Posts

Cary Burch Joins LoanLogics Board

LoanLogics, a provider of loan quality management and performance analytics, announced that Cary Burch has joined the company’s board of directors. A veteran of several national financial services and information technology companies, Burch will leverage his two decades of experience in the IT, legal and financial services industries to help LoanLogics expand its products and achieve long-term growth.

Featured Sponsors:

 

 
Most recently, Burch served as chief innovation officer with Thomson Reuters, a multi-billion dollar global information solutions company. His previous roles include CEO of Lender Support Systems (LSSI), a mortgage technology provider; COO of Fidelity National Information Services; and CIO of First American’s Consumer Information Group and president of First American CreditNet. Earlier in his career, Burch served as senior vice president and CIO of Advanta Mortgage and vice president of  strategic technologies and CIO for First Franklin Financial. He serves on the board of directors for Palomar Health Foundation, which provides healthcare services to communities in Riverside and San Diego counties.

Featured Sponsors:

 
“We consider ourselves very fortunate to have Cary join our board, as he brings a unique blend of experience in information technology and financial services markets as an operator, innovator, technologist and experienced investor,” said Brian Fitzpatrick, founder and CEO of LoanLogics. “We expect Cary to play a valuable, active role in helping us form the direction of LoanLogics and continue to expand the breadth and depth of our solutions across the mortgage and financial services industry.”

Featured Sponsors:

 
“I am thrilled to join the board at LoanLogics, a company led by an experienced team with deep roots in the mortgage industry,” Burch said. “Today’s mortgage industry requires greater understanding of loan data, and LoanLogics has the technology and capabilities to quickly and accurately extract, analyize and review loan data for risk and performance. I look forward to leveraging my experience in the mortgage, legal and private equity markets to help LoanLogics capitilize on its strengths while pursuing new applications for its groundbreaking technology.”

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.

Secretary Of State Approves New Electronic Notary Solution Provider

The Office of Secretary of State Mark Martin has announced the addition of Pavaso, Inc. as an electronic notary (eNotary) solution provider for Arkansas. Pavaso is a digital closing platform that brings together homebuyers, mortgage lenders, real estate agents and title companies in one seamless collaborative portal to deliver a better closing experience for everyone.

Featured Sponsors:

 

 
Nancy Pratt, Pavaso Vice President for Partner Relations and Government Affairs, said, “We are excited and enthused to be approved to provide eNotarization in the great state of Arkansas!  Homebuyers, Lenders and Settlement providers will all have an improved and outstanding mortgage eClosing experience because of Arkansas’s focus and support of the digital transformation!”

Featured Sponsors:

 
The Arkansas Secretary of State’s Office has been commissioning eNotaries in Arkansas since 2013. Arkansas’ eNotary program strives to improve the efficiency of the notarization process by increasing notarization options, reducing paper waste and providing highly secure authentication and storage options for Arkansans’ legal documents.

Featured Sponsors:

 
“Electronic notarization & e-closings will revolutionize the real estate and mortgage industries. This technology will change the way people conduct business. We are pleased to welcome another solution provider option as Arkansas’ nationally recognized eNotary program continues to grow,” said Secretary Martin.

Pavaso joins previously approved eNotary solutions providers DocVerify, World Wide Notary, and Corporation Service Company.

Progress In Lending
The Place For Thought Leaders And Visionaries

Industry Veteran Named President of IndiSoft

IndiSoft, a technology development firm that specializes in systems for the financial services industry, has named Camillo Melchiorre president. He will focus on the firm’s sales and marketing efforts. The move allows Sanjeev Dahiwadkar, who previously held both the roles of president and CEO, to concentrate on IndiSoft’s strategic direction as CEO.

Featured Sponsors:

 

 
Melchiorre joins IndiSoft from HLP where he was president and CEO. HLP, which is powered by IndiSoft’s RxOffice, is a nonprofit collaborative that enables counselors, advocates, mortgage lenders, servicers, investors, attorneys and government agencies to build solutions that help individuals and families achieve and sustain homeownership.

Featured Sponsors:

 
Before working with HLP, Melchiorre was senior vice president of loss management at Radian Group Inc. (RDN: NYSE) where he led their efforts to manage losses during the financial crisis with new systems, operations and loss mitigation strategy.

