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Mission Mortgage of Texas Embraces Technology To Optimize Mortgage Operations

VirPack, a provider of document management, virtual workflow and eDelivery solutions for the mortgage lending industry, announced that Mission Mortgage of Texas has optimized its mortgage operations with VirPack.

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Headquartered in Austin, TX, Mission Mortgage has been providing residential lending solutions throughout Texas for over 31 years and has built a culture of service built on the importance of trust and the value of fostering long-term relationships. After facing multiple challenges with its LOS-provided document management solution, Mission Mortgage began the search for a new technology partner that could provide an interface with both its proprietary underwriting system and LOS to help deliver on its culture of service.

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“Because of the quality service culture we embrace, we knew it was imperative for us to adopt a virtual document management and workflow platform and we are so happy to have partnered with VirPack. Our team members can communicate with all the loan stakeholders on the spot, in real time and with instant results,” said Leigh Ann McCoy, president of Mission Mortgage of Texas. “As an added benefit, we discovered that VirPack is a great recruiting tool. The ability to utilize the platform remotely helps us to attract, hire and retain high quality talent,” continued McCoy.

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VirPack’s document management capabilities and virtual workflow generated significant operational efficiencies and productivity companywide.

“With VirPack, our ability to capture and process documents instantly from our branches and between departments streamlined our workflow, saving us a significant amount of time, money and resources. As a result, we have generated greater customer satisfaction and a happier and more productive staff,” added Veronica Young, underwriting manager for Mission Mortgage. “Additionally, the post-closing e-delivery of loan files to our investors are sent with one click of the mouse, saving us an incredible amount of time.” continued Young.

“It’s gratifying to see a relationship-driven independent mortgage banker like Mission Mortgage embrace VirPack to optimize its operations and improve productivity, said Wayland Pond, chief business development officer at VirPack. “In addition to those benefits, Mission Mortgage was also able to reduce its paper usage by two-thirds in just a few months, resulting in significant additional cost savings.” Pond continued.

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Technology Helps Planet Home Lending Boost Correspondent Productivity By 300%

LoanLogics, a provider of loan quality technology for mortgage manufacturing and loan acquisition, has helped increase Planet Home Lending’s correspondent division productivity by 300 percent. By using LoanLogics IDEA for indexing loans and LoanHD platforms for loan reviews, Planet Home Lending has raised the division’s monthly loan volume and reduced the time needed for loan reviews, without adding staff.

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Planet Home Lending began using LoanLogics’ technology at the beginning of 2017, and has since tripled its acquisition of correspondent loans, from roughly 300 loans per month to over 1000 loans per month. With the help of LoanLogics’ technology, Planet Home Lending also significantly reduced loan file review time from three to seven days at the beginning of 2017 to currently only 24-48 hours.

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Planet Home Lending evaluated several technology vendors for indexing and data extraction capabilities before settling on LoanLogics, according to Rob Jannotte, senior vice president, production technologies, with Planet Home Lending. “The technology from LoanLogics clearly stood above the rest in terms of indexing, but their data extraction and audit rules automation tools were far and away superior to other vendors.”

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LoanLogics IDEA (Intelligent Data Extraction and Automation) accelerates the indexing of loan files and transforms digital images, as well as scanned documents, into searchable, comparable data elements.The LoanHD platform displays these data elements as LoanFacts, enabling 100% data comparison of extracted data and loan origination system data to provide full transparency as part of the mortgage loan review process.

Planet Home Lending’s implementation of LoanLogics’ technology went very smoothly, according to Jannotte. “We were up and running in 60 days, which I attribute to the expertise and flexibility of LoanLogics staff and just the right amount of training,” he said. During the testing phase, Planet staff was able to see proof that files were being indexed correctly. They could also see the accuracy of the data extraction.

In all ways, Planet Home Lending’s expectations were far exceeded by LoanLogics’ technology. “In my 20 years of experience implementing mortgage technology, the LoanLogics collaboration is without a doubt one of the most successful technology implementations,” Jannotte said.

“The Planet Home Lending implementation and use of LoanLogics’ technology is a great success story,” said Brian Fitzpatrick, CEO of LoanLogics. “We are continually innovating and updating our technology to help mortgage lenders cut the costs and time spent on loan indexing and loan reviews, which significantly improves lenders’ productivity and ROI.”

