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Integrations That Make Sense

As we all know, lenders have a lot of needs that can’t be fulfilled by any one vendor. So vendors have to integrate to help their clients. For example, Mortgage Cadence, an Accenture company, has integrated Radian’s mortgage insurance – (MI) service into its Enterprise Lending Center solution, further expanding on-platform access to top-tier services.


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


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


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

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

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.

Millennials Undeterred From Purchasing Homes Despite Rising Interest Rates

Millennials were not deterred from purchasing homes in October as the market continued to tighten, interest rates rose, and average loan amounts decreased. According to the latest Ellie Mae Millennial Tracker the average loan amount to Millennial borrowers for all closed loans was $189,686 in October, down from $192,005 in September, yet higher than last October’s average of $186,567. When men were listed as the primary borrower, the average closed loan in October was $198,864, compared to a much lower $188,607 when women were the primary borrower.


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Even with rising mortgage rates, purchase loans still accounted for 88 percent of closed loans to Millennial borrowers in October, four percentage points higher than a year ago. Of all closed loans to this demographic, 68 percent were conventional loans, while 27 percent were for FHA loans, 2 percent were VA loans and 3 percent were undisclosed.


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“Although housing prices and interest rates are still rising at a faster pace in 2018 than they have in previous years, those trends are not yet stopping Millennials from purchasing homes and putting down roots,” said Joe Tyrell, executive vice president of corporate strategy for Ellie Mae. “It is important for lenders to educate Millennials on the value of FHA loans that bring lower down payments and can allow these new homebuyers to stretch their dollar a little further even with rising interest rates.”


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Additional findings from the October 2018 Ellie Mae Millennial Tracker include:

>>Interest rates on all loans rose to 4.96 percent, the highest percentage point since Ellie Mae started tracking this data in 2016, up from 4.87 percent in September, and up from 4.13 percent a year ago.

>>Refinances slowly began to rise in the fourth quarter, representing 11 percent of all home loans to Millennial borrowers.

>>Across all home loans, it took an average of 42 days to close last month. A year ago, it took one day longer at 43 days to close. Purchase loans took an average of 41 days to close last month, compared to an average of 42 days to close a year ago. Refinance loans closed in 48 days last month, on average, compared to 45 days in 2017.

>>The average FICO score for Millennial borrowers remained flat for the third consecutive month at 722, slightly down from 723 in July.

>>The average age of all Millennial borrowers remained flat at 29.7 from the previous month, and essentially flat from 29.3 in October 2017.

>>Millennial males (both single and married) were listed as the primary borrower on 60 percent of closed loans in October. Women were listed on 32 percent and the remainder did not specify a gender.

Ellie Mae Gets New CFO

Dan Madden will join Ellie Mae as executive vice president and Chief Financial Officer (CFO) on December 20, 2018, reporting to Jonathan Corr, Ellie Mae’s President and CEO.


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Dan currently serves as Chief Financial Officer for Revel Systems, a cloud-based POS platform, where he leads the growing organization’s finance team. Prior to joining Revel, Dan was the Chief Financial Officer at Cepheid, a publicly traded leading molecular diagnostics company, and VP Finance & Corporate Controller at Symmetricom, where he led the company’s finance, accounting, and investor relations functions. Previously, Dan held financial leadership positions at Sonic Solutions, Advanced Fibre Communications, and McKesson. Dan began his career with Ernst & Young and holds a bachelor of science in Business Administration from California State University, Sacramento.


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“Ellie Mae is leading the industry as we drive toward our mission of providing the true digital mortgage to lenders of all sizes,” said Jonathan Corr, president and CEO, Ellie Mae. “Dan’s extensive financial, operational and strategic experience coupled with his knowledge of technology and SaaS businesses will be a huge asset to Ellie Mae as we continue to grow. We look forward to having Dan’s leadership and expertise on our team.”


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“I am excited to join Ellie Mae at such a pivotal time for the company,” said Madden. “Ellie Mae has been an industry leader for two decades and I’m thrilled to join the seasoned team as we continue on the path together toward transforming the mortgage industry.”

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.

Mortgage Cadence Enhances Its Enterprise Lending Center Platform

Mortgage Cadence, an Accenture company, enhanced its Enterprise Lending Center (ELC) loan-origination platform by providing additional integration capabilities with Mortgage Guaranty Insurance Corporation (MGIC). The two new ELC features — electronic loan package document delivery and automated mortgage insurance activation, both from MGIC — streamline the origination process by simplifying the ordering and activation of mortgage insurance, resulting in greater speed and productivity for lenders.


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For non-delegated mortgage insurance, the electronic loan package document delivery capability gives lenders the option of sending the loan package directly to MGIC for review, eliminating manual document uploads.


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Lenders can also activate the mortgage insurance policy by notifying MGIC electronically after loan consummation.  MGIC is one of the first mortgage insurance providers to extend this service via integration with a loan-origination system, and Mortgage Cadence’s ELC platform was the first loan origination system on the market to provide this integrated functionality.


