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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.”

Taking LOS Integrations Further

By now, most lenders can agree that there are countless benefits to integrating their Loan Origination System (LOS) with a technology provider’s software. For one, it eliminates the front-end data entry of having to visit multiple vendor websites and rekeying data they have already entered into the LOS. With a true “lights out” integration, the lender doesn’t have to ever leave the LOS; they can order everything they need within one system, saving valuable time.

In addition, LOS integrations eliminate copying and pasting on the back-end of the process once the order is complete. When the report is delivered back to the lender, not only is the PDF imported to the “manage files” section of the LOS, but key data elements populate important data fields. When done correctly, the LOS automatically populates the legal description and vesting information from the title work, the value of the property from the Automated Valuation Model (AVM), desktop valuation or appraisal, and valuable flood zone and HMDA data from the flood certification. Populating these key data fields saves the lender from copying, pasting or rekeying the information into the LOS. It also mitigates the risk of potential human errors associated with manual data entry; for example, the “w” and “e” keys, located right next to each other on the processors keyboard, could be accidentally keyed incorrectly which would present a problem for legal documents and recordation if “E. MAIN ST.” inadvertently becomes “W. MAIN ST.”

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Lenders partnering with a provider that enables a true “lights out” LOS integration surely experience benefits. However, if their provider is not a middleware aggregator, they are still missing out on ways to improve their loan processing. By partnering with an aggregator, lenders can take their LOS integration a step further and distinguish themselves among competition.

In most LOS integrations, a technology provider integrates into a lender’s LOS in order to enable access to their own brand of products and services. An aggregator, on the other hand, provides lenders access to all brands within one platform. Even if a lender wanted to integrate with multiple providers, the process to include all of their vendors could take months to complete. With an aggregator, lenders can go live with hundreds of vendor choices available to them on day one.

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Some aggregators even give lenders the ability to add their own vendors that may not be integrated with the aggregator; such as small, local title companies or appraisers. With User Defined Vendor (UDV) technology, the lender selects which vendor they would like to utilize and the aggregator delivers the order to the preferred vendor. Local vendors looking to access an aggregator’s system on the back-end can easily upload their documents to the system with data elements and the PDF so that the aggregator can convert the forms to XML and deliver them back into the LOS. UDV technology enables lenders to add their preferred companies into their LOS in days as opposed to months.

Another important tool that lenders should look for when choosing an aggregator is escalation intelligence. This type of technology programs the systems to automatically know what the lender wants to do next if orders receive a “no hit” or if the underwriting guidelines dictate that a more robust type of product needs to be ordered. For example, if a lender orders an instant property valuation and there is not enough information on the property for the system to return an AVM, the system will automatically order a desktop valuation, drive-by appraisal or full appraisal, depending on the underwriting guidelines, risk tolerance and cost savings objectives of the lender. The same technology can be applied to instant title searches, full property reports and title insurance products.

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Finally, an aggregator has the ability to mimic the lender’s underwriting guidelines to provide additional efficiency and “automated decisioning” technology. They provide configurations that intelligently know what products to order based on credit scores, loan amounts, LTV and other underwriting criteria, then auto-order the appropriate products and services that are required for that specific loan. This type of technology eliminates the need for the processors to determine what to order and when to order it, thereby reducing the risk of human error.

LOS integrations with middleware aggregators result in reduced processing and closing times for lenders. The aggregator delivers faster integrations with more vendors, manages vendor turnaround time on behalf of the lender and even calculates Loan to Value (LTV) and Combined Loan to Value (CLTV) to automatically populate on the lender’s system. While general LOS integrations are beneficial, it is clear that the most competitive lenders use middleware aggregators to take their integrations to the next level.

About The Author

Tedd Smith

Tedd Smith is chief executive officer of Austin, Texas-based FirstClose, provider of end-to-end technology solutions to mortgage lenders nationwide. The FirstClose reporting suite is the first, comprehensive solution with capabilities to deliver title, flood, valuation and other important data elements in one report. For more information, visit www.firstclose.com.

