Our POINT Of View: Beyond The Buzz

*Beyond The Buzz*
**By Ted Hicks**

***Our industry loves buzzwords. But those buzzwords have created a lot of confusion in the market concerning technology as definitions vary greatly. Two of today’s most common buzzwords are “web-based” and “end-to-end”.  When we consult with lenders, we find that sometimes think that they want one thing but their actual need speaks to a different option.

****We hear a lot about the need to be “web based.” What does that really mean? Our lenders typically ask for web-based technology to have anytime, anywhere access and easier deployment without the need for resource-intensive applications.   But what they don’t realize is what they are asking for is already available—through the use of their current client-server model or even mobile applications.

****The term client server is lumped in with terms like antiquated and rigid. That’s just not the case. The client-server model has become flexible enough that client server can now be deployed over the Web as an ASP.   Client servers can enable off-line activity and automatic uploads of off-line files to the server upon the next login.

****Mobile applications, although not widely accepted or used in the mortgage industry right now, provide global 24hour access without unwieldy installations.  Mobile applications are, in essence, client server applications, not web applications viewable on a mobile screen.  These “mobile servers” are designed to keep us plugged in wherever we are without the performance, control and security issues that they can sometimes experience with a true web-based system.

****Our second buzzword du jour, “end-to-end” has also created a stir among our clients.  Let’s talk a bit about what end-to-end really means. End-to-end is different as compared to all-in-one. When you are talking end-to-end you need to define the starting point and the stopping point. You can be end-to-end when it comes to processing only, for example, or you can stipulate the starting point as the 1003 and the stopping point as the 1st payment after closing.  “All-in-one” is a complete package that includes all forms, documents, services, and servicing.

****That means a system where just one vendor provides every single one of the services for which you would normally use best-of-breed third-party vendors.  Look at it this way:  you would typically expect an LOS to offer expertise in mortgage origination software.  If you see one that also claims to be a document services company or a flood certification company, what is the likelihood that it is going to be able to provide excellence in all business models at the same time? More often than not, quality will suffer in one or more of the “businesses.”  If you find a system touted as “all-in-one” and look closely at its capabilities and functionality, you’ll find that they just don’t have what it takes to be “all-in-one.”

****What does all this really mean to you?  It means that there are options for you.  Rather than immediately jumping on the buzzword bandwagon, truly analyze your functional needs in a platform.  You may find that you already have what you want and need.   But you won’t know until you move beyond the buzz and get to the facts.

Ted Hicks is the Director of Product Management at Calyx Software. He started working for Calyx over 4 years ago and is responsible for the research and design of all Calyx products including all issues related to compliance and forms. Ted has spent the last 14 years working as a product management professional in small and large firms providing enterprise software solutions across a variety of industries including Siebel Systems (now Oracle), Aspect Telecommunications, and Epiphany.

Market Analysis: Security Concerns About SaaS Persist

*Security Concerns About SaaS Persist*
**By Tony Garritano**

***As lenders embrace Software as a Service, security concerns arise. Is it safe? What about how it will protect sensitive information? The truth is that SaaS is safe. As proof, there are certificates that can ensure a level of security that all lenders should ask for. For example, PROGRESS has learned that IndiSoft, a technology development firm that provides software as a service (SaaS) solutions based on a collaborative rules-based workflow platform for the financial services industry, has achieved the ISO 27001:2005 Information Security Management System Standard. Here’s the scoop on this standard certificate:

****This certification verifies IndiSoft’s practices for software development, licensing as well as support services and will give its U.S. clients added assurance that they are working with a company that operates using well-established, reputable principles. The ISO 27001:2005 ISMS Standard is a series of documents established by the International Organization for Standardization (ISO), the world’s largest developer of international standards.

****“We have always believed in a process-driven approach, and this certification provides our clients with a level of assurance in our operations, as well as confidence in our existing systems and their alignment with international work practices and standards,” said Sanjeev Dahiwadkar, president and CEO of IndiSoft. “Our technology delivers transparency in auditing processes and ensures compliance for our clients. This accreditation is an acknowledgement of our systematic approach to managing their secure information.”

****ISO is a network of the national standards institutes for 162 countries and created the standard to set international requirements for quality management systems. Adopted today by more than 80 countries, the ISO /IEC 27001:2005 ISMS provides a management framework for continuing conformance to information security systems.