Lenders One Launches Complete eClosing Solution For Members

Lenders One Cooperative, a national alliance of independent mortgage bankers, has launched Lenders One eClosing by DocMagic, a complete eClosing solution for borrowers, lenders and investors. The eClosing solution provides an entirely paperless workflow that integrates every component of the closing process and guides users through each step.

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Launched for Lenders One members at the Lenders One Summer Conference in Salt Lake City, Lenders One eClosing by DocMagic is evidence that eMortgages and eClosings are no longer a future-state vision. When using the solution, the average loan closing “at the table” can be reduced from 60 minutes to 15 minutes, helping to dramatically improve the borrower experience.

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The solution includes the following features:

>> Integrated with all of the major LOS platforms to generate e-enabled documents.

>> An embedded compliance engine that automatically audits documents and data against applicable industry laws and regulations to help ensure compliance throughout the loan lifecycle.

>> eNotary technology for in-person electronic notarization or remote online notarization where permissible.

>> The ability to deliver a MISMO SMARTDoc eNote with direct connectivity to the MERS eRegistry.

>> A secure, certified eVault which provides long-term storage and eDelivery to warehouse banks and investors and features a date-stamped and time-stamped audit trail to help show proof of compliance at all times.

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“Our eClosing technology puts Lenders One members at the forefront of the eMortgage evolution, a sought after capability made possible through our collaboration with DocMagic,” said Michael Kuentz, CEO of Lenders One. “Importantly, the eClosing solution incorporates feedback received from our members and service providers, helping ensure we address their needs. Our comprehensive eClosing solution provides our members with options to choose full eClose or hybrid eSign/ink-sign workflows. The technology adapts to the lender’s production environment and compresses the overall timeline to loan sale, generating material savings for lenders facing historically high loan production costs.”

“Effective implementation of eClosing begins with a well-defined eMortgage strategy, and by working in concert with Lenders One, we are helping originators set up their eClosing production lines at a pace, and in a manner, that is consistent with their overall business goals,” said Dominic Iannitti, President and CEO of DocMagic. “The deep working relationships that Lenders One has established with its members are critical, and through our combined strength we are accelerating the eMortgage journey for progressive lenders nationwide.”

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.

Mortgage Companies Are Hiring For Success

In order to remain competitive and excel in the current mortgage market, mortgage lenders and technology providers are hiring high-powered executives to take their businesses to the next level. Here are some recent examples of this trend:

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Alexis Anderson, (daughter of industry tech icon Tim Anderson) was recently appointed as Director of Marketing with MortgageFlex Systems based in Jacksonville, Florida.  She will be responsible for all corporate digital marketing and PR for the firm.  She graduated Cum Laude from the School of Communications at the University of Alabama with a major in Public Relations and specific focus and studies on Digital Marketing Communications and Design.

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Also, Mortgage Network Inc., one of the largest independent mortgage lenders in the eastern U.S., is pleased to announce that Chris Horley has joined the company as manager of its new Newport, Rhode Island branch office. Horley (NMLS# 7836) brings to Mortgage Network 23 years of mortgage banking experience in the Rhode Island area. Most recently, Horley served as a senior loan officer for Citizens Bank. He is a lifetime Rhode Island resident and has lived the past three years in Newport. He is an active affiliate member of the Newport County Board of Realtors and the Newport Chamber of Commerce.

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Roostify, a digital lending platform provider, announced that Eric Amblard has joined the company as Chief Financial Officer. Amblard comes to Roostify from EverString Technologies, where he also served as CFO. “Roostify has undergone considerable recent growth, including a funding round and continued push into enterprise accounts,” said Rajesh Bhat, CEO, Roostify. “Eric’s extensive financial and operational experience with growth-stage enterprise SaaS companies will be a great asset to the leadership team as Roostify continues to scale. Eric will also manage the company’s internal regulator, compliance and contract teams. Eric has already brought a great energy into the role and we are extremely excited to have him on board.” Amblard comes to Roostify with over a decade of broad operating experience scaling B2B SaaS companies.

