TD Bank Launches New Digital Mortgage Experience

TD Bank has leveraged Roostify’s technology to provide customers with a digital mortgage offering. This digital experience combines the latest in lending technology with a human-centric approach that gives TD Bank’s customers an accelerated, low-stress path to home ownership.

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The deployment now provides prospective homebuyers with useful tools to assist them in finding a loan that fits their needs and budget.  Leveraging Roostify’s proprietary DecisionBuilder lead tool, TD Bank’s Digital Mortgage allows consumers to explore which loan products they qualify for, right from a simple-to-use web page. Consumers can then move on to apply for their chosen loan in minutes, and follow a streamlined, all-digital process for moving their loan through closing. With easy access to TD Bank’s expert loan team, homebuyers can enjoy both the convenience of a digital solution and reassurance of expert guidance as they navigate one of the most significant transactions of their lives.

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“Today we’re seeing consumers adopt digital offerings across all sectors. From filing taxes to managing investments to buying a car – consumers are doing these things completely autonomously and entirely online,” said Rick Bechtel, Head of Mortgage Banking at TD Bank.

“When it comes to a mortgage, it’s critical for prospective buyers to leverage both the digital and the human element. The digital aspect provides ease of use, while the human aspect provides expertise, and ultimately, peace-of-mind. By leveraging Roostify for TD’s Digital Mortgage, we’re able to provide borrowers with online capabilities in addition to face-to-face guidance and support. This is the game changer for today’s buyers – digital when they want to handle it on their own, and human when they need the help,” Bechtel continued.

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In addition to the improved online experience, the new solution rolls out enhanced tools to help TD loan officers connect with potential buyers. Using Roostify’s recently-announced integration with their customer relationship management application, TD Bank’s loan officers can easily manage their leads, freeing up more time to assist prospective buyers. Once a lead becomes an applicant, a bi-directional integration with TD Bank’s loan origination system allows loan officers to seamlessly track the status of the mortgage loan, who the participants are, and any outstanding requirements to move forward, helping their customers close on time.

“The new TD Bank Digital Mortgage improves the lending process for both consumers buying a home, and loan officers managing their clients,” said Rajesh Bhat, CEO and Co-Founder, Roostify. “Since the experience is built on Roostify’s API-based platform, it provides the flexibility to meet TD Bank’s business needs right now and in the future.”

Closing Rates Rise In October

Closing rates for all loans increased to 72.2 percent in October, the highest point in 2018 according to the October Origination Insight Report from Ellie Mae. This is up from 71.7 percent the month prior. Closing rates on refinances increased slightly to 64.9 percent in October, up from 64.4 percent the month prior, and closing rates on purchases held steady at 76.4 percent for the second consecutive month.

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In October, the average 30-year interest rate for all loans increased to 5.01 percent, also the highest in 2018 and up from 4.91 percent in September. The percentage of Adjustable Rate Mortgages (ARMs) increased to 8.2 percent in October, up from 7.2 percent in September.

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“As interest rates continue to rise, the percentage of Adjustable Rate Mortgages is increasing as homebuyers are looking to take advantage of the best rates from their lenders,” said Jonathan Corr, president and CEO of Ellie Mae. “Additionally, FICO scores remain the highest we’ve seen in 2018, indicating that lenders are not yet loosening credit availability to attract the shrinking refinance market. We’ll continue to watch this trend into the winter months.”

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Other statistics of note in October included:

>>The time to close all loans increased to 45 days in October, up from 44 days in September. Time to close a purchase loan increased to 46 days, up from 45 days in September, while time to close a refinance increased to 43 days in October, up from 42 the month prior.

>>The percentage of purchase loans dropped to 68 percent of total loans from 71 percent the month prior. Refinances represented 32 percent of total loans in October.

>>Overall FICO scores remained steady at 727 in October for the second month. LTV held at 79 for the third month while DTI increased to 26/39.

The Origination Insight Report mines data from a  sampling of approximately 80 percent of all mortgage applications that were initiated on the Encompass all-in-one mortgage management solution.

