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Understanding The News: The Mobile Technology Advances Keep Coming

*The Mobile Technology Advances Keep Coming*
**LenderMobile Enhances Its Offering**

***PROGRESS in Lending has reported on a few vendors getting their feet wet in the mobile space. One of those vendors is LenderMobile, a provider of mobile mortgage loan applications for iPad computers. Now we have learned that the vendor has added two new features to its LenderMobile+ flagship application in response to users’ requests. Here’s the full details on how this vendor hopes to take this space mobile:

****The new imaging feature lets loan originators and borrowers take photos of documents with the iPad camera and add the images to loan files through cloud computing technology. Plus, the new loan notes feature lets users add notes to a loan file directly from their iPad.

****On the iPad screen, loan originators can click the new photo button of the LenderMobile+ app to take pictures of documents for a loan file, such as W-2 forms, tax returns, paystubs and drivers licenses, and do so from anywhere, from a borrower’s home to the local coffee house. Or users can choose from the iPad app’s library of photos to add to a loan file. This feature gives users the option of cancelling photos, so they can re-take photos of documents if not satisfied with the original ones.

****Once added to a loan file on an iPad, the document photos in the LenderMobile+ app are then validated and processed in the LenderMobile computing cloud and can be sent to a lender’s LOS. With the app’s photo feature there is no need to scan, email or fax documents.

****The new LenderMobile+ loan notes feature enables loan originators to add notes to individual loan files. A loan notes form is available on the screen for each loan file where users can type and save their notes in a free form text.

****“We’re making our iPad app more useful to users when originating mortgages,” said Iavor Boyanov, chief technology officer and co-founder of LenderMobile. “The new document photo feature is great for loan agents on the go who need copies of borrower loan information quickly to avoid any processing delays. And more and more loan agents requested the ability to write and add notes for particular loan files from their iPads, and we delivered.”

****The LenderMobile+ iPad app uses cloud computing technology to bring mortgage origination capabilities to the screen of any iPad user who has downloaded the mobile application. Loan originators using the app can complete all the required mortgage application forms, save the loan data and securely submit them to their LOS. Borrowers can electronically sign the loan application directly on the iPad. Loan agents also can order vendor services from their iPads, such as credit reports and review them in real-time with borrowers.

****LenderMobile+ can generate individual loan files, enabling users to add documents and other data to the file as well as deleting documents that are no longer necessary. Uploaded mortgage forms are automatically checked to see if they have been completed and electronically signed. The app handles all the necessary file generation for lenders, such as files for Fannie Mae’s DU 3.2. Data files can be written based on DU 3.2 specifications for a new file.

****The LenderMobile+ application can be downloaded at no charge from the online Apple App store. A monthly subscription is required for loan originators using the LenderMobile+ app to order services from third-party vendors and submit mortgage loan documents to their LOS. The subscription is available on www.LenderMobile.com

Winning The Battle For The Borrower: Seize Every Opportunity

*Seize Every Opportunity*
**By Judy Margrett**

***What we’re going to talk about today is how you can turn your data into a real business opportunity. If you think about it, every mortgage company in the market holds databases of data on it’s loan products, existing borrowers, prospects, etc.

****No mortgage lender that I know is lacking in terms of having access to all this information. The challenge is how do you leverage that static data and turn it into active intelligence.

****What do I mean by active intelligence? You need to use the information that you have literally at your fingertips to create new business opportunities. What lenders are finding is that in this market, with all the new rules, the new LO compensation regs and fewer loan products to offer, they are having to respond quicker then ever before. In fact, the market is so fluid that they have to look at technology to bring this static data to life.

****Here’s how you do that:

****It’s about integrating all the aspects of your marketing like referrals, Realtor contacts, past campaigns, etc. with a rules-based tool. You want to create a business opportunity engine. You want to make that data meaningful to your bottom line.

****If you have that automation in place and it’s looking at this data, you can achieve instant results. For example, should you be offering fixed rates? Should you be doing refinances? What works in that geographic area? You now are using all this data to take action to get instant results.

****On top of that, if you can offer one-click marketing to the borrower so they can take advantage of your offering, that’s very powerful. And this is not hard to do.

