Disclosures And Digital Mortgages Done Right

The term digital mortgage is used extensively in the industry to describe any number of new technologies transforming the loan process. These advancements are improving the borrower experience, making it easier to apply for a loan and complete required tasks during the approval process. Technology solutions are also addressing the way loan officers work, delivering new efficiencies, compliance, and profitability. But noticeably absent up until this point has been a reliable solution to manage the disclosure process.

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It’s Time to Redefine

The inferred digital mortgage promise is the ability of technology to address each step in the loan lifecycle, including electronic disclosure functionality, and improve the experience for all stakeholders involved. It’s time we recognize that a true digital mortgage should deliver a complete end-to-end experience. If an offering falls short due to limited integration with a lender’s existing tech stack, so does the promise of it being a viable component of their digital mortgage strategy. A full solution must address the needs of the borrower, loan officer, and real estate partner throughout the lifecycle of the loan. One party’s overall experience should not come at the expense of others involved in the loan transaction. And major components within the loan transaction, such as digital disclosure management, should not be absent from a true digital mortgage solution. 

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A Complete Experience

SimpleNexus is delivering on the digital mortgage promise through a true end-to-end solution for loan officers and borrowers. With SimpleNexus, loan officers are able to take action on a loan any time, anywhere. Using the platform’s Mobile Originator tools, LOs can access their loan pipeline, order credit, view appraisals, send pre-approval letters, and sign disclosures from their mobile device — all while syncing in real-time with their LOS. And borrowers enjoy the benefits of the platform, from loan application through to closing disclosures. SimpleNexus helps lenders reduce costs, drive LO efficiency, and provide transparency to borrowers and real estate partners during the loan process. The platform also connects loan officers to their borrowers and Realtors to easily share loan progress updates, communicate, and exchange data in a single location throughout the entire loan life cycle.

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A Better Disclosure Process

SimpleNexus has created a whole new disclosure solution to improve the borrower, loan officer, and underwriter experience at the critical loan estimate and closing disclosure stages. Disclosure management on SimpleNexus offers the following features:

Push Notifications: SimpleNexus send borrowers instant push notifications on their mobile device when they need to complete tasks related to the disclosure process. 

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Seamless E-consent and Mobile Signing: Borrowers can easily give e-consent as well as review and sign disclosure documents directly from their mobile app. For disclosure documents that may still require a wet signature, borrowers can print these portions directly from the app and then scan and upload the same document after hand signing to ensure timely delivery to the loan officer.

On-the-Go Execution for Loan Officers: SimpleNexus’ disclosure solution builds on the platform’s Mobile Originator tools. Loan officers can execute their portion of the disclosure signing anytime, anywhere from their smart device. 

Disclosure Tracking: All disclosure tasks are seamlessly updated in the lender’s LOS system automatically to provide compliance peace of mind. The integrated tracking is made possible through a real-time, bi-directional integration between the SimpleNexus platform and the LOS.

The new SimpleNexus disclosure offering is one piece of the platform’s overall toolset. As a complete digital mortgage solution, SimpleNexus delivers a measurable return on investment by reducing close times, increasing efficiency, and delivering customer satisfaction.

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Lender Launches Digital Platform

Lender Price, a provider of digital lending technology for the financial industry, and Mountain West Financial, a regional mortgage lender based in Southern California, have successfully rolled out Digital Lending Platform (DLP), Lender Price’s online borrower portal. 

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Digital Lending Platform (DLP) is a borrower engagement platform that automates and streamlines the mortgage loan application process. The platform integrates with loan origination systems (LOS) to create a seamless environment between the borrower, loan officer and the lender’s operation staff, resulting in a smoother, more transparent and faster mortgage closing process.

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“Our borrowers want a convenient and easy to use way to engage with us online,” said Mike Douglas, CEO of Mountain West Financial, a retail and wholesale mortgage lender. “The reason we chose Lender Price is because their platform gave us the flexibility to create a process that doesn’t have a lot of ‘fluff’. We built an efficient workflow that encourages borrowers to complete the application while also ensuring that information was captured in our LOS in real-time.” 

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DLP features digital verification services for assets, employment and credit reports, which intelligently fill out loan application data and drive more complete and accurate borrower submissions. DLP provides intuitive tools that allow mortgage lending institutions to create their own borrower experience without any technical know-how.