****So dot the Is and cross the Ts when looking into SaaS vendors, but don’t shy away from this delivery model, it could work for you.

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

Powering Today’s Lenders: Tracking The Real Needs Of Lenders

*Tracking The Real Needs Of Lenders*
**By Daniel Liggett**

***This week, our ‘Lender Spotlight’ is on the Savings Institute Bank & Trust Company (SIBT) of Willimantic, CT. This is the second installment in our series where we share stories from actual lenders about how they selected and implemented technology initiatives. When the $950 million SIBT began their search for new loan origination technology, they set out to create a list of the capabilities that were essential in meeting their future lending requirements. One was to have the LOS and the accompanying data reside on servers within the bank’s existing internal IT infrastructure. The second was to process both mortgage and consumer loans from a single system. The remaining requirements on the list were derived from experiences with past systems. These included flexibility, customization, and vendor integrity.

****SIBT’s year-long search culminated in the selection of PowerLender, a business-rules-based LOS, with Specialized Data Systems (SDS) of East Haven, CT. providing the implementation and configuration services. SDS and SIBT designed an implementation plan and refined PowerLender to meet the bank’s specific way of doing business.

****We understood our workflow requirements. We have a mix including Conventional, FHA, 203K, Connecticut Housing products, EquityBuilder products and Rural Development products. Our operation is like many banks in the region and SDS had a firm grasp of our business and helped us implement it into PowerLender in a rapid fashion. It didn’t take long for us to discover that with PowerLender, anything we needed we could do.

****The project began in January and we went live with PowerLender in June. PowerLender helped streamline our workflow by providing third-party integrations with Desktop Underwriter, mortgage insurance providers and credit bureaus. The ability to attach documentation to a loan record reduced the resources we devoted to compiling and tracking these items.

****Our point-of-sale operations include both face-to-face and online using LoanQuoter by DataVision. Our plan is to take advantage of PowerLender’s web services which allow seamless, automatic transfer of loan data between the consumer-facing portal and the LOS. Thus data entered by the consumer goes directly into PowerLender and loan-status updates are available on the web.

****Aside from the large number of technical and business requirements that PowerLender was able to handle, it’s still a user-friendly system. I manage 16 people who touch PowerLender on a daily basis, including originators, processors, underwriters, closers and post closers. They are all involved in the process, and their input is extremely important.

****We achieved our lending technology requirements of an in-house system that could handle multiple lending products including consumer, and deliver integrations to streamline the point-of-sale.

****Technology that provides flexibility, adaptability and ease of use is a key to a long-lasting LOS. Having a vendor who understands our business as well as theirs is just as important to achieving success. And when you achieve a comfort level among all stakeholders, it allows for rapid acceptability and real achievement.

****The next ‘Lender Spotlight’ shines on an innovative lender who used technology to compete on a higher level.

Daniel Liggett serves as Director of Client Services for Associated Software Consultants’ PowerLender Loan Origination & Processing System. He has more than 20 years experience in mortgage lending and loan automation systems. Danny oversees the configuration, training, support and project management efforts for loan origination and secondary marketing at ASC and serves as a development and marketing advisor.

Market Analysis: Another Great Story

*Another Great Story*
**By Tony Garritano**

***I like to spotlight companies in our space that are giving back. I think community service is important. This time PROGRESS in Lending has learned that Ellie Mae has said that its volunteer, employee-run community outreach program, EllieCares, continued to grow stronger in 2011 and will be expanded to its regional offices in 2012. Here’s the scoop:

****EllieCares is run entirely by Ellie Mae employee-volunteers. A committee of Ellie Mae employees selects both local and national organizations that will be beneficiaries of the employees’ fundraising and outreach activities. Ellie Mae supports EllieCares by giving employees time off with pay for participating in these volunteer activities and matching employee-raised contributions.

