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HSBC Bank USA Launches New Digital Mortgage Solution

HSBC Bank USA, N.A., (HSBC), part of the HSBC Group, one of the world’s largest banking and financial services organizations, today announced that it has launched a digital home lending experience powered by Roostify. The partnership provides customers with a digital solution that is a faster, easier and less stressful loan transaction experience, while enabling HSBC to process and close loans more efficiently with fewer manual touches.


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“Digital plays a crucial role in supporting, enabling and driving our ambition of customer experience led growth,” said Raman Muralidharan, Head of Mortgage, Retail Banking and Wealth Management, HSBC Bank. “Customers are looking for the same ease-of-use and convenience for large transactions, like financing a home, which they’ve come to expect in other buying experiences. Roostify is able to accelerate our deployment timeframe with a solution that provides a superior experience to our customers and to our mortgage consultants.”


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The platform offers a streamlined loan application and fulfillment process for home buyers and owners during a purchase or refinance. Customers are able to submit a loan request online, share documents digitally and securely and track the status of their loan from application through to closing, in real-time. Roostify integrates with HSBC’s loan origination system allowing the Bank’s lending team to more easily transfer information and communicate more effectively with customers, driving quality and efficiency in the loan origination process.


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“HSBC has been a great partner in driving innovation to improve their customer experience,” said Rajesh Bhat, CEO and Co-Founder of Roostify. “Information exchange is a vital part of the home buying experience, and it can be a game-changer when done right. This solution provides HSBC’s customers with a modern, improved way of applying for and closing a mortgage and delivers transparency to both the customer and lending team from start to finish, for an optimal experience.”


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HSBC Bank USA, National Association (HSBC Bank USA, N.A.) serves customers through retail banking and wealth management, commercial banking, private banking, and global banking and markets segments. It operates bank branches in: California; Connecticut; Washington, D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. HSBC Bank USA, N.A. is a Member of FDIC. Investment and brokerage services are provided through HSBC Securities (USA) Inc., (Member NYSE/FINRA/SIPC) and insurance products are provided through HSBC Insurance Agency (USA) Inc.

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide across 66 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of $2,659bn at 31 March 2019, HSBC is one of the world’s largest banking and financial services organisations.

WGS Delivers New POS/Digital Experience

Wipro Gallagher Solutions (WGS), a Wipro Limited company and a provider of loan origination software solutions, has released the latest update of NetOxygen Launchpad, a state-of-the-art consumer point-of-sale (POS) portal delivering true digital experience and enhanced consumer engagement, across channels, throughout the loan cycle, including the post loan submission process.


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Wipro Gallagher Solutions’ NetOxygen Launchpad 3.0 experience helps lenders transform the consumer application by offering easy access to loan documents, disclosures, key loan contacts, and interactive to-do lists from any device (PC, laptop, tablet, or smartphone). With its responsive and adaptive design, NetOxygen Launchpad seamlessly adjusts to the end user’s device.


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NetOxygen Launchpad is one of the first consumer POS platforms to focus on customer engagement during the post loan submission process. It is during this time period where consumers typically have many follow-up questions and expect timely responses. NetOxygen Launchpad’s borrower dashboard offers consumers the ultimate borrower transparency and flexibility through customizable widgets displaying loan information in real time.


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NetOxygen Launchpad automatically and dynamically routes all queries through an online real-time chat support system. Consumers also have the ability to upload supporting documents to resolve outstanding stipulations. While bankers/loan officers, and other key support staff, are available via e-mail or phone, Artificial Intelligence-driven chatbots and live agent co-browsing provide additional automated and tailored assistance.


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With automatic pre-population of more than 70% of consumer data (from various data aggregators and sources), the NetOxygen Launchpad experience makes filling out an application form, a very easy and time-saving task for the consumer. The experience seamlessly integrates with credit, asset verification, income verification, identity verification, and other key data sources and offers consumers product options that best fit their needs.

NetOxygen Launchpad seamlessly integrates a “guided help” feature that provides real-time, step-by-step guidance to users to help them perform a variety of tasks from start to finish. This feature helps users feel empowered and in control during the post loan submission process. NetOxygen Launchpad is enabled with OCR (optical character recognition) and ADR (automated document recognition) technologies, that helps in minimizing user errors.