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Digital Lending Is Making a HUGE Difference

We talk a lot about how digital lending can and is improving the mortgage space. How do we know that? It’s not just theory. Digital lending is literally reshaping the world. For example,  Omidyar Network, the impact investing firm established by Pierre Omidyar, the founder of eBay, and BCG released a study showing that digital lending to micro, small, and medium enterprises (MSMEs) in India has the potential to disrupt the status quo in financial services, offering a meaningful market opportunity for both innovative startups as well as traditional lenders.

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“Credit Disrupted: Digital MSME Lending in India” highlights that digital lending to MSMEs is projected to increase between 10 and 15 times by 2023, to between 6 and 7 Lakh Crore ($80-100 billion) in annual disbursements. Combined with a largely level playing field in India, without dominant incumbents, a range of entrants and business models can be successful in tapping that market.

“Digital lending has the potential to propel the productivity of India’s MSMEs to global leadership,” said Roopa Kudva, partner and managing director, India at Omidyar Network. “As of 2018, most of the credit demand for $600 billion is being met through informal sources. And therefore, the report indicates that India stands on the cusp of a watershed moment and can serve as a case study for other nations to elevate the role of MSMEs in the economy.”

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India’s 60 million MSMEs–broadly defined as businesses with annual revenue up to INR 250 Cr (approximately $35 million)–make an enormous contribution both to India’s employment and its gross domestic product (GDP). Yet, they do so at levels far below that of other large nations, lagging 10 percentage points behind the US and 23 points behind China in GDP contribution. The primary reason for this gap is that these businesses often lack access to formal credit sources, which forces nearly 40 percent of Indian MSMEs to borrow from informal sources and pay interest rates that average 2.5 times higher than rates charged by the formal sector.

“Credit Disrupted” estimates that this scenario is set to change rapidly. While not all types of MSMEs are potential digital lending customers, more than 40 percent of them are more receptive to digital lending, thanks to three major shifts in the country.

First, government policies since 2016, including the Unified Payments Interface (UPI) launch and the 2017 Goods and Services Tax (GST), all have led significant numbers of MSMEs to formalize and digitize their businesses. Second, increased market competition since 2015 has led to a dramatic reduction in mobile data cost, driving significantly increased MSME connectivity. Finally, the maturing India Stack, along with API-based data availability, now allows for end-to-end digital MSME lending with loan approval times as short as one day.

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“With almost 60 percent of MSMEs borrowing informally today, MSME lending is set for disruption with massive growth in formalization and digitization,” said Saurabh Tripathi, senior partner and director and Asia-Pacific leader, Financial Institutions Practice at BCG. “Easier and cheaper credit through digital lending has the potential to trigger a virtuous cycle for formalization: up to 85 percent of MSMEs could be formal by 2023.”

As MSMEs connect and generate digital data, a majority indicate they are comfortable sharing data digitally; over 60 percent expect to have significant digital payment streams in the next three years. This digital data stream provides lenders with critical information they can use to make appropriate underwriting decisions.

“This report shows several factors coming into alignment to make digital lending a financial tool of choice by millions of Indian MSMEs,” said Anuradha Ramachandran, investments director at Omidyar Network. “All it will take is for lenders, whether they are FinTech entrepreneurs or established players, to find the right business models to meet the market needs.”

The report identifies a number of such business models. Platform partnerships between digital lenders and platform-based businesses, such as e-commerce enterprises, online aggregators, and payment providers, can help digital lenders acquire MSMEs transacting business on the platform, as well as provide better underwriting data, and at times, facilitate repayments.

Another option is supply-chain partnerships between digital lenders and supply-chain aggregators, such as auto parts manufacturing, which can also help with customer acquisition, provide cash flow data for underwriting, and facilitate loan repayments. Direct-digital models, using lender digital assets to acquire customers, is a third option that leverages India’s consent-based public digital infrastructure to access customer data for underwriting.

In addition to lenders working to meet MSME needs, the government can continue to support this transformation by moving toward a seamless tax data-consent process, enabling online access to collateral records, and revamping government loan-financing programs.