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“The activation of mortgage insurance after a loan closes is often a grey area,” said Brian Benson, executive manager of services at Mortgage Cadence. “Sometimes it’s the lender that activates the insurance, while other times it’s the servicer. Enterprise Lending Center now automates this activation, creating efficiency and peace of mind for lenders.”

Margaret Crowley, MGIC’s vice president of marketing and customer experience, said, “Through the simple click of a button within the Mortgage Cadence loan-origination system, lenders can automate the document loading process, saving time and streamlining the process of ordering and activating mortgage insurance. We are always looking for ways to make things easier for our customers, and we’re excited about this integration with Mortgage Cadence.”

Plaza Home Mortgage Adds New Disclosure Capabilities

Plaza Home Mortgage, Inc., a national wholesale and correspondent lender, announced that its BREEZE loan origination system now gives wholesale mortgage brokers a new option in generating both required disclosures and the LE at the point of sale.


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Plaza mortgage brokers will now be able to initiate and send disclosures to a borrower along with the LE through the BREEZE system. The disclosures that will be sent to the borrower include Broker state and federal disclosures and Plaza lender state and federal disclosures, as well as a Fannie Mae 1003 Application. For FHA and VA loans, the 92900-A or 26-1802a forms and other required program disclosures will be included. Loan originators will have the option of electronically signing the Fannie Mae 1003 and other forms that require their signatures.


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Once the disclosures and LE are received by the borrowers, they can consent and sign them electronically, and notifications will automatically be sent via email keeping the originator informed at each step. All documents are then automatically stored in BREEZE’s imaging system where originators can access and save for their record.


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As always, mortgage brokers can continue to use their own systems to prepare disclosures and the LE or submit the loan to Plaza which will create and issue the LE to the borrower.

“At the end of the summer, we introduced our new Loan Estimate capability that lets BREEZE users create LEs in five minutes or less. Now we are adding disclosures to complete the digital experience for brokers and their clients,” said Jeff Leinan, executive vice president, National Wholesale Production at Plaza Home Mortgage. “In today’s competitive market, where every loan counts, technology enhancements and skilled Account Executives allow Plaza clients to offer a superior user experience and increase loan pull-through.”

Plaza Home Mortgage has scheduled mortgage broker training webinars on how to use its new disclosure capabilities on November 19 and November 27.

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.

Integration Enables eNotes For Mortgage Originators

eOriginal Inc. and LendingQB have completed an integration that enables the generation, execution and management of eNotes. The companies announced the integration on the eve of the MERS eMortgage Boot Camp in Irvine, Calif.


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“LendingQB’s work with eOriginal is another milestone in the creation of an open ecosystem for technology and service providers working together to benefit originators,” said Simon Moir, Senior Vice President and General Manager of Digital Mortgage of eOriginal. “This integration continues eOriginal’s commitment to innovative solutions for the industry that focus on capital efficiency and market execution, while minimizing impact to our client’s business and technology operations.”


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Interest in the production of electronic promissory notes, or eNotes, continues to grow as consumers and lenders recognize the value of moving toward a more streamlined, digital process. Through the automated integration into eOriginal’s eNote technology, LendingQB is providing originators of all sizes with accelerated entry into the digital mortgage ecosystem, while gaining process efficiencies and improving quality control by eliminating manual entries and reviews through LendingQB’s loan origination system.


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“With growing adoption and demand for more transparency, digital mortgage is delivering a competitive advantage and operational efficiencies that cannot be obtained through paper processes. eOriginal’s technology is designed to provide clients with an enhanced experience, bringing greater scale, efficiency, and accuracy,” said David Colwell, Vice President of LendingQB Strategy. “The solution delivers a fully digital mortgage that meets regulatory requirements and is accepted by top lenders, the government-sponsored enterprises, and other stakeholders across the mortgage ecosystem.”

In the wake of Fannie Mae and Freddie Mac’s increasing acceptance of eNotes, this partnership is the latest in the expansion of the digital mortgage ecosystem. Recently, eOrginal also announced an eNote program with Wells Fargo Home Lending and joined with MERSCORP Holdings to provide the technology to power MERS eNote Solutions. MERSCORP’s eNote offering will also be fully integrated with LendingQB. LendingQB will begin offering this integration to a select group of lenders in 2018, which will be followed by a broader offering in 2019.

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.”

Lenders Now Have A Single Access Point To Dozens Of Real Estate Lending Products, Solutions

LenderClose has integrated with MeridianLink’s LoansPQ loan origination platform. Enabled as an optional feature for LoansPQ users, the LenderClose platform provides API connections to every vendor it takes to approve, underwrite and close a mortgage or HELOC loan. Through LenderClose, lenders access a suite of reports and services – from flood certification and valuation products to title reports and e-recording services. The result is a streamlined and vastly accelerated underwriting process, an increasingly essential capability for all community lenders. With one vendor, one integration and one invoice, lending teams realize multiple points of efficiency.