****Automation combining rules and marketing allows companies to analyze and track all this data to produce real opportunity. Why should you look seriously at this technology? You can maximize value. You can stimulate two-way dialogue. You can build loyalty and enhance your reputation with consistent and compliant messaging.

****As lenders look for ways to be more competitive, tools like this enable the lender to boost productivity and profitability. Who doesn’t want to do that in any market, let alone a declining market like the one we find ourselves in today? In addition, you also enhance compliance and control by automating this part of your business. Let’s not forget the power of relationships. You can grow borrower relationships and cross sell opportunities through the implementation of this strategy.

****All this enables lenders to seize current market opportunities. So, get started.

Judy Margrett is President of The Turning Point, Inc. The company’s flagship product is MACH3, a mortgage-specific CRM and automated marketing engine. With more than 20 years’ experience in mortgage banking, Judy was an early advocate of technology-based marketing solutions, especially for nurturing key business relationships. Recognizing the demand to maximize resources within business enterprises, she works closely with industry leaders to guide The Turning Point’s development of advanced mortgage-specific solutions. She can be reached via e-mail at judy.margrett@turningpoint.com.

Market Analysis: LOS Acquisition Ups The End-To-End Ante

*LOS Acquisition Ups The End-To-End Ante*
**By Tony Garritano**

***The loan origination space is heating up for sure. We’ve seen some noted acquisitions and today I’ve been given the scoop on another such deal. Let’s understand, LOS companies have to add value. In this case an LOS is not getting acquired, but rather is doing the acquiring to be able to offer its customers that much more value. I told you last week that I would bring you some exclusive news from Mortgage Builder when it was good to go. Today Mortgage Builder has acquired an industry mainstay. Here’s the scoop:

****Mortgage Builder has entered into an agreement to acquire GCC Servicing Systems, a leading loan servicing software provider that shares 35 years of history with its new owner. A sale price was not disclosed. GCC is the creator of G/Serv, a mortgage servicing software popular with mid-tier lenders, community banks, credit unions and mortgage companies, a market sector also well-served by Mortgage Builder. The teaming of the two technologies comes at a time when many lenders are retaining servicing rights and responsibilities rather than using subservicers and selling loans on a servicing released basis.

****“More lenders need servicing software now than at any time in recent history,” says Keven Smith, Mortgage Builder’s CEO and president. “With the acquisition of GCC, Mortgage Builder now offers a complete lending system that empowers lenders to control all aspects of the process,” he notes. “And with their common DNA, the platforms work extremely well together, making it far simpler for lenders to make smooth transitions into loan servicing.” The GCC staff will join Mortgage Builder and GCC will operate as a separate division with Jeff Augenstein, vice president of GCC, responsible for the day-to-day operations.

****GCC Servicing Systems was founded in 1977 as Glenn Computer Corporation by Glenn Liebowitz in Southfield, Michigan as a mortgage servicing, loan origination, and accounting service bureau. The loan origination product was spun off in 1998 to become Mortgage Builder Software. G/Serv brings Mortgage Builder a comprehensive loan servicing platform that automates all servicing administration functions, along with default management and full reporting capabilities. Like Mortgage Builder, G/Serv has evolved greatly since it was first released, and is now designed for Software as a Service (SaaS) delivery for fast, cost-effective implementation, and is hosted in a SAS-70 Type II/ SSAE-16 Type II compliant data center.

****“This acquisition puts Mortgage Builder into a unique class of technology providers,” says Kelli Himebaugh, corporate vice president of Mortgage Builder. “As a nimble, independent company, we are well accustomed to working with regional and mid-tier lenders” she says. “We can now bring our highly personalized approach to lenders choosing to become servicers to maximize returns and improve borrower service levels,” she says. “A new era is dawning for the mortgage industry and with the addition of GCC, we are able to provide a full range of exceptional technologies for America’s lenders.”

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.