More information can be found in the report at

Former Fannie Mae Policy Leader Joins Class Appraisal

Class Appraisal, a nationwide provider of real estate asset valuation and appraisal management solutions to the residential mortgage market, announced today that Julie Jones, an industry veteran with over 18 years of diverse mortgage expertise, has joined the firm as Senior Vice President of Valuation Transformation and Engagement, reporting to the Chief Innovation Officer, Scot Rose.

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Most recently, Jones was a member of the Collateral Policy and Strategy team for Fannie Mae where she led broader outreach for the team’s initiatives, including Appraisal Process Modernization. Jones successfully forged relationships with stakeholders through an open line of communication, collaboration, and transparency. In her tenure at Fannie Mae, Jones also served as a national review appraiser and as a Subject Matter Expert for Collateral Underwriter, appraisal policy, and various internal applications and procedures.

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“The company is strategically investing in industry veterans that can help shape the future of the valuation industry, and Julie is an important part of that effort,” said Class Appraisal Chief Innovation Officer, Scot Rose. “In her new role, Julie will help develop innovative solutions and facilitate market adoption of those solutions through training, education, and engagement with all stakeholders.”
Jones has comprehensive experience in real estate and collateral valuation. She began her career as a practicing appraiser and REALTOR in North Carolina and has retained her certification as a residential appraiser.

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“The company’s new Innovation Organization will focus on much needed research and development in the valuation space,” said Jones. “Hearing their vision for the future of our industry made this an opportunity I simply couldn’t pass up. I’m very excited to get started and help spearhead that change.”

CoreLogic Launches New Valuation Solution To Help Lenders Reach More Consumers

CoreLogic has introduced Total Home Value for Consumers automated valuation model (AVM) solution. This is the latest addition to the CoreLogic Total Home Value AVM suite – AVMs that incorporate new technologies to help deliver more accurate values and are designed to specific business needs.

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Total Home Value for Consumers is an automated valuation model designed for mortgage lenders and online real estate information providers, allowing them to use their own website to provide consumers with the same AVM information used in the lending process. Since consumers often rely on third-party providers to get an idea of their home value, integrating this solution on their own sites will allow lenders to start their relationships with potential clients earlier in the process, potentially gaining new business and helping increase customer satisfaction.

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Total Home Value for Consumers is a part of the CoreLogic Total Home Value suite – a new approach to automated valuation models made to simplify your AVM selection process. Currently, AVMs are designed with broad applications meaning that businesses may be using AVMs that are not ideal for their intended purpose. With Total Home Value, you simply choose the solution that best fits your business case (Portfolio Monitoring, Marketing, Consumer, etc.), and you will get an AVM solution designed specifically for that need – no more guessing which AVM to use.

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“Total Home Value for Consumers is the latest in our ongoing efforts to transform the way AVMs are used and delivered,” said Ann Regan, executive, product management, Collateral Solutions for CoreLogic. “Mortgage professionals, Financial Services providers, and anyone looking to provide extra value for their customers, can now offer a high-quality AVM on their website, helping establish a relationship and building trust with potential prospects or existing users.”

CoreLogic Integrates 4506-T Direct With INTEGRA’s LOS Platforms

CoreLogic has announced that their 4506-T Direct Income Verification Solution is now available on INTEGRA Software Systems’ legacy Destiny Loan Origination System (LOS) and INTEGRA’s web-based EPIC LOS. When combined with the previously existing CoreLogic integrations of the Instant Merge credit report, Flood Determination services, LoanSafe Risk Manager fraud solution and the Mercury Network valuation technology platform, this new integration provides INTEGRA users with a more complete solution offering from a single provider.

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The IRS 4506-T form is used by lenders to retrieve tax return information to verify a potential borrower’s income. Featuring one of the most rigorous quality control processes in the industry, the CoreLogic 4506-T Direct service minimizes submission errors and decreases verification turnaround times with the IRS, helping reduce customer costs associated with income verification. CoreLogic can accept both wet and electronically signed 4506-T forms.

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“The inclusion of 4506-T Direct on INTEGRA’s Destiny and EPIC Loan Origination Systems continues our mission of providing mortgage professionals with the most comprehensive suite of products on the most innovative platforms in the industry,” said Kevin Mullins, principal, business development for CoreLogic. “Additionally, with this new integration, INTEGRA LOS users will now be able to better streamline their workflows with a more complete solution offering from a single provider.”