Featured Sponsors:

 
Prior to his Radian position, Melchiorre was co-founder and executive vice president of business development at MSTD Inc. MSTD developed the mortgage servicing industry’s first web-based default servicing and loss mitigation application, BackInTheBlack. He was also vice president of servicer relations and policy at Freddie Mac where he led Freddie Mac’s landmark Servicer Advisory Board. Before joining Freddie Mac, he was vice president of loss mitigation and quality control at Commonwealth Mortgage Assurance Corp. (CMAC, now Radian Group Inc.) where he began the company’s affordable housing pre-purchase counseling program.

“We have a long history with Cam that started years before he worked for HLP,” Dahiwadkar said. “Cam’s longevity in the mortgage industry and his knowledge will help us further position IndiSoft as a strong technology player that not only understands the industry but can also anticipate the technology needed to address any process or regulatory challenge.”

Melchiorre has more than 30 years of experience in many areas of the mortgage industry which has afforded him the opportunity to be a featured speaker during several industry events, and he has authored multiple articles that have appeared in leading industry publications. He is a graduate of Gettysburg College and Widener University School of Law.

“I have a long history with Sanjeev and IndiSoft,” Melchiorre said. “This is an exciting time in the industry one in which we have a chance to truly harness the power and capability of technology to make fundamental changes in efficiencies while being agile enough to be compliant with the ever-changing regulatory climate. IndiSoft has a remarkable platform that can help achieve those goals, and I am happy to be a part of the effort to move the company forward during this time.”

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.

Radian Integrates With Path To Offer MI

PathSoftware’s  Path LOS is now integrated with Radian Guaranty Inc., the mortgage insurance (MI) subsidiary of Radian Group Inc.

Featured Sponsors:

 

 
This direct connect integration allows Path users to obtain rate quotes and order MI on both a delegated and non-delegated basis, and submit documents without leaving their LOS. MI premiums are also auto-populated into the appropriate fields in Path to help streamline the MI ordering process, improving efficiency and productivity.

Featured Sponsors:

 
“We’re proud to partner with a forward-looking loan origination platform like Path to make it even easier for lenders to do business with us,” said Brien McMahon, chief franchise officer at Radian. “This integration enables us to deliver real-time quotes and simplify the MI ordering process for current and prospective customers.”

Featured Sponsors:

 
Path was designed to simplify and streamline mid- to enterprise-level, multi-channel loan origination. As a portal with a single point of entry, all loan data, lock data, products, pricing, automated underwriting system findings, loan estimate and closing disclosure documents emanate and are reconciled within one system. In addition, the LOS’s configurable workflows, with role-based functionality, provide visibility into every loan at every stage—so financial institutions can ensure their business rules are followed.

“Direct integrations with our partners are essential to streamlining the mortgage origination process for our customers,” said Doug Mitchell, director of sales and support at PathSoftware. “By partnering with Radian, our clients can now easily order MI directly from one of the nation’s top providers.”

Progress In Lending
The Place For Thought Leaders And Visionaries

Docutech, Veri-Tax Streamline Day 1 Certainty Process

Docutech, a provider of document and compliance technology for the mortgage and consumer lending industries, and Veri-Tax, a national verification provider, have expanded their integrated services to enable lenders to easily obtain the tax transcripts needed to enroll in Fannie Mae’s Desktop Underwriter (DU) validation service. Once enrolled in DU, lenders are able to receive Fannie Mae’s Day 1 Certainty, which frees them from representations and warranties for validated loan components.

Featured Sponsors:

 

 
Veri-Tax is authorized to provide 4506-T tax transcripts through the Fannie Mae DU validation service. By expanding the integration between Veri-Tax and Docutech, lenders that use Docutech’s ConformX platform can easily satisfy Fannie Mae’s requirements by placing and retrieving tax transcript orders seamlessly within ConformX, where borrower information is already stored, while shortening the loan process by days.

Featured Sponsors:

 
Fannie Mae’s DU validation service is designed to provide its customers with enhanced loan origination controls, improved processes and certainty around the borrower’s income, asset and employment information. When a lender opts in to use the DU validation service and obtains an eligible verification report from a vendor such as Veri-Tax, DU will use the data on the report to validate the borrower’s information and provide the lender with Day 1 Certainty for the loan.