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“Our clients include several large banks and mortgage lenders that insist on controlling the borrower experience,” said Dawar Alimi, CEO of Lender Price. “We built tools that are specifically designed for non-technical people to create complex workflows within DLP. By giving our clients both the flexibility and control they want, we’re providing a sustainable platform because it can change and adapt to their needs over time.”

The deep integration between DLP and Mountain West’s loan origination system provides borrowers visibility throughout the entire origination process. Loan status updates, document uploads and even pricing engine access were built into the LOS integration.

“Our borrowers are happier and it’s a tremendous time saver for our loan officers,” said Douglas. “We’ve rolled out to more than 150 loan officers across 30 branches and it’s been extremely successful for us. We know this is going to transform the way we do business.”

Firm Expands Its Mortgage Technology Footprint

Consolidated Analytics announced that it is expanding its enterprise sales team by adding mortgage operation’s expert Randy Loghry as senior vice president of mortgage origination and technology advisory services.  Loghry will drive the origination advisory practice with a focus on technology utilization strategy for digital transformation, process optimization and loan origination software (LOS) and point-of-sale (POS) selection.  

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“Randy is a foremost expert in leading mortgage lending and automation technologies,” said Steve Faulkner, division president at Consolidated Analytics. “His expertise delivers a distinct time-to-market advantage to our clients who are navigating the complexities of vendor selection and implementation of digital transformation and process optimization projects.”

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As former chief operating officer of leading LOS provider Mortgage Cadence and founder of Mortgage Technology Advisors, a successful mortgage technology consulting practice, Loghry has spent the last decade evaluating, selecting and implementing mortgage technology solutions for some of the industry’s most respected lending institutions.

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“The market’s demand for rapid implementation of origination tech has prompted the development of this new tech advisory team,” said Arvin Wijay, CEO at Consolidated Analytics. “Powerful technology must be paired with exceptional processes to maximize the return on investment and Randy will ensure that our clients get the most out of their investment spend.

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Founded in 1996, Consolidated Analytics, Inc. is a diversified provider of solutions to the mortgage services industry. Extending through all channels of origination, risk management, secondary, servicing and portfolio management the Consolidated Analytics companies provide innovative, comprehensive and fairly-priced products and services in the areas of valuation, due diligence, fulfillment, advisory and risk management.

NY Bankers Association Endorses Digital Point-Of-Sale

The New York Bankers Association (NYBA), through its wholly owned subsidiary, the New York Bankers Service Corporation (NYBSCO), announced today that it has identified and endorsed Promontory Fulfillment Services LLC (PFS) as a best-in-class provider of mortgage fulfillment services and of advanced digital point-of-sale solutions. 

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PFS enables banks to offer a full range of mortgage products—conventional, jumbo, non-agency and HELOCs—without the need to build and maintain a mortgage operation. PFS underwrites loans using client-provided overlays then processes and closes the loan in the bank’s name. The PFS process and post-closing highlights ongoing compliance reviews. PFS then delivers the loans to the client or sub-servicer.

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PFS also offers clients a digital point-of-sale solution — Borrower Wallet —that allows consumers to apply, upload documents and e-sign digitally. The process empowers customers to manage their mortgage experience, with optional assistance from a loan officer  — empowering community lenders to deliver a customer experience comparable to mega lenders. 

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“Mortgage lending has become increasingly challenging for community banks given current market conditions and the regulatory environment,” said Michael P. Smith, NYBA’s president and chief executive officer.“Our endorsement of PFS will give bankers new options as they navigate the mortgage market and all of its opportunities.”“We are delighted to be endorsed by NYBA,” said Ken Janik, managing director, business head of Promontory Fulfillment Services LLC. “Our fulfillment solution enables banks to offer mortgages as a cornerstone product without maintaining fixed-cost infrastructure. PFS’ Borrower Wallet point-of-sale solution significantly improves the customer experience and loan pull-through for retail lenders.”

