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The Mortgage Collaborative And LendingQB Partner

The Mortgage Collaborative, an independent mortgage cooperative, serving a membership of 105 lender members, with an aggregate annual origination volume of over $170 billion, and LendingQB, a provider of lean lending loan origination technology solutions, today announced a partnership to provide network members access to LendingQB’s suite of services.

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The Mortgage Collaborative selected LendingQB as the exclusive Loan Origination Software (LOS) partner of network due to the technology and operational expertise the company can provide its members. Network members who decide to work with LendingQB will find a 100% web browser-based system that manages the entire mortgage lending process intuitively and efficiently.

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“Lenders require technology that can efficiently support their unique business objectives,” said Rich Swerbinsky, EVP, National Sales & Strategic Alliances for The Mortgage Collaborative. “Partnering with LendingQB allows The Collaborative to offer our members a proven and innovative LOS platform that provides the technological backbone for a nimble and efficient mortgage process.”

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LendingQB provides mortgage lenders with a holistic model for optimizing business performance by delivering advanced technology coupled with powerful best practices that enable rapid user adoption and software effectiveness. LendingQB’s open API enables robust integrations with more than 200 best-of-breed partner integrations, providing lenders with a flexible solution that can best serve its organizational needs.

“The Mortgage Collaborative’s network brings together lenders and select vendors for the purpose of sharing resources, industry knowledge and expertise,” said Tim Nguyen, President, LendingQB. “We decided to partner with The Mortgage Collaborative because of the values and leadership the organization brings to the industry. Our partnership with The Mortgage Collaborative underscores the commitment we have to delivering meaningful and practical solutions that improve the mortgage lending experience for lenders and their customers. We look forward to building a deep and meaningful relationship with The Mortgage Collaborative and their members.”

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.
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Purchase Loans Represent 65% Of Total Loans

Home loans for purchases continued to gain momentum in April, representing 65 percent of total loans, according to the latest Origination Insight Report released by Ellie Mae. Refinances represented 35 percent of total loans in the month.

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The average time to close all loans dwindled to 42 days in April, down from 43 days in March and a substantial decline from 51 days in January. The time to close a refinance declined to 41 days in April, down from 43 days in March, and the time to close a purchase dropped to 42 days in April, down from 43 days the month prior.

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The average 30-year note continued to rise in April to 4.41 percent, up from 4.39 percent in March, and the percentage of Adjustable Rate Mortgages (ARMs) increased to the highest point since November of 2014 to 5.9 percent, up from 5.6 percent the month prior.

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“The purchase market continued its rise in April, representing 65 percent of total closed loans,” said Jonathan Corr, president and CEO of Ellie Mae. “We also saw the time to close loans shrink for the third consecutive month to 42 days, a substantial decrease from the 2017 high of 51 days in January. Ellie Mae customers are realizing efficiencies as they embrace technology to improve the homebuying experience.”

The Origination Insight Report mines its application data from a sampling of approximately 80 percent of all mortgage applications that were initiated on the Encompass all-in-one mortgage management solution. Ellie Mae believes the Origination Insight Report is a strong proxy of the underwriting standards employed by lenders across the country.

Ellie Mae also distributes data from its monthly Ellie Mae Millennial Tracker, which focuses on mortgage applications submitted by millennials during specific time periods. Ellie Mae defines millennials as applicants born between the years 1980 and 1999. The Millennial Tracker will continue to be released on the first Wednesday of each month.

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.
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LendingQB Earns High Marks In Vendor Satisfaction, Customer Support In Annual STRATMOR Report

LendingQB has earned high marks for its vendor satisfaction and customer support in STRATMOR Group’s most recent Technology Insights survey report.

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Per STRATMOR’s LOS Technology Insights survey, LendingQB included roughly 11% of the respondents amongst loan origination software (LOS) providers, making it the second largest in terms of this survey’s overall lender respondents. Likewise, LendingQB earned an end user effectiveness rating of 93% and exceeded functionality expectations for 22% of its respondents – top marks that surpassed even proprietary systems. Overall, LendingQB achieved a vendor satisfaction score of 96% and the highest marks for user experience among the major LOS providers included in the report.

