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U.S. Bank’s Home Mortgage Group Upgrades Its Origination Process

U.S. Bank, the fifth-largest commercial bank in the United States, has selected Sapiens DECISION Manager, a business decision management solution, as a strategic component of its modernized mortgage platform.

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The Sapiens DECISION solution will enable the bank to quickly and cost effectively deliver solutions to its mortgage customers.

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“Sapiens has a proven ability to model a business solution and deliver high quality results in record time,” said Harold Westervelt, managing director of Sapiens DECISION. “We look forward to helping the Home Mortgage group at U.S. Bank achieve their business goals.”

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A number of the world’s leading financial institutions are using Sapiens DECISION to author, manage and automate their operational, policy and regulatory decisions. An integrated solution designed to leverage, enhance and augment existing technology, DECISION drives consistency and reusability to ensure that the operational decisions that impact performance are accurately and consistently adhered to – minimizing risk, rework and resource requirements.

Pavaso And First Title Partner To Help Enhance Digital Closing Adoption

Pavaso has partnered with First Title & Escrow, Inc. (“First Title”), a technology-focused national settlement services firm, to provide clients with a comprehensive digital closing program. Pavaso, a leading mortgage technology provider, is the developer of the industry’s only truly digital mortgage enterprise solution platform.

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Headquartered in the Washington D.C. Metropolitan area, First Title provides title and settlement services nationally. The company prides itself on being a technology-focused provider, committed to applying the latest in digital advancements to create the best possible consumer experience.

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“The fully digital mortgage is here, and we couldn’t be more excited to partner with Pavaso,” said Stephen Papermaster, President of First Title. “With this partnership, First Title is among the first to offer fully digital closing services to our clients.”

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Pavaso’s technology is simplifying the closing process for home buyers across the country and delivering an accurate, compliant, consistent closing in 15 minutes or less. The collaborative platform brings title documents and lender documents together for digital signature and allows consumers to have access to all documents anywhere, on any device prior to closing. Pavaso’s Digital Close platform provides flexibility in closing by producing hybrid closings as well as complete eNote and eVault transactions.

“We are finding that mortgage lenders and their customers are beginning to expect the digital closing option, and service providers unable to deliver that are falling behind the curve,” said Mark McElroy, CEO, Pavaso. “First Title, however, has long been among the early adopters when it comes to new and consumer-focused technology. As a result, this partnership is a natural fit which will only accelerate the ongoing digital transformation industrywide.”

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.

FirstClose Partners With Chicago Title Insurance Company To Provide Wider Range Of Services

FirstClose, a provider of technology solutions for mortgage lenders nationwide, today announced a partnership with Chicago Title Insurance Company.

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Through this integration, the FirstClose Report now provides financial institution clients with Chicago Title’s property search, legal and vesting products and services. The property search report includes items such as the last grantee of record, a legal description of the property, a list of mortgages and liens on record, the permanent index number and the latest transfer deed on file. This report can be used with residential or commercial properties.

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In addition, FirstClose and Chicago Title’s full legal and vesting services include the last grantee of record, a legal description of the property in text format and the latest transfer deed on file.

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“Our comprehensive title products and services enhance FirstClose’s home equity and refi suite of offerings to add efficiencies and further expedite closing times for lenders,” said Thomas Curry, vice president of Chicago Title.

“We are thrilled to be working with Chicago Title and know that this partnership will only improve our product offering and allow us to better serve our clients,” said Tedd Smith, chief executive officer of FirstClose. “Giving our clients options when it comes to products and services has always been a key part of our business. Partnering with a powerhouse like Chicago Title will help us continue to drive our business forward.”

Millennial Homebuyers Exercised Their Purchase Power

Millennial homebuyers across the country exercised their purchase power in April as competition for limited housing inventory continued. Eighty-nine percent (89 percent) of mortgage loans made to Millennial borrowers during the month were for new home purchases, up one percentage point from the month prior, and the highest percentage since May 2017, according to the latest Ellie Mae Millennial Tracker.

