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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.

Next-Generation Valuation Management Software Platform For Commercial Lending Launches

Global DMS launched EVO-Commercial (EVO-C). The new platform is 100 percent configurable, fully customizable, quick and easy to implement, eliminates numerous steps in the workflow process, lowers system maintenance costs and empowers end-users as well as management teams, among many other efficiency gains.

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“EVO-C solves a number of major pain points and challenges that have been ailing the commercial lending space for years,” says said Vladimir Bien-Aime, president and CEO at Global DMS. “Commercial lenders have grown accustomed to dealing with manual processes or limitations of outdated, inflexible technology that prevents them from optimizing their valuation processes. The feedback we have received from commercial lenders thus far is that EVO-C eclipses and outperforms the current solutions which they are continually burdened with.”

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The EVO-C platform delivers immediate ROI to lender clients by reducing the cost to acquire, manage and review collateral valuations reports. The solution creates a competitive bidding environment where vendors are encouraged to focus on quality, communication, cost and turnaround time. Managers are easily able to monitor their pipelines in real-time for overall performance to drive down costs, remove road-blocks and create a positive experience for their customers.

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Key EVO-C Benefits:

>>Implementations can be completed in just days or weeks – not months

>>EVO-C is so intuitive and easy to understand that minimal training is required

>>Completely workflow-driven powered by a highly configurable business rules engine that does not require development or IT resources to update

>>Detailed custom reports can easily be created by business users and dynamically output on an ad hoc basis for management

>>Drag and drop capability allows for multiple large files to swiftly be transferred and auto-populated, saving immeasurable amounts of time

“We spent a great deal of time working closely with lenders to perfect a breakthrough platform that is loaded with features and functionality, which commercial lenders have never seen before,” said Michael Quaranto, chief information security officer and vice president of technology at Global DMS. “EVO-C was engineered to be hands down the most flexible, configurable and extensible commercial lending valuation management platform available on the market. We are extremely excited to demonstrate the jaw-dropping power EVO-C offers.”

Global DMS is an established enterprise-class software provider that also offers a widely-used, residential lending valuation management platform, eTrac, which seamlessly automates all aspects of the process. eTrac supports lender compliance with changing state-based rules, federal laws, the Consumer Financial Protection Bureau (CFPB) and the Dodd-Frank Act.

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.

A Good Day For Digital Closings

Black Knight has announced the first phase of LoanSphere Expedite Close will be available later this year. Expedite Close is an advanced hybrid and full digital closing solution that supports data and document exchange, workflow and processes associated with real estate transactions. Expedite Close provides an electronic closing fulfillment process, enabling seamless and secure online interactions between the real estate agent, lender, settlement agent and consumer from contract through closing.

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Black Knight has developed Expedite Close with the end user in mind – creating a solution flexible enough to meet the unique process requirements and business needs of each participant along the way. “What sets Expedite Close apart from other eClosing solutions is that it’s built to support the needs of all users – settlement agents, lenders, real estate agents, consumers and investors – providing them with the capabilities to do what they need to do, when they need to do it, in a way that doesn’t call for significant changes to current business processes,” said Tom Peterson, president, Black Knight’s Lending Solutions division. “Because it does so in a way that is entirely ‘agnostic’ to existing platforms, this is more than a solution. With Expedite Close, Black Knight is building an industry utility.”

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Leveraging Black Knight’s suite of integrated electronic signature and documentation fulfillment services, Expedite Close includes enhanced workflow and decisioning capabilities, as well as increased automation to support the full closing process. Lenders, settlement agents and consumers can securely collaborate online, and either use the solution with the portals, source systems and document providers they currently use, or integrate additional Black Knight solutions where needed. The solution tightly integrates with Black Knight’s LoanSphere Empower loan origination system and Black Knight’s industry-leading LoanSphere MSP servicing system.

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Expedite Close will seamlessly support all consumer interaction and workflow fulfillment requirements. With this solution, consumers are able to access a secure portal to review and sign all of their closing documentation online, and “wet sign” any specific documents that require a physical signature for jurisdictions not yet accepting electronic notarization. A consumer can also choose to wet sign all documents in the closing package. If this process is chosen, Expedite Close will provide the loan documentation to the settlement agent within the required timeframe, eliminating any document fulfillment workflow gaps.