Compliance Auditing And Monitoring Matters

Lenders can’t forget about compliance. But technology vendors are helping. For example, Mortgage Cadence, an Accenture company, has integrated ComplianceAnalyzer, a compliance solution from ComplianceEase, with the Enterprise Lending Center (ELC), Mortgage Cadence’s proprietary loan-origination platform. The integration enables ELC users to systematically audit loans for regulatory compliance without leaving the platform.

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ELC facilitates lending for forward and reverse mortgages in retail, wholesale and correspondent lending channels and across a multitude of mortgage products, including home equity lines of credit. The integration of ComplianceAnalyzer provides a comprehensive, real-time auditing and monitoring solution within the ELC.

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“The cost to produce a loan has been on the rise, largely because of compliance demands that have given way to inefficiencies and slower speed to close for many lenders,” said Trevor Gauthier, Mortgage Cadence’s president and chief operating officer. “Mortgage Cadence is committed to providing lenders with the tools to help solve for these increased compliance demands, and our integration with ComplianceAnalyzer will do just that.”

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ComplianceAnalyzer enables lenders of all sizes to improve asset quality and value, reduce compliance risk, negotiate better execution with secondary market investors, and capture the data needed to prepare lenders for regulatory exams. The solution performs audits for federal high-cost and higher-priced loan regulations, the Secure and Fair Enforcement for Mortgage Licensing Act, state high-cost and anti-predatory regulations, and state license-based consumer lending laws and regulations, as well as compliance guidelines from secondary market investors and government-sponsored enterprises. It also performs TRID, RESPA 2010 and pre-2010 forms tests to validate California’s per diem interest calculations, a key differentiator in the market, as compliance for California originators remains a top priority to avoid penalties and fees.

“Our automated loan-level compliance technology helps lenders comply with federal and local regulations and minimize operational risks,” said John Vong, ComplianceEase’s president. “We’re pleased to partner with Mortgage Cadence to help more lenders improve loan quality, reduce risk and increase profitability.”

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.

FirstClose Partners With Chicago Title Insurance Company To Provide Wider Range Of Services

FirstClose, a provider of technology solutions for mortgage lenders nationwide, today announced a partnership with Chicago Title Insurance Company.

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Through this integration, the FirstClose Report now provides financial institution clients with Chicago Title’s property search, legal and vesting products and services. The property search report includes items such as the last grantee of record, a legal description of the property, a list of mortgages and liens on record, the permanent index number and the latest transfer deed on file. This report can be used with residential or commercial properties.

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In addition, FirstClose and Chicago Title’s full legal and vesting services include the last grantee of record, a legal description of the property in text format and the latest transfer deed on file.

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“Our comprehensive title products and services enhance FirstClose’s home equity and refi suite of offerings to add efficiencies and further expedite closing times for lenders,” said Thomas Curry, vice president of Chicago Title.

“We are thrilled to be working with Chicago Title and know that this partnership will only improve our product offering and allow us to better serve our clients,” said Tedd Smith, chief executive officer of FirstClose. “Giving our clients options when it comes to products and services has always been a key part of our business. Partnering with a powerhouse like Chicago Title will help us continue to drive our business forward.”

Credit Interlink Integrates Income Verify With LendingQB For Faster Verifications

Credit Interlink, a provider of SaaS mortgage origination technology solutions, has integrated its Income Verify, with LendingQB, a provider of SaaS loan origination technology solutions, to facilitate quicker and more efficient 4056-T verifications.

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Thanks to certification through Fannie Mae’s Day One Certainty, Income Verify has direct access to tax transcript verifications through the IRS in order to expedite the time needed to process requests within LendingQB’s LOS. Likewise, the solution better prevents the risk of fraud through its secure interface, creating a more cost-effective way to collect borrower data.

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“In a world growing more dependent on digital technology, borrowers have come to expect the lending process to replicate experiences they experience in other areas,” said Mark Yoder, Vice President of Business Development, Credit Interlink.  “With Income Verify, borrowers are able to provide their information up front and loan officers are able to verify it without adding unnecessary delay to the origination process, all in a secure manner.”