Lykken On Lending: Don’t Ignore Social Media

*Don’t Ignore Social Media*
**By David Lykken**

***Harnessing social media tools can help you connect with potential customers in new ways as well as increase your mortgage company’s brand recognition.  Social Media websites have gone well beyond being a passing fad and have become “mainstream” strategic marketing and communication tools.  If you are not yet a believer in the benefits of social media for your business, consider the following two dozen facts:

****1. As of last year, Gen Y will outnumber Baby Boomers and 96% of them have joined a social network

****2. Social Media has overtaken porn as the #1 activity on the Web

****3. 1 out of 8 couples married in the U.S. last year met via social media

****4. Years to reach 50 millions Users: Radio (38 Years), TV (13 Years), Internet (4 Years), iPod (3 Years)…Facebook added 100 million users in less than 9 months…iPhone applications hit 1 billion in 9 months.

****5. If Facebook were a country it would be the world’s 4th largest between the United States and Indonesia (note that Facebook is now creeping up—recently announced 300 million users)

****6. A recent U.S. Department of Education study revealed that on average, online students out performed those receiving face-to-face instruction

****7. 1 in 6 higher education students are enrolled in online curriculum

****8. The percentage of companies using LinkedIn as a primary tool to find employees is 80%

****9. The fastest growing segment on Facebook is 55-65 year-old females

****10. Generation Y and Z consider e-mail passé… therefore an increasing number of colleges have stopped distributing e-mail addresses to incoming freshmen

****11. The #2 largest search engine in the world is YouTube

****12. Wikipedia has over 13 million articles…some studies show it’s more accurate than Encyclopedia Britannica…78% of these articles are non-English

****13. There are over 200,000,000 Blogs

****14. Because of the speed in which social media enables communication, word of mouth now becomes world of mouth… consider the recent uprising in Egypt

****15. 34% of bloggers post opinions about products & brands

****16. 78% of consumers trust peer recommendations

****17. Only 14% trust advertisements

****18. Only 18% of traditional TV campaigns generate a positive ROI

****19. 90% of people that can TiVo ads do

****20. 24 of the 25 largest newspapers are experiencing record declines in circulation because we no longer search for the news, the news finds us

****21. In the near future we will no longer search for products and services they will find us via social media

****22. More than 1.5 million pieces of content (web links, news stories, blog posts, notes, photos, etc.) are shared on Facebook…daily.

****23. Successful companies in social media act put listening (via social media) first, selling second

****24. Successful companies in social media act more like aggregators and content providers than traditional advertisers

****The three social media sites I recommend that you consider using are LinkedIn, Facebook and Twitter. Whether you are an individual working at a technology company or as a loan originator or with a small mortgage company or a large financial institution, my recommendation is for you to start creating “your community.” Please call me if you want help developing an effective social media strategy for yourself and/or your company.

David Lykken has garnered a national reputation as a visionary, entrepreneur and business leader within the mortgage industry. He has also become a regular guest on the FOX Business News with Neil Cavuto, Stuart Varney, Liz Claman, Dave Asman and others. He has been a special guest of Governor Mike Huckabee on FOX News’ #1 weekend rated program “Huckabee”. He has appeared several times on the CBS Evening News, Bloomberg TV & radio, NPR and many radio shows. On matters related to the economy, housing and mortgage lending, David is frequently quoted in leading newspapers across the country as well as the Wall Street Journal and the New York Post. Additionally, David has his own national weekly radio program called “Lykken On Lending” that can be heard each Monday at Noon Central time by going to www.LykkenOnLending.com .

As co-founder and Managing Partner of KLS Consulting doing business as Mortgage Banking Solutions, David Lykken has over 37 years of management experience as an owner/operator with in depth expertise in real estate finance and housing. His knowledge and skills comprise a unique blend of technology and business strategy. Above all else, David loves helping business owners and executives navigate through extremely difficult business circumstances helping them overcome seemingly insurmountable obstacles while rediscovering themselves and their passion for life and living.

Dave is married, has two daughters and currently resides in the beautiful Hill Country of Central Texas near Austin, Texas. David received a bachelor’s degree in 1973 year from Pacific Lutheran University in Tacoma, Washington.

