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Integration Furthers eLending

PathSoftware today announced that Path, its configurable, multi-channel, cloud-based mortgage loan origination software (LOS), is now fully integrated with DocMagic, a provider of document production, automated compliance, and eMortgage services.

The new web integration provides a direct, secure connection between users’ loan files and DocMagic’s family of products and services. This enables users to order, generate, manage, receive and deliver TRID-compliant documents, such as loan estimates, closing documents and disclosures, with just a few mouse clicks—virtually eliminating the chance of errors and exposure to security risks, while avoiding the time constraints of manually rekeying information.

This integration also enables users to access DocMagic’s Total eClose platform, a digital mortgage solution that contains all of the components needed to facilitate a completely paperless digital closing. In addition, the integration also accesses DocMagic’s eSign technology so borrowers can electronically sign all documents in a secure, compliant manner.

Path was designed to simplify and streamline mid- to enterprise-level, multi-channel loan origination. All loan data, lock data, products, pricing, automated underwriting system findings, loan estimate and closing disclosure documents emanate and are reconciled within one system. In addition, the LOS’s configurable workflows, with role-based functionality, provide visibility into every loan at every stage—so financial institutions can ensure their business rules are followed.

“Smart companies like PathSoftware know that TRID compliance, risk reduction and cost control are huge concerns for lenders, and they’re building value by offering solutions to those issues through their technology and that of their partners, like DocMagic,” said Dominic Iannitti, president and CEO of DocMagic. “We’ve had an excellent partnership with PathSoftware’s parent company for many years. We’re proud to continue supporting them as they introduce new and better solutions to their customers and the industry.”

“DocMagic has long been a leading provider of fully-compliant loan document preparation solutions, differentiating itself by the way it handles data and runs compliance checks,” said Doug Mitchell, director of sales and support at PathSoftware. “Our integration with DocMagic will not only make ordering compliant documents significantly easier for our joint clients, it will also significantly reduce time and cost, and eliminate the need for data re-entry, which can inadvertently cause errors and lead to compliance issues.”

The PathSoftware LOS integration also gives mutual clients the option to take advantage of DocMagic’s Premium Reps & Warrants Guarantee offering. The guarantee covers high cost points and fees calculations, TRID-related audits, customer modifications of documents, document selection, and the Loan Estimate (LE) and Closing Disclosure (CD) under DocMagic’s SmartCLOSE product.

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PathSoftware Now Integrated With ComplianceAnalyzer From ComplianceEase

PathSoftware today announced that Path, its highly-configurable, multi-channel, cloud-based mortgage loan origination software (LOS), is now integrated with ComplianceAnalyzer with TRID Monitor from ComplianceEase, a provider of automated compliance solutions to the financial services industry.

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The seamless integration lets Path users automatically audit loans for regulatory compliance violations using ComplianceAnalyzer with TRID Monitor—without ever leaving the LOS. ComplianceAnalyzer with TRID Monitor is the most comprehensive, real-time TRID auditing solution available in the market. It can check for any changes in terms and fees throughout the origination and closing processes; audit tolerance across all disclosures and changed circumstances; and track post-consummation disclosures, including those with a cure to the borrower. In addition, ComplianceAnalyzer with TRID Monitor performs audits for Federal high cost and higher-priced loan regulations, the Secure and Fair Enforcement for Mortgage Licensing Act, state high cost and anti-predatory regulations, and state license-based consumer lending laws and regulations. It can also perform audits for compliance guidelines from secondary market investors and government-sponsored enterprises.

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Path was designed to simplify and streamline mid- to enterprise-level, multi-channel loan origination. All loan data, lock data, products, pricing, automated underwriting system findings, loan estimate and closing disclosure documents emanate and are reconciled within one system. In addition, the LOS’s configurable workflows, with role-based functionality, provide visibility into every loan at every stage—so financial institutions can ensure their business rules are followed.

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“We developed ComplianceAnalyzer with TRID Monitor to deliver in seconds comprehensive loan-level compliance reports supported by detailed regulatory and cure analyses, exception tracking and reporting,” said Dan Smith, Senior Vice President of ComplianceEase. “Our integration with Path will allow us to help more lenders improve efficiency, as well as give them greater confidence in the loans they’re originating.”

“Having the ability to automatically audit loans at every step in the origination, closing and post-closing process is vital in today’s ever-changing regulatory environment,” said Doug Mitchell, Director of Sales and Support at PathSoftware. “We’re pleased to partner with ComplianceEase to help our financial institution clients improve loan quality, reduce compliance risk, and capture the data needed to prepare for regulatory exams.”

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Radian Integrates With Path To Offer MI

PathSoftware’s  Path LOS is now integrated with Radian Guaranty Inc., the mortgage insurance (MI) subsidiary of Radian Group Inc.

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This direct connect integration allows Path users to obtain rate quotes and order MI on both a delegated and non-delegated basis, and submit documents without leaving their LOS. MI premiums are also auto-populated into the appropriate fields in Path to help streamline the MI ordering process, improving efficiency and productivity.

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“We’re proud to partner with a forward-looking loan origination platform like Path to make it even easier for lenders to do business with us,” said Brien McMahon, chief franchise officer at Radian. “This integration enables us to deliver real-time quotes and simplify the MI ordering process for current and prospective customers.”

