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Pavaso Names Tim Anderson SVP Of Business Development

Pavaso announces that Tim M. Anderson has been named senior vice president of business development. In this role, he is responsible for developing products, strategies and relationships that drive adoption of Pavaso’s suite of digital products and services.   


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Anderson is well known in the mortgage industry for his advocacy and promotion of innovative technologies that enhance the mortgage process. He brings over 35 years of industry experience on both the lending and vendor sides of the business. Andersonunderstands the demands of the constantly changing mortgage industry and delivers solutions that improve efficiency, reduce costs and increase stakeholder satisfaction across the mortgage lifecycle. 


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Prior to joining Pavaso, Anderson was director of eStrategy and services for a software company specializing in compliant loan document production and delivery. He previously held executive management positions with a national title insurance company and several large financial and technology companies, where he executed strategies to expand eCommerce and support digital transaction management. Anderson is the founder of eMortgage Alliance which promotes MISMO standards for delivering legally compliant paperless processes.   


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Anderson is an active member of the MBA Residential Technology Committee, MISMOeMortgage Workgroup, Electronic Records and Signature Association and the ALTA Technology Committee. He also serves on the vendor technology advisory committees for two government-sponsored enterprises. Anderson has served on MBA’s Board of Technology, eMortgage Adoption task force and MISMO Governance Board, as well ason advisory boards for the Financial Services Housing Roundtableand one of the largest technology information companies in the world.


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Plano, Texas-based Pavaso is transforming the mortgage process with innovative digital mortgage closing technology that facilitates easy, convenient and streamlined closings. The Pavaso platform offers a single, collaborative, secure portal that promotes transparency, efficiency, consumer education and communication in a seamless format that delivers value to every stakeholder involved in the transaction. 

Partnership Simplifies Disclosure Management

Digital mortgage provider Maxwell has released its disclosure management platform, which enables borrowers to securely access, review and sign loan disclosure documents directly within the Maxwell experience. The launch partner for Maxwell’s disclosure platform is Docutech, a provider of document, eSign, eClose and print fulfillment technology. Maxwell’s disclosures platform enables a seamless borrower experience while expediting compliant disclosure collection for lenders.


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In partnership with other mortgage technology providers, Maxwell’s digital mortgage platform is designed to simplify and consolidate the mortgage lending experience for borrowers, providing an unparalleled user experience that reduces complexity and accelerates time-to-close. 


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“While digital mortgage technology has vastly improved the mortgage experience in recent years, disclosures have long remained a detractor for borrowers in an otherwise streamlined lending experience,” said Lindsay Hunt, Head of Product at Maxwell. “We’re thrilled to continually to remove complexity for borrowers and the lending teams they work with every day.”


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With the release of the disclosures platform, borrowers working with Maxwell-empowered lenders can now review and sign disclosures directly in Maxwell from their computer, tablet or smartphone. 

“Our goal has always been to create a centralized, relationship-driven mortgage experience so that borrowers receive a consistent digital experience from application to clear to close,” said John Paasonen, Maxwell’s co-founder and CEO. “Our partnership with Docutech takes us one step closer to that goal by allowing us to offer an efficient, compliant loan origination process that meets the expectations of digitally savvy borrowers.”

A recipient of Progress in Lending’s 2018 Innovation Award, Maxwell’s platform powers mortgage lenders with a modern digital workspace that digitizes and automates key aspects of the home-buying experience, integrating with thousands of financial institutions and leading mortgage technology providers to streamline the lending process. Today, hundreds of lending institutions across the United States use Maxwell to close loans more than 45 percent faster than the national average.

SecurityNational Mortgage Implements A Fully Paperless Closing Process

SecurityNational Mortgage Corporation (SNMC), an independent national mortgage banker, has successfully rolled out DocMagic’s comprehensive Total eClose platform. Since rolling out Total eClose in September, SNMC has reduced borrower time at the closing table to as little as 15 minutes, and become one of the first national lenders to offer a true eClosing solution that involves no paper whatsoever.


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It has dramatically sped up the closing process, ensuring accuracy and loan quality, and delivering newfound efficiencies for borrowers, notaries and settlement providers. Total eClose enables SNMC’s customers to preview documents prior to closing, eSign all documents, and complete both remote and in-person eNotarizations. As a result, SNMC is now positioned to capture more market share, reduce operational costs, expedite closing times and elevate the borrower experience.


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“Our goal was to perfect a completely digital eClosing process, not to be just another lender offering a basic hybrid closing,” said Steve Johnson, president of SNMC. “Achieving our goal required a powerful end-to-end technology, a perfectly executed seamless implementation, and an intuitive interface that everyone—staff, settlement service providers and borrowers—could use immediately, without a steep learning curve. We got that and more with DocMagic. Plus, the DocMagic implementation team was with us all the way. We never had to worry about a thing.”  