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“Lenders need more than LOS technology, they need a vendor that is committed to their success,” said Tim Nguyen, President of LendingQB. “We have almost two decades worth of experience in providing SaaS technology to businesses, so we know better than anyone the importance of customer support in a SaaS environment.”

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LendingQB’s LOS is completely web-based and designed to provide lenders a flexible, innovative workflow. Its open-architecture application protocol interface (API) enables lenders to select the tools that best help their efficiency. In addition to the technology, LendingQB provides lenders with a combination of workflow analysis, best practices and training to help fully adopt and optimize the LendingQB LOS.

“The STRATMOR Group Technology Insights survey findings are based on 266 participants ranging in size from under $250 million to $10 billion in annual volume. These results reflect lender opinions on how they view their success with LOS technology when vendors are actively engaged in helping them meets their business objectives,” Nguyen said. “LendingQB’s lean lending strategies, best of breed integrations, and focus on ‘adoptimization’ reflects the level of support lenders need and value in addition to reliable technology.”

Learn more at http://www.lendingqb.com/TopRatedLOS.html.

STRATMOR Group is a mortgage industry advisory firm that offers a range of programs designed to provide lender CEOs and senior executives in sales, marketing, technology and operations with comprehensive performance benchmarking data and a full spectrum of expert mortgage lending consulting services. The firm serves more than 250 companies operating in the sector and provides consulting on strategies and actions to improve growth and profitability, reduce risk or position themselves to make an acquisition or sell the company. For more information, visit http://www.stratmorgroup.com.

LendingQB is a provider of Lean Lending solutions. The Lean Lending solution consists of a 100 percent web browser-based, end-to-end mortgage loan origination system, best of breed integrations with key industry partners and ‘adoptimization’ services that result in faster cycle times and lower costs per loan. For more information, please call 888.285.3912 or visit http://www.lendingqb.com.

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Black Knight Updates Its LOS To Tackle Industry Issues

Black Knight Financial Services, Inc. has made several significant enhancements to LoanSphere Empower, the company’s loan origination system (LOS) that supports the retail, wholesale and consumer-direct lending channels. Empower’s features and functionality help lenders increase efficiencies, maintain regulatory compliance, mitigate risk and improve customer service. Key enhancements delivered in version 7.0 of the Empower LOS include:

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>>Updates to support the expanded data collection requirements in the CFPB’s final rule for the Home Mortgage Disclosure Act (HMDA). This includes borrower demographic information, loan costs, automated underwriting system evaluation information and property information, as well as the Legal Entity Identifier and Universal Loan Identifier.

>>Establishes the architectural standards and protocols to support multi-device user experience, including the Representational State Transfer Application Program Interface (REST API) framework that enables lenders to access Empower functionality and data from various mobile devices.

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>>An enhanced user interface to help increase lender productivity using a more intuitive navigation and a simplified screen presentation.

>>New capabilities for home equity lines of credit (HELOCs) that allow clients to configure special introductory promotional rates and perform mass repricing of HELOCs in the pipeline.

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Empower 7.0 also includes technology integrations that help further streamline lenders’ processes, such as:

>>Access to quick, reliable property tax data through Black Knight’s Tax for Loan Estimation and Tax for Closing Disclosure products

>>A new LoanSphere Loan Boarding optimized file for servicing

>>LoanSphere Expedite to support eSign and eDelivery capabilities

>>Additional support for managing fraud-risk detection through PitchPoint

“Empower 7.0 offers dynamic, innovative capabilities to help clients deliver an exceptional customer experience, increase productivity and address regulatory requirements,” said Jerry Halbrook, president of Black Knight’s Origination Technologies division. “This is just one example of how Black Knight continues to make significant investments in Empower to provide clients with a sophisticated loan origination system that has superior capabilities.”