****Some of EllieCares’ initiatives in the past three years have included:

****>> Fulfilling the holiday wishes of needy children through the Family Giving Tree;

****>> Hosting the annual Ellie Mae Marketplace fundraiser for the Alameda County Community Food Bank, as well as supporting food drives and volunteer workdays during the year;

****>> Building homes with Habitat for Humanity East Bay;

****>> Helping to staff the Walk for Wishes fundraiser for the Make-A-Wish Foundation, Bay Area Chapter, in California;

****>> Preparing and serving meals to homeless and needy members of the community with City Team Oakland;

****>> Painting transitional housing for families for the Family Emergency Shelter Coalition;

****>> Giving blood donations to the American Red Cross Bay Area Chapter;

****>> Creating and selling earthquake-preparedness kits to raise money for the American Red Cross Haiti Relief and Development Fund.

****“Giving back is part of our heritage and our culture. Ellie Mae team members are passionate about helping people in need and making a difference in our community,” said Sig Anderman, Chief Executive Officer of Ellie Mae. “In the past few years, our volunteers have raised thousands of dollars for worthy charities and brightened the holidays for many children in our community. I am proud of the success of EllieCares and am excited to see it do even more in 2012.”

****Kudos to Ellie Mae and others in our space that take the time to give back.

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

Default Management: Innovation At Work: Marketing REO Properties: A Holistic Approach

*Marketing REO Properties: A Holistic Approach*
**By Joseph Badalamenti**

***Effective marketing is critical to successful REO asset disposition. However, to be consistently effective, REO Marketing is best understood as part of the overall asset management process, not a substitute for it.

****Disposition Alternatives

****With today’s inflated REO inventories, not all properties are suited for sale through traditional channels. Alternate strategies ? particularly for low-value, high-risk properties ? must be identified, assessed and implemented, as appropriate. REO asset management providers with strong field service networks can be highly effective partners in helping to leverage these opportunities, whether large-scale bulk transactions, transfers to development agencies or public auction. That said, property-by-property marketing continues to represent the most effective alternative for the majority of REO assets.

****Property-by-property optimization of REO assets requires independent process management and localized control. What’s needed is an REO asset management partner who knows the property and its pre-sale history, can plan and execute property preservation/enhancement services, understands municipal ordinances and code compliance issue, and can objectively assess, select and manage local brokers.

****The Right Marketing Partner

****With in-depth, experience-based knowledge acquired before a property becomes part of the client’s REO portfolio, asset management companies offering both pre- and post-sale services are uniquely positioned to create and apply the right marketing approach for each REO property. This includes recommending auction or traditional sales methods and preparing a detailed property/market analysis, as well as providing turnkey auction management or assigning and managing a broker, as appropriate

****The right REO service provider can deliver maximum REO results in minimum time. Qualified providers offering direct local execution and oversight can mount complete marketing campaigns and property-by-property follow up, including ongoing detailed progress reports. Most important, they can assume full responsibility for individual broker monitoring/evaluation, a distinct advantage over the arms-length broker relationships characteristic of many REO asset disposition programs. Successful REO asset disposition means, first, knowing the property and tailoring a marketing strategy to match; and second, being able to apply independent, on-the-ground monitoring of the disposition process. Integrated REO asset management companies with strong field service networks are uniquely qualified on both fronts.

****Many Pieces, One Solution

****The fact is, disposition of REO assets is a multi-front affair. Success means winning a series of small but important battles: It takes knowledge of the property and local market awareness to critically assess BPOs and the brokers who provide them. It takes experience and follow through evaluate and monitor property marketing activities. It takes strong field presence to assure the grass is cut, trash is removed, interiors aren’t gutted or vandalized, the HOA isn’t ready to enforce a lien, and fines for municipal code violations aren’t accruing. It takes people, skills and know-how to negotiate cash for keys.

****Integrated REO asset management providers with proven pre-sale and post-sale capabilities are in the strongest position to help lenders/servicers address these and other needs critical to REO asset marketing success.

Joseph Badalamenti (Joe Bada) got his start in the default management industry in 1967 as a HUD contractor. Now, 43 years and over 5 million inspections later, Joe has built Five Brothers into a highly successful and respected industry leader offering a full range of default management services and technology solutions. His strong belief in client-centered partnering has spawned a nationwide network of highly effective customer and field service professionals. Advanced technology solutions created under his leadership the industry’s first web-based workflow management system, FiveOnline, a complete document management and processing system (MARS), state-of-the-art loss mitigation software (MOTZ), which allows quick and efficient loan modifications according to FDIC and HAMP guidelines, automated document storage/workflow management software (IntelliStorage) and HUD claims processing system (ClaimSys). Joe remains an advocate of client-specific business solutions, an approach he believes is Five Brothers’ most important competitive advantage.

