of Product Management and Compliance, Wipro Gallagher Solutions. NetOxygen v5.1 takes this agenda forward through many features that have been introduced in the LOS, that include:

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>>NetOxygen v5.1 provides a loan overview feature to offer users a bird’s eye view of various attributes of a loan in the form of a dashboard. It also provides users the ability to look at various conditions associated with the loan and indicates the category of a condition, when a condition is due and the status of the condition.

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>>As part of WGS’ continued focus to expand its list of service providers, it has added several interfaces to fully integrate with Fannie Mae’s Day One Certainty and help lenders process loans in a more automated and streamlined fashion, while enabling a quicker time to close.

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>>NetOxygen v5.1 offers several new self-service tools to enable lenders to perform certain configuration tasks by themselves, thereby boosting operational efficiency and reducing time to market. These features include product and pricing setup, conditions configuration, configurable fee matrices and a user management tool.

>>This version features a well-defined API that allows more seamless integration of third-party applications and several technology updates designed to enhance performance of operations and the user experience.

>>In addition to the system’s numerous workflow feature updates, the 5.1 version integrates a combined correspondent and wholesale portal to offer a more simplified experience pertaining to the processing of loans that originate from the correspondent and wholesale channels.

>>NetOxygen v5.1 Platform also supports the WGS SaaS offering which provides regional and mid- market lenders lower cost of entry, scalability and reduced time to market. NetOxygen’s SaaS offering will keep lenders up-to-date with upgrades and security patches while ensuring best-in-class system uptime.  It offers a pay-as-you-go variable cost model to help lenders reap the benefits of the platform without significant upfront investments. Clients on the SaaS offering will be able to take advantage of the all the powerful features of NetOxygen including multichannel support, self-service tools, and expanding partner ecosystem.

>>Finally, NetOxygen v5.1 fully complies with the latest industry regulatory changes. The expanded set of reportable fields as set out in HMDA 2018 is fully supported, and the new version incorporates changes to the format and number of fields within the HMDA Loan Application Register (LAR). This updated version is also fully compliant with the Uniform Closing Dataset (UCD) mandate, providing a common dataset for loan deliveries to Fannie Mae and Freddie Mac as part of the Consumer Financial Protection Bureau’s Closing Disclosure. Other compliance changes include Military Lending Act updates, Desktop Underwriter version 10.1 updates, a revised Cash Flow Analysis worksheet (Form 1084) and Single Housing Guaranteed Income Limits table updates.

“Our innovations are designed to not only meet the regulatory and workflow demands of our valued customers, but also give them a competitive edge to fuel future growth,” said Alok Bansal, Vice President and Business Head of Wipro Gallagher Solutions. “We are very excited about our SaaS offering that will substantially improve lenders’ efficiencies and help them drive digital transformation with the NetOxygen platform,” he added.

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.

ATTOM Acquires Onboard Informatics

ATTOM Data Solutions has acquired Onboard Informatics, a provider of neighborhood data and data-enabled turnkey products to the real estate industry.

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“Onboard has a long and accomplished track record as an innovator in enhancing and democratizing neighborhood data assets, paralleling our own mission of powering real estate transparency,” said Rob Barber, CEO at ATTOM Data Solutions. “This acquisition will benefit existing customers of both companies — and the entire marketplace — by providing complementary datasets in a one-stop data shop.”

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Onboard’s neighborhood data is being integrated into the ATTOM Data Warehouse, which blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties. A persistent, unique ID assigned to every property record in the ATTOM Data Warehouse — the ATTOM ID — will be used to link the new Onboard neighborhood data with all other datasets, and the combined data will be available through ATTOM’s flexible delivery solutions, including bulk file license, APIs and customized reports in a one-stop data shop.”

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“This acquisition by ATTOM will enable Onboard’s customers to conveniently access robust tax, deed and mortgage data, that, when combined with Onboard’s neighborhood data, completes the full property data picture needed to improve decision-making, increase lead generation and grow revenue,” said Marc Siden, CEO and Co-founder of Onboard Informatics.

Founded 15 years, ago, Onboard Informatics fuels sales and feeds decision-making for some of the largest U.S. brands, including Century 21, Coldwell Banker and Weichert. Its data products include area data (neighborhood, metro and residential boundaries along with school attendance zones), point of interest data (restaurants, banks, shopping and more), and community data (crime, population, education, weather and commuter times).

“Not only will our customers now be able to access a broader set of property-related data from one vendor, they’ll also have more flexible options for consuming that data through the various ATTOM data delivery solutions including the ability to consume neighborhood data as bulk files,” said Jonathan Bednarsh, president and co-founder of Onboard Informatics.

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.