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Partnership Simplifies Disclosure Management

Digital mortgage provider Maxwell has released its disclosure management platform, which enables borrowers to securely access, review and sign loan disclosure documents directly within the Maxwell experience. The launch partner for Maxwell’s disclosure platform is Docutech, a provider of document, eSign, eClose and print fulfillment technology. Maxwell’s disclosures platform enables a seamless borrower experience while expediting compliant disclosure collection for lenders.

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In partnership with other mortgage technology providers, Maxwell’s digital mortgage platform is designed to simplify and consolidate the mortgage lending experience for borrowers, providing an unparalleled user experience that reduces complexity and accelerates time-to-close. 

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“While digital mortgage technology has vastly improved the mortgage experience in recent years, disclosures have long remained a detractor for borrowers in an otherwise streamlined lending experience,” said Lindsay Hunt, Head of Product at Maxwell. “We’re thrilled to continually to remove complexity for borrowers and the lending teams they work with every day.”

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With the release of the disclosures platform, borrowers working with Maxwell-empowered lenders can now review and sign disclosures directly in Maxwell from their computer, tablet or smartphone. 

“Our goal has always been to create a centralized, relationship-driven mortgage experience so that borrowers receive a consistent digital experience from application to clear to close,” said John Paasonen, Maxwell’s co-founder and CEO. “Our partnership with Docutech takes us one step closer to that goal by allowing us to offer an efficient, compliant loan origination process that meets the expectations of digitally savvy borrowers.”

A recipient of Progress in Lending’s 2018 Innovation Award, Maxwell’s platform powers mortgage lenders with a modern digital workspace that digitizes and automates key aspects of the home-buying experience, integrating with thousands of financial institutions and leading mortgage technology providers to streamline the lending process. Today, hundreds of lending institutions across the United States use Maxwell to close loans more than 45 percent faster than the national average.

How To Increase Margins By Reducing Origination Costs

We can all agree that the cost to originate mortgages continues to climb throughout 2018 and is forcing lenders to deal with margin compression.

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As stated in an article from Kelsey Ramirez of Housing Wire, “The cost of originating a mortgage hit all-time highs back in 2013 and 2014, but now, those costs are up once again and much like before, hitting all-new highs, according to the last Quarterly Mortgage Bankers Performance report from the Mortgage Bankers Association.”

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In the article she mentions a new study from Deloitte Center for Financial Services and LendIt Fintech that shows nonbank online lenders are also struggling with the cost of funding a loan.

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The survey shows a full 77% of respondents listed the cost of funding among their top three concerns, and 38% said it was their top concern. This is compared to just 39% who listed any other issue among their top three concerns.

Today’s mortgage market challenges you and your staff more than ever before. It starts with heightened pressure to reduce loan production costs and the areas that cause those costs to rise:  constantly changing rules and regulations, lack of effective internal controls; communication break downs, poor loan visibility; and getting bog down doing manual rudimentary tasks are all significant factors forcing lenders to rethink their lending operations. 

To survive, brokers, loan officers, and lenders now require an intelligent loan manufacturing solution from a provider that truly understands mortgage banking and its constantly shifting mortgage process. The right digital mortgage platform helps you drastically reduce the chaos in your daily lending processes while improving communication to help you close more loans faster and in a more cost effective manner.  

So where should lenders begin?  If lenders truly want to reduce the cost to originate it starts with automating manual tasks and all of the communication breakdowns between all parties to the mortgage transaction. Each one of those breakdowns delays the time to close and increases the time and resources needed to originate the loan.

When we talk about all the parties to the transaction it is not just the fulfillment staff and borrowers, but realtors, title agents, financial planners, and all other interested parties that need to be accounted for. Keeping all parties in the loop is one thing, but automating that communication in a way to significantly reduce friction points while lowering costs.

To more efficiently manufacture a loan, system-driven processes need to unfold, so that lenders can reduce and/or eliminate manual rudimentary tasks. This way, your production team doesn’t need to think about what needs to be done, when it needs to be done, and by whom it needs to be done. 

For lenders that want to truly drive down the cost to originate, they must realize the importance of automating the entire mortgage process.  Lenders that put forth the energy and resources to automate the entire lending process will be able to cut costs while gaining a competitive advantage over other less efficient originators.

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Your Hero To The Margin Compression Villain

It is said that every hero needs a villain. As a lender it is very easy to identify the villain in today’s mortgage market—declining profitability due to the rising cost to originate a loan leading to margin compression.