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The two companies approached the project as partners to ensure swift adoption and a quick understanding of the new workflow-driven eClosing process for both SNMC’s staff and customers. DocMagic worked hand-in-hand with the lender, leveraging its vast eMortgage expertise to help sculpt a unique strategy and a successful go-to-market launch. Unlike other document and eClosing solution providers, DocMagic takes an ultra hands-on approach to implementations, from developing the project roadmap, to training all parties—such as staff, title agents and notaries—to synchronized testing of each facet of the Total eClose platform.

“Our implementation teams function like expert consultants—we work very closely with each client, guiding them literally every step of the way,” said Dominic Iannitti, president and CEO of DocMagic. “There is a huge number of moving pieces in an eClosing solution. As a single source solution, we have intricate knowledge of every one of them, so there are none of the issues that plague other providers—not only immediately after the implementation, but over the long haul as well. In contrast, lenders who choose incomplete or cobbled-together eClosing technologies may have to hit the restart button within 12 to 18 months and search for a comprehensive solution.” 

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Evaluating An OCR Solution for Mortgage Documents

Today there are many OCR technology options available to assist in the automation of mortgage loan processing.  Some solutions are well marketed and low cost with great claims of vast libraries of rules and an ability to provide tremendous results. Unfortunately, the reality is that OCR technology users and prospects are often disappointed in the results of current and past OCR evaluations and initiatives.  So, they’re understandably cautious and untrusting. To overcome much of the confusion and disappointment, a better evaluation process in many cases may go a long way towards greatly minimizing the risks involved in choosing an OCR technology vendor.


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In order to quickly understand an OCR technology and its capabilities, a blind test with several sample files should be considered the gold standard for an evaluation.  This is especially true when it comes to the challenges presented with the many and varying document types and quality levels of document images found in the mortgage industry.  Asking vendors if they are willing to perform a test on a never before seen sample set of typical loan files on siteand in sightof your evaluation team, is a good first step in shortening your list of viable vendors for your project.


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The test is often conducted on-site, rather than at a vendor’s facilities, due in part to the typically confidential nature of the content, but to also minimize concerns about the possible skewing of any results behind the scenes.  Look for a pre-built mortgage OCR library which can offer clients a short evaluation and implementation timeline rather than a requirement to develop processes and rules from the ground up.  Ideally, an evaluation should be setup as a One-Day Blind Test.  This kind of test is intended to demonstrate the validity of vendor claims so that prospects can be assured that they are considering a proven, robust and scalable solution ready to deliver productivity improvements in weeks rather than months or years.


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In the course of a One-Day Blind Test, provided loan files should be indexed by document type and 50-100 data fields should be extracted from various key documents like the Note, Deed of Trust, Closing Disclosure, and Appraisal.  Output results should be provided along with statistical reporting describing automation and processing times.

Unfortunately, many companies base their buying decision primarily on price, only to be disappointed with the lack of true out-of-the box mortgage-specific functionality offered by the product.  In other cases, great claims are made regarding OCR automation, with the reality being something less impressive.  

For qualified opportunities, Paradatec has been performing this process which enables prospective clients to quickly understand the overall levels of automation and speed improvements they will be able to achieve with their technology.  Paradatec calls their evaluation the One-Day Blind Test Challenge.  

Paradatec’s Advanced OCR solutions offer significant efficiencies for classifying large quantities of differing document types and extracting key data elements from those documents.  In the mortgage market, these capabilities allow for the quick and accurate identification of over 500 unique documents in the typical mortgage file, along with capturing nearly any data element from those documents that an organization requires.  For more information, please visit www.paradatec.com.

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Millennial Homebuyers Meet Digital Mortgages

Millennials are all about being quick and efficient; They don’t waste time filling out handwritten paperwork or writing letters anymore. This is mainly due to the fact that they’re more accustomed with the digital era than, say, the Baby Boomer generation. The same idea goes for buying a house; they won’t want to waste time putting pen to paper on a 1003 application, driving to and from a mortgage office and their bank hunting down documents. 


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According to the National Association of Realtors, Millennials make up thirty-six percent of today’s homebuyers to be exact. More specifically, sixty-five percent of these buyers were first-time homebuyers. This number will only continue to grow as more move on from rental properties. Due to the increasing number of Millennials who are buying homes today, it is critical for lenders in the mortgage industry to direct a large amount of efforts towards their demographic. As the number of millennial homebuyers grow, lenders need to be taking the necessary precautions to keep them satisfied throughout the home buying process.


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With that being said, paper 1003 applications are fading into the background as homebuyers want something that’s almost instantaneous. Digital point-of-sale (POS) applications seem to be growing in popularity amongst homebuyers and lenders combined. Not only do they reduce operating and origination costs, but they require much less work. 


