Integration Furthers eLending

PathSoftware today announced that Path, its configurable, multi-channel, cloud-based mortgage loan origination software (LOS), is now fully integrated with DocMagic, a provider of document production, automated compliance, and eMortgage services.

The new web integration provides a direct, secure connection between users’ loan files and DocMagic’s family of products and services. This enables users to order, generate, manage, receive and deliver TRID-compliant documents, such as loan estimates, closing documents and disclosures, with just a few mouse clicks—virtually eliminating the chance of errors and exposure to security risks, while avoiding the time constraints of manually rekeying information.

This integration also enables users to access DocMagic’s Total eClose platform, a digital mortgage solution that contains all of the components needed to facilitate a completely paperless digital closing. In addition, the integration also accesses DocMagic’s eSign technology so borrowers can electronically sign all documents in a secure, compliant manner.

Path was designed to simplify and streamline mid- to enterprise-level, multi-channel loan origination. All loan data, lock data, products, pricing, automated underwriting system findings, loan estimate and closing disclosure documents emanate and are reconciled within one system. In addition, the LOS’s configurable workflows, with role-based functionality, provide visibility into every loan at every stage—so financial institutions can ensure their business rules are followed.

“Smart companies like PathSoftware know that TRID compliance, risk reduction and cost control are huge concerns for lenders, and they’re building value by offering solutions to those issues through their technology and that of their partners, like DocMagic,” said Dominic Iannitti, president and CEO of DocMagic. “We’ve had an excellent partnership with PathSoftware’s parent company for many years. We’re proud to continue supporting them as they introduce new and better solutions to their customers and the industry.”

“DocMagic has long been a leading provider of fully-compliant loan document preparation solutions, differentiating itself by the way it handles data and runs compliance checks,” said Doug Mitchell, director of sales and support at PathSoftware. “Our integration with DocMagic will not only make ordering compliant documents significantly easier for our joint clients, it will also significantly reduce time and cost, and eliminate the need for data re-entry, which can inadvertently cause errors and lead to compliance issues.”

The PathSoftware LOS integration also gives mutual clients the option to take advantage of DocMagic’s Premium Reps & Warrants Guarantee offering. The guarantee covers high cost points and fees calculations, TRID-related audits, customer modifications of documents, document selection, and the Loan Estimate (LE) and Closing Disclosure (CD) under DocMagic’s SmartCLOSE product.

Calyx Launches New Portfolio Underwriting Capability

Calyx Software has launched Portfolio Underwriter, an automated underwriting system (AUS) from LoanScorecard. This service is now available to Point and PointCentral clients. Portfolio Underwriter allows portfolio lenders to customize credit decisioning and safely originate non-agency loans that they intend to put on their balance sheets.

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It captures a portfolio lender’s program guidelines within its engine and delivers a rules-based underwriting decision in seconds. Results of the decision are documented in a findings report. This report includes program-specific, conditional underwriting criteria utilized in the data analysis.

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Portfolio Underwriter seamlessly integrates with Calyx Point and PointCentral loan origination systems. The connection facilitates bidirectional data flow and provides a single system of record for all loan documentation. Centralization of processes and documents streamlines preparation for audits, board reviews and regulatory submissions.

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The solution helps portfolio lenders by:

>>Providing a mechanism to safely and easily communicate underwriting criteria for new niche products.

>>Conducting extensive loan file data checks and in-depth credit report reviews.

>>Allowing them to manage exceptions based on valid compensating factors on the loan, rather than loan officer “discretion.”

>>Ensuring consistent, transparent credit policy application to demonstrate Fair Lending and improve efficiency.

“Manually underwriting portfolio loans not only exposes lenders to Fair Lending issues, but is also time consuming and costly,” said Ben Wu, Executive Director at LoanScorecard. “By incorporating automated technology like Portfolio Underwriter, portfolio lenders using Point and PointCentral can improve efficiency by streamlining decisioning for their unique programs and focus on more complex transactions.”