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As reported by Kelsey Ramierez, reporter for Housing Wire, “The Cost to Originate a Mortgage Just Got Ridiculous-Again.” She goes on to state, “The cost of originating a mortgage hit all-time highs back in 2013 and 2014, but now, those costs are up once again and much like before, hitting all-new highs.

Lenders continue to struggle in the rising mortgage rate environment, reporting negative profits for the first time since Dodd-Frank compliance brought down profits in 2014.

Back at the Mortgage Bankers Association’s National Secondary conference in New York City, MBA Chief Economist Mike Fratantoni predicted loan loan officers would report negative profits in the first quarter of 2018.

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His prediction was correct.

Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net loss of $118 per loan originated in the first quarter of 2018, according to the MBA’s Quarterly Mortgage Bankers Performance report. This is down from a gain of $237 per loan in the fourth quarter of 2017.

“In the first quarter of 2018, falling volume drove net production profitability into the red for only the second time since the inception of our report in the third quarter of 2008,” said Marina Walsh, MBA vice president of industry analysis. “While production revenues per loan actually increased in the first quarter, we also reached a study-high for total production expenses at $8,957 per loan, as volume dropped.”

In this unfortunate story for lenders, while it is easy to identify the villain, who the hero in this story will be is still up for debate.  We can agree that necessity is the mother of invention and if margins were wonderful, we wouldn’t need to rethink how we originate.  But that’s not today’s reality, so we are forced to ask the tough questions in hopes of finding our hero.

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>>How do we reduce costs without the standard seasonal downsizing?

>>How do we increase origination numbers without blindly hiring more LO’s?

>>Is there a better and more efficient way to originate loans?

>>Can we afford to continue doing business as usual?

In starting to ask these tough questions we must first identify costs to see where the actual numbers are coming from.  

>>Are your numbers off and contributing to your rising costs?

>>How many loans does the average LO close a month in your organization?

>>Of those loans, how well are your LO’s growing the referral business?

>>How many loans can a processor per day, month, and year handle in your organization?

>>Ask the same question about your Underwriters? Closers? Funders? Etc.?

>>While you may have these numbers at your disposal, when was the last time you truly checked to see how accurate they are in today’s market?

>>How paperless is your organization really? How much is that costing you?

>>Why is it that the average Underwriter could handle a pipeline of 100 loans pre-crash but can’t handle much more than 30 today?

In reviewing your numbers one thing should be very clear— the villain in this story in the rising cost to originate. So as a lender we must shift our focus to the potential hero in this story if we are going to survive let alone thrive in today’s mortgage market.  The hero is improving your operational efficiency.  The challenge is how we put this into action.

When lenders originate it is typically done from a very loan centric perspective. The average mortgage company does everything from their LOS and prioritizes their loans by status/milestone/pipeline. Don’t blame the LOS, but instead consider this:

>>Is there a better way to prioritize the steps to originate a loan?

>>How can you empower LO’s to do more without them having to spend more time on tedious follow-ups?

A fresh look at the “flow of work” and not just the traditional workflow of origination to underwriting to funding is required.

The devil is in the details. It is critical that if we are going to defeat the villain, we must take the time to not only understand how much we are spending on each task to originate but also truly understand how we can become more efficient.

Lenders are notorious for running tons and tons of reports.  Unfortunately, reports become stale the minute you print them, so you forward thinking lenders have moved to real-time dashboards.  While that is a step in the right direction, that’s only half the battle. The real key is— what do you do with that data?

It is one thing to understand the data, but if you want to truly gain operational efficiency and be the hero, what you do with the data is so much more important.  Is the data telling you where the bottlenecks exist in your origination workflow?  Those bottlenecks/inefficiencies are costing you money and contributing to your rising costs. Once you identify the bottlenecks how can you eliminate these bottlenecks through workflow automation to create consistent processes that streamline and reduce costs?

Let’s take a step back and look at history. When Henry Ford implemented the assembly line, they saw a dramatic increase in productivity, here’s why:

>>Work was prioritized, pushed to the right person at the right time

>>Ford created sub-assemblies to maximize output

>>Technology then automated the items that a system could handle, but people still do a majority of the work today. It’s more of the right person, at the right time, and at the best price.