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With convenient loan portals on lenders’ websites, homebuyers are able to successfully submit important documents and communicate directly with their loan officers. This takes away the back and forth between the buyer and the bank. POS applications are also sometimes set up to only provide the borrower with questions that apply to them, allowing abandonment rates to significantly decrease, with lenders closing more loans. Thus, keeping lenders and homebuyers happy. 

In addition, POS applications and mortgage websites will have to be mobile responsive because not all Millennials bother with having a desktop computer anymore. According to Statista, approximately 2.53 billion people have smartphones today. Some of these individuals feel that there is no point to own a computer when their smartphone has all of the same capabilities. They also want to be able to electronically sign documents online without making a wasted trip to the bank. In addition, it is imperative to have an automated verification system for things like assets, employment, and income, to make this process even easier.  This is a big part of digital mortgages, as the consumers don’t want to do more than they have to.  Therefore, a homebuyer must be able to apply for a mortgage whether they’re on the go or sitting right at home. 

All in all, it’s important to remember that there’s going to be a point where Millennials and Generation X members, whose lives have revolved around electronics, engulf the entire mortgage industry. The time is now to start making the necessary changes in order to keep potential homebuyers pleased, before the system becomes too outdated. The world is changing all around us, and lenders are going to have to make every effort to keep up. Digital mortgages are what Millenials are really waiting for–quick, efficient solutions. 

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Dave Ard Joins Ellie Mae As SVP Of Enterprise Sales

Dave Ard has joined Ellie Mae as senior vice president of enterprise sales. In this role, Dave will manage the enterprise team of account executives and relationship managers responsible for providing digital mortgage technology to the largest lenders across the United States.


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Prior to joining Ellie Mae, Dave held various leadership and management roles at First American Mortgage Solutions. Most recently he served as senior vice president, sales and business development where he led the client executive team of representatives across top clients and designed and implemented the “Solution Executive” framework where he hired and led a team of solution and business development representatives to drive solution-level focus and accountability. He also led and integrated the partner and channel sales effort across multiple product lines and acquisitions. Before First American Mortgage Solutions, Dave held roles at CoreLogic, including senior vice president of Business Development, Client Executive and Senior Vice President of Mortgage Analytics. Dave began his career at Intel Corporation. He holds a Bachelor of Science in Managerial Economics from the University of California, Davis.


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“Dave has a proven history of leading successful sales teams and knows the mortgage market well,” said Jeff Benjamin, senior vice president of sales and client management, Ellie Mae. “Going forward, Dave will be responsible for driving the sales and relationship management strategy with a focus on the largest lenders as Ellie Mae drives toward our North Star of automating everything automatable for the residential mortgage industry. It is an opportunity to help these lenders succeed and grow Ellie Mae’s market share.”


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“This is an exciting time to join Ellie Mae,” said Dave Ard. “The digital mortgage is a game-changer for all lenders as they strive to compete in today’s changing market. The Enterprise segment has so much to gain from the efficiencies, cost savings and fast return on their technology investment as they turn to Encompass to close more loans, close loans faster and reduce their cost of origination. I look forward to working alongside a great team to bring the promise of Ellie Mae’s true digital mortgage to the country’s largest lenders.”

NewDay USA Awards Scholarships To Children Of Servicemembers

NewDay USA, a nationwide VA mortgage lender, has announced that it is extending its military prep school scholarship program criteria to include children of soldiers and National Guard members with a successful deployment record in the Global War on Terror (GWOT). NewDay USA scholarships were initially reserved for children of Gold Star families and the children of a 100 percent disabled combat Veteran.  


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“Overseas deployments put a huge strain on military families, both personally and financially. We want students to get a great military education and not have their families worry about the cost during such a time,” said Rear Admiral Thomas Lynch USN (Ret.), Executive Chairman of NewDay USA.  


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On December 3rd, NewDay USA awarded its 50th full military prep school scholarship to Kathryn Lilyanne Bailey to attend Georgia Military College Preparatory School (GMC Prep) in Milledgeville, Georgia. Kathryn, a sixth-grader at the school whose father is a 100 percent disabled combat Veteran, was awarded a scholarship that will pay her tuition until she graduates 12th grade. Her brother Jacob is also a recipient of this scholarship. 


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“We are just blown away by the generosity of NewDay USA and their support of our soldiers and their families,” said Brigadier General Randall Simmons, Commanding General of the Georgia National Guard. “Providing these scholarships does so much for our deployed soldiers, who now have increased confidence that their children are getting a quality education back home so they’re able to focus on the mission at hand. We couldn’t be more thankful for NewDay’s generosity and expanding their scholarship program to the children of GWOT Veterans.”