Video Insights: Charting A Path To Success

*Charting A Path To Success*
**Industry Insiders Speak Out**

***In this edition of the PROGRESS in Lending Association Video Newscast, it’s all about helping lenders grow their business. First, Straight Talkers Roger Gudobba and Kelly Purcell chat about how lenders can take a page from Steve Jobs to ensure success. Following that, Brian Bates at Wilson & Muir Bank & Trust Co. discusses how his company has grown their online channel and increased pullthrough using a new LOS. Also, Michael Hammond of NexLevel details how you can develop the most compelling call to action through using the Internet and e-mail to the fullest. Watch all this and more.

httpv://www.youtube.com/watch?v=EOZaXiu4AIw

Understanding The News: Avoid Risk, Know The Subject Property Better

*Avoid Risk, Know The Property Better*
**Partnership Makes Property Visibility Easier**

***One leg of making a good decision about a loan is knowing everything there is to know about the property. So, how do you do that? It just got easier. CoreLogic, a provider of information, analytics and business services, and California Regional MLS (CRMLS), the nation’s largest multiple listing service (MLS) provider, today announced that CRMLS has joined Partner InfoNet by CoreLogic. The companies also announced that CRMLS has agreed to a multi-year extension of its Matrix MLS system contract.

****Launched in June 2010, Partner InfoNet is an innovative revenue-sharing program in which MLSs license their listing data to CoreLogic for use in risk management products for mortgage lenders, servicers, and capital markets (but not consumer outlets). With the addition of CRMLS, Partner InfoNet now encompasses nearly 1.1 million active listings and more than 450,000 real estate professionals from 78 MLSs.

****Matrix is an enterprise-class MLS system that provides real estate brokers and agents with a flexible, high-performance platform for managing real estate listings. 16 MLSs serving more than 163,000 real estate professionals currently use Matrix, and six more installations are scheduled for this year. In total, CoreLogic serves approximately 550,000 real estate professionals with its MLS systems—more than half the North American market.

****“Through our local member associations, we strive to provide the most dependable, convenient and affordable listing technology services available,” said Art Carter, CEO of CRMLS. “Matrix has proven to be an extremely fast and reliable MLS system that meets the needs of our progressive subscribers by supporting virtually all computing platforms and devices. Partner InfoNet supports our goal of keeping costs down for our members by simply and securely leveraging the value of our listing data.”

Market Analysis: Are You Happy With Your LOS?

*Are You Happy With Your LOS?*
**By Tony Garritano**

***As the mortgage industry and economy begin to recover, lenders are increasingly reevaluating their technology options. According to a QuestSoft survey of 461 lenders nationwide, 18.7 percent of mortgage lenders are considering changing their loan origination software (LOS) in the next 12 months. This is the highest percentage looking to switch in the six years QuestSoft has been conducting its annual survey. Here’s the scoop:

****When QuestSoft, a leading provider of mortgage compliance software, began conducting their annual compliance and technology survey in 2008, the number of lenders considering replacing their LOS remained consistently around ten percent each year (22 of 207 lenders in the survey’s first year). However, last year, the percentage of lenders jumped to 17.75 percent, with a new high of 18.7 percent looking to change this year.

****“One of the factors in seeing more LOS changes is the reduced expense of implementation and conversion offered by hosted software companies,” said Leonard Ryan, president and founder of QuestSoft. “Another factor may be the result of acquisitions. As LOS vendors have merged, acquired customers may be using the change as an opportunity to evaluate their platforms.”

****Ryan added that many lenders also said they place a high priority on LOS providers that have comprehensive compliance functionality. QuestSoft currently integrates with more than 40 leading LOS platforms, and the LOS systems integrated with QuestSoft’s flagship product, Compliance EAGLE, are able to provide a simple interface that automates the evaluation of a loan file against a suite of more than 300 federal and state compliance regulations representing more than 10,000 pages of standards.

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.

Things To Ponder: Artificial Intelligence

*Artificial Intelligence*
**By Roger Gudobba**

***Personally I have been working with computers in one form or another for over 50 years. When I look back over the years I am amazed at the progress that has occurred in the computer industry but also disappointed because I don’t believe we have yet utilized all the tools at our disposal to maximize the opportunities that technology makes possible for our industry.