The Empower LOS delivers the functionality to electronically capture and process data for every facet of loan origination and can be hosted by Black Knight at its data center or self-hosted by a lender. To support regional and mid-market lenders, as well as independent mortgage bankers, Black Knight offers Empower Now!, a version of Empower that greatly streamlines the implementation process, resulting in reduced timelines and costs. Empower is seamlessly integrated with Black Knight’s LoanSphere MSP, a comprehensive, end-to-end loan servicing system that encompasses all aspects of servicing, from loan boarding to default, for first mortgages and home equity loans.

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.
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ValuAmerica Expands Its Integration With LendingQB

ValuAmerica, a wholly owned subsidiary of Clayton Holdings LLC, and national provider of appraisal, title, closing and settlement services, announced today that it has enhanced its integration with LendingQB, a provider of lean lending loan origination technology solutions, and is now providing title services to LendingQB customers.

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Earlier this year, ValuAmerica announced the initial phase of the integration which provided LendingQB customers access to ValuAmerica’s full suite of appraisal services. The integration has now been expanded to give LendingQB customers a more streamlined workflow to order title services.

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“ValuAmerica and our sister company, Radian Guaranty, are dedicated to providing the best possible customer experience. The latest update to our integration with LendingQB allows loan officers to order valuations, title products and private mortgage insurance without having to leave their loan origination system (LOS), ultimately creating a more efficient loan origination process.” said Shawn Murphy, executive vice president of ValuAmerica.

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“ValuAmerica’s mortgage products provide access to a wealth of resources that streamlines processes for lenders,” said Tim Nguyen, president, LendingQB. “By now having a full suite of title and appraisal services within our LOS, lenders can save during the origination process. Our continued relationship with ValuAmerica and Radian Guaranty validates how the importance of companies aligning their technologies in order to provide the best experience possible for lenders.”

ValuAmerica, Inc. is wholly owned by Clayton Holdings LLC, a subsidiary of Radian Group Inc., and is a provider of real estate information and technology services to the mortgage and real estate industries. The company provides a suite of appraisal, title, closing, and settlement services as well as develops technology to help automate workflow and compliance processes.

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The LOS That Does It All

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When we were evaluating a mission critical application such as a loan origination system (LOS), it was important the LOS vendor could provide configurable and customizable functionality to fit our specific lending needs. I’ve been working with my current loan origination system for five years and we are extremely happy with the features and benefits that it provides for my institution.

Today, we offer standard conventional mortgage loans including fixed and adjustable mortgages and HELOC products.

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One of the advantages of being a Community Bank is we don’t have to follow a standard “cookie cutter” process where “one size fits all” like many large lenders are forced to follow. Consequently, we configured our LOS platform to meet our lending policies and at the same time eliminated ALL manual processes. We don’t have to change our policies and procedures on the fly to get the loan through the system. In my experience, it is better when the “tail isn’t wagging the dog”.

From a lenders’ stand point, we value the ability to create our own customized workflow within the system. Our LOS software vendor asks us how do we process loans instead of them dictating to us “what to do” and ”how to do it.” Our goal was to find a LOS platform that allows us to conduct business “our way” but at the same time properly meet the state and federal lending guidelines. We also were looking for a LOS platform that helps us measure risk and address our internal policies and procedures. For example, when Real Estate owned schedules are generated, we want to calculate the schedules based on our internal underwriting policies.

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Our LOS software vendor asks us how do we process loans instead of them dictating to us “what to do” and ”how to do it.”

One of the advantages of being a Community Bank is we don’t have to follow a standard “cookie cutter” process where “one size fits all” like many large lenders.

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There are always many hesitations with implementing new technology. Our LOS vendor did an excellent job assisting us with transitioning from our prior LOS to our current LOS.

We actually killed two birds with one stone. Two of our goals were to eliminate duplicate data entry and improve data integrity. As a result of implementing our current LOS platform, we considerably minimized data entry mistakes and improved the quality of our borrower data because three or four people no longer have to enter the same piece of information at multiple data entry points. This greatly increased productivity and ensured accountability.

