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DIMONT Adds Auto Finance Industry Veteran

DIMONT, a provider of insurance claims adjusting and collateral loss mitigation services to the residential mortgage and auto lending industries, today announced that Mark Floyd has joined the firm as a board member, with a special focus on the automotive finance industry.

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Floyd is a seasoned auto finance executive, with more than 30 years of experience in banking and subprime lending. Most recently, he served as vice chairman and chief executive officer of Dallas-based subprime lender, Exeter Finance. He also held senior management positions at AmeriCredit Corp., including chief operations officer and president of dealer services, and executive vice president of strategic alliances. Prior to AmeriCredit, he served as president of the National Asset Placement Corp. and excelled in various leadership positions at banking institutions throughout Dallas.

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In his role as a DIMONT board member, Floyd will assemble and lead an advisory panel designed to provide guidance in client/services development within the automotive finance industry.

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“Mark has a proven track record of successfully building and leading a growing business platform,” said Denis Brosnan, president and chief executive officer of DIMONT. “We look forward to utilizing his expertise to help grow DIMONT’s solutions for the auto finance industry. His outstanding reputation in the industry, coupled with his wealth of experience and relationships, will help strengthen our presence as a best-in-class insurance claims service provider to auto lenders.”

“I look forward to building upon DIMONT’s strong foundation in the residential mortgage industry and expanding their reach into the auto finance space,” said Floyd. “Lenders will benefit tremendously from DIMONT’s products, service and dedication to excellence.”

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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Supreme Lending Expands Its Southwest Presence

Supreme Lending, a nationwide mortgage lender, has expanded its Southwest territory with an additional branch in the Denver, Colorado market. Industry veteran Carlos Ruiz (NMLS #389289) has been selected to manage the branch. The new Denver branch services borrowers throughout the state of Colorado, and has plans to expand into California and New Jersey this year.

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Ruiz has been in the mortgage industry for 25 years and has strong knowledge of the full range of government, conventional, non-conforming and jumbo mortgage products. Throughout his two and a half decades in the industry, Ruiz has built a reputation for easy accessibility and strong product knowledge.

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“I love getting my clients the best deal possible,” said Ruiz. “My job is to help borrowers choose the best loan program based on their unique needs, goals and financial situations—that includes interest rates, but it also includes much more. If a loan officer is looking strictly at rates, he’s probably doing his borrower a huge disservice.”

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Ruiz prefers to stay involved throughout the mortgage process, and personally manages each loan that he originates. He also stays accessible via telephone to his borrowers, even after hours.

“I review each file weekly to stay on top of any changes, because even small changes can impact the rate or terms of a loan,” he said. “After having closed over 10,000 loans, I’ve learned how to get my clients the best rate possible. Each of my clients benefits from the thousands of others that came before them.”

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Embrace Home Loans Sponsors Charity Event

Embrace Home Loans is sponsoring the 5th Annual PinkTie.Org 2017 event on Monday, May 22, at The Crest Hollow Country Club in Woodbury, NY. Embrace Home Loans’ Hauppauge, NY branch has committed to being a Silver Sponsor for the event. Proceeds will benefit the Don Monti Memorial Research Foundation, a premier organization dedicated to eradicating cancer through research, fellowship and education.

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Since 2012, PinkTie.Org – Business Professionals Networking for a Cure, has united Long Islanders in the fight against cancer and other diseases affecting families throughout the community. The annual event held each May continues to make a positive impact on the community and has become the backbone of Long Island’s philanthropy movement.

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“At Embrace Home Loans, we are devoted to supporting our local community,” said Embrace Home Loans’ Hauppauge branch manager, Bryan Smith. “We chose to support PinkTie.Org because of the significant impact they have on the Long Island community helping to fight against diseases that disproportionately affect our loved ones. We are honored to sponsor this year’s event, and to further enrich our philanthropic company culture and our commitment to helping others in our communities.”

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Mike Cave, who founded the charitable organization, was grateful and appreciative for the mortgage lender’s tradition of giving. “We are very excited to welcome Embrace Home Loans into the PinkTie.Org family, and we thank them for their support and generosity as Silver Sponsors of the 5th Annual PinkTie.Org Event,” said Cave. “They are true Go-Givers!”

The event anticipates more than 3,000 guests with an evening of networking, raffle prizes and more in a first-time-ever partnership with Scott and Jaclyn Stapp’s Charm Foundation Inc. Guests will also enjoy an exciting live performance by Scott Stapp, the Voice of Creed.