Understanding The News: Home Prices Still Declining

*Home Prices Still On The Decline*
**Data And Analtics**

***More bad news for home prices. CoreLogic has released its November Home Price Index (HPI) report, which shows that home prices in the U.S. decreased 1.4 percent on a month-over-month basis, the fourth consecutive monthly decline. According to the CoreLogic HPI, national home prices, including distressed sales, also declined by 4.3 percent on a year-over-year basis in November 2011 compared to November 2010. Here’s what else the reports says:
****This news follows a decline of 3.7 percent in October 2011 compared to October 2010, according to CoreLogic. Excluding distressed sales, year-over-year prices declined by 0.6 percent in November 2011 compared to November 2010 and by 1.6 percent in October 2011 compared to October 2010. Distressed sales include short sales and real estate owned transactions.
****“With one month of data left to report, it appears that the healthy, non-distressed market will be very modestly down in 2011. Distressed sales continue to put downward pressure on prices, and is a factor that must be addressed in 2012 for a housing recovery to become a reality,” said Mark Fleming, chief economist for CoreLogic.
****Highlights of the report include:
****>> Including distressed sales, the five states with the highest appreciation were:  Vermont (+4.3 percent), South Carolina (+2.8 percent), District of Columbia (+2.1 percent), Nebraska (+1.9 percent) and New York (+1.7 percent).
****>> Including distressed sales, the five states with the greatest depreciation were: Nevada (-11.2 percent), Illinois (-9.7 percent), Minnesota (-7.8 percent), Georgia (-7.7 percent) and Ohio (-7.2 percent).>> Excluding distressed sales, the five states with the highest appreciation were: Maine (+4.9 percent), South Carolina (+4.9 percent), Montana (+3.8 percent), Indiana (+3.3 percent) and Louisiana (+2.4 percent).
****>> Excluding distressed sales, the five states with the greatest depreciation were: Nevada (-8.8 percent), Arizona (-4.9 percent), Minnesota (-4.7 percent), Idaho (-4.1 percent) and Georgia (-3.6 percent).
****>> Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to November 2011) was -32.8 percent.  Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -23.1 percent.
****>> Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 77 are showing year-over-year declines in November, three fewer than in October.

Understanding The News: The 411 On Mortgage Fraud Trends

*The 411 On Mortgage Fraud Trends*
**Trends And Analysis**

***According to a report by CoreLogic, the fraud picture is mixed. The report says the industry’s overall fraud risk appears to have stabilized. After a 20% increase in 2009, the CoreLogic Fraud Index, an indicator of the relative level of fraud risk for the mortgage industry, remained relatively flat throughout 2010 and the early part of 2011. The level of fraud in mortgage originations for 2010 is estimated at $12 billion. Early indications based on the Fraud Index show that this trend is continuing for 2011.

****Based on lower projected 2011 origination volumes and continuing flat fraud levels, CoreLogic estimates that for 2011, the mortgage industry will experience $7.4 billion in U.S. residential mortgage origination fraud. This 2011 estimate is approximately 75 percent below 2005 levels. This is due primarily to lower loan origination volumes and reduced risk tolerances evidenced by tighter lending criteria.

****Examining the data by fraud type reveals several areas of concern despite the generally flat overall Fraud Index. This analysis is made possible by a newly created Alert Risk Index system from CoreLogic through which additional risk patterns can be observed. The rate of property fraud grew more than 250 percent in the last year, while identity fraud decreased significantly. When we evaluate the movement in the individual Alert Risk Indices, additional risk patterns can be observed. For example, the primary reason for the increase in the property fraud risk index is potential fraudulent flipping and flopping of properties.

****“The overall level of fraud is down substantially,” noted Dave Johnson, vice president, product line manager of Fraud and Consortium Solutions at CoreLogic. “That is the case because origination volume is down and lending standards are tightening. Fraudsters are realizing that this is not the easiest place to go so you’re left with just what I call professional fraudsters. Also refinances are a more secure loan product and refinancing is about 75% today.

****“However, what we’re also seeing is a new mix of fraud. For example, valuation has become more artful because of the level of distressed properties,” Johnson continued. “It’s not just a visual inspection anymore because the house down the block may look the same as mine but the financial situation of that house and homeowner is very different. Fraud is never static.”