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LendingQB’s web browser platform provides mortgage lenders with core LOS capabilities using modern web-optimized technology, enabling robust integrations to other web platforms such as Credit Interlink. Using LendingQB’s API framework, Credit Interlink is able to extend the capability of lenders, expediting the origination process and allowing more direct interaction with borrowers and other parties to the loan.

“Credit Interlink’s streamlined approach to data verification, credit and fraud is innovative and perfectly fits the ever-changing mortgage industry,” said David Colwell, vice president of strategy at LendingQB. “By utilizing Income Verify, our lenders are able to verify borrower data in a fast and safe manner, enabling them to reduce the time needed and the overall cost to originate loans.”

Allowing For The Seamless Transfer Of Bank Data

ACES Risk Management (ARMCO), a provider of enterprise financial risk mitigation software solutions, has integrated with BankVOD, the company that pioneered the electronic risk interface for asset verifications. This integration, which provides a direct, seamless connection between ARMCO’s ACES Audit Technology and BankVOD’s Verification Hub, enables ARMCO clients the ability to order Asset Verifications, 4506-T, Employment and Occupancy and Liens & Judgments on a batch or flow basis, and receive the data via a secure electronic transfer directly into their ACES instance.

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BankVOD is the exclusive provider of bank statement verifications for 18 of the country’s top 50 banks. Prior to this integration, organizations were required to leave their QC software system, then order and receive IRS tax transcripts and bank verifications from BankVOD’s secure web-based portal. In addition, they were not able to order IRS transcripts or verifications on a bulk basis.

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“This integration doesn’t merely make the verification process faster, it also makes it more consistent and secure, which are two big factors in achieving quality,” said Phil McCall, president of ARMCO. “At ARMCO, we feel lenders should never have to choose between quality and time or resources. That’s why we are constantly pursuing ways, like this integration, to make quality faster, easier and more accessible to achieve for lenders of all sizes.”

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“Industry leading companies like ARMCO always appreciate our unflinching commitment to providing the most secure way that files are exchanged and data is handled,” said Tim Portley, co-founder and managing partner of BankVOD. “We’re pleased to partner with ARMCO to offer lenders an even faster and more efficient way to verify bank data, and we’re elated to discover new ways to make the user experience the best it can possibly be.”

Taking LOS Integrations A Step Further

By now, most lenders can agree that there are countless benefits to integrating their Loan Origination System (LOS) with a technology provider’s software. For one, it eliminates the front-end data entry of having to visit multiple vendor websites and rekeying data they have already entered into the LOS. With a true “lights out” integration, the lender doesn’t have to ever leave the LOS; they can order everything they need within one system, saving valuable time.

In addition, LOS integrations eliminate copying and pasting on the back-end of the process once the order is complete. When the report is delivered back to the lender, not only is the PDF imported to the “manage files” section of the LOS, but key data elements populate important data fields. When done correctly, the LOS automatically populates the legal description and vesting information from the title work, the value of the property from the Automated Valuation Model (AVM), desktop valuation or appraisal, and valuable flood zone and HMDA data from the flood certification. Populating these key data fields saves the lender from copying, pasting or rekeying the information into the LOS. It also mitigates the risk of potential human errors associated with manual data entry; for example, the “w” and “e” keys, located right next to each other on the processors keyboard, could be accidentally keyed incorrectly which would present a problem for legal documents and recordation if “E. MAIN ST.” inadvertently becomes “W. MAIN ST.”

Featured Sponsors:

 

 
Lenders partnering with a provider that enables a true “lights out” LOS integration surely experience benefits. However, if their provider is not a middleware aggregator, they are still missing out on ways to improve their loan processing. By partnering with an aggregator, lenders can take their LOS integration a step further and distinguish themselves among competition.

In most LOS integrations, a technology provider integrates into a lender’s LOS in order to enable access to their own brand of products and services. An aggregator, on the other hand, provides lenders access to all brands within one platform. Even if a lender wanted to integrate with multiple providers, the process to include all of their vendors could take months to complete. With an aggregator, lenders can go live with hundreds of vendor choices available to them on day one.