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As a result, we are extremely confident our HMDA LAR is accurate because we eliminated double data entry and we use data integrity functionality (i.e. “required fields” feature) which forces end users to enter critical information required to process a loan. Borrower data is being pulled directly from the loan database and we can track who is responsible for data entry and track ownership. Ever since being able to do this, submitting the HMDA LAR is exactly as it should be; a non-event.

When we sell a loan, we can create a ULDD file directly out of our LOS or we can go into a secondary loan sale platform, type in the same information, make mistakes and not have the information match what’s in the loan origination system. We worked closely with our LOS vendor to create the ULDD files to get that properly configured for loans we sell to the secondary market. While doing this, there was another community bank, probably 2 or 3 weeks ahead of us in the ULDD implementation process for our LOS, so they paired us up so we could talk to each other about what our current challenges were, how we addressed them, and what we should have we done differently which was very helpful to both of us.

Over the past five years working with our current LOS, one of the greatest efficiencies is the “embedded” printing capability that is included in our LOS platform. This allows us to print ANY loan document at ANY time during the lending cycle phase without having to leave the LOS platform. I know other LOS platforms rely on 3rd party Doc Prep providers which adds additional costs and time. With our current LOS, all loan documents can be printed directly from our LOS platform without depending on a third-party document prep provider.

Another advantage of having an embedded printing capability is we don’t have to worry about using a 3.2 Fannie Mae Case file which many LOS depend on when creating documents. If your LOS depends on a third-party document prep system, the steps include exporting the 3.2 Fannie Mae Case file and then importing (transferring) the 3.2 Fannie Mae file into another system. However, you always worry if the mapping is accurate. If mapped incorrectly, this is a recipe for disaster. Instead, it is better to have all loan documents generated directly from the LOS.

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There are always many hesitations with implementing new technology. Our LOS vendor did an excellent job assisting us with transitioning from our prior LOS to our current LOS.

If data elements are not properly mapped to third-party doc provider platforms, the final output will not be accurate.  This can lead to regulatory issues and/or costly fines.

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It’s critical that your LOS creates the Loan Estimate (LE) and Closing Disclosure (CD), which are somewhat different than your typical loan documents. Generating an LE or CD from a third-party document provider exposes the bank to more risk. If data elements are not properly mapped to third-party doc provider platforms, the final output will not be accurate.  This can lead to regulatory issues and/or costly fines.

Regarding HMDA, we can easily pull a HMDA LAR directly from our loan origination system. Even though we don’t utilize the system to process our commercial loans, we worked with the LOS vendor to configure the ability to capture and report HMDA data points for Commercial Real Estate Loans. This is a very important capability especially with all the new HMDA changes coming in 2018.

Regarding reporting, we are fortunate our LOS has excellent standard and AD-HOC reporting capabilities. We can select, sort and print any field on a report. When I first started working for my bank, no one had a lead role in managing the system so the loan process took a long time to complete. When I stepped in, I worked with our LOS vendor to help us create turn time reports to show how long each step in the loan process was taking. We wanted to measure productivity and this report showed us how we could consolidate time to shorten the lending approval process. Once we produced this report, we gathered useful business intelligence, which helped us reduce timeframes and create better efficiencies from start to finish.

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We have automatic reporting scheduling capabilities, which means we can generate and distribute reports automatically during off hours. In addition, we can convert ANY report into different 15 different formats including delimited file, Excel, .pdf, HTML, etc. It’s one of the most robust reporting systems we’ve ever used.

From a support perspective, I truly enjoy the online ticketing system that our LOS vendor utilizes. The system allows me to create a ticket, go back and search old and closed tickets, easily communicate back and forth regarding issues, and ensure all information is confidential and secure. In the ticketing portal, there is a community of users where we can share ideas and best practices based on our individual experiences. In the past I’ve seen this handled through email chains, which is tremendously inefficient. Our LOS vendor also provides online chat, which saves time. But of course, they also provide old fashioned “phone support” when the need arises to talk to a support representative.

Because of these efficiencies……….everyone on the residential lending team is able to work effectively and accountably. We are able to smoothly process, underwrite and close loans. The first year our LOS system was up and running we were able to have clear direction and tasks for each step of the loan process which resulted in a first year increase of over 200% in residential loan origination volume.