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INTEGRA Software Systems’ web-based EPIC, loan origination system, spans point-of-sale through post-closing and secondary marketing for lenders interested in efficiencies gained from automating every step of their loan workflow.

“Since 1996, INTEGRA Software Systems is proud of its commitment to bring the very best software tools to our customers,” said Jerry Pratt, president, INTEGRA Software Systems. “In an effort to constantly add value for our clients nationwide, we are pleased to expand our CoreLogic offerings with the availability of the CoreLogic 4506-T Direct solution.”

Act! CRM Introduces Marketing Automation Built For The Financial Services Industry

Swiftpage, the provider of Act! CRM software has launched the next generation of Act! which marries proven CRM with powerful marketing automation. The new Act! represents a significant step forward, both for Swiftpage and the broader financial services market, and is available in English in North America, the United Kingdom, Australia, and New Zealand this week.

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The new Act! is purpose-built for SMBs and includes rich customer management, dynamic sales pipeline management, powerful marketing automation, actionable business insights, and integrations with hundreds of business optimization applications.

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“Just like big enterprises, in order to stay competitive, small businesses are always looking for ways to improve customer engagement, drive retention, and increase loyalty through repeat business,” said H. John Oechsle, president and CEO of Swiftpage. “With the introduction of Act! Marketing Automation to the portfolio, we are now able to provide our customers with the ultimate toolset to drive business growth.”

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What’s New in Act!

Powerful Marketing Automation

Act! subscribers now have access to a single integrated platform combining CRM and marketing automation, allowing them to optimize all the ways they communicate with prospects and customers to maximize engagement and drive business growth. Act! Marketing Automation delivers comprehensive campaign management, a visual workflow designer to map out the perfect customer journey, real-time response metrics, and time-saving CRM workflow to fuse marketing and sales efforts.

Dynamic Sales Pipeline Management

Users can now manage their sales pipelines more effectively and intelligently with dynamic pipeline management tools, including an interactive sales funnel, in context KPIs, an actionable sales pipeline with drag-and-drop capabilities, and advanced filtering.

Subscriber Exclusive Enhancements

Act! delivers a number of additional valuable subscriber-exclusive enhancements driven by customers.

The Act! Growth Suite

For new users, Swiftpage’s SMB-focused Act! Growth Suite, delivers Act! Marketing Automation and Act! CRM, on a single, integrated platform, at a great introductory price. Active Act! CRM subscribers will also benefit from an introductory price when taking advantage of the new, integrated Act! Marketing Automation as a part of their current subscription.

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Mortgage Payoff Statements Becoming Gateways To Fraud

Fraud perpetrators are increasingly initiating wire fraud scams by targeting the industry practice of emailing or faxing payoff requests to title and escrow companies, according to a new white paper from CertifID.  As a result, the company is observing a breathtaking increase in the use of “spoofed” mortgage payoffs and fraudulent payoff statements to pull off wire fraud schemes.

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This disturbing trend is analyzed in Mortgage Payoffs Under Siege, a free, online white paper published by CertifID CEO/Co-Founder Thomas Cronkright, author of multiple reports on the burgeoning wire fraud trend. According to the white paper, over $1 trillion in mortgages are paid off each year; with most done so by wire. Traditional mortgage wire fraud scams usually began with a fraudster deceiving a buyer or key party to the transaction into believing that imposter was a key party to the transaction (such as the seller); then changing already established wiring instructions (with the funds then being diverted to the scammer).  Now, fraudsters are deceiving title companies by issuing counterfeit mortgage payoffs and wire instructions from the start.

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“Fraudsters now understand that it’s not that hard to ‘spoof’ or imitate an authentic payoff statement—and that statement is the ultimate authority for title or escrow companies awaiting official wire instructions,” said Cronkright.  “As a result, the agent’s guard is down and, once the fraudulent payoff statements are received by fax or email, the funds are quickly and mistakenly wired directly to the criminals.”