Featured Sponsors:

 
Some aggregators even give lenders the ability to add their own vendors that may not be integrated with the aggregator; such as small, local title companies or appraisers. With User Defined Vendor (UDV) technology, the lender selects which vendor they would like to utilize and the aggregator delivers the order to the preferred vendor. Local vendors looking to access an aggregator’s system on the back-end can easily upload their documents to the system with data elements and the PDF so that the aggregator can convert the forms to XML and deliver them back into the LOS. UDV technology enables lenders to add their preferred companies into their LOS in days as opposed to months.

Another important tool that lenders should look for when choosing an aggregator is escalation intelligence. This type of technology programs the systems to automatically know what the lender wants to do next if orders receive a “no hit” or if the underwriting guidelines dictate that a more robust type of product needs to be ordered. For example, if a lender orders an instant property valuation and there is not enough information on the property for the system to return an AVM, the system will automatically order a desktop valuation, drive-by appraisal or full appraisal, depending on the underwriting guidelines, risk tolerance and cost savings objectives of the lender. The same technology can be applied to instant title searches, full property reports and title insurance products.

Featured Sponsors:

 
Finally, an aggregator has the ability to mimic the lender’s underwriting guidelines to provide additional efficiency and “automated decisioning” technology. They provide configurations that intelligently know what products to order based on credit scores, loan amounts, LTV and other underwriting criteria, then auto-order the appropriate products and services that are required for that specific loan. This type of technology eliminates the need for the processors to determine what to order and when to order it, thereby reducing the risk of human error.

LOS integrations with middleware aggregators result in reduced processing and closing times for lenders. The aggregator delivers faster integrations with more vendors, manages vendor turnaround time on behalf of the lender and even calculates Loan to Value (LTV) and Combined Loan to Value (CLTV) to automatically populate on the lender’s system. While general LOS integrations are beneficial, it is clear that the most competitive lenders use middleware aggregators to take their integrations to the next level.

About The Author

Tedd Smith

Tedd Smith is chief executive officer of Austin, Texas-based FirstClose, provider of end-to-end technology solutions to mortgage lenders nationwide. The FirstClose reporting suite is the first, comprehensive solution with capabilities to deliver title, flood, valuation and other important data elements in one report. For more information, visit www.firstclose.com.

RoundPoint And Matic Join Forces To Make Homeowner’s Insurance A Snap For Homebuyers

Matic, a digital insurance agency whose technology enables borrowers to purchase homeowner’s insurance during the mortgage transaction, today announced a wide-ranging integration with RoundPoint Mortgage Servicing Corporation (RoundPoint), a mortgage loan originator and one of the nation’s largest non-bank mortgage servicing companies. The integration will make Matic’s one-click “get quote” button available to both customers and employees of RoundPoint.

RoundPoint services over $75 billion worth of mortgage assets as a fully licensed subservicer for commercial banks, credit unions, mortgage companies and hedge funds.

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Now, homeowners whose mortgages are serviced by RoundPoint will be notified by Matic when they could save money by switching to a different A-rated homeowner’s insurance carrier. Homeowners will also be alerted if there’s an opportunity to get more coverage without an increase in premium.

“Mortgage servicers rarely get to call their customers and offer a lower escrow payment or more comprehensive insurance coverage without a premium increase — yet these are exactly the kinds of opportunities Matic will bring to RoundPoint customers every day,” said Matic COO Benjamin Madick.

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RoundPoint will also make Matic available to homebuyers applying for a mortgage loan through the company’s retail mortgage lending division. In addition, Matic will be available to RoundPoint employees via a private-labeled web portal.

“The fact that RoundPoint is making Matic available not only to our mortgage origination and servicing customers, but also to our employees, is a testament to our enthusiasm for Matic’s innovative homeowner’s insurance experience,” said RoundPoint CEO Kevin Brungardt.