Expedite Close significantly enhances consumers’ experience by providing them with a more streamlined closing; the ability to review all necessary documents and update the loan’s status; and more control in the overall process. Lenders and settlement agents not only benefit from improved borrower satisfaction, but also from reduced risk and enhanced process efficiencies using their current processes.

“Our goal is to streamline the closing process,” said Peterson. “Today’s borrowers are accustomed to anywhere, anytime connectivity and the freedom to choose how they want to interact with businesses. Expedite Close gives them that freedom, and will help to advance the mortgage industry by making it possible for electronic fulfillment for closings to become the norm rather than the exception.”

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.

Churchill Mortgage To Expedite The Mortgage Process For Homebuyers

Churchill Mortgage, a lender in the mortgage industry providing conventional, FHA, VA and USDA residential mortgages across 44 states, announced the launch of its Certified Homebuyer Program to improve how borrowers search for and purchase a home.

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For many borrowers, getting pre-approved for a mortgage is the first and most important step towards making an offer on a house. Churchill, understanding the importance of expediting the process for homebuyers in a “seller’s market,” will now offer borrowers the opportunity to be pre-underwritten for their mortgage. This initial step will allow those borrowers to effectively get ahead of other buyers and have the confidence that any qualified offer they make on a house will go through in the most efficient manner.

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“The first step to debt free homeownership is finding the property you want and getting it under contract, but in many markets, there is a high level of competition between borrowers who may be interested in the same property,” said Mike Hardwick, president of Churchill Mortgage. “Churchill’s Certified Homebuyer Program was designed to help our borrowers get a head start on securing funding so they are positioned to present offers that are already pre-approved and pre-underwritten – increasing their odds of having their offer selected.”

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Founded in 1992, Churchill Mortgage is a privately owned company by its more than 400 employees. A full-service and financially sound leader in the mortgage industry, the company provides conventional, FHA, VA and USDA residential mortgages across 44 states. As heard on personal finance expert and author Dave Ramsey’s nationally syndicated radio show, the lender’s mission is to help borrowers achieve debt-free homeownership and build wealth through a smarter mortgage plan, regardless of their starting point. Churchill Mortgage is a wholly-owned subsidiary of Churchill Holdings, Inc.

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.

Acquisition Furthers Automated Data Verification

QuestSoft, a provider of automated mortgage compliance software, has purchased Laguna Hills, Calif.-based IMARC, a leader in data verification and audit services to the financial services industry. The acquisition adds IMARC’s services to QuestSoft’s new Verification and Audit Services division, “QuestSoft Verifications.”

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The acquisition enables QuestSoft customers to easily conduct loan audits, as QuestSoft Verifications will now offer all of IMARC’s verification and audit services to QuestSoft’s existing 4506-T and SSA-89 capabilities. This new division brings Verification of Employment (VOE), Verification of Income (VOI), Asset and Occupancy Verifications as well as full loan audits to QuestSoft customers, eliminating the need to use time-intensive manual orders to verify all information needed to ensure loan compliance.

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“Combining IMARC’s verification and audit services with QuestSoft’s compliance software gives lenders a one-stop shop for all of their compliance needs,” said Leonard Ryan, founder and president of QuestSoft. “IMARC also brings with it a strong tradition of outstanding customer service and a dedication to providing high quality services quickly and efficiently, blending well with the QuestSoft commitment to our customers.”

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All IMARC employees transferred to QuestSoft’s corporate headquarters in Laguna Hills, California. Bob Simpson, founder of IMARC, is now serving as QuestSoft’s senior vice president and director of the Verifications Division.

“High quality products, ease of use and outstanding service are the three pillars that build strong relationships between vendors and lenders,” Simpson said. “By combining our services with QuestSoft, we have created the best resource for lenders to handle all of their mortgage compliance, verification and audit needs.”

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.

Market Volatility On The Way?

“This year is shaping up as a year of volatility for the residential mortgage industry, with originations plunging as interest rates rise in response to $1 trillion reductions in asset purchases by central banks,” says industry analyst and blogger Les Parker, CMB, who is senior vice president of industry relations and consulting at LoanLogics.

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“2018 just may look like 1994 to mortgage bankers,” says Parker, referring to the year following the first great mortgage refinance boom, when originations dropped sharply after interest rates rose, prompting many lenders to close or consolidate with stronger partners. “With the anticipated drop in originations and the scramble to keep market share, the resulting margin collapse and liquidity problems will lead to more industry consolidation and insolvencies,” Parker forecasts in his MarketLogics newsletter. “Non-depository mortgage bankers lack liquidity; when interest rates move outside of expected ranges, volatility expands and cash demands rise.”

