SimpleNexus Recognized As A Top 500 Company By Inc.

SimpleNexus, a provider of enterprise digital mortgage solutions, was recognized as a top 500 company by ranking No. 359 in the recently-released 2018 Inc. 5000 List.

The recognition comes at a time of tremendous growth for SimpleNexus in both revenue and customer satisfaction. The company is known primarily for their private-label digital mortgage platform and mobile app. The platform connects mortgage lenders with borrowers and real estate agents, streamlining the exchange of data and documents for all parties throughout the loan lifecycle.

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SimpleNexus has 15 of the top 25 retail mortgage lenders in the US using its enterprise digital mortgage platform. Over $100 billion in transactions have flowed through the platform, and over 450,000 borrowers have used the SimpleNexus app.

The swift adoption of digital mortgage solutions is indicative of need for this service within the mortgage industry. “We are humbled by this recognition and acknowledge the direct role our lenders’ success using the platform has played in the significant growth we have experienced as a company,” stated Matt Hansen, SimpleNexus founder & CEO.

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More and more lenders are beginning to turn to a mobile-first approach for their digital mortgage solution, and as a result, more than 18,000 Mobile Originators™ are using SimpleNexus. The platform enables loan officers to close loans more quickly, increase realtor referrals, and gain a competitive advantage.

“The data shows that using SimpleNexus, originators can close loans up to 20 percent faster,” Hansen noted. With the ability to close loans quickly and efficiently, both lenders and borrowers are eager to switch to this mobile-first mentality for their digital mortgage needs.

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SimpleNexus joins the ranks of companies such as Intuit, Zappos, Under Armour, Microsoft, Patagonia, and other household names. Inc.’s 36-year history celebrates the unprecedented growth of American organizations from a multitude of industries.

“Companies that made the list, on average, have grown sixfold since 2014,” stated James Ledbetter, Inc. Editor-In-Chief. “During a stretch when the economy grew around 11 percent, that’s a result most business can only dream of,” Ledbetter continued.

Other inductees to the 2018 rankings include Peloton, Brooklinen, and PopSockets. All inductees will be recognized at the annual Inc. 500 conference and gala, which will take place in San Antonio, Texas, from Oct.17-18.

Indexing Best Practices Emerge

Nationwide Title Clearing, Inc. (NTC), a service provider to the mortgage and financial industry, announced today that Myron Finley, the firm’s Chief Legal Officer and co-chair of the Business Processes and Procedures Committee for the Property Records Industry Association (PRIA), was instrumental in leading a group of industry volunteers to complete work on PRIA’s Indexing Best Practices paper. Finley, along with his committee co-chair Kathi Guay, CPO and Register at the Merrimack County Registry of Deeds in New Hampshire, led a breakout session on the paper at the PRIA Winter Symposium held recently in Arlington, Virginia. The PRIA board approved the paper at that event. Here’s the scoop:

“One of the biggest challenges facing this industry in the last decade has been the migration of business records generally from those recorded on paper to those recorded electronically,” said Finley. “This has caused a shift in legal requirements, technology, document processing standards and compliance practices that have truly transformed nearly every aspect of public land records systems. These new best practices address this challenge.”

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The Indexing Best Practices paper was the first project the Business Processes and Procedures Committee took on after Finley joined the effort in 2013. A paper on the subject had been written by Carl Ernst, one of the early and pivotal members of PRIA, and approved by PRIA’s Board of Directors in 2002. However, considering the many pervasive technological changes since then, it was determined in the early summer of 2013 that the paper was due for an update.

As a result of a many-month-long examination of the subject by numerous volunteers from the PRIA membership, under the direction of Finley and Guay, the revised paper was presented at the Winter Symposium where it was adopted by the Board.

“PRIA works at the cutting edge of our industry, giving us all the tools we need to work together more effectively,” Finley said. “One of PRIA’s most important characteristics is its commitment to foster this discussion, and to apply the skills and resources of both the government participants and the business participants to the many challenges that face those intimately involved with public land records. I’m proud that our firm participates.”

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Finley was joined at the Winter conference by Brian Ernissee, NTC’s Director of Document Completion, who oversees the eRecording team. Under Ernissee’s direction, NTC has increased its eRecording capability to nearly 70% of total volume and established benchmark compliance systems in the areas of document review, legal document authorization (for states that require it) and signing authority.

“Recording documents in the public record has become a national industry, rather than a local one,” Ernissee said. “Many companies are challenged by the need to comply with the varying indexing systems and their accompanying rules in more than 3,600 recording jurisdictions nationwide. The need to do so slows the entire system and increases the costs of recording documents. To the extent recorders can work within an indexing model that is used broadly, documents can be recorded more swiftly and with greater confidence, and at a lower cost.”

PRIA is an organization with a unique voice in the land records industry that develops and promotes national standards and best practices. It builds consensus among divergent groups within the industry of what best practices are, and publishes the results to foster consistency and cooperation. It provides a forum where government agencies and commercial enterprises can work together to solve problems that are common to us all.

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It Doesn’t Have To Be Complicated!

The recent mortgage and housing crisis was in large measure a result of functional breakdowns of the two most important components of our housing finance system: qualification and valuation. For this reason, reforms have focused on these two components and have resulted in significant regulatory changes. Regulation of the appraisal process has been completely overhauled. Appraisal management software can be a major help or hindrance to lenders facing this new regulatory environment.

Among the key areas of focus within already enacted regulations, and within proposed changes still to be finalized, is creation of a comprehensive data record for each appraisal transaction. Every aspect of the transaction, from ordering, to appraiser selection, to appraisal performance, to communication among parties involved is subject to audit and review.