Lastly, LERETA, LLC, a national provider of real estate tax and flood services for mortgage servicers, has selected Rick Holcomb as senior vice president of its tax outsourcing operations. In his new position, Holcomb oversees LERETA’s tax outsourcing, call center and customer care teams. Holcomb comes to LERETA with more than 25 years of experience focusing on all facets of servicing, insurance and tax with a core emphasis on strategic planning, customer relationships, process improvement and operational management. “LERETA has invested significantly in technology and integrated solutions focused on transforming the tax service industry,” said Jim Micali, COO at LERETA. “Adding Rick will enhance our leadership team, and his overall industry experience also brings significant value to our current and future clients.” Most recently, Holcomb was vice president of operations at CoreLogic. He began his tax service career at First American Real Estate Tax Service and had increasing responsibilities throughout the operational departments. He also worked for Midland Mortgage, a division of MidFirst Bank in Oklahoma.

Lenders One Names Michael Kuentz CEO

Lenders One Cooperative, a national alliance of independent  mortgage bankers, announced that Michael Kuentz has been promoted to the role of Chief Executive Officer of Lenders One by its Board of Directors. Mr. Kuentz previously held the title of President. In his new role, he will assume responsibility for Lenders One’s day-to-day operations and strategic execution as well as continue to lead and manage the cooperative’s sales effort.

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“Michael and I have worked closely over these past two years and I could not be more pleased with his promotion,” said Bryan Binder, Lenders One’s outgoing CEO. “The state of our cooperative is extremely strong, and our value proposition and opportunity set are both as attractive as they have been in many years. This strength combined with our incredibly talented management team gives me great confidence that the future of the cooperative has never been brighter and the timing is right for Michael to take the helm.”

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“As independent mortgage bankers in today’s environment, it is essential to come together, collaborate on innovation, share resources and reduce expenses,” added . “of independent mortgage bankers and the market leader in innovation, Lenders One is always looking for new ways to deliver value to our members. I am highly confident that Michael will continue to be a strong leader both for Lenders One and across the mortgage industry.”

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Mr. Kuentz has 20 years of sales and management experience in the mortgage industry and, since joining the cooperative two years ago, has led the Lenders One sales team. During this period, Lenders One has seen exceptional growth, and Mr. Kuentz has played an integral role in helping to deliver creative solutions for the cooperative’s members, preferred vendors and investors.

Prior to joining Lenders One, Mr. Kuentz served in senior roles for Equifax, Inc. (NYSE: EFX), including Senior Vice President of Verification Services and Senior Vice President of Mortgage Services. Mr. Kuentz joined Equifax in 2001 as part of its acquisition of Rapid Reporting where he was a partner.

Partnership Empowers Lenders To Cultivate Client Relationships

Total Expert, the company that created an enterprise-grade Marketing Operating System (MOS) specifically for financial services organizations, has partnered with Mortgage Coach, the developer of the Total Cost Analysis (TCA), a borrower conversion platform for mortgage lenders.

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The Total Expert and Mortgage Coach integration is a unique offering to loan officers, positioning them to create customers for life by pairing the Total Expert marketing automation capabilities with Mortgage Coach’s loan comparison, Total Cost Analysis. The partnership further expands the ability for lenders to centralize all marketing assets created and deployed into the Total Expert MOS for full oversight and on-demand reporting.

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“Mortgage loan officers are working every day to stay front and center with their clients – and our integration with Mortgage Coach makes this a seamless, automated process with beautiful, user-friendly client deliverables,” said Joe Welu, founder and chief executive officer of Total Expert. “We aim to empower loan officers to build their personal brand within their respective enterprises, grow their business and ultimately create lifelong relationships with their customers. Mortgage Coach is a best-of-breed partner, and together, we can provide lenders with solutions for long-term success.”

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Loan officers who use both Total Expert and Mortgage Coach can educate their clients and prospects about their mortgage loan, provide value-added content and further nurture their relationship. The seamless integration provides alerts, email reporting and engagement indicators within the Total Expert platform to keep loan officers informed when a borrower engages with their Mortgage Coach content.

“Mortgage lending is a relationship-business and our integration will give loan officers the tools they need to create customers for life,” said Dave Savage, chief executive officer of Mortgage Coach.  “We are impressed with how Total Expert’s MOS continues to push the boundaries of what’s possible in financial services digital transformation,and we look forward to our partnership with a true industry innovator.”