****Computers, in the broadest terms, consist of hardware and software. Hardware is the physical component and software is the instructions that make the hardware work. The job of the hardware is to collect data (through user input with the keyboard, mouse, or scanner), store data (on hard drives and servers), and output data (through monitor display and printers). The purpose of software is to provide an interface between users and hardware so that human will can be exercised in managing the data: cataloging it, defining its logical relationships, and using it appropriately in decisional processes. Hardware capabilities have grown exponentially over the years. Have software capabilities kept pace?

****Computer programs have plenty of capacity when we consider the metrics of speed and memory, but their capacity for logical data use is limited to the intellectual mechanisms that software engineers understand well enough to program into their software code.

****What does this have to do with artificial intelligence?

****Artificial intelligence, or AI, is the science and engineering of making intelligent machines, especially intelligent computer programs. It is related to the similar task of using computers to understand human intelligence.

****The field was founded on the claim that a central property of humans, intelligence, can be so precisely described that it can be simulated by a machine.[i] Aspects of human intelligence of interest in the field of AI include speech recognition, deductive reasoning, inference, and the ability to learn from experience.

****Arthur R. Jensen, a leading researcher in human intelligence, suggests “as a heuristic hypothesis” that all normal humans have the same intellectual mechanisms and that differences in individual intelligence are related to “quantitative biochemical and physiological conditions”. I see these varying differences as differences in speed, short-term memory, and the ability to form accurate and retrievable long-term memories.

****Whenever people do better than computers on some task or computers use excessive computation to do as well as people, we may conclude that the program designers lacked understanding of the human intellectual mechanisms required to do the task efficiently.

****An extension of AI is in the development of expert systems. An expert system is software designed to make decisions or solve problems within a limited domain, like finance, using the knowledge and analytical rules set forth for its operation by its engineers. Automated Underwriting Systems (AUS) and credit score (FICO) are considered examples of such expert systems in the mortgage industry.

****Heuristic classification is another example of AI at work, allowing users to classify an unknown by matching its features against the features of those things that are known. Let’s say we ask an expert system for advice about whether to accept a proposed credit card purchase. The expert system can classify the decision to accept the credit purchase against what is known, such as the buyer’s record of credit card payment, the value of the item he is buying, and the establishment from which he is buying it, including the rate of previous credit card frauds at the location.

****Artificial intelligence was the genesis of creative computer programming. Let’s talk more about this next time.

Roger Gudobba

Roger Gudobba is passionate about the importance of quality data and its role in improving the mortgage process. He is an industry thought leader and chief executive officer at PROGRESS in Lending Association. Roger has over 30 years of mortgage experience and an active participant in the Mortgage Industry Standards Maintenance Organization (MISMO) for 17 years. He was a Mortgage Banking Technology All-Star in 2005. He was the recipient of Mortgage Technology Magazine’s Steve Fraser Visionary Award in 2004 and the Lasting Impact Award in 2008. Roger can be reached at rgudobba@compliancesystems.com.

Understanding The News: Can You Calculate How Much Your LOS Saves You?

*Can You Calculate How Much Money Your LOS Saves You?*
**A New Report Quantified LOS ROI**

***Lenders never seem to be happy with their loan origination systems. And they’re right to be upset. Many LOS systems on the market are based on old technology and hinder the lender from truly advancing. Lenders become hostages to their LOS. Nonetheless, lenders need an LOS. So, how do you quantify the true return on investment? Origination vendor Blueberry Systems LLC released the independent findings of a MarketWise Advisors’ detailed ROI Analysis of the implementation of its RELAY loan origination system at Plano, TX based Starkey Mortgage. Here’s what the report found:

****“We are excited about the direct and measurable advantages that RELAY has already given us. We’re looking forward to the increased returns as time goes on,” said Starkey CIO Bill Burke. “But just as important to us has been the high level of service and the partnership they have developed with us. They are sincerely invested in our success.”

****Starkey Mortgage implemented RELAY in January 2012 and MarketWise Advisors closely analyzed the subsequent impact of the system on the lender’s loan origination operations. Based on the system’s performance, it found that in a typical implementation of RELAY, a mid-tier mortgage lender with $500M-$5B in annual origination would ultimately save nine hours of work, or approximately $287.75 per loan. Starkey Mortgage is well on the way towards achieving this objective ahead of plan. This operational impact spans all areas of origination, processing, closing, post-closing and secondary marketing and MarketWise projected direct ROI benefit at 5.07x payback with a peak efficiency levels within three years of implementation.