“The predominant focus of Fair Lending violations is how and why loans were approved; therefore, it is critical to have an AUS in place to demonstrate the standard practice of quality underwriting,” said Bob Dougherty, Vice President of Business Development at Calyx Software. “While lenders are certainly familiar with agency AUSs, they are also aware of gaps in automated decisioning for their portfolio products. Portfolio Underwriter helps lenders who originate portfolio loans automatically determine the appropriate response for their institution—ensuring compliance with Fair Lending at the point of sale and in the underwriting process.”

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Point Is Ready For TRID

We are dedicated to detailing the TRID compliance approaches that we hear about to better inform our readers about what’s out there and what their options are. We’ve reported on how vendors such as Power Lender, DocMagic, CSi, eLynx, Ellie Mae, Motivity Solutions, MRG Document Technologies, LendingQB, etc. are approaching this on behalf of their lender clients. Today we heard that Point version 9.2 is ready to help mortgage lenders produce and deliver accurate, TRID compliant Loan Estimates (LE) and Closing Disclosures (CD). Here’s how:

After August 1, the mortgage industry will begin using a revised set of forms to disclose to consumers the costs of loans, making them easier to understand and giving borrowers greater confidence in the estimates provided. The Consumer Financial Protection Bureau (CFPB) rule will prevent fee and rate changes by lenders after the initial LE is disclosed and before the CD is issued, just prior to closing. The CFPB created the new disclosure rule, known as the TILA-RESPA Integrated Disclosure (TRID), as a result of the Dodd-Frank Wall Street and Protection Act.

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Calyx’s Point 9.2 release provides and automates the new LE and CD forms, and includes enhancements to ensure the generation of accurate and compliant disclosures. Doug Chang, President of Calyx said, “We learned recently that some origination software systems are only supporting TRID compliant LE and CD going forward from August 1. This means some lenders will have to stop originating loan types that still use the old forms after TRID goes into effect. It was quite challenging to continue supporting the current disclosures as well as adding the new disclosures within one system, and we are pleased that we managed it. We worked hard to maintain a user-friendly solution and limit the changes to a minimum, keeping many of the familiar steps and screens intact.”

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With Calyx, lenders now have a TRID ready solution that automatically calculates, rounds and truncates APR and TIP. “We think lenders are really going to enjoy using Point 9.2. Everything they need is right at their fingertips. The beauty of Point 9.2 is how easy we’ve made it to produce these new disclosures,” said Dennis Boggs, Executive Vice President of Business Development.

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Veri-Tax Closes Several Integrations

*Veri-Tax Closes Several Integrations*
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puzzle***Veri-Tax, a provider of verification and fraud management products, has recently integrated IRS income verification Form 4506-T and social security number verifications with three of the industry’s leading mortgage technology solutions, namely Ellie Mae Encompass360, INTEGRA Software Systems’ Destiny/Epic and Valutrust Solutions, a Williston Financial Group company.

****The company also announced upcoming integrations with SSMHub, LPS Empower, Real EC and Wipro Gallagher Solutions’ NetOxygen, which are targeted for release before the end of this year. When complete, these integrations allow originators to order income, identity, and employment verification products from within their preferred mortgage management or services platform, thus reducing manual data entry and expediting the loan verification process.

****“As a result of new mortgage rules coming from the Consumer Financial Protection Bureau and other state and federal agencies, income and identity verifications have become a critical part of the mortgage transaction,” said Maria Kirgan, senior director of product management at Veri-Tax. “Veri-Tax, has focused on providing our existing and new customers with seamless access to our electronic tools, which empowers lenders to easily meet both their regulatory compliance needs, as well as the needs of investors. These integrations show Veri-Tax’s commitment to simplifying our customers’ ordering experience by providing access to our solutions from within their platform of choice.”

****The new integrations are in addition to Veri-Tax’s current partners, which include Calyx Point and MeridianLink. All Veri-Tax integrations allow customers to receive the same level of excellent service through Veri-Tax, whether utilizing their chosen mortgage processing software of choice or utilizing Veri-Tax’s own secure online web portal.

****INTEGRA President, Jerry Pratt stated, “In an effort to constantly add value for our clients nationwide, we are pleased to partner with Veri-Tax. INTEGRA’s seamless integration with Veri-Tax provides consumer verification without ever having to leave the system. The intuitive and easy approach ensures efficient and accurate delivery of information to better meet the demands of the lender.”