About The Author

Michelle Gately
Michelle Gately is Vice President – Lending at Middlesex Federal Savings, a full service community bank that understands the importance of local decision making. For more than 125 years, the bank has built strong, long-term personal and business relationships with neighbors throughout the great Boston community. Michelle has more than 30 years of industry experience including origination, underwriting and compliance. She manages the Bank’s residential lending origination, underwriting, closing and secondary market efforts.
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Cutting Corners On The Way To The Cloud

It has been almost twenty years since Salesforce first introduced the concept of cloud computing to the business world. Despite its revolutionary concept, or maybe because of it, adoption of Salesforce and cloud computing in general was initially slow. Today, cloud computing is so commonplace that even the mortgage industry, a notoriously slow adopter of technology, has fully embraced it. But in order to truly exploit its potential, a little self-reflection is required: how well do you really know cloud computing?

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The Industry’s Indispensable Shift to Cloud-computing

In the early days of cloud computing, software vendors broadcast their applications through the internet to allow multiple users to access it using “virtualization.” In this model, a single copy of the application resides on a central server and lightweight “thin client” software is installed on each user’s machine. Virtualization was a big hit.

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IT managers loved virtualization because there was only one copy of the software to maintain. Business owners loved it because their IT costs were drastically reduced. Software vendors especially loved virtualization because they could “spin up” their old, on-premise software into a cloud subscription service with minimal cost and effort.

But in reality, virtualization represents an incremental shift in technological innovation. Other than giving users convenient access and their IT teams more free time, the core technology behind virtualized software does not change at all. It’s not as if “going to the cloud” turns legacy software into an entirely new application. In fact, you could take an 8-bit version of VisiCalc, broadcast it through a server and call it a cloud computing system.

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The Value Added for Vendors in a Multi-tenancy Solution

To realize the true value of cloud computing, it’s important to understand the way an application’s underlying database is structured. In a virtualized environment, there is a single, separate and independent instance of the software code and the database. Any upgrades, fixes or integrations to the software must be installed separately in each instance. This is known as single-tenancy.

In contrast, a multi-tenant database model is truly transformative because the software code and data resides in a single, unified database. Every user across multiple clients is using the same application simultaneously. Therefore, distributing updates, fixes or integrations requires virtually zero effort from the vendor because all of their users are in the same environment concurrently.

One of the main advantages of multi-tenancy is the ability to scale an application extremely efficiently. It is similar to fixing a centralized furnace in a 100-unit apartment building versus fixing each furnace in 100 single family homes. Multi-tenancy also ensures that every client is using the same exact version of the application and has access to the same integrations.

Just as having the ability to scale an application extremely efficiently, vendors can become active participants in the implementation, configuration and end-user operation of the system because they have direct access to a client’s system and associated data. The old “batteries not included” paradigm of software delivery turns into a white glove approach, where vendors embed consultative services into their product offering.

Big Data: The Next Level of Cloud-Computing

However, these advantages pale in comparison to the true potential of cloud computing: Big Data. In a multi-tenant system, all the data generated by every client resides in one database. This means that data aggregation and normalization become non-issues, allowing for analysis and forecasting insight that can approach clairvoyant levels.

Imagine being able to determine the precise cost of originating any given loan scenario. Or the secondary gains you receive when you know the exact date when every loan in your pipeline is going to close. This level of predictability can only be achieved using big data, and big data can only be gathered in a cloud solution that has a multi-tenant database architecture.

Is big data making an impact in the mortgage industry? Not yet. Big data is still in an evolutionary phase. Even industries with mature cloud computing capabilities are only beginning to scratch the surface of big data. But as we’ve seen before, technological advancements happen quickly. Moving to a multi-tenant cloud computing model is the first step towards big data.

While transforming a single-tenant database into a multi-tenant one takes time and money, it is important to build evaluating its place in the vendors organizations now. Legacy software vendors have no choice but to start from scratch, a monumental task, but one that is manageable with the appropriate planning.