NetOxygen Launchpad offers a true multi-channel digital experience to lenders, whether originating first mortgages, HELOCs or a variety of other loan types, including auto, boat, and personal loans. The platform also offers a dedicated loan officer view, enabling loan officers to manage their loan pipelines, review applications, and send registration links directly to borrowers.

“The NetOxygen Launchpad experience ensures that the consumer engagement does not end after the loan application is submitted. The typical time for application processing can be anywhere from 4 to 14 minutes, but the post-submission experience can be 10-30 days or more,” said Alok Bansal, Vice President and Head, Wipro Gallagher Solutions, Wipro Limited. “Through NetOxygen Launchpad, consumers are engaged during the entire loan origination process and are provided with the necessary resources at their fingertips, wherever they are.”

SLK Global Enhances Solution For Title Agents

SLK Global has launched two new offerings for its SmartTrak property tax solution, a technology platform which is currently being used by more than 100 title and tax agents to make their tax reporting become faster and risk free.  The enhancements include a lower-priced rapid tax report and a standalone municipal lien search report (MLSR).


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With these enhancements, title agents can now choose from a wide range of property tax solutions on the SmartTrak platform, from a simple and fast tax report to comprehensive municipal lien searches that can be ordered with or without a full tax certificate.


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“Many customers have asked us for a faster and cost-effective property tax report, in addition to a much more comprehensive guaranteed tax certificate,” said Timothy Moreland, SVP of business development at SLK Global Solutions. “Now SmartTrak® enables ordering of a quick and simple low-cost report of outstanding taxes against a property.”


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“Title agents can now choose tax reports that can be delivered as fast as 24 hours at a much lower price point,” added Dustin Smith, SVP operations at SLK Global Solutions America. “In addition, we have enhanced the platform to offer municipal lien searches as a stand-alone offering. This complements our existing TaxCert product – a comprehensive property tax report with guarantees – and TaxCert+, which is the tax certificate including municipal lien search information.”


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SLK Global Solutions America President Alok Datta noted that the enhancement expands flexibility for title agents in terms of a menu of choices at multiple price points depending upon their business needs.

“We are always striving to deliver products and solutions that help title agents reduce turn time, expand their coverage across the nation and save on their operational expenses,” Datta said. “This is one release that directly does so. This goes perfectly with our SmartProp property search solution, which can help title agents get property search reports in four hours, making us their preferred vendor partner for all their property search and tax requirements.”

The new enhancement also means SmartTrak can be leveraged by mortgage servicers to order a quick tax report during a portfolio purchase or to track a loan’s delinquency life cycle, including foreclosures and REO.

Partnership Provides LOs Real-Time Rate Data

Mortech, a Zillow Group business providing mortgage technology solutions for mortgage lenders and secondary market teams, announced a new integration between Mortech’s product and pricing engine (PPE) and Blend, a Silicon Valley technology company bringing mortgages into the modern age. The integration provides lenders using Blend and Mortech the ability to provide real-time mortgage offers with an online mortgage platform to confidently guide borrowers through the mortgage loan process.


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Through the Blend platform, lenders can provide a more transparent online mortgage experience to improve borrower conversion and increase efficiency. With the Mortech integration, lenders using the platform will have more flexibility and control over custom pricing configurations for eligible products returned to consumers using the Blend application. Borrowers will also receive up-to-date mortgage rate offers from lenders through the integrated platform for a more streamlined mortgage application workflow.


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“Borrowers shopping for mortgage financing continue to demand a combination of guided online self-service tools with personal and professional support,” said Doug Foral, general manager at Mortech. “Mortech and Blend can better deliver real-time mortgage pricing and investor data to provide direct mortgage products and pricing to borrowers and enable lenders to make borrower-specific loan product decisions.”


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“We’re committed to providing the most efficient path toward homeownership, and partnering with mortgage technology leaders like Mortech allows us to deliver on and exceed consumer expectations,” said Brian Martin, Head of Business Development at Blend.