****Distressed sales remain a source of significant risk. It is estimated that unrealized recoveries on suspicious short sale transactions may be costing lenders as much as $375 million per year. Unscrupulous investors, unethical real estate agents and other fraudulent loan actors in the mortgage application process are targeting distressed borrowers and arranging same day flips through the foreclosure and short sale processes. With the volumes of distressed real estate and rate of suspicious flip transactions continuing at near-record levels, lenders are being forced to cope with more of these risky transactions where information related to other potential offers is intentionally withheld. Most of the suspicious flip transactions appear to be well executed events with investment company buyers responsible for a disproportionate percentage of the risky transactions.

Market Analysis: An Interesting Trend

*An Interesting Trend*
**By Tony Garritano**

***People tell me a lot of things. I have a lot of close friends in this industry. And when I can I try to share it with you. Today I heard that Mortech, a mortgage technology software company specializing in solutions for mortgage bankers and secondary market teams, have identified a trend involving more mid-tier lending institutions moving into the correspondent lending channel and seeking out suitable automation to make their new divisions profitable from day one. Here’s what they are seeing:

****“With some of the nation’s largest banks exiting the correspondent lending business, there is more opportunity for lenders of all sizes, but many don’t have the technology,” said Don Kracl, president of Mortech. “Those firms that can come up to speed quickly and have an opportunity to gain significant market share in the first quarter of 2012, but they have to take action before others move in to fill the gap.”

****Mortech executives became aware of the trend when inquiries for the firm’s MarksmanLMP ticked up in the wake of Bank of America’s announcement to discontinue its correspondent channel. MarksmanLMP offers a Channel Manager product for mortgage bankers with third party origination businesses. Mortgage professionals can use the Channel Manager service to distribute correspondent pricing to their clients, deliver fully-adjusted rates, use as a locking platform and several other features. Numerous correspondent lenders already count on Mortech software for lending automation.

****“Our most recent build added new features designed for ease-of-use and seamless interactions between lenders and their correspondents,” said Kracl. “We are excited for our clients and are standing by with the technology they need to capitalize on these new opportunities.”

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

Time To eVolve: Digging Up The Dirt On Locked PDF

*Digging Up The Dirt On Locked PDF*
**By Nancy Alley**

***Every March, I look forward to a few events that let me know spring has sprung—the sun comes out; the flowers bloom; and the annual Mortgage Technology conference unveils a landscape of new technology and tools. Let’s take a minute to examine what our industry’s garden looks like today.

****What’s Blooming

****This year, as I prepare for Ft. Lauderdale, many buzzwords and acronyms are on my mind—UCDP (Uniform Collateral Data Portal), MISMO 2.6, UMDP (Uniform Mortgage Data Program), UAD (Uniform Appraisal Data) and transparency, to name a few. And, with these new appraisal data and delivery requirements, I will definitely be on the lookout for how lenders and vendors plant seeds for these initiatives.

****The great news—I’ve already heard rumblings that many vendors are supporting these new requirements. For instance, appraisal software and technology platforms are already furiously building connectivity to the UCDP and also ensuring they can output the correct XML data. As this connection is cultivated, transparency will begin to bloom.

****The Weeds

****But, while seeds are being planted to support this initiative, there are some weeds in our garden. The most noticeable to me are locked PDF documents. I blogged about this previously but then the issue seemed to go dormant; however, it has sprouted up again.

****Some documents are locked for viewing; others are locked for printing and editing. The users or systems trying to process these documents are stopped in their tracks if they don’t have the necessary passwords. On a weekly basis, I have customers frustrated over the fact that their appraisers and originators are sending them secured PDFs yet their investors are refusing to take them. Some lenders are accepting the locked PDFs and are utilizing print drivers and other conversion tactics to “unlock” them prior to sending them to investors. Others aren’t even catching them until an investor rejects their delivery. Regardless, these locked documents are weeds in our spring garden and require someone to manually pluck them.