The good news is that you don’t have to try and figure all of this out by yourself.  Help is on the way.  We know the mortgage process.  A team of lenders and mortgage technologists created Lodasoft. We’ve been on your side of the fence—struggling with the day-to-day challenges of the constantly shifting mortgage process and rising cost to originate. Based on that experience, we strive to make lenders more efficient, scalable and profitable.

We can help you maximize your team by looking at things from a different perspective.  Lodasoft is a Digital Mortgage Platform focused on task and workflow automation. Designed by mortgage veterans, our strength is in maximizing productivity and quality while providing structure and guidance for all members of the process.

Consider this:you’ve been successful thus far. You’re closing loans, and you might be somewhere in the middle when it comes to profitability. Now, if you could only get the most out of every motion in that process.

The first thing we can help you do is Identify. Zooming out of the day-to-day can work wonders, especially when done by a fresh set of eyes. Here’s an example of questions you might ask in identifying key areas for improvement.

>>What is our process for gathering borrower conditions?

>>How do we actually Track, Approve, and Reject documents?

>>How much of this is done via email?

>>Do all interested parties of the transaction have a Real-time Status into each one of these conditions?

For example, say we’re waiting on an item from a third-party. Do we know how long we’ve been waiting for that particular item? Is it stopping someone else from performing an unrelated function? What does the follow-up process look like? Are we just emailing for updates? 

Once we’ve identified the key areas for improvement, you’ll have a better understanding of how you might transfer responsibilities from one employee to another. Think of it like this, a high-cost resource should almost NEVER perform a low-cost function. If it can be handled through automation, even better! 

The next thing to identify is Communication. So much gets lost due to a lack of transparency. Systems were designed so that multiple users can’t have edit rights to the same areas. It makes sense. If someone is reviewing income and someone goes in and changes the income… well…

Think about it. We all have some reporting mechanism we rely on. As mentioned earlier, some work from system pipelines, some from live dashboards. Some (maybe a majority) still use spreadsheets. 


For one, spreadsheets can be manipulated very easily. Make a few updates, attach it to an email, and send to management. Communication is key. People need updates so that they can offer guidance and delegate loans. However, this is where things start to really fall apart.

>>What if the key person on a file is out of the office? 

>>Could that lock extension have been avoided?

As you identify these key areas that need to be communicated to multiple people, you will begin to uncover missteps that create vicious cycles of he-said/she-said. A flurry of CC and BCC emails ensue and this leads to, well…a lot of bad. 

We can help you go from “CC and BCC everyone just in case” to pointed communication at the right time to the right person. This way, your team is being communicated to/with on a “need to know” basis.

These are just a couple of examples of things we do every day that happen because they’ve always been done that way. We can change together.

You no longer have to be a victim to the rising cost of originating loans. Allow Lodasoft to help you rethink how you are originating so that you can streamline your processes while reducing the cost to originate. Let operational efficiency become the hero in your organization.

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Discover The Digital Demands

We live in a world that is based primarily online, as technology has been taking over our day to day lives. Rapidly, we see technology expanding and changing life as we know it. Did you ever think that you would be able to stop sending out checks and paying bills manually? With the click of a button we can now send a digital payment across the country. The same idea goes for the homebuying process. No one wants to leave the privacy of their home when they could simply apply for a mortgage online. It should essentially be as easy as purchasing concert tickets through the web, providing only the necessary information that is needed without a long wait time. The world is changing by the minute, which is why businesses such as mortgage companies have to make strides to keep up with today’s technology. 

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Millenials are at the stage in their lives where they are the ones who are ready to buy houses. They are quickly taking over the homebuyer market, and will only expand from here. There is going to come a time where Millennials and Generation Z members, whose lives have revolved around electronics, engulf the entire mortgage industry. Now is the time for mortgage professionals to advance their digital presence, accommodate millennials, and prepare for what comes next. Lenders are going to have to make every effort to keep up with the times, as digital mortgages are what millenials are anticipating.