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“Mortgage servicing rights, already under distress, will discover a lower nadir due to too many sellers and too few buyers,” Parker adds. However, he notes, that will eventually provide a buying opportunity for some savvy investors. “Some of the new MSR investors will step up and buy at very good levels,” he adds.

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But higher interest rates won’t be the only problem mortgage companies will face this year, Parker warns. “When volatility expands, the regulatory burdens of Dodd Frank, Basel III and other local, state, federal and international laws and rules will bring about unintended consequences of dislocation and illiquidity,” he says.

Parker manages LoanLogics’ life of loan analytics and monitoring capabilities and oversees its consulting services. He is also a contributor to the company’s strategic planning team and communicates with industry leaders to develop and maintain positive relationships.

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.

Vendors Partner To Help Foster Digital Mortgage Adoption

Pavaso, Inc. (Pavaso), a provider of digital closing and collaboration solutions for the mortgage and real estate lifecycle, has selected eOriginal to support lenders in the digital mortgage process. Specifically, Pavaso will utilize eOriginal’s electronic promissory note (eNote) and electronic vaulting (eVault) services.

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The collaboration between the firms will complete the final steps of the online mortgage process by facilitating a digital closing, which includes the creation, execution and vaulting of an eNote for the delivery to the secondary market. The use of the eNote and eVault will accelerate the time that typically lapses between origination and replenishment of capital.

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“Participants in the mortgage ecosystem are increasingly seeking ways to maximize the benefits of a digital transformation,” said eOriginal General Manager of Digital Mortgage Simon Moir. “By partnering with leaders like Pavaso, we are providing key components for the end-to-end digital transformation of mortgage.”

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eOriginal’s platform delivers a fully digital mortgage and supports every type of digital closing strategy. Available for both Mortgage Electronic Registration System (MERS) and non-MERS loans, the platform has been vetted in mortgage, auto finance and lease, deeded vacation ownership, and marketplace lending. It is accepted by the major rating agencies, issuers’ counsel, top lenders and investors in the secondary markets. The platform can leverage any loan origination system (LOS) or document preparation provider and is designed to be extensible as lenders complete their digital transformation.

“Our partnership with eOriginal, in combination with multiple mortgage lenders, will help complete the circle in the digital mortgage transaction, bringing it one step closer to reality and to meeting today’s consumers expectations,” said Mark McElroy, CEO for Pavaso. “eOriginal is a highly-regarded provider, and its eVault and eNote solutions are powerful. As a result, this partnership will push the broader secondary market to fully incorporating the digital concept as a daily reality.”

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.

Helping FHA Servicers Optimize Pre-Conveyance Asset Disposition

Altisource Portfolio Solutions S.A. (“Altisource”) (NASDAQ: ASPS), a provider of real estate, mortgage and technology services, released a white paper entitled “New Opportunities for Servicers to Optimize CWCOT Disposition Strategies.” The white paper provides servicers with a road map for an effective and efficient Claims Without Conveyance of Title (CWCOT) program strategy.

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As the popularity of Federal Housing Administration (FHA) insured home loan lending expands, servicers are looking to refine their strategy for managing foreclosed homes under FHA’s CWCOT program. FHA developed the CWCOT program to help build stronger communities by preserving the condition and accelerating the sale of its real estate owned (REO) properties. To accomplish FHA’s objectives, the CWCOT program provides the servicer with two primary claim channels: sale at foreclosure auction (or shortly thereafter as a so-called “second chance” auction) and conveyance to the Department of Housing and Urban Development (HUD).

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As FHA loan volumes and delinquencies continue to increase (in 2016, FHA loans accounted for over 17 percent of newly originated mortgages yet they currently comprise 34.1 percent of all over-30-day delinquent loans, servicers will need more advanced strategies to optimize the disposition of CWCOT-eligible properties and achieve the CWCOT program’s goal of building stronger communities. This white paper provides servicers with a roadmap for an effective and efficient CWCOT program strategy — one that incorporates elements of decision theory and risk modeling to simplify and streamline processes while decreasing loss severity for servicers.

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Click here to download the white paper, “New Opportunities for Servicers to Optimize CWCOT Disposition Strategies.”

Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing market.

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.