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Mortech supplies thousands of mortgage professionals with a number of services and tools, such as all-in-one pricing, rate notification, prospect management tools, custom rate sheets, loan product eligibility and guideline services. Founded in 1987, Mortech is based in Lincoln, Neb. and is owned and operated by Zillow Group, Inc.

Blend makes the process of getting a loan simpler, faster, and safer. With its industry-leading digital lending platform, Blend helps financial institutions like Wells Fargo and U.S. Bank increase productivity and deliver exceptional customer experiences. The company regularly processes nearly $2 billion in loans daily, 

CoreLogic Integrates Income Calculation And Property Tax Estimator Services With LendingQB

CoreLogic announced that their FactCheck income calculation and analysis solution and Property Tax Estimator report are now available on the LendingQB Loan Origination System (LOS). When combined with the previously existing CoreLogic integrations on the LendingQB LOS, Instant Merge credit report, Flood Determination services, LoanSafe reports, income verification and valuation solutions, these two new integrations provide LendingQB users with an end-to-end underwriting solution from a single provider.


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FactCheck extracts borrower income data directly from source images and data sets. Once extracted, FactCheck automatically processes the borrower’s income information via a customizable rules engine, and allows underwriters to easily update calculations, document exceptions and track changes using a transparent audit log. The solution’s Document Inventory tool automatically identifies missing documents, and the Income Finder tool automatically flags potential sources of new income. By leveraging a fixed set of rules in a repeatable, automated process, FactCheck ensures that teams of underwriters are evaluating income the same way every time, increasing efficiencies and helping reduce compliance and buy-back risks.


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Property Tax Estimator is designed to significantly increase the accuracy of Loan Estimates, reduce compliance risk and improve the customer experience. By delivering highly accurate tax data early in the process, Property Tax Estimator also helps underwriters qualify the borrower’s ability to financially support all mortgage costs and improves the onboarding process for servicers. Additionally, it eliminates the need for any specialized skills required for data procurement and provides a consistent workflow process no matter the property, exemption status, county exception complexity, and loan officer tenure.


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“The inclusion of FactCheck and Property Tax Estimator on LendingQB 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. “With these new integrations, LendingQB users will now be able to better streamline their workflows with an integrated end-to-end underwriting solution from CoreLogic.”


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LendingQB is a software system that consolidates all aspects of mortgage lending into a single, fully integrated platform. From loan origination to funding, LendingQB is an end-to-end system that leverages the power and cost-efficiency of web-based computing for a smoother, more efficient mortgage lending workflow.

“CoreLogic has always been tremendously supportive of LendingQB. They’ve constantly strived to utilize our Open API to give lenders innovative products to originate loans with ease,” said Tim Nguyen, CEO and co-founder of MeridianLink. “The addition of the FactCheck and Property Tax Estimator tools has successfully created a full suite of innovative products providing our current and future clients with an end-to-end underwriting solution from a service provider we all trust.”

New Tools Empower Loan Officers

Volly, a leading provider of SaaS-based CRM, Marketing Automation, Marketing Store and POS solutions for banks and mortgage companies, today announced the launch of a new POS mobile app and a rebranding of the existing CRM mobile app.


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The Volly Point of Sale Mobile App gives loan officers the ability to invite borrowers to apply or get prequalified from anywhere, anytime, whether at an open house with a real estate agent partner sitting with prospective buyers or while out at the grocery store. With the mobile app, loan officers can also track loan status, and borrowers can upload documents and view statuses and tasks, and both can communicate directly within the app, making for a seamless experience that is accessible on any mobile device. Loan officers can invite their referral partners to download their lender branded mobile app to easily setup their own account to invite borrower referrals and track a referral’s status within minutes.


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The Volly CRM Mobile App enables users to access customer databases, schedule meetings, and view marketing activities. The rebranded app will reflect Volly’s new corporate colors and include a name change from CustomerManager to Volly. 


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“In today’s ultracompetitive environment, borrowers demand immediacy and responsiveness,” said Jerry Halbrook, Volly’s CEO.  “Our mobile apps allow loan officers to work more efficiently and dynamically to collaborate with customers and partners. We’re confident that this technology advancement will substantially improve the quality and satisfaction of the customer journey.”  