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Interest rates also continued to rise in April to 4.73 percent, on average, up from 4.63 percent the month prior. This is the highest interest rate recorded since Ellie Mae began tracking Millennial loan data in January 2014.

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As interest rates crept up, average loan amounts to Millennials fell. The average amount was $194,300 in February, $192,055 in March and $188,171 in April.

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“Most Millennials are buying a house because there are major changes happening in their lives such as starting a family, getting a new job, or because they’ve decided that they want to build equity and stop renting,” said Joe Tyrrell, executive vice president of corporate strategy for Ellie Mae. “We believe Millennial home purchases will continue to climb this summer and while interest rates may slightly impact the size of homes borrowers can get for their money, we don’t foresee it impacting their desire to buy.”

Overall, conventional loans represented 67 percent of all closed loans to Millennial borrowers, while FHA loans held steady at 29 percent from the previous month. VA purchase loans for Millennial borrowers represented 79 percent of all VA closed loans in April, steady from the month prior, and up from 66 percent in February.

The time it took for Millennial homebuyers to close a loan remained flat month-over-month. Purchase loans took an average of 39 days to close and refinance loans took an average of 44 days. FHA purchase loans took an average of 40 days to close, compared to 41 days in March. VA purchase loans averaged 49 days-to-close, compared to 45 days the month prior.

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.

Credit Interlink Integrates Income Verify With LendingQB For Faster Verifications

Credit Interlink, a provider of SaaS mortgage origination technology solutions, has integrated its Income Verify, with LendingQB, a provider of SaaS loan origination technology solutions, to facilitate quicker and more efficient 4056-T verifications.

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Thanks to certification through Fannie Mae’s Day One Certainty, Income Verify has direct access to tax transcript verifications through the IRS in order to expedite the time needed to process requests within LendingQB’s LOS. Likewise, the solution better prevents the risk of fraud through its secure interface, creating a more cost-effective way to collect borrower data.

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“In a world growing more dependent on digital technology, borrowers have come to expect the lending process to replicate experiences they experience in other areas,” said Mark Yoder, Vice President of Business Development, Credit Interlink.  “With Income Verify, borrowers are able to provide their information up front and loan officers are able to verify it without adding unnecessary delay to the origination process, all in a secure manner.”

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LendingQB’s web browser platform provides mortgage lenders with core LOS capabilities using modern web-optimized technology, enabling robust integrations to other web platforms such as Credit Interlink. Using LendingQB’s API framework, Credit Interlink is able to extend the capability of lenders, expediting the origination process and allowing more direct interaction with borrowers and other parties to the loan.

“Credit Interlink’s streamlined approach to data verification, credit and fraud is innovative and perfectly fits the ever-changing mortgage industry,” said David Colwell, vice president of strategy at LendingQB. “By utilizing Income Verify, our lenders are able to verify borrower data in a fast and safe manner, enabling them to reduce the time needed and the overall cost to originate loans.”

Enhanced Offering Provides Much-Needed Differentiator For Lenders

Mortgage Coach, creator of point-of-sale borrower conversion software, has partnered with Optimal Blue, a provider of secondary marketing automation. Through direct integration with Optimal Blue’s API platform, every Mortgage Coach application now seamlessly connects real-time, compliant product and pricing data with the compelling financial analyses Mortgage Coach is known for.

Through this collaborative effort and newly expanded product offering, Mortgage Coach and Optimal Blue enhance their long-standing strategic partnership and take their industry value proposition to a whole new level.

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“Without ever leaving the Mortgage Coach app on their mobile device, loan officers can create informative, side-by-side comparisons highlighting multiple loan programs and comprehensive pricing information in just seconds,” explained Bob Brandt, Vice President of Marketing & Strategic Alliances for Optimal Blue. “Combining the sophisticated product and pricing data at the heart of every mortgage transaction with a compelling user experience — and doing so whenever, wherever it matters most — is a game changer for the industry.”

The benefits are not exclusive to lenders and loan officers. Today’s consumers immerse themselves with the details behind major financial decisions and pride themselves on deeply understanding their alternatives. Mortgage financing is no exception. When provided with a comparative, in-depth analysis of the financial impact of their best financing alternatives in a highly consultative environment, consumers are more engaged with their loan officers and more likely to move forward with a loan.