Digital point-of-sale applications are growing in the mortgage industry, and it’s obvious as to why. Not only is it more convenient for the homebuyer, but it assists the lender throughout the process as well. As for the borrower, they can apply for a loan while on the go, or sitting in the comfort of their own home. They certainly don’t have to go through as many tedious questions that don’t apply to them, and they can avoid the back and forth process between the bank and their loan officer. In addition, they have the ability to jump around the application, filling out whatever information they have on hand. Due to this, they no longer have to stop after five minutes because they are missing information and can’t proceed to the next section. It ultimately ends up accelerating the process in a more efficient manner. In terms of the lender, they will save in operating and closing costs by utilizing a fully automated mortgage application. Many applications even include full customization with real-time data validation, ensuring that the lender is receiving quality data. It’s no wonder that borrowers and lenders alike prefer the newly enhanced, digital 1003 application.

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Mike Goldman, COO of AmCap and digital POS adopter, has had nothing but good things to say about his combination of digital mortgage solution provider and asset verification platform. Before their transitional period, their team had created a task force made up of business leaders that consisted of  originations, compliance, operations and executive management in order to find thebest in class providers.  Their overall goal was to primarily provide their borrowers with a digital customer experience whileimprovingloan efficiency. They went as far as looking at more than twentydifferent providers before coming to the conclusion that theyneeded an advanced digital solution that could seamlessly integrate with an asset verification platform.  In other words, they were in need of a financial data platform that would allow themto deliver the digital customer experience that they were looking for, while reducing loan manufacturing costs.

AmCap Home Loans houses 117 different branch locations with 442 loan officers. As Goldman mentioned, their company finds value in the combination of their digital mortgage solution and asset verification platform.  Inshort, digital mortgage solutions provide a variety of products to the mortgage application process including mortgage compliant websites, pre-qualification forms, and digital 1003 applications. On the other hand, asset verification platforms are there to automate formerly manual loan processes by collecting and verifying crucial borrower information such as assets, employment, and income, to ensure that the lender is receiving quality data.  The two combined ultimately create an experience that seems to sit well with both the lender and the borrower.

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As stated previously, it is critical to accommodate users online, millennials in particular. Not only should they have a digital 1003 application at their disposal, but they should have an easy to use, mobile responsive website that they can trust to hold their personal information. Even if a mortgage company has a well-equipped application, users won’t trust putting their personal information into it if it appears that their website was thrown together and unsecure.

Steve Polito, EVP of Marketing and Mortgage Technology at Annie Mac Home Mortgage, was most impressed with the leads they were able to capture when they implemented new digital solutions.  When theyupgradedtheirdigital lending platform theywere able to streamline web lead capture points for the first time, which made a big difference in their business. He also was impressed with the solutions short app and full 1003 due to their stabilityand the fact that that their data could seamlessly integratewith theirLOS and Velocify.  For their companyin particular, the ability to easily create affinity and landing pages opened many new opportunities for their marketing department as a whole.

Annie Mac Home Mortgage has 72 different branch locations with 287 loan officers. Annie Mac, in particular, utilizes a prequalification application, which generally pre approves a borrower before filling out the formal 1003 application. Their application actually integrates with Velocify, thus allowing their company to have a prosperous sales funnel with good CRM and lead management. At this point, their loan officers can personally reach out to various borrowers in order to get them to continue their homebuying process with Annie Mac. There’s nothing like having leads right at your fingertips thanks to a digital platform.  

Let’s not forgot about realtors, who also play a significant role in the home buying process. While they don’t have to worry about implementing point-of-sale applications, they do still have to ensure that their website is providing them with the greatest amount of visibility so that homebuyers can easily find them. Their websites should be appealing, and make the buyer want to choose them. 

A New Jersey realtor said, “The right digital solution has given me the opportunity to grow my number of leads and my presence in the real estate community. I love that my site pulls from the MLS and that I can post as many single property sites as I need. I’ve been using this tool for years and will continue to do so!”

The homebuying process has various levels to it, and now there are digital solutions at every stage. That’s really where satisfied clients see the benefits when taking the leap into a digital platform.  The world is headed on the track to becoming fully digital based due to its efficiency and overall productivity. With the millennial generation taking over the homebuying market, I think it is safe to say that they want a 1003 application that fits into the rest of their everyday lives. The digital demands that we are facing today can be overwhelming, but not when you choose a leading digital mortgage provider.