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Research shows that more than 34 percent of consumers are accustomed to using smartphones and computers for everything, including mortgages. “Lenders who don’t have a mobile strategy will find themselves falling behind the ultra-competitive technology curve,” added Halbrook.

Volly POS and Volly CRM applications are white labeled solutions now available on Google Play (Android) and the Apple App Store (iOS). 

RE Firm Embraces eClosing

Wylie and Washburn, LLC has chosen Pavaso’s electronic closing platform to begin offering digital real estate closings. Wylie and Washburn is a South Carolina-based real estate firm specializing in residential and commercial real estate closings.


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Its experienced attorneys offer clients friendly, personalized service and professional guidance throughout the closing process. The firm selected Pavaso’s technology to enhance the closing experience for brokers, agents, lenders, home buyers and sellers.   


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Pavaso offers a solution for conducting eClosings. By bringing everyone together in the same digital environment, the Pavaso platform enables real-time collaboration, maximizes efficiencies and streamlines the closing process. It also allowsconsumers to review closing documents and ask questions about the process from the comfort of their home, so they can feel prepared on closing day.   


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“We are excited to help Wylie and Washburn and their clients enjoy all the benefits of a modern closing experience,” says Cheryl Baillis, Executive Vice President of Operations for Pavaso. “Our digital closing solution provides a more efficient alternative to the traditional closing process. Uniting permissible parties in a single digital environment promotes seamless communication and collaboration that accelerate the closing process.”   


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“At Wylie and Washburn, customer satisfaction is our primary goal for every transaction,” said firm partner Jadda Wylie. Firm partner Kristen Washburn continued “Pavaso will give our clients flexible closing options, secure access to documents and a direct line of communication with the professionals handling their transaction so they can enjoy a smooth closing experience.”

Wylie and Washburn, LLC is a full-service real estate law firm focused on commercial and residential real estate. The firm has office locations in Florence, Columbia and Sumter, South Carolina, and it handles closing transactions throughout the state. As an attorney-managed firm, Wylie and Washburn proudly entrusts every case to one of its experienced, in-house attorneys. 

Leading AMC Will Make Its Software Available

Appraisal Logistics (ALS), a nationwide appraisal management company announced today that it will license AIMPort, its proprietary technology platform, to lenders who want to manage some or all of their own appraisal process as well as to other appraisal management companies. The software can be used for residential or commercial valuations and BPO transactions. It is already integrated with many LOS, GSE, FHA and other industry applications.


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“Not every lender wants to outsource its appraisal management to an AMC,” said Frank Danna, CEO of Appraisal Logistics. “If they manage it internally, they must have access to software powerful enough to manage that process in a compliant and efficient manner. If they do work with an AMC, they may still want to manage some appraisals or evaluations internally. Most lenders need some support when lending outside of their footprint, but the process has to be very efficient to keep costs low. Finding the right mix is the key to reducing the lender’s overall costs in the appraisal department. Our software makes that easy.”


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AIMPort is a single source solution developed to bring management and operations teams, technical tools and vendor partners together seamlessly. The platform improves workflow efficiency and accuracy in a cost-effective manner to support the lender’s own vendor process. The platform offers functionality for vendor management, order process, assignments, tracking, reviewing, delivery, reporting and accounting. ALS created AIMPort internally using its own in-house IT group. The company has been operating on the platform in all 50 states since 2011. 


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“The possibilities are virtually limitless,” said Dennis Ashcroft, ALS Vice President of Sales. “Whether your interest is to farm out the cost/risk to a third-party vender or manage the process internally through a state-of-the-art technology, we can analyze your existing process and provide a cost-effective solution that meets/exceeds all government and Interagency guidelines. As the only provider with the coveted ISO 9001-2015 Certification, a Quality/Performance Improvement program, your compliance at the end of the day is guaranteed.”


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Appraisal Logistics has received the ISO 9001:2015 Certification for Quality Management Systems Standards by LQRA, a Lloyd’s Register Company. Although not required, Appraisal Logistics opted into the rigorous audit and evaluation process to provide financial institution customers a means of measuring quality. ALS is the only AMC in the industry to receive this important certification.