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“Today, community lenders are working with more vendors and fintechs than ever before to meet increased consumer demand for speed and personalization,” said Doug Glagola, vice president, Enterprise Solutions, MeridianLink. “That’s why it’s so important for lenders to have access to vendor aggregators like LenderClose. Unless that information is integrated seamlessly with the systems they already use, it’s incredibly difficult to provide the instant, accurate and reliable experiences members expect. LenderClose’s technical expertise and community lending market connections make them an ideal partner for our growing ecosystem of lending solutions.”


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The LenderClose/LoansPQ integration means loan officers and processors will have less data-entry tasks and fewer platforms to manage. Forms and other documentation that comes through the LenderClose platform will be automatically uploaded to LoansPQ, saving staff upload and download time. In addition, loan officers will have access to real-time data and reports across both platforms and a digital archive of forms for quick retrieval from anywhere.


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Andrea Remington, loan processing manager for Collins Community Credit Union in Iowa, anticipates the integration will have a dramatic impact on her team’s efficiency. “The ability to access LenderClose through our MeridianLink interface will free up an incredible amount of time for our staff,” she said. “Just the ability to use data that’s been pre-loaded by the originator will save us so much from both a time and errors stand-point. Every organization, especially in financial services, is looking for ways to keep staff engaged. When we find ways to make their lives easier, we have more time to spend on making the experience for the member easier.”

“One of the most exciting aspects of this integration is that our clients asked for it, and we were able to deliver, thanks in no small part to the big thinkers at MeridianLink,” said Omar Jordan, CEO of LenderClose. “Everyone we’ve worked with at MeridianLink – from the C-suite to the developer team – sees very clearly where the market is headed and what our mutual clients need to be successful.”

“Borrowers today enjoy a great and growing number of options for lending,” continued Jordan. “As competitors shout ‘no paperwork,’ ‘approval in minutes’ and ‘turn-around is less than two weeks,’ consumers hear it, and they expect local lenders to play ball. MeridianLink and LenderClose are helping the nation’s community lenders make the changes they need to do exactly that.”

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.

Partnership Enhances Digital Mortgage Efficiency

Ellie Mae and SimpleNexus, a provider that is bringing the home mortgage process to mobile devices through their dynamic digital mortgage platform, have announced an official integration partnership.


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The partnership provides SimpleNexus’ 180 clients and 18,000 LO’s fast and secure data transfer between the Ellie Mae’s Encompass Lending Platform and SimpleNexus’ Mobile Originator tools. The direct system-to-system integration with Ellie Mae enables loan officers on the SimpleNexus platform to access to their entire loan pipeline, order credit, run pricing, view appraisals, and send pre-approval letters from their mobile device, all while syncing in real-time with Encompass.


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“We are excited to provide Encompass users with this secure and powerful integration enabling the originator to do their job on-the-go, helping lenders improve relationships with Realtors while getting more loans in the door,” stated Matt Hansen, SimpleNexus Chief Executive Officer.


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The partnership between Ellie Mae and SimpleNexus ultimately helps lenders reduce costs and drive efficiency in operations, improve loan officer productivity and provide convenience and transparency to borrowers and real estate partners during the loan process.

SimpleNexus enables mobile origination, with fifteen of the top 25 retail mortgage lenders in the U.S. using their digital mortgage platform. This latest integration with Ellie Mae delivers the fastest real-time Encompass data transfer speeds available in the industry and further establishes SimpleNexus as a best-in-class digital mortgage solution.

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.

Direct Integration Simplifies The Antiquated Complexities Of Updating Post-Trade Details

Resitrader, an Optimal Blue company and the leading online digital exchange for whole loan trading in the secondary mortgage market, integrated its fully automated trading platform with LendingQB. The streamlined interface enables participants to quickly and efficiently update loan-level trade information from the Resitrader platform into LendingQB immediately following completion of a trade. Resitrader creates a trade ticket for every trade between sellers and buyers, as well as Fannie Mae and Freddie Mac. LendingQB users can import price, commitment, and investor loan numbers across multiple trades with a single click.


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The integration includes data elements as specified by the originator, and the seamless integration also allows the user to generate and leverage custom fields applicable to their unique business processes and need. With one click, data is securely transported in real time and accepted by the LendingQB platform.


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“The ‘one-click’ feature is highly regarded by our clients,” said Linn Cook, Director of Sales and Marketing with LendingQB. “The ability to easily move data from trading to their LOS has saved an incredible amount of time and streamlined the archaic process of manual, duplicate entry.”


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The integration between LendingQB and Optimal Blue’s loan trading platform is considered an exciting first step of many new digital integrations between the firms and their respective platforms. With this initiative complete, the firms have now turned their attention toward fully integrating LendingQB with Optimal Blue’s hedge advisory and product eligibility and pricing engine.

“Our partnership with LendingQB further demonstrates our commitment to an open platform across the industry,” explained John Ardy, Vice President of Resitrader by Optimal Blue. “We look forward to expanding integrations with LOS and hedge-advisory firms to cover the full spectrum of the mortgage loan process; and we believe the relationship with LendingQB is one of many that will support the initiative for Optimal Blue and our network of strategic alliance partners to provide the highest level of satisfaction to our customers.”

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.