Featured Sponsors:

 
With the partnership between Veri-Tax and Docutech, lenders are able to use ConformX to submit tax transcript requests through Veri-Tax for simple 4506-T fulfillment, saving several days in the loan process.

Docutech President and Chief Operating Officer Amy Brandt said, “We’ve been very pleased with the success of the ongoing partnership between Docutech and Veri-Tax. Our integrated service allows shared customers to easily satisfy IRS requirements by automating the verification process and enabling lenders to place and retrieve tax transcript orders within our flagship software ConformX, where borrower information is already stored.”

Veri-Tax CEO of Customer Happiness Nick Lim added, “We are pleased to enrich our partnership with Docutech, especially as we’ve become a Fannie Mae authorized report supplier. We believe the combination of our ‘customer happiness’ differentiation and the innovative Fannie Mae Day 1 Certainty benefits  the robust Docutech platform and offers compelling value of protection, speed and efficiencies for our shared customers.”

Progress In Lending
The Place For Thought Leaders And Visionaries

Ensuring A New Kind Of Compliance

Comergence, an Optimal Blue company and compliance solutions provider to the mortgage industry, has launched its newest compliance solution, Social Media Compliance. Powered by sophisticated regulatory intelligence capabilities and embedded with the specific policies and procedures of a licensed mortgage originator, the unique service addresses the growing need and seemingly insurmountable task of monitoring social and digital media communications within a regulatory framework.

Featured Sponsors:

 

 
“Social media is a powerful tool used more and more by today’s loan officers to source business. Yet, with numerous regulations today and even more expected in the future, the risk is high for unintentional social media mistakes that could pose significant financial risks for lenders,” stated Scott Happ, Chief Executive Officer of Optimal Blue. “We recognize that adherence to growing compliance demands will be challenging for lenders if social media compliance remains a manual, time-consuming effort coming at a great cost. By delivering this robust automation at an extremely affordable price, lenders discover an immediate ROI – regardless of whether they have five loan officers or hundreds.”

Featured Sponsors:

 
The Social Media Compliance system can evaluate social media activity across all loan officers and all venues in real time via automated scheduling. The platform also identifies potential violations, highlights usage trends, and provides 360-degree audit reports for a deeper violation review so lenders can communicate and remediate internally and externally – all within a single, turnkey compliance tool. The system provides enormous advantages for the hundreds of organizations that already rely upon other Comergence compliance solutions, including streamlined organizational and user set-up.

Featured Sponsors:

 
“Social media presents a large playing field and a new frontier for today’s lenders that is not going away anytime soon. Leveraging automation removes the heavy lifting and positions lenders to properly take full advantage of the opportunities through this great marketing asset,” said Greg Schroeder, Vice President of Comergence. “Everything lenders need to self-manage social media compliance is available in our solution, bringing efficiencies, simplicities, and real-time oversight with little effort.”

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.

Take Note Mortgage Industry

A new initiative between a technology company and a nonprofit organization is sparking interest in coding and programming at a younger age, paving the way for entry-level technology employees with more experience.

By partnering with the Children of Armenia Fund (COAF), Digital Pomegranate, an NYC-based technology company with a field office in Armenia, has entered into a long-term plan to teach the young generation coding skills for app and website development.

Featured Sponsors:

 

 
The global lack of coding knowledge implemented at a young age has created a gap between those who have received an education and their career in coding and website development. Without coding skills, there are limited opportunities in technology fields even with full high school and college curriculum standards being met. By holding workshop programs for rural Armenian kids, DigitalPomegranate and COAF are getting a head start in filling this gap. This means that down the road, rural Armenia may produce some of the best and most experienced coders in the business due to the implementation of these skills at a younger age. Implementing coding skills at a young age has a similar to effect when compared to how a younger student?s brain is more susceptible to language acquisition. “Research shows the younger the brain, the easier it is for the basics of coding and programming to become second nature,” a rep from Digital Pomegranate said.

Featured Sponsors:

 

By utilizing the resources of the non-profit organization, the company is connecting with motivated and intelligent students and teaching them to code. The important skills the kids are learning are not only benefitting the future careers of the kids, but the initiative is creating a new generation of talented coders and technology specialists to further the ventures of their own company and others in the field. In other words, they are training people to hire in the future.