Lender Reaches Several Milestones

Since the beginning of the year, Planet Home Lending, LLC (PHL), a national mortgage lender and servicer, has opened a dozen branches, launched several new loan products, posted a Net Promoter Score (NPS) of 95.6 percent and received an increase in its servicer rating from Fitch Ratings. 


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Planet Home Lending’s new branches are in Modesto, Calif.; Virginia Beach, Va.; Albuquerque and Las Cruses, N.M.; San Antonio and McAllen, Texas; Annapolis, Md.; Augusta, Ga.; Nashville, Tenn.; Chicago, Cincinnati and Indianapolis. 


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“Expanding our footprint through our distributed retail offices demonstrates our commitment to ensure more consumers have access to quality home financing,” said Michael Dubeck, CEO and president of PHL parent Planet Financial Group. “We plan to continue our efforts to serve as many communities as we can.” 


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Planet Home Lending enjoyed several other successes during the first part of this year. The company: 

  • Expanded its non-QM product line by adding additional bank statement, asset depletion, single-family investor, mixed use and post-bankruptcy/foreclosure programs
  • Now offers purchase and refinance VA home renovation loans
  • Received an upgraded rating from Fitch Ratings for its servicing efforts and a Stable Outlook forecast 
  • Achieved an NPS of 95.85. The score measures the willingness of a customer to recommend a product or service to others and ranges from -100 to 100 and the average NPS in banking is 441
  • Opened a new Regional Operation Center for Planet Home Lending and a Western Regional Office for Planet Management Group, the company’s sub-servicer affiliate, in Texas 

The company also enjoyed solid performance from its customer retention and correspondent channels. 


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“We continue to ensure that our infrastructure – including everything from operations to technology – is built on a solid foundation to successfully support and grow all of our channels,” Dubeck said. “We have a strong servicing channel that is experiencing great ratings. Additionally, Planet Home Lending continues to gain productive distributed retail branches because of the level of success we have based on the variety of loan products and corporate support we offer.”

Mortgage Applications Increase This Week

Mortgage applications increased 1.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 31, 2019. This week’s results included an adjustment for the Memorial Day holiday.


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The Market Composite Index, a measure of mortgage loan application volume, increased 1.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 10 percent compared with the previous week. The Refinance Index increased 6 percent from the previous week. The seasonally adjusted Purchase Index decreased 2 percent from one week earlier. The unadjusted Purchase Index decreased 14 percent compared with the previous week and was 0.5 percent higher than the same week one year ago.


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“Mortgage rates dropped to their lowest level since the first week of 2018, driven by increasing concerns regarding the ongoing trade tensions with China and Mexico,” said Mike Fratantoni, MBA Senior Vice President and Chief Economist. “Some borrowers, particularly those with larger loans, jumped at the opportunity to refinance, bringing the index and average refinance loan size to their highest levels since early April. Additionally, refinances for FHA and VA loans jumped by 11 percent.”


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Added Fratantoni, “Coming out of the Memorial Day holiday, and likely impacted by the financial market volatility caused by the trade tensions, purchase application volume declined for the week. Potential homebuyers may be more cautious given the heightened economic uncertainty.”


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The refinance share of mortgage activity increased to 42.2 percent of total applications from 39.7 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.1 percent of total applications.

The FHA share of total applications decreased to 9.5 percent from 9.6 percent the week prior. The VA share of total applications increased to 11.3 percent from 11.2 percent the week prior. The USDA share of total applications decreased to 0.6 percent from 0.7 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) decreased to 4.23 percent from 4.33 percent, with points decreasing to 0.33 from 0.42 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $484,350) decreased to 4.09 percent from 4.18 percent, with points decreasing to 0.21 from 0.23 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.24 percent from 4.33 percent, with points decreasing to 0.33 from 0.43 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.65 percent from 3.73 percent, with points decreasing to 0.36 from 0.40 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs decreased to 3.62 percent from 3.74 percent, with points decreasing to 0.19 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.