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Cronkright notes that this new wrinkle directly attacks the conventional best practice which marks any change to wiring instructions as a red flag. “Now, the fraudulent directions are often the first instructions the escrow or title agent even sees.”

The white paper describes five emerging examples of payoff fraud, including how the schemes work and what title and lending professionals can do to identify and prevent them.

The white paper can be downloaded at no cost at

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Co-Issue Trading Solution Emerges

Blue Water Financial Technologies has developed an electronic co-issue pricing and trading platform, MSR-X. Blue Water is introducing  the first of its kind, cross investor and fully integrated web-based technology solution for co-issuing purposes that allows lenders and investors to view portfolios and transactional data in real time.

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A Technology Driven Financial Innovation

“This technology is long overdue in the industry. MSR-X is a game changer – it’s a true one-stop shop for liquidity,” said Al Qureshi, Senior Managing Partner at Blue Water. “Our founding principles seek to integrate technology and price transparency to drive better outcomes for our clients and MSR-X is a testament to that. This platform will drastically change how MSRs are transacted in the secondary market. Originator demand has been strong and we’re confident this innovation will solidify its foothold in the marketplace.”

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Addressing Cost Pressures for Originators while Creating Liquidity

The platform brings greater efficiencies to the co-issue process and lowers costs for both investors and originators by reducing any manual input of pricing and increasing the immediacy of information. Buyers and sellers can access MSR-X via the web and view information in real-time. MSR-X uses a single platform across investor types to mitigate timing risk, providing a real-time way to adjust pricing for changes in rates. Further, cost-minded originators can use the platform to reduce margin exposure, lower costs and streamline their secondary market operations.

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Upending the Traditional Broker Model

With the introduction of MSR-X, Blue Water also switches the paradigm in terms of the way business was previously conducted. Originators don’t pay to participate, rather, the investors do. In return, the investors obtain transactional data, they have better yield certainty through the purchase process and much of the administrative paperwork has been simplified. Investors can dynamically manage their appetite for MSR and even upload a daily grid based off of the types of MSR they would like to purchase. Originators are able to access buyer-side liquidity with no cost. “I see offering liquidity and price transparency in a free venue for originators as something your typical originator just can’t afford to overlook – especially in this rate cycle,” said Jason Sweeney, Director of Business Development at Blue Water.

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Banking Compliance Index Holds Steady In Q3

The Banking Compliance Index (BCI) remained steady in Q3 2018, after nearly doubling from Q1 2018 to Q2 2018. The spike in regulatory activity from earlier this year demonstrates the significant impact of regulatory relief bill S.2155, which contained over 50 separate regulatory changes. Even though regulatory relief has been promised, financial institutions still have not experienced any regulatory lift.

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“The sustained increase in regulatory activity compared to the beginning of the year reinforces that banks and credit unions have yet to feel any concrete relief resulting from bill S.2155,” stated Pam Perdue, Continuity’s chief regulatory officer. “During Q3, institutions were once again faced with reading, analyzing and interpreting a significant number of pages and regulatory material, costing too many resources and employee hours. This is simply too much burden for the typical financial institution to reasonably maintain with manual processes.”

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The Banking Compliance Index, published quarterly by Continuity’s Regulatory Operations Center (ROC) quantifies the incremental burden on financial institutions in keeping up with regulatory changes. The typical community financial institution needed more than one full-time employee (1.05) just to keep pace with regulatory changes, not including the resources institutions are already dedicating to regulatory and compliance efforts.

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There were 59 issuances delivered between July 1 and Sept. 30, 2018, on par with the 61 issuances the previous quarter. Compliance costs at the typical institution averaged $15,534, and 304 hours were required to comply per institution.

“The last quarter of the year is typically the busiest in terms of regulatory activity, and we expect that trend to continue as 2018 comes to a close,” Perdue explained. “To complicate matters further, the upcoming midterm elections have the potential to significantly shake up the regulatory landscape, prompting even more work for banks and credit unions. Bankers must find ways to stay proactive and automate large portions of their compliance management, or they risk falling behind. Savvy institutions are looking to regtech partners and technology to boost efficiencies, reduce employee time dedicated to compliance and streamline the overall compliance management process.”