Digital Pomegranate held their first four-week intensive seminar this summer for rural Armenian kids. The classes took place three times per week with a 2:9 teacher student ratio. The kids who participated in the program learned to create and design websites using Photoshop, WordPress and Visual Composer. The 14 through 18 year old students successfully built their own websites using WordPress, CSS and JavaScript and completed work for Digital Pomegranate?s customers by the end of the program.

Featured Sponsors:

 

By providing instruction at their SMART centers, COAF is hoping that the kids will one day become so proficient in coding they will be able to teach classes at the center themselves. The program intends to prepare rural Armenian youths for careers in coding and programming. By using their current staff of programmers to teach children new skills, Digital Pomegranate and COAF are setting them up for futures in programming, robotics, website and app development and similar fields. This means that the kids they are training now may be able to be hired by their own company just a few years down the road.

The Children of Armenia Fund?s SMART initiative is the most notable rural development initiative in the world. With initiatives like this one, COAF?s SMART centers will be hubs of intelligence, innovation and advancement. The first SMART center is set to open in the Lori region this upcoming academic year. Once the modern building is open to the public, COAF plans to implement this same coding education program on a larger scale. The SMART center is large enough to house much higher quantities of students and instructors. The vast space available will be utilized to spark passion and interest in students who may have bright futures in coding.

The kids who learn to code and create websites through Digital Pomegranate?s programs will be able to go on and teach the next generation the same skills. This creates a cycle in which these types of skills will continually be presented at a younger age than the current average. This is the kind of initiative COAF?s SMART centers intend to house. The mortgage industry should think out of the box and do similar things to encourage kids to get into this space. We need new ideas.

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.

Lenders One Touts Member And Preferred Provider Growth

The Lenders One Cooperative, a national alliance of independent mortgage bankers, has kicked off its annual Summer Conference in Minneapolis, MN. The cooperative will celebrate its continued strong growth and participate in education sessions, keynotes and networking events designed to help members discover new opportunities in a changing market.

Featured Sponsors:

 

 
Already the nation’s largest mortgage cooperative, Lenders One has welcomed the addition of 13 new members, four new vendors and four new preferred investors since the beginning of the year. The cooperative most recently celebrated the addition of two notable preferred secondary providers:

Featured Sponsors:

 
Mortgage Capital Trading, Inc. (MCT)is a capital markets-focused risk management and advisory services company providing independent analysis, training, hedging strategy and loan sale execution support to clients engaged in the secondary mortgage market. Since 2001, MCT has grown from a pipeline hedging services specialist into a fully integrated provider of capital markets services and software for lenders at every stage of growth. Lenders One members will receive discounted pricing on selected services. In addition, MCT is committed to integrating with noteXchange and working closely with Lenders One members and the cooperative’s preferred investors to bring even more efficiencies and productivity lift to the bulk trading market.

Featured Sponsors:

 
Planet Home Lending, LLC is a full-service, multi-state lender providing its customers a wide variety of loan products, including 203(k)s and FHA manufactured home loans, with a non-QM, alternative doc program for self-employed business owners and jumbo products coming soon. Consistently ranked in the top four for price on ICON for best effort, Planet Home Lending gives Lenders One members an assigned sales and service representative delivering personalized service plus access to state-of-the-art technology and a seasoned management team.

“We are thrilled with the momentum our cooperative has achieved,” said Bryan Binder, chief executive officer of Lenders One. “As we continue to grow in size and market presence, our team is committed to delivering value to our members through our many networking and educational opportunities as well as innovative technology offerings. We can see that our progress and industry-leading services are resonating with our members as the attendance at this Summer Conference is up over 30 percent from last summer.”

Over the past three conferences, Lenders One has announced the strategic addition of new technologies to help benefit our members, including Vendorly and noteXchange. At this year’s Summer Conference, Lenders One will launch additional noteXchange capabilities as well as preview a new cutting-edge eClosing ‘in a box’ offering as well as a continued focus on digitalization to prepare mortgage bankers for the future of the industry.