Churchill Mortgage Expands California Operations

Churchill Mortgage has opened its newest branch in San Dimas, Calif. at 437 S. Cataract Ave, Unit 1-2, to enhance borrower service throughout the state. Churchill provides conventional FHA, VA and USDA residential mortgages across 46 states.

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Mike Hardy and Rick Mount will both serve as regional managers for Churchill’s operations in Southern California. Working together as a team since 2010, Hardy and Mount have more than 45 years of qualified experience in the mortgage industry guiding borrowers towards debt-free home ownership. Hardy’s background also includes experience as a Financial Advisor which allows him to better understand his borrower’s individual financial needs. Mount, prior to his work with Hardy, held several senior positions responsible for all aspects of the loan process.

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Other members of Churchill’s San Dimas, Calif. office include Melissa Chavez and Emily Holtzclaw as production managers; Ira Newman and Alana Smock as senior processors; Alyssa Torske as a processor assistant; Kristin Whitmer as marketing coordinator; and Ayman Botros, Christine Gilmartin, Randy Harrington, Mathew Herrera, Jonathan Jaidar, Geoffrey Kautzman, John Harsh, Gabriel Lozano, Jessica Martinez, Kevin Sprague and Troy Alexander as home loan specialists.

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“Churchill Mortgage’s mission to help borrowers save money, build wealth and achieve debt-free home ownership aligns with Rick and my own efforts to create a unique experience for each borrower that supports their overall financial goals,” said Hardy. “Joining Churchill is a natural transition for our team. We look forward to the enhanced level of service it will provide our borrowers.”

“All homebuyers deserve to work with a lender who is willing to put in the time necessary to ensure they make the best financial decision possible when purchasing a home,” said Mount. “Churchill Mortgage strives to fulfill this desire. As demand for housing in Southern California continues to grow, our efforts will be focused on guiding borrowers towards debt-free home ownership.”

“In a market as competitive as California, Rick and Mike’s leadership will be vital to helping borrowers make well-educated, thoughtful decisions regarding their next home purchase. We look forward to supporting their team as we continue to expand our Southern California presence,” said Mike Hardwick, president of Churchill Mortgage.

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.

Altisource Names Justin Vedder COO Of Origination Solutions

Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ: ASPS), a provider of services and technologies to the mortgage and real estate industries, announced the appointment of Justin Vedder as Chief Operating Officer, Origination Solutions.

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In his new role, Mr. Vedder will be responsible for the growth of Altisource’s Origination Solutions business which brings together the integrated and consultative products, services and solutions needed by mortgage market participants of all sizes throughout the loan origination and secondary market execution process. Lenders and investors can leverage Altisource’s full suite of data-enabled products and solutions as well as the insights of an experienced team to help maximize efficiency and gain a competitive edge in today’s increasingly competitive loan origination marketplace. Altisource’s integrated end-to-end solutions are built on a scalable platform aimed to help businesses improve controls and drive efficiencies.

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Altisource’s Origination Solutions Platform includes Trelix Mortgage Fulfillment Services, CastleLine Insurance Services, the Lenders One cooperative, Granite Risk Management, Mortgage Builder Loan Origination System, Springhouse Valuations, and Premium Title and Settlement Services.

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Previously, Mr. Vedder served as Vice President of National Sales, Origination Solutions where he was instrumental in growing the Origination Solutions customer base and driving long-term strategic client relationships. Prior to joining Altisource, he was the Executive Vice President of CastleLine where he assisted in the development and launch of the Certified Loan Program. He is a renowned thought leader in the industry and has spoken nationally on various topics including mortgage fraud, loan production and defects, repurchase management, auditing of lenders, insurance and various other mortgage banking-related matters. Mr. Vedder’s appointment follows the departure of Bryan Binder and Jason Garmise, who joined Altisource in 2015 through the acquisition of CastleLine. Mr. Binder and Mr. Garmise will be leaving the company to pursue a new business venture.

“With over 17 years of sales and management experience in the mortgage and insurance industries, Justin has a proven track record of driving business development, innovating new solutions for large and sophisticated clients, and exceeding revenue targets,” said William Shepro, Chief Executive Officer of Altisource. “Justin’s business acumen, combined with his indispensable role in shaping the way customers leverage Altisource’s extensive offerings by utilizing the ‘One Altisource’ model, are great indicators of the potential growth he can help deliver while leading the Origination Solutions initiative.”