Embrace employees have helped support local families in need, school supply drives, the families of active military members, and friends and families of Embrace employees, who have had sudden emergencies such as a medical crisis, to name just a few. Embrace has raised thousands of dollars through their tradition of giving and dedication to helping others.

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The Place For Thought Leaders And Visionaries
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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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Texas Homeowners Held Hostage By Lobbyists

Aaron Anderson, CEO of Accumatch, a provider of property tax tracking services for non-escrowed loans, tax reporting and payment services for escrowed loans, and redemption services for delinquent portfolios, issued a statement today in favor of HB 2832, a bill currently working its way through the Texas legislature. The bill, if signed into law, would require that mortgage servicers be notified before their borrower enters into a contract with a property tax lender.

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“A predatory industry has developed around the fact that borrowers in Texas sometimes fall behind on their taxes,” Anderson said. “Instead of offering these buyers a helping hand and helping them get back on track, these companie put them further behind. Now that a law has been proposed that will allow a servicer or tax collector to come to the borrower’s rescue, a powerful lobby is working to see that the law is never passed.”

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HB 2832 would amend the state’s tax code such that property owners that intend to enter into a contract with a property tax lender would provide notice to the mortgage servicer not later than the 10th day before the property owner executes a contract with a transferee. Further, the new law would allow a property owner to authorize another person to pay the taxes imposed by a taxing unit on the owner’s real property by filing paperwork with the collector for the taxing unit. This would give the mortgage servicer the flexibility to help the borrower work out a solution. It would also grant disabled persons relief.

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Accumatch has spent that last few years working with County Clerk’s throughout the state of Texas to develop a database that tracks tax lien transfers across the state. The database the company developed along with all of the records it has accumulated is made available to its banking and servicing clients across the state at no charge. The tool allows servicers to identify tax lien transfers even if they have not been previously notified.

“The majority of tax collectors already provide a payment plan for borrowers that need help paying their taxes,” Anderson said. “Mortgage servicers would rather modify a mortgage and pay the property taxes on behalf of the homeowner than lose their lien position to a predatory third party. The number of homeowners that are trapped into a second or even third tax lien transfer once they have entered into the first should cause elected officials of our state to take pause and evaluate what is truly in the best interest of their constituents.”

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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Castle & Cooke Mortgage Opens CT Branch

Castle & Cooke Mortgage, an independent mortgage lenders with locations across the U.S., announced the opening of its Danielson, Connecticut branch (NMLS # 1458459). The new location expands the company’s footprint in the state and will complement the company’s sister branch in Columbia.

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The new branch is led by industry veteran and Danielson native, Todd A. Cooke (NMLS #1055106). Cooke has 15 years of experience in mortgage lending and real estate brokerage, offering personalized guidance and addressing the specific home-buying needs of his community. Cooke and his team provide a range of services from assisting first-time homebuyers as they make the leap from renting to owning, to supporting homeowners in their refinancing or renovation goals.

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“Assisting first-time homebuyers who need personalized guidance through the home buying process and buyers unsure of their options given their current credit situation, are my specialty,” said Cooke. “I take pride in simplifying the home buying process and providing all of the information a buyer should have to come to the best decision for their specific and individualized needs.”

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Cooke can be reached at TCooke@castlecookemortgage.com or at the Castle & Cooke Mortgage Danielson branch, located at 7 Center Street, Danielson, CT 06239.

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National MI To Host Mortgage Leadership Roundtable

Industry experts will gather to discuss the current state of the mortgage industry at the New England Mortgage Leadership Roundtable on June 14, 2017 at the Granite Links Golf Course in Quincy, MA. The free event is being hosted by National MI, a subsidiary of NMI Holdings, Inc. (Nasdaq: NMIH) a California-based private mortgage insurer, along with ISGN Solutions, a leading business process management (BPM) company to the mortgage industry.

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Sam Luna, the Single Family Affordable Lending director at Freddie Mac, will discuss Freddie Mac’s Home Possible® program.  Julie Jones, credit risk analyst at Fannie Mae, will give an update on Fannie Mae’s efforts to facilitate more efficient programs for lenders, while also improving quality of originations.

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Also presenting will be Allan Weiss, CEO of Weiss Residential Research, LLC, a publisher of next-generation home price analytics.  Weiss’ keynote presentation, “New Approaches to Home Price Risk,” will address best practices for managing risk. Weiss is the co-founder and former CEO of Case-Shiller Weiss, which produces the S&P/Case-Schiller Home Price Index, a leading U.S. housing market index used by economists and analysts.