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“Matic is a key component of our Homeownership Marketplace initiative, which provides products and services that provide value, save money and enhance the overall experience for borrowers,” added Brungardt. “Our long-term goal is for every customer to custom-tailor his or her own Personal Household Economy™ within this Marketplace. The timing is perfect as we just officially launched this effort with an overhaul of our website, customer portals and overall customer experience.”

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.

Elevating The Lending Experience

Total Expert, the provider of an enterprise-grade marketing operating system specifically for regulated financial institutions, has partnered with Blend, a provider of digital mortgage workflows that improves the loan application process for loan officers and consumers.

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The partnership enables data integration between Total Expert and Blend, allowing loan officers to originate mortgage loans more efficiently and transparently while building stronger relationships with customers.

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“Partnering with Total Expert is an exciting opportunity for us, as they are clearly a leader when it comes to marketing operating systems built specifically for the unique needs of the financial services industry,” said Blend Head of Business Development, Brian Martin. “The Total Expert team has very high standards for their solutions. We are both constantly innovating, and we at Blend are excited for what this partnership with Total Expert will mean for the future of lending.”

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Loan officers using both Total Expert and Blend can now provide their prospects and borrowers within the Total Expert application a seamless, branded, and fully trackable experience through Blend when applying for a loan. Data coming from any source can be passed into Total Expert, and now, directly back into Blend to give customers a transparent view into their lending experience.

“We are proud to partner with another technology leader that continues to push the boundaries,” said Joe Welu, founder and CEO of Total Expert. “Blend is a best-of-breed technology solution that is laser focused on improving the consumer loan process. We are excited about how our integration will position loan officers for future growth and help everyday Americans accomplish their American dream.”

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.

Figuring Out The Digital Mortgage

There is much talk in the industry today about embracing a more digital mortgage process. But a lot of lenders are confused about how to do it. That’s where vendors come in. For example, Finicity, a provider of real-time financial data aggregation and insights, has integrated with BeSmartee, a digital mortgage marketplace provider, to further streamline and accelerate the digital loan origination process for lenders and borrowers. The agreement will integrate Finicity’s Verification of Assets (VoA) solution into BeSmartee’s next generation point-of-sale platform for mortgage originations.

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Finicity is committed to utilizing consumer-permissioned data in the credit decisioning space to increase accuracy and decisioning speed while reducing fraud. Through bank-validated data and data intelligence, Finicity provides solutions to lenders that assist them in digitizing and modernizing the lending process, reducing friction with borrowers while providing better, cleaner data that can shorten verification to minutes instead of days.

In BeSmartee’s platform, lenders can request an asset verification report with one click. Borrowers are prompted to complete a short online process to permission use of their financial account data, which is then used to generate a real-time verification report.

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“Finicity is improving the lending process through superior data access, quality and insights,” said Steve Smith, Finicity CEO. “We’re proud to be working alongside BeSmartee to accelerate the digital loan process, improving efficiency for lenders and transparency for borrowers.”

BeSmartee is a complete digital origination process, which gives borrowers greater control and guidance while providing lenders with a customizable platform to improve efficiency and the overall experience.

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“Integrating with Finicity is a key step in helping us continue to provide exceptional services to our clients in the form of speed, accuracy and reliability within our best-of-breed mortgage origination point of sale platform,” said Arvin Sahakian, BeSmartee co-founder. “We look forward to working with Finicity. They have great technology and, more importantly, great people behind that technology.”

Finicity is an authorized, integrated provider of asset verification reports within Fannie Mae’s Desktop Underwriter (DU). This gives lenders a validated asset report through Fannie Mae’s Day 1 Certainty initiative. Finicity is also part of the Single Source Validation (SSV) pilot, meaning Fannie Mae will utilize transaction data from Finicity reports to validate assets, income and employment. A broader rollout of SSV is planned later this year and will build on Fannie Mae’s Day 1 Certainty initiative.

Finicity is also an authorized Freddie Mac asset validation report provider, and Freddie Mac and Finicity are working together on new methods to validate income from payroll deposit data from bank statements.

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.