Kathryn Bailey was awarded the scholarship just as the Georgia National Guard 48th Infantry Brigade Combat Team (IBCT) was about to be deployed to Afghanistan. The scholarship is good for the entire time she attends GMC Prep. “As the beneficiary of a JROTC education, I know personally how important such an education is in building America’s leaders of tomorrow,” said NewDay USA CEO Rob Posner. “Expanding our scholarship program to the children of those who have served our country during the Global War on Terror (GWOT), is one of the most important things we are doing as a company.” 

The NewDay USA Foundation has now awarded 50 full scholarships to students at 13 military prep schools in 11 states, including 13 scholarships to GMC Prep School cadets since 2016. NewDay USA has also donated $1 million to the GWOT Memorial, currently under construction in Washington, D.C.

“It’s absolutely incredible what these scholarships do for these families,” added Lieutenant General William B. Caldwell, IV, President of Georgia Military College. “We are incredibly appreciative of NewDay USA. Their commitment to Veterans is so special.

Mortgage Cadence Enhances Enterprise Lending Center Through Integration With Radian

Mortgage Cadence, an Accenture company, has integrated Radian’s mortgage insurance service into its Enterprise Lending Center solution, further expanding on-platform access to top-tier services.


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Enterprise Lending Center (ELC) facilitates lending in all forward and reverse mortgage channels and across all mortgage products, including home equity. Through the Radian integration, Mortgage Cadence clients can quickly obtain Radian MI rate quotes, order insurance, and receive order status updates without ever leaving ELC.


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“At Mortgage Cadence, our goal is to help our clients connect to the providers they want to work with and operate at optimal efficiency,” said Brian Benson, executive manager of services at Mortgage Cadence. “This integration extends our provider network and offers direct, on-platform access to Radian’s mortgage insurance services.”

The integration centralizes all data and documents related to the mortgage insurance transaction and stores this information within ELC to avoid rekeying of information from external sites. This single-system approach benefits lenders by eliminating the risk of human error, reducing labor and accelerating loan closing.


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“Radian’s integration with Mortgage Cadence is a testament of our commitment to making it easier for our customers to do business with us,” said Brien McMahon, chief franchise officer, Radian. “With this integration, customers can obtain accurate Radian MI rate quotes with greater speed and accuracy, while continuing to focus on their business.”

CUNA Mutual Group Acquires CSi

CUNA Mutual Group announced the acquisition of Grand Rapids, Mich.-based Compliance Systems, Inc., a privately-held technology company specializing in compliance technology for financial services, to expand the company’s lending technology capabilities.


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Compliance Systems is a provider of financial transaction technology and compliance expertise. The company provides technology that enables delivery of loan, deposit, and other transaction content in adherence with compliance regulations. Compliance Systems’ solutions complement CUNA Mutual Group’s long-running LOANLINER business that credit unions utilize to stay on top of regulatory changes related to their transaction content.


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“Our vision is to transform and modernize our existing document services, elevating our ability to support the needs of credit unions through a simpler and more accessible solution for our customers,” said Robert N. Trunzo, CUNA Mutual Group president/CEO. “At the same time, Compliance Systems will continue to expand and grow within the banking and lending industry that they serve today.”


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With more than 25 years of experience, Compliance Systems currently supports content configuration, data analytics, and compliance risk management for more than 1,400 U.S. financial institutions with a warranty to cover all 50 states and the District of Columbia.

“The opportunity to bring our solutions to more than 5,600 credit unions, on top of our current growth trajectory in the industry, provides us with a path to grow very rapidly,” said Dennis Adams, president/CEO, Compliance Systems.

ARMCO Boosts QC Process Efficiency And Security

ACES Risk Management (ARMCO), a provider of enterprise financial risk management solutions, has announced new product enhancements that increase QC process efficiency and security for lenders and servicers using its auditing platform, ACES Audit Technology. The top features of this upgrade include the addition of single sign-on capability, and integration with DataVerify.


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ACES’ new single sign-on capability enables users to access ACES using the same login credentials and password they use to access their company computers—a feature of particular use to enterprise-level organizations.

“Our clients have realized that using ACES as their testing and compliance platform across the enterprise brings standardization and cost savings,” said Phil McCall, president of ARMCO. “Our addition of single sign-on allows our enterprise clients to integrate ACES as part of their suite of corporate applications utilized by one single login and password.”


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ACES’ new direct integration with DataVerify enables users to order DataVerify’s data verification assistance services directly from the ACES platform. It also transfers data directly from the loan file, and automatically files the DataVerify reports into the appropriate area, eliminating the security risks and errors that can result from rekeying and transferring information manually.


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“Lenders and servicers often contract staff in declining markets, like the one the industry is currently facing,” said McCall. “As we found through the most recent ARMCO Mortgage QC Industry Trends Report, this can put them at risk of errors and other quality issues. This upgrade further helps assuage the challenges that can occur when lenders and servicers downsize and reorganize.”

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