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Cultural Outreach Solutions Founder Kristin Messerli will offer advice and tips on how lenders can reach currently untapped markets.  Cultural Outreach Solutions specializes in helping companies in the mortgage industry better reach and serve multicultural and millennial homebuyers.

Other speakers  include Gene O’Bryan, CEO of Solutions Lending Services, who will address market innovation opportunities, and Dana Wasson, vice president of Consulting and Professional Service at ISGN Solutions, who will discuss how to prepare for CFPB and FHA enforcement.

“Our ongoing series of mortgage leadership roundtables has attracted a good deal of interest,” said Jason Kitch, regional managing director of the Northeast Region for National MI. “National MI is pleased to host this event in the Boston area, particularly with such an excellent line-up of speakers.”

Details of the New England Mortgage Leadership Roundtable are as follows:

Location: Granite Links Golf Course, 100 Quarry Hills Dr., Quincy, MA

Date: Wednesday, June 14, 2017

Time: 9:00 a.m. – 3:30 p.m. Eastern

To register for the roundtable, contact Tracy Berry at tracy.berry@nationalmi.com.

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The Place For Thought Leaders And Visionaries
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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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ARMCO Enhances ACES Technology To Support Upcoming HMDA Changes

ACES Risk Management (ARMCO), a provider of financial quality control and compliance software, announced that it has upgraded its ACES Audit Technology solution with over 15 new enhancements. The enhancements include support for the HMDA changes scheduled for 2018, at-a-glance dashboards, and heightened automation for the system’s ACES Intelligent Questionnaire (ACES IQ), which has been shown to reduce QC audit times by an average of 30 percent.

ACES Audit Technology also includes new at-a-glance dashboards that provide users with a high-level view of the loans and exceptions in their queue in an easy-to-read format. ACES Dashboards’ visual charts and graphs help users to quickly identify issues and determine pipeline status in real-time. Its live audit-level filtering enables users to customize the experience according to their unique goals and demands.

“Industry requirements keep expanding and the number of audit questions are increasing,” said McCall. “In response, we made considerable improvements to ACES IQ technology, which include pre-set and user-defined audit questions, to help lenders streamline efficiencies.”

ACES IQ has been enhanced to include multiple layers of automation, including audit, loan and borrower level dependencies, supported by data-driven triggers that will support an efficient and streamlined workflow. With this enhancement, ARMCO clients are reporting reductions in post-closing audit times of up to 30%.

“When you combine a contracting market with a regulation-heavy environment—and that’s exactly what the mortgage industry is facing right now—lenders need operations that aren’t just powerful, but also lean,” said Avi Naider, CEO of ARMCO. “This update enhances quality and compliance, while also providing the efficiency and speed for a leaner, more economical process.”

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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Docutech Names Amy Brandt As President And COO

Docutech has named Amy Brandt as its new President and Chief Operating Officer. In this role, Brandt will be responsible for leading all aspects of daily operations, including sales, customer support, marketing and product development.

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Bringing more than 20 years of mortgage and software industry experience to Docutech, Brandt most recently served as President of Originations and Corporate Technology at New Penn Financial. At New Penn Financial, Brandt oversaw all origination channels, including direct-to-consumer products, third party originations and retail. Prior to New Penn Financial, Brandt served as Chief Operations Officer of Prospect Mortgage, where she enhanced day-to-day operations and transformed the lender’s technology infrastructure.

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“Docutech has experienced significant success by providing industry-leading document and compliance services to financial institutions over the past two decades,” said Ty Jenkins, founder and CEO of Docutech. “As we continue to expand our product and service offerings as an enterprise lending solutions leader, Amy brings the leadership and expertise needed to optimize Docutech’s operations to better serve our customers and realize our growth potential.”

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In addition to her executive career, Brandt is currently a Board Member of Sun to Water Technologies, and she is a Scholar Rescue Fund Advisory Board Member with the Institute of International Education. She is a former Board Member with Source Corp Inc. and a former Board Member and Capital Founder with Bluebeam Software Inc. Amy is also the former Chair of Your Music America and was a Federal Housing Policy Council Member with the Financial Services Roundtable. Brandt holds a Juris Doctorate from Arizona State University College of Law and a Bachelor of Arts in Political Science from the University of Southern California.

“Docutech is well-positioned to be the premier provider of enterprise-wide lending solutions to financial institutions of all sizes,” Brandt said. “I look forward to leading Docutech to provide the highest level of value, service and innovation to banks and lenders in the coming years.”

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The Place For Thought Leaders And Visionaries