The question for each lender then becomes: Is your appraisal management process up to meeting the higher standards and providing protection from these new risks?

Software as a Service (SaaS) is a method of software distribution in which applications are hosted by a vendor or service provider and made available to customers over a private network or the Internet. Today many applications used by businesses and other organizations, except custom applications that provide unique competitive advantages, are being delivered as web-hosted services via a browser. Within the mortgage industry, SaaS is a very hot topic. SaaS has emerged as a replacement to older systems throughout the mortgage production-chain from Customer Relationship Management (CRM), to Loan Origination Systems (LOS), to appraisal management, to document preparation, to compliance and beyond. Why?

SaaS Advantage 1—Save Money and Shorten Implementation

SaaS applications are offered on a pay-as-you-go, subscription basis. This enables you to avoid the expenses associated with implementing traditional software. There is no need to buy hardware, software, facilities to house them, or to hire people to manage it all. Industry consultants estimate that the cost of implementing traditional enterprise software is four to five times the initial licensing cost.

Many implementation tasks associated with older systems are eliminated because the SaaS is already up and running at the vendor’s data center. This results in a shortened deployment time and a quicker achievement of positive ROI.

Key Takeaway: SaaS Appraisal management software provides cost savings and quicker productivity gains than the older systems or manual processes.

SaaS Advantage 2-Superior Data Management

The architecture of SaaS systems enables levels of customization, feature enhancement, patch deployment and external data interfacing that is vastly superior to older systems or locally installed software. Such capabilities greatly enhance the flexibility, and responsiveness of the system, while also offering superior data integrity, reporting abilities (providing operational visibility), record management and an overall risk reduction.

Key Takeaway: SaaS appraisal management software can easily be customized for a lender’s specific operational needs. Moreover, comprehensive reporting capabilities allow use of pre-set or completely custom designs in real-time without the need for re-programming, thereby dramatically improving responsiveness.

SaaS Advantage 3-Focus Technology Efforts on Competitive Advantages

The business processes within the mortgage industry must produce products that are largely identical to one another, regardless of which industry participants are involved. Consequently, it makes sense to utilize highly specialized, reliable and secure SaaS systems to ensure uniformity and compliance within origination (CRM, LOS, appraisal management, document preparation and compliance), closing, loan sales, securitization and servicing processes. Through the cost-effective use of SaaS software, a mortgage lender can reallocate from its technology budget to focus on those activities that provide unique competitive advantages.

Key Takeaway: SaaS appraisal management software can improve efficiency, effectiveness and compliance, while helping to return management attention to other activities that may yield better competitive advantage.

The adoption of SaaS appraisal management software is increasing at a rapid pace.  Lenders of all types are making the change to ensure that their appraisal processes are managed both to eliminate risk and to provide positive operational benefits. These benefits include cost savings, ease of implementation, productivity gains, appraisal operations visibility, customization and reduced oversight.

Is your appraisal management process up to the task?

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Video Insights: ENGAGE Panelists Talk Appraisal Compliance

*ENGAGE Panelists Discuss Appraisal Compliance*

***Over 100 executives gathered to discuss the future of the mortgage space at PROGRESS in Lending’s ENGAGE Event. In particular, panelists acknowledged that new rules can be hard to follow. Certainly when we talk about appraisals, for example, new rules have been hitting frequently. Regardless, there is a way to comply. Here are some ideas from the distinguished ENGAGE panel:


Technology Vendors Get Recognized

*Technology Vendors Get Recognized*
**Inc. Honors Our Peers**

***First, IndiSoft, a technology development firm that focuses on systems for the default services industry, said that Inc. magazine ranked the company number No. 695 on its annual Inc. 500|5000, an exclusive ranking of the nation’s fastest-growing private companies. IndiSoft ranked 34th in the Baltimore regional and 84th in the financial services category.

****“We are proud to make this year’s Inc. 500|5000 list for the third time, and it represents our continuous efforts to help the mortgage industry transform and better operate, communicate and look toward stability,” said Sanjeev Dahiwadkar, founder and CEO of IndiSoft. “We credit our team’s commitment to customer service and constant innovation for our recent success. To join so many outstanding, pioneering companies on this year’s Inc. list is truly an honor.”

****IndiSoft’s flagship product called RXOffice is a solution that provides customizable, document management, workflow and reporting functionality. The company’s MortgageRx solution gives servicers a consistent, compliant method to control key processes and manage all communications, documents and actions among multiple stakeholders in real time, tracking the overall audit review and interactive rebuttal process.

****“Now, more than ever, we depend on Inc. 500/5000 companies to spur innovation, provide jobs, and drive the economy forward. Growth companies, not large corporations, are where the action is,” says Inc. Editor Eric Schurenberg.

****In a stagnant economic environment, median growth rate of 2012 Inc. 500|5000 companies remains an impressive 97 percent. The companies on this year’s list report having created over 400,000 jobs in the past three years, and aggregate revenue among the honorees reached $299 billion.

****Also, Motivity Solutions, a provider of business intelligence software to mortgage firms, has been ranked as the 210th fastest growing company in Inc. magazine’s 31st annual Inc. 500|5000, an exclusive ranking of America’s fastest growing privately-held companies. Motivity’s ranking was based on achieving an increase in revenues of 1,736 percent over the three-year period of 2008 to 2011. Motivity is the 17th ranked software company on the Inc. 500 and number five overall in Denver, CO.

****The Inc. 500|5000 is a comprehensive look at the most crucial segment of the economy—the nation’s independent entrepreneurs. Some of the country’s top innovative companies such as Microsoft, Zappos, Intuit, Oracle, Vizio, Jamba Juice and Zipcar, gained early national exposure as members of the Inc. 500/5000.