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Path was designed to simplify and streamline mid- to enterprise-level, multi-channel loan origination. As a portal with a single point of entry, all loan data, lock data, products, pricing, automated underwriting system findings, loan estimate and closing disclosure documents emanate and are reconciled within one system. In addition, the LOS’s configurable workflows, with role-based functionality, provide visibility into every loan at every stage—so financial institutions can ensure their business rules are followed.

“Direct integrations with our partners are essential to streamlining the mortgage origination process for our customers,” said Doug Mitchell, director of sales and support at PathSoftware. “By partnering with Radian, our clients can now easily order MI directly from one of the nation’s top providers.”

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Lender Chooses New Cloud-Based LOS

Financial Funding Solutions, Inc. (FFS), DBA 1st Mortgages, Littleton, Colo., has selected Path as its LOS. PathSoftware is a new highly structured, cloud-based mortgage loan origination software (LOS) from Calyx Software. Here’s why FFS made this decision:

FFS is a brokerage and correspondent lender that operates in Arizona, Colorado, Illinois, Iowa, Kansas, Nebraska, Texas, Utah and Wyoming. The company has partnerships with more than 60 credit unions and builders, and has successfully closed more than 10,000 loans since it was founded in 2002.

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“At FFS, we’re committed to helping our customers secure loan programs that are best suited for their individual needs, so we needed an LOS that could give our customers quick, compliant answers and grow with us at the same time,” said Anne Marie Lee, Director of Builder/Real Estate Sales & Marketing at FFS. “We selected Path for its user-friendly platform, multi-channel origination capabilities and structured workflows, as well as the ability to access it anywhere. We’re confident this will make us more productive and better able to serve our customers.”

PathSoftware was designed to simplify and streamline mid-tier to enterprise-level, multi-channel loan origination. As a portal with a single point of entry, all loan data, lock data, products, pricing, AUS findings, disclosure documents, compliance assurances and closing documents emanate and are reconciled within one system. This enhances visibility and improves productivity across multiple business channels—wholesale, retail and correspondent. Path is also the first completely data-driven, not form-driven, LOS. It collects all of the borrower and property information individually and then uses those fields to populate forms, making it easier to adapt to and comply with new regulations.

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“Increasingly, forward-looking originators like FFS are looking for cloud-based solutions that can support 24/7 access from multiple devices without compromising the highly structured, role-based workflows to better serve their customers,” said Dennis Boggs, Executive Vice President of Path. “Path is not only simple to use and easily accessible, but also delivers uniquely configurable workflows that give them the control and visibility they need to manage and grow their business.”

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Making Compliance Much Easier

*Making Compliance Much Easier*
**By Tony Garritano**

TonyG***Everyone knows that lenders are burdened by compliance these days. It’s tough out there. However, innovative technology companies are trying to ease that burden every day. For example, I just learned that QuestSoft has entered into an agreement with Calyx Software to provide QuestSoft’s line of compliance products to Calyx’s customer base of banks, credit unions, mortgage bankers and brokers. Here’s what this agreement means to the mortgage industry:

****Under the agreement, QuestSoft will package components of its HMDA RELIEF, Compliance EAGLE and the recently announced Compliance RELIEF line of regulatory products under the special Calyx label—Calyx Verifyde to replace Calyx’s current regulatory reporting options. QuestSoft will enhance the products on behalf of Calyx to ensure their Point and Path customers consistently adhere to the vast array of federal and state reporting regulations. QuestSoft will also provide training, programming and customer assistance as needed to directly benefit Calyx’s customer support operations in Dallas.

****Regulations initially supported include the Home Mortgage Disclosure Act (HMDA) along with all Dodd/Frank changes set to be announced shortly, HMDA Plus requirements of the Office of the Comptroller of the Currency, NMLS Mortgage Call Report, California Form RE 881 for mortgage brokers, North Carolina Mortgage Lending Act data uploads, South Carolina Mortgage Log System, Nevada Monthly Activity Report and other state regulatory reporting as needed.   QuestSoft will also provide direct assistance to Calyx customers for Community Reinvestment Act (CRA) and Fair Lending services.

****In addition, QuestSoft will be providing Calyx customers with a special set of error checks it has developed along with uploads of the RegulatorConnect Licensee Examination File required by the Conference of State Bank Supervisors (CSBS) for multi-state exams, and by some individual states for their exams.

****“Our new relationship with QuestSoft allows Calyx to significantly expand the automation in our compliance offerings and concentrate our resources on more productivity enhancements,” said Dennis Boggs, executive vice president, business development of Calyx Software. “We also now have an additional team of expert resources to rely on that is very hands-on in assisting our lenders with their compliance questions and concerns.”

****According to a 2010 study conducted by Access Mortgage Research & Consulting, 72.5% of mortgage brokers reported using Calyx Point as their preferred loan origination platform. A market leader for mortgage lenders as well, Calyx supports 36% of community banks, credit unions, and mortgage bankers with Point and PointCentral products. Added to QuestSoft’s existing client base, this new relationship will make QuestSoft mortgage compliance products used by more companies than all other private providers combined.

****“We have a long and trusted association of helping Calyx customers dating back nearly two decades”, said Leonard Ryan, QuestSoft President. “This opportunity is a solid victory for both Calyx and their customers given the complexities of today’s regulatory environment and our focus in this segment. The products we are including have successfully been used in over 10,000 audits over the past 18 years.”

****Ryan indicated that Calyx is expecting QuestSoft to begin providing compliance to its customers for the 2013 year end reports required to be submitted in the first quarter of next year. Calyx plans to separately announce the availability of its new compliance lineup to its customers and the industry within the coming weeks.

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.