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“In today’s price compression marketplace, converting every prospect into a borrower is the most important aspect of achieving increased profits for mortgage lenders,” said Joe Puthur, President of Mortgage Coach. “This new innovation gives lenders the instantaneous benefit of earning more commitments at a lower cost of acquisition.”

Mortgage Coach, the company’s flagship platform, is the technology behind the Total Cost Analysis (TCA), a report that illustrates the long and short-term impact of any loan program on the borrower’s financial situation. The TCA incorporates real time rates, fees, closing costs, and program information and presents its findings using simple yet powerful graphical elements like charts and graphs. The TCA provides a level of clarity that is virtually impossible to achieve without the Mortgage Coach platform.

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“The difference between using a TCA to explain mortgage options and using any other method is like the difference between having a film described to you versus watching it in high definition with Dolby sound,” explained Mike Hardwick, President of Churchill Mortgage. “Having been in partnership with Mortgage Coach and Optimal Blue for several years now, we’re happy to have helped thousands of borrowers make a better, more informed decision. These new capabilities will provide greater clarity, transparency, and confidence to any borrower – in a way that is faster for every loan professional.”

An LOS To Satisfy All Lenders

Most loan origination or LOS offerings look to target specific size lenders with different offerings for a top 50 lenders vs. a smaller lender, for example. Wipro Gallagher Solutions (WGS), a Wipro Limited company and provider of loan origination software solutions, has launched its NetOxygen SaaS loan origination solution for mortgage lenders of all shapes and sizes.

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NetOxygen SaaS brings the power of NetOxygen, an enterprise class loan origination system that helps lenders reduce origination costs and boost production efficiency through automation.  NetOxygen connects to a front end portal and fintech offerings thus providing seamless interactions to improve borrower experience. NetOxygen SaaS enables quicker deployment and scalability to match business growth with an all-inclusive, per transaction pricing, which is based on business outcomes.

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NetOxygen SaaS provides comprehensive product coverage across mortgage, home equity, HELOC (home equity line of credit) and unsecured credit lines origination. The platform integrates an extensive vendor ecosystem which provides multiple options for standard services like credit, appraisals, fraud checks, etc. NetOxygen SaaS supports retail, correspondent and wholesale markets, and also enables niche offerings like construction lending for one close, multiple close, homestyle renovation and FHA construction.

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Key features of NetOxygen SaaS include:

>>Sophisticated workflow engine, allowing lenders to implement distinct lending policies and procedures;

>>Automated underwriting for improved efficiency;

>>Comprehensive pool of rich APIs, to enable easy integration with other applications;

>>Advanced feature supporting ADR and OCR capabilities;

>>Self-service tools to enable lenders to perform more tasks, with ease and speed.

“NetOxygen SaaS offers an extensible and scalable platform that caters to lenders’ ever-changing business needs and provides an all-encompassing solution to improve end-to-end loan origination,” said Scott Dunn, Head Product Management, Strategy and Compliance, Wipro Gallagher Solutions. “Among the platform’s many differentiators, what stands out is the ability to quickly configure business rules, products, fees and deliver industry leading functionality  for compliance, imaging, reporting, and documents generation in combination with best-in-class providers.”

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.

Redefining The Point-Of-Sale

PromonTech, the technology unit of Promontory MortgagePath, has entered into an agreement with ISGN to become the exclusive point-of-sale (POS) solution for ISGN’s MORVision loan origination system (LOS).

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ISGN MORVision users can now leverage PromonTech’s white-label, Borrower Wallet to engage and educate customers and prospects. Borrower Wallet provides a secure, borrower-friendly environment designed to build confidence and make it easy for the borrower to enter information, approve automated data collection, upload/e-send documents and stay informed throughout the entire loan journey. Data and documents captured in the front end of the origination process can be seamlessly exported into MORVision via the PromonTech-ISGN integration.