****Watering The Soil

****And like any gardener knows, weeds can grow out of control. When I think about where we are trying to head, I am worried about these pesky weeds that keep sprouting up. What will happen next spring when lenders are required to submit to the UCDP? Just like investor systems, the UCDP won’t be able to process certain locked documents. Are the lenders comfortable that their appraisals will either be able to be ingested by the UCDP or have the necessary XML from their appraisals to submit to the UCDP? Today, these documents are causing issues for investors. Tomorrow, will they be causing issues to our appraisal data initiatives?

****If our industry wants to keep an orderly garden, we need to unearth some of today’s issues. While appraisers continue to feel it is necessary to lock documents, this has the potential to create headaches for fellow participants downstream. While this seems like a minor issue, I would argue that we need to address the issues of today so we can enjoy the beauty of our garden’s perennial blooms tomorrow.

Nancy Alley is VP, Strategic Planning at Simplifile. She brings more than 24 years of financial services and mortgage industry experience to her role as the Vice President of Strategic Planning at Simplifile. She has dedicated her career to driving innovation and leveraging technology in the mortgage industry. As a Co-Chair of the eMortgage workgroup at the Mortgage Industry Standards Maintenance Organization (MISMO), Nancy is actively involved in driving adoption of industry standards.

On The Move: High-Powered Executive Hires

*High-Powered Executive Hires*
**Brain Trust Matters**

***First, IndiSoft a technology development firm that provides software as a service (SaaS) solutions based on a collaborative rules-based workflow platform for the financial services industry, announced today that Earl Devaney has joined its advisory board. Devaney recently retired from the federal government after 41 years. He will advise IndiSoft on business development efforts and other company business based on his government financial expertise. Here’s the scoop on this hire and another hire on a prominent valuation provider follows:

****“Earl’s government expertise and strong financial management background will put us in a stronger position to offer technology that provides the transparency needed in auditing and compliance processes,” said Sanjeev Dahiwadkar, CEO of IndiSoft. “Providing the financial industry the most advanced technology while preventing a repeat of economic decisions that got us where we are today is one of our top priorities.”

****Devaney was most recently the chairman of the Recovery Accountability and Transparency Board, which oversaw the distribution of the $840 billon of stimulus funds allocated by the Obama administration. His innovative use of disruptive software has revolutionized the way oversight and accountability will be conducted for the foreseeable future. He was also the presidential appointed inspector general of the Department of the Interior for eight years and was the director of criminal enforcement at EPA for nine years. Devaney spent 21 years in the Secret Service during which time he earned his international reputation as a financial crimes expert.

****“I have been fortunate to experience first hand how the effective use of technology can improve transparency and accountability and; therefore, help raise the confidence of the American public in its government,” Devaney said. “While serving as the chairman of the Recovery Accountability and Transparency Board, we were able to provide an unprecedented level of oversight, and it was always new software that became the game changer in that effort. IndiSoft is just the kind of company that can provide the technology the government needs.”

****Second, Valuation Partners, a national appraisal management company with access to over 15,000 independent fee appraisers in all 50 states, has hired Clint Reinhardt as vice president and national account executive. Reinhardt brings more than 25 years of appraisal, mortgage banking and settlement services experience to Valuation Partners as well as proven sales leadership and a thorough knowledge of credit, flood and automated valuation products and services.

****Reinhardt will be responsible for broadening Valuation Partners’ reach in the central U.S., from the Rocky Mountains to east of the Mississippi River. Reinhardt began his career as a top performing loan officer for Citibank Mortgage in St. Louis, Missouri, later serving as an assistant vice president for the company. Most recently, Reinhardt was vice president and regional sales manager for Bank of America’s correspondent lending division, where he exceeded revenue and volume goals every year for the past five years. Reinhardt also served as first vice president and regional sales manager for LandSafe, where he led the company’s national team for its appraisal, credit, flood and automated valuation products, and as national sales manager for Equifax Mortgage Services.

****“Clint is a business development ‘pro’ with a history of exceeding the sales goals of some of the biggest names in the mortgage industry,” said Valuation Partners CEO Bill Fall. “We’re very proud to have someone of Clint’s caliber on our team.  We expect him to be a vital part of our continued growth throughout the Midwest.”

****“With the uneven nature of the nation’s housing recovery and a record number of REO properties on the market, lenders have never had a greater need for accurate and diverse valuation solutions as they do today,” Reinhardt said. “I’m thrilled to be joining Valuation Partners, which has emerged as a true leader in the valuation field. I look forward to building on their success.”