What each of these lenders and realtors have in common is the same award winning digital lending platform produced by WebMax.  WebMax provides innovative, digital solutions designed to make Mortgage and Real Estate easy by enhancing the lending experience. Their focus includes: Boosting Lead Generation, Maximizing Conversion, Expediting the Origination Process, Enhancing Referral Partnerships, Bolstering Client’s Digital Presence, and Offering Effective Industry Tools.

WebMax, ( believes that home buyers need a simpler, faster way to acquire a mortgage. In order to achieve this, WebMax provides intuitive digital mortgage software solutions designed to deliver a superior consumer borrowing experience while reducing the loan manufacturing cost. With products spanning the entire digital mortgage process, from the first borrower click to the last lender approval, WebMax makes sense of the digital-first regulatory-ridden mortgage Industry for borrowers and lenders alike.

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Turning Transparency And Borrower Education Into A Competitive Advantage

Mortgage Coach launched Broker Edition, which provides an individual membership option to address this significant segment of the lending market, representing tens of thousands of trained, licensed professionals, who work independently. With this innovation, Brokers can now easily provide personally branded advice for every family and Realtor they serve.

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“To be successful and competitive as a mortgage broker, it is crucial to effectively explain each unique option a lender can offer borrowers in a way that is as transparent as possible. I have personally created hundreds of Mortgage Coach presentations, and it makes all the difference to my success and my borrower’s success,” said Richard Bettencourt, NAMB President.

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Mortgage Coach Broker Edition is already benefiting over 1,000 independent professionals who have created hundreds of thousands Total Cost Analysis (TCA) experiences. With the introduction of Broker Edition, Mortgage Coach focused on helping professionals quickly and easily realize the benefit of using personalized video and a Total Cost Analysis for every borrower. From any device in their hand, a video is added, and loan options are updated, helping the broker more effectively educate borrowers and close more loans.

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“Broker Edition offers every broker the opportunity to improve production by delivering personally branded advice and transparency to every borrower in a way that gives them a competitive advantage,” said Dave Savage, CEO and Founder of Mortgage Coach.

“A broker also receives access to the full library of Mortgage Coach professional development content, which includes 800+ contributor interviews, weekly sales training events, and live Market MBS information with comprehensive daily RateWatch Expert Commentary.“

“When so many qualified buyers still rent, and with thousands of independent licensed mortgage professionals helping people benefit from homeownership, the introduction of Broker Edition ensures these borrowers and advisors can experience the many benefits of the Mortgage Coach TCA,” said Joe Puthur, President of Mortgage Coach.

Plaza Home Mortgage Adds New Disclosure Capabilities

Plaza Home Mortgage, Inc., a national wholesale and correspondent lender, announced that its BREEZE loan origination system now gives wholesale mortgage brokers a new option in generating both required disclosures and the LE at the point of sale.

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Plaza mortgage brokers will now be able to initiate and send disclosures to a borrower along with the LE through the BREEZE system. The disclosures that will be sent to the borrower include Broker state and federal disclosures and Plaza lender state and federal disclosures, as well as a Fannie Mae 1003 Application. For FHA and VA loans, the 92900-A or 26-1802a forms and other required program disclosures will be included. Loan originators will have the option of electronically signing the Fannie Mae 1003 and other forms that require their signatures.

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Once the disclosures and LE are received by the borrowers, they can consent and sign them electronically, and notifications will automatically be sent via email keeping the originator informed at each step. All documents are then automatically stored in BREEZE’s imaging system where originators can access and save for their record.

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As always, mortgage brokers can continue to use their own systems to prepare disclosures and the LE or submit the loan to Plaza which will create and issue the LE to the borrower.

“At the end of the summer, we introduced our new Loan Estimate capability that lets BREEZE users create LEs in five minutes or less. Now we are adding disclosures to complete the digital experience for brokers and their clients,” said Jeff Leinan, executive vice president, National Wholesale Production at Plaza Home Mortgage. “In today’s competitive market, where every loan counts, technology enhancements and skilled Account Executives allow Plaza clients to offer a superior user experience and increase loan pull-through.”

Plaza Home Mortgage has scheduled mortgage broker training webinars on how to use its new disclosure capabilities on November 19 and November 27.

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