****“Based on our analysis, Blueberry Systems’ RELAY LOS offers a solid approach for lenders to manage business stages and the underlying data flow,” said Jordan Brown, CEO of MarketWise Advisors LLC. “It is also important to note that the indirect benefits of RELAY can potentially outweigh the direct benefits. These would include improvement of loan quality, data management, auditing framework, information security and process flow.”

****“RELAY has been thoughtfully designed with advanced technology and innovative strategies to help lenders manage their loan production pipelines efficiently and profitably. We are encouraged that MarketWise Advisors’ findings validate our value proposition,” said Wil Armstrong, a founder and CEO of Blueberry Systems. “We are proud to count Starkey Mortgage as a partner and are thrilled about their future prospects.”

Market Analysis: Get Creative To Avoid Buy-Backs

*Get Creative To Avoid Buy-Backs*
**By Tony Garritano**

***Everyone is trying to be risk averse. Nobody wants a buy-back. And investors are cracking down. Loans have to be ironclad these days. As a result, technology providers are trying to come up with new ways to support their lender clients. For example, origination vendor Ellie Mae is adding a loan buy-back insurance option to its Total Quality Loan (TQL) program. Here’s how it works:

****TQL is an initiative designed to further enhance the loan quality, compliance and salability of loans that are originated through Ellie Mae’s Encompass360 mortgage management software system. TQL offers a suite of fraud detection, valuation, validation and risk analysis services, tailored to individual aggregator/investor requirements. Ellie Mae’s technology enables correspondent lenders to share the findings and data from those services with investors and other stakeholders in the industry supply chain.

****Correspondent lenders participating in TQL can now choose to insure and be covered for losses of up to $100,000 per loan. Underwritten by affiliates of Lloyd’s of London and Liberty Mutual Group, the insurance policy protects lenders from losses due to borrower and appraisal fraud and regulatory non-compliance. For example, the policy covers a seller against claims based on misstatement of income or assets, employment and occupancy fraud, as well as collateral and valuation fraud. Similarly, it protects against loss if a loan is found to be non-compliant with various regulations, such as Federal Truth in Lending Act Tolerance Tests (HOEPA); Federal, State and Local High Cost Thresholds Review; Fannie Mae Points & Fees, and “HUD-HOEPA” Mortgage Thresholds Reviews.

****The coverage begins at the date of origination and lasts for three years. The policy’s coverage automatically transfers with ownership of the loan so that any party who owns the loan at the time a fraud or compliance error is discovered may file a claim under the policy directly rather than force the loss back to the original lender. While there is a cost to the lender for this coverage, this can be offset by lower loan reserves that are available to lenders with insured loans. Ellie Mae receives an administrative fee for each closed loan covered under a policy.

****The program is designed to offer enhancements to traditional programs available in the marketplace. If a fraud or compliance error is discovered, the party suffering a loss can file a proof of loss and determine whether or not it is covered before the amount of the loss has been determined. This allows efficient repurchase, scratch and dent sale or foreclosure options to be assessed with the knowledge that coverage exists. Often, insurance providers’ practices have prevented policyholders from learning whether or not coverage exists until other options for recourse have been completed (or lapsed).

****Arthur J. Gallagher Risk Management Services, Inc., a subsidiary of Arthur J. Gallagher & Co. (NYSE: AJG), one of the world’s largest insurance brokerage and risk management services firms, is the broker for the program. Justin Vedder, area senior vice president at Arthur J. Gallagher Risk Management Services in San Francisco explained, “This program is a validation of Ellie Mae’s TQL process. TQL customers adhere to rigorous origination standards and follow best practices and as a result automatically qualify for this exceptional coverage.”

****“Over the past several years, the GSEs and investors have put back approximately one hundred billion dollars worth of loans to originators,” said Richard Roof, Ellie Mae’s senior vice president of Business Development. “Our TQL program is a direct response to the industry’s demand for increased quality assurance. It is designed to give investors and sellers greater confidence in the assets that are being originated. Adding optional buy-back protection is simply a cost-effective extension of this concept and further mitigates risk.”

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.