Progress In Lending
The Place For Thought Leaders And Visionaries

Fiserv To Acquire The Assets of PCLender

Fiserv has acquired the assets of PCLender, LLC, a leader in next generation enterprise internet-based mortgage software and mortgage lending technology solutions. This acquisition will enhance the Fiserv suite of mortgage origination services, which enable Fiserv clients to deliver the experience today’s consumers and mortgage lenders expect. Financial terms will not be disclosed.

Featured Sponsors:

 

 
Mortgage lenders operate in an evolving marketplace in which they are challenged to deliver a more efficient lending process in tandem with a compelling borrower experience. Fiserv is working to simplify today’s lending experience for financial institutions and borrowers, delivering powerful tools to originate, process, underwrite and deliver loans in a secure, paperless environment.

Featured Sponsors:

 
“Rapidly evolving consumer expectations require a seamless approach to banking experiences, including mortgage origination,” said Jeffery Yabuki, President and Chief Executive Officer, Fiserv. “PCLender provides Fiserv with a full digital suite of mortgage origination solutions for banks, credit unions and mortgage lenders. We welcome the existing clients and talented team members to our company.”

Featured Sponsors:

 
A complement to the existing Fiserv lending solution suite, these assets provide a set of simple, easy-to-use internet-based mortgage solutions for banks, credit unions and mortgage lenders. This fully managed, end-to-end solution simplifies origination, document collection and compliance reporting, streamlining consumer direct and retail mortgage and HELOC loan origination. The technology offers a feature-rich user experience and improved operational efficiency for mortgage lenders with existing resources. Supporting lenders of all sizes, PCLender provides solutions for lenders funding up to 5,000 loans per month.

“Joining Fiserv accelerates our ability to scale our solution, while simplifying solutions for every phase of the loan process to benefit our clients,” said Lionel Urban, Chief Executive Officer, PCLender. “We look forward to leveraging our combined expertise to deliver greater client value and an enhanced experience for their 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.

TeleVoice Awarded U.S. Patent For SpotLight

TeleVoice, which develops and implements customized call center solutions, has been awarded a U.S. Patent for the unique technology embodied in SpotLight. The single-point of contact (SPoC) call management solution was designed specifically to address the challenges mortgage servicers face in implementing regulatory requirements for SPoC. SpotLight offers a distinct set of tools that improve agent efficiency and ensure regulatory compliance.

Featured Sponsors:

 

 
“With SpotLight, single-point-of-contact operations become more than just an audit check box,” said Barry Hays, SVP and co-founder of TeleVoice. “A well-managed SPoC group really can achieve the true goal of loss mitigation, to move each troubled loan to the most favorable outcome as quickly as possible. Improving the flow of communications between SPoC agents and their assigned borrowers is the key to optimizing loss mitigation operations.”

Featured Sponsors:

 
SpotLight manages all inbound and outbound call tasks assigned to SPoCs and may be used in environments where individual SPoC agents are assigned a group of loans or where a group of SPoC agents share responsibility for a set of loans. With SpotLight, agent resources are maximized and borrower needs are addressed more effectively.

Featured Sponsors:

 
Using propriety technology, SpotLight dynamically calculates a call priority score (CPS), based on loan-level data and call characteristics, for each inbound and outbound call task. Critical calls are handled first, and less urgent calls are scheduled to be addressed later. Outbound contacts required by regulators receive priority as deadlines approach, insuring that regulatory standards are maintained.

The patented technology also provides critical audit trails by recording the disposition of every inbound and outbound call attempt. Servicers are able to instantly produce contact logs for individual loans, showing the outcome of every call that was placed by the borrower to the SPoC or by the SPoC to the borrower. Successful contacts, voicemails, requested call backs, abandoned calls and other call events are all tracked, providing a level of management detail not available with any other system.

Servicers using SpotLight for their loss mitigation operations have reported significant increases in Quality Right Party Contact, as well as increased SPoC efficiency and improved responsiveness from delinquent borrowers.

“The struggles the mortgage industry endured in the wake of the meltdown have largely abated, but the lessons learned have led to a lot of operational improvements,” Hays said. “We’re proud that SpotLight is one of the tools that is playing a continuing role in enhancing loss mitigation efforts.”

Progress In Lending
The Place For Thought Leaders And Visionaries