Vendors should consider a few different things when planning to integrate a multi-tenancy database. First, how well prepared is their organization to support the business model? And secondly, can the vendor deal with client expectations that are completely different from their legacy model? Gone are the days of delivering pre-packaged software (including virtualized software) and expecting an IT professional to install and maintain it. Vendors should note configurability, not customizing, is the way in which caters to a streamline process, while delivering results. A multi-tenant solution operates as such just like the air conditioner analogy mentioned previously.

Twenty years is a long time. Salesforce and other “true” cloud computing vendors have already experienced and adjusted to the growing pains of delivering software in a multi-tenant environment. Legacy software vendors who are just entering multi-tenancy – even large, well-funded vendors – will discover how difficult it is to bridge the gap from their single-tenant virtualization model. Virtualization might be a shortcut to cloud computing, but multi-tenancy is the only path to a big data future.

About The Author

Linn Cook
Linn Cook is senior communications manager of LendingQB, a leading loan origination software provider delivering customer solutions that combine technology and good business practices. LendingQB is a provider of 100% web browser-based, end-to-end loan origination software that offers residential mortgage banking organizations faster closing time and reduced costs per loan. To learn more visit www.lendingqb.com.
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Integration Furthers Adoption Of eSigning

Black Knight Financial Service’s LoanSphere Empower loan origination system (LOS) and LoanSphere Expedite Portal will be integrated with Solex, a mobile-capable e-sign solution designed to support digital mortgage capabilities. Solex is delivered by Docutech, a provider of compliance and document technology solutions for mortgage, home equity and consumer lending. The integration with Empower and the suite of e-mortgage solutions available in the Expedite Portal provides users with a more flexible and convenient electronic closing experience.

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“Docutech is dedicated to providing lenders with an easy-to-use, comprehensive e-sign process that will enable them to manage their document needs more efficiently while maintaining the highest level of compliance and showing their customers a more modernized loan experience,” said Ty Jenkins, CEO of Docutech. “Given the high volume of lenders utilizing Black Knight’s services, these integrations will bring the mortgage industry one step closer to electronic mortgage processes becoming more widely adopted.”

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Utilized by six of the top 20 lenders in the U.S., Empower is available as both an ASP- and lender-hosted loan origination system that supports retail, consumer direct and wholesale channels and helps lenders electronically capture, process and close loans. This integration is also available with Empower Now!, a version of the LOS,  that helps mid-market lenders reap the benefits of the powerful Empower LOS, with a greatly streamlined implementation process, resulting in reduced timelines and cost.

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The Solex e-sign integration with Empower offers an interface to ConformX, Docutech’s powerful document generation engine, enabling lenders to generate dynamic documents by auto-populating data stored in the LOS. Lenders can then access and administer Solex’s e-sign functionalities directly in the platform to support an accessible, streamlined electronic closing process.

The Expedite Portal is an integrated document collaboration and distribution service that facilitates the secure management, delivery and signature of electronic mortgage documents. The integration of Solex will give joint customers of Black Knight and Docutech access to Solex’s capabilities within the Black Knight platforms, enabling lenders to maintain a seamless document workflow, while providing borrowers with an intuitive e-sign experience that can easily be completed from any device, anywhere, at any time.

“By integrating both Empower and the Expedite Portal with Docutech’s Solex e-sign solution, we are further delivering on the digitized loan process consumers want,” said Jerry Halbrook, president of Black Knight Origination Technologies and Enterprise Business Intelligence. “Together, Black Knight and Docutech are committed to offering innovative lending solutions that facilitate an easier, more convenient loan process for both lenders and consumers.”