IndiSoft Taps Mark Sweeney For Chief Technology Officer

IndiSoft, a provider of technology solutions for the financial services industry, has tapped Mark Sweeney for the chief technology officer position. He is responsible for all technical and product strategy, development and support.

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“We are excited to have someone of Mark’s caliber join the IndiSoft team,” said Hans Rusli, CEO of IndiSoft. “We felt that Mark is a great fit for this role based on his experience and commitment to the evolution of technology in business. He is an innovative leader recognized for establishing and continually improving client relationships and developing application strategies.”

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Sweeney has more than 30 years of experience in the technology industry. He was previously senior vice president of service delivery at Bank of America and executive vice president of applications development at Countrywide Home Loans. Sweeney has proven experience in managing large technology organizations and delivering enterprise systems.

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“Mark’s organizational leadership, experience with governance processes, employee satisfaction and organizational metrics programs makes him ideal for this position,” said chairman and founder of IndiSoft, Sanjeev Dahiwadkar.

STRATMOR Explores The Practical Applications Of Blockchain

In the mortgage industry, one of the most talked about technologies of the last twelve months is Blockchain. In the July issue of STRATMOR’s Insights report, STRATMOR principal Andrew Weiss analyzes Blockchain’s potentially disruptive impact and its practical applications.

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In his article, “Connecting the Blocks: Practical Applications of Blockchain for the Mortgage Industry,” Weiss explains Blockchain through mortgage-related examples, including one that pictures the competitive landscape in 2026 if Blockchain is widely adopted. He illustrates this example with a graphic showing a future Blockchain origination workflow.

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“Proponents of Blockchain tell us that its potential to disrupt current mortgage business processes is just about limitless,” says Weiss. “For the mortgage lender, it presents four primary opportunities. It can improve data security. It could improve lender operational efficiencies. It could help lenders improve the borrower’s experience. And, for lenders that are early adopters, it could gain them a significant competitive edge through gains in operational efficiencies and cycle times.”

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“The mortgage industry is filled with inefficient and arcane processes to collect, verify, and securely transmit the information that makes up a mortgage,” says Weiss. “Today, the average loan takes 45-50 days to close from initial application by the borrower and an additional 20 days to be fully accepted and funded by the investor. Each added day in this process increases costs and the risk of a failed transaction; and these costs are ultimately passed on to the borrower in the form of higher interest rates and closing fees.

“While technology is often employed to streamline and increase the productivity of the mortgage origination process, the nature of the existing collection and verification of all the required information has made those attempts fail. In fact, the cost of origination has more than doubled in the last ten years, while productivity has significantly diminished,” says Weiss. “Especially, in a slow growth environment, as the cost to originate a loan goes up, profit margins compress and the industry pressure to implement new technologies that change how we do business continues to rise. Blockchain may be that technology.”

Because Blockchain is a potential disruptor, “mortgage executives need to know where to place their bets,” says Weiss. “While the upside payback potential for an early investment in Blockchain is real, such an investment is not without its downsides” and Weiss points out potential risks with the technology. These risks include “mustering the cooperation of participants, the potential for hidden flaws that typically exist in any relatively-new technology and the possibility that a new and better technology may come along relatively early.” “Nonetheless,” say Weiss, “there is also a real opportunity cost for watching Blockchain development from the sidelines; namely missing out on gaining a potentially large competitive advantage.”

In a second article, “The Borrower Experience: Ethnic Diversity Matters,” STRATMOR Senior Partner Dr. Matt Lind draws on data from a variety of sources, including STRATMOR’s MortgageSAT National Benchmark data, to offer lenders growth strategy ideas that center on borrower diversity in relation to the borrower experience. “Improving the borrower’s experience and creating an origination strategy that includes targeting emerging markets such as ethnically-diverse groups is a winning growth opportunity for lenders,” says Lind. To capitalize on this opportunity, Lind offers lenders six ideas for improving connections with borrowers.

Click here to download the July 2018 edition of STRATMOR Insights for much more. To sign up to receive the report each month, please click here.

About The Author

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.