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“Having a next-gen point of sale experience is increasingly becoming the cost of doing business in a digital mortgage world,” said Michael Kolbrener, chief technology officer of PromonTech. “Borrower Wallet engages with customers using any computer or mobile device, on either a self-serve or loan officer-assisted basis. We look forward to working with ISGN and its LOS users to enhance both their customer experience and their efficiency.”

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“By partnering with PromonTech, our clients will have access to an advanced, customizable front-end solution, at a fraction of the cost of developing one in house,” said Amit Kothiyal, chief executive officer of ISGN. “Borrower Wallet is an elegant digital solution for both consumer direct and loan-officer centric lenders.”

MISMO Creates New Data Governance And Management Forum

MISMO, the mortgage industry’s standards organization, is seeking industry participation in a new forum to promote best practices in the areas of data governance and data management. Those interested in collaborating with MISMO are invited to join MISMO’s new Data Governance and Management Community of Practice (CoP), which will be responsible for building a framework and providing resources that enable organizations across the industry to leverage, adopt and implement data governance and management best practices in concert with adoption of MISMO industry standards.

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“For an industry that is so rapidly adopting digital technologies, protecting data and ensuring data accuracy has become paramount,” said Rick Hill, Executive Vice President of MISMO and Vice President of Industry Technology at the Mortgage Bankers Association. “By collaborating to establish an industry resource for data governance and management best practices, MISMO will offer a valuable resource for companies that would otherwise need to create their own methods for managing data. We anticipate the work created by this new group will be of enormous benefit to all industry participants who want to improve data quality and accountability.”

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Data management standards are needed to ensure the integrity, security and availability of mortgage data, especially when working with a variety of cloud-based and on-premise systems. The new MISMO group will identify and adopt existing data governance and management best practices wherever possible. As gaps are identified they will create and implement data governance and management best practices that can be used by mortgage industry participants as well as those in the MISMO community, with the goal of streamlining the adoption of MISMO standards throughout the mortgage industry.

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Specifically, the Data Governance and Management Community of Practice will be tasked with creating a data governance strategy and operating model as well as a data accountability framework and templates for developing data quality rules, metadata and data lineage.

By joining the MISMO Data Governance and Management Community of Practice, participants will gain access to resources and expertise on data governance and management issues that impact their organizations.

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.

Industry Vet Returns To The Mortgage Space

Private equity firm LLR Partners has engaged Cary Burch, a seasoned software executive in the legal, mortgage and financial services industries, as a Senior Operating Advisor. Burch will use his enterprise software and industry expertise, gained from more than 25 years of experience leading companies at all stages from start-ups to global organizations, to help LLR identify and evaluate new investment opportunities. Throughout his career, Burch has conducted 18 transactions to date and brought dynamic, visionary leadership to a range of growth-oriented organizations.

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Burch was most recently the Chief Innovation Officer at Thomson Reuters and held CEO and COO roles at the company’s legal enterprise software company, Thomson Reuters Elite. Prior, Burch was the Chairman and CEO of LSSI, a SaaS regulatory compliance and enterprise accounting software company acquired by Constellation Software (TSE: CSU) in 2010. He previously held C-level operational and technology positions at Fidelity National Information Services, First American Financial Corporation and other financial services companies. Burch is currently a board member at LoanLogics, BrandRep and ExecVision. He previously served on the boards of ProSites, Yourmembership.com and LSSI.

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“I am honored to engage with LLR Partners as a Senior Operating Advisor,” said Cary Burch. “My background in legal, mortgage and financial technology aligns well with some of the core areas where LLR invests. Working together, I believe we have the opportunity to establish some very meaningful partnerships with companies who can benefit long term from our industry and growth expertise.”

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“Cary’s enterprise software and industry expertise is entrenched in long history of driving innovation and leading transactions for companies at all stages of growth,” said David Reuter, Partner at LLR Partners. “We’re excited to have him on board to help LLR evaluate new investment opportunities and help grow our portfolio companies.”

LLR’s Senior Operating Advisors are senior executives with deep operating experience and industry-specific knowledge that can help enhance shareholder value. They are engaged as consultants to assist with various activities including market research, new investment identification, pre-investment business diligence and post-investment value creation for our portfolio companies.

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.