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.
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Black Knight Adds New Digital Framework

LoanSphere Empower, a loan origination system (LOS) from Black Knight Financial Services, Inc., now features a new, easy-to-use Representational State Transfer Application Program Interface (REST API) framework that enables lenders to provide digital capabilities to consumers and loan officers with the ability to interact with Empower data and other LOS capabilities from internet-enabled devices, such as tablets, smartphones or laptops, without needing to directly access the LOS. This framework enables lenders to perform many functions from their digital devices:

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>> Read, add or update data within the LOS

>> Perform various operations, such as uploading borrower information to the Empower system to create a loan application file

>> Request credit or trigger other third-party services

>> View loan documents

>> Check the loan application’s status and outstanding loan conditions

“Going digital is the future of the mortgage industry,” said Jerry Halbrook, president of Black Knight’s Origination Technologies and Enterprise Business Intelligence divisions. “By seamlessly integrating this innovative interface with our Empower LOS technology, Black Knight is helping lenders transform the consumer experience and facilitating easier access to leading system resources and data.”

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Empower’s LOS data and its various capabilities, such as pricing and document management, are now available to the lender’s digital platforms through the use of APIs that support interoperability between web-based computer systems, and form the backbone of any digital mortgage strategy. These APIs are integrated in Empower, which allows lenders to leverage all the controls they have established in the LOS, rather than setting up and managing controls separately. Clients can choose to access APIs developed by Black Knight or request Black Knight to configure the lenders’ APIs specifically for their unique needs.

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“Incorporating the REST API technology into Empower is the first step in our digital strategy to help our clients deliver a digitized loan origination process,” Halbrook added. “We are leveraging digital technology to benefit both lenders and consumers with a simpler, more transparent loan process that can be completed significantly faster at less cost.”

Empower’s digital interface capability is complemented by other Black Knight value-added offerings included in the LOS. With Empower, lenders can gain access to Black Knight’s Data & Analytics, Data Hub and Motivity Solutions, which provide comprehensive business intelligence and near real-time access to information from multiple data sources to help forecast and monitor performance. Empower also includes e-delivery and e-signing capabilities, as well as integrations to Black Knight’s LoanSphere Exchange, offering access to the largest online network of settlement service providers in the U.S.; Black Knight’s comprehensive public records database; borrower asset and income information; and digital technology, without the need for separate “toolkits.”

Additionally, lenders can take advantage of Empower’s seamless integration with Black Knight’s LoanSphere MSP servicing platform, used to service more than 30 million active loans for many of the nation’s largest financial institutions and is scalable to any size portfolio.

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Integration Speeds Up The Process

QuickInsured, an independent insurance agency specializing in the mortgage industry, announced that its homeowners insurance quote service is now available through Ellie Mae’s Encompass. The seamless integration allows lenders to order QuickInsured’s solutions directly through Encompass to drive quality and efficiency in the loan origination process.

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Obtaining home insurance quotes and selecting a carrier is often a time-consuming process for consumers, and can complicate and delay mortgage closings. QuickInsured offers an automated solution that enables borrowers to receive an instant home insurance quote while finalizing the terms of their loan. With the integration, Encompass users are now able to expedite this process for their borrowers so quotes are delivered in seconds. The technology is device agnostic, so on-the-go borrowers can easily generate and bind their quote from a handheld device.

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Ellie Mae is a provider of on-demand software solutions and services for the residential mortgage industry. Ellie Mae’s Encompass all-in-one mortgage management solution provides one system of record that enables banks, credit unions and mortgage lenders to originate and fund mortgages and improve compliance, loan quality and efficiency.

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“QuickInsured is delighted to partner with Ellie Mae,” said QuickInsured CEO, Jerry Batt. “Our secure, seamless integration with Encompass enables our clients to simplify the process of ordering and securing homeowners insurance for borrowers, so they can more efficiently process mortgage loans and grow their business. We look forward to a long, successful relationship with Ellie Mae.”

Batt added, “It’s imperative that mortgage companies to find ways to reduce closing times with loan origination costs on the rise. The time it takes for a borrower to manually receive homeowners insurance quotes and decide on a policy can delay closings, causing headaches for both the borrower and the originator. QuickInsured developed a product to relieve the stress this can cause by enabling borrowers to receive a competitive, bindable quote from an A-rated carrier in a matter of seconds. Also, the technology is device agnostic, so on-the-go borrowers can easily generate and bind their quote from a handheld device.”

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