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A Look Into The Future

Let’s consider the future of the mortgage industry. What once was an industry that thrived off paper, is today transforming into a paperless, digital process. The borrower demand for this change is rapidly increasing each day. Technology exists and is as convenient as being in the form of your mobile device. The ease and success of a mortgage company’s adaptation to this forthcoming truth means the transformation of moving forward as an adaptor. It is important for mortgage companies to listen to their borrowers and take the necessary steps to not only producing self-servicing platforms for everyone, but also keeping in mind millennials. The industry needs a determined effort to keep the overall process as accommodating as it can be. This exceeds generations and is an obvious obligation in many features of the mortgage process. Although some generations may not have similar outlooks as Millennials, the incorporation of contributions such as cutting-edge Web designs and skilled call center employees that promote mobile and paperless choices are encouraged by all.

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Some originators have already begun this progression. This innovative technology is key because it provides the consumer a faster and easier approach to the buying and selling experience. The mortgage industry needs a cohesive strategy to back a full-service, online experience. Today, mortgage companies need to appeal to millennials, while still appealing to key borrower markets. This is exciting for an industry that has struggled to go paperless for some time. The Real Estate industry has been close minded and considered it a risk to make such transitions during the credit crisis. Nevertheless, technology has proven that a larger quantity of deals closes at a much faster rate, and there is steady compliance after all.

Putting the need for innovative technology forth is crucial to provide clients a less stressful, more effective home buying and borrowing experience. Today, a self-serving platform for every contract and part of the borrower process has the potential to make a significant impact on the future. This is going to be an obligatory feature to remain relevant in the industry. Often, firms become absorbed in the cost of investing in the technology, but the key is to take a closer look at the consequences of not adapting. Taking a chance on timing the market and pushing significant changes to the side is a hazardous intention for buying and selling a home. The same applies to investing in important technology to remain competitive and up to date.

It is important to make sure you have the right tools for the job. Companies such as Optimal Blue and Nylex provide convenient pricing engines. Others such as Velocify and Velma enable an effective customer relationship management system that is beneficial to the lender and the borrower. The mortgage feature of these systems is just one part of the online real estate experience, and normally comes after all other elements, such as searching for a home. Some are convenient options being presented and others are more necessary, such as enabling access to documents and accepting electronic signatures. Mobile devices are at the core of most technology initiatives. As effective communication and connections improve the need for customer service and compliance, the mobile device is developing as the tool for enabling all contributors in the goal of communicating in a timely manner. The capability to be able to transmit forms at each phase guides the process to become more transparent and submissive.

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Some brokers are hesitant to these methods and look at them as more of a risk than an advantage. There is no question that mortgage brokers have certain rules and guidelines they are required to act on since TRID (TILA-RESPA Integrated Disclosure) came into place. TRID requires the need to accelerate timelines for acting on documents. Therefore, the initiation process needs to be moving at all hours. Online and mobile access to documentation is turning into a crucial and truthfully, the only option to meet these deadlines. There is opportunity to store, access and organize data in a much more accommodating process that could not be done using paper.

There have been firms that have built technology teams separate from creating loans. Every group should integrate a tech professional on their staff. Building the business takes technology skilled individuals, which is not in every case found in a loan officer’s skill set. Lending firms are building technology friendly teams and providing a more tech minded mission. They are not trusting their rank to make technology and vendor partner decisions. The tech team is beneficial and devoted to driving business through using objectives of a loan officer.

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If putting together a tech team is too difficult – the next best option is to establish a focus group of employees and customers. This provides an opportunity to determine the technology that is available for each group. Teams can research topics such as, the information they’d like to obtain from each other.

It seemed that in the past, technology and the mortgage industry lacked any sort of relationship. It became natural that each mortgage entailed hundreds of pieces of paper and that relying on stamps and office visits was the only possibility to complete a transaction. It is clear that over the years, obstacles have been faced and boundaries have been removed. The mortgage industry has become driven to let technology handle more of the responsibility. Because of this, things have improved significantly. The quicker a firm closes on a loan, they quicker they are ready to start the next loan. The client is ready to help, it is up to you to provide them to tools to do so.

About The Author

Zachary Rosenberg
Zachary Rosenberg is Chief Technology Officer at WebMax, LLC. Rosenberg has more than fifteen years’ experience with software development and coding. He is responsible for overseeing all technical aspects of the company and its clients. He works with executive management to grow the company through the use of technological resources and works to attain the company’s strategic goals. Rosenberg also manages client relations from a technical standpoint, conducts research for the enhancement of our products, and development tasks.

Getting More Business

There is a lot of talk about how to get more business. Specifically, more and more lenders are using technology to reinvent the point-of-sale, but that’s not enough. To go further, the industry has to come together to stretch beyond just the point-of-sale. Here’s one way to start that dialogue:

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Join the California MBA on October 3rd at 11 am (PST) for a FREE webinar: “Learn to Win More Opportunity and Close More Loans,” presented by the California MBA’s Mortgage Technology & Marketing Committee (MTAM).

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This FREE webinar will cover the following topics: How to convert attention into interest, present with power, and elevate your skills.  Presenters include Greg Pettersen, Marketing Manager, Residential Wholesale Mortgage, Inc.; and Bill Bodnar, SVP, Sales, Vantage Production, and John Seroka, Committee Chairman, Seroka Brand Development.

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The URL link to register for the webinar is: https://attendee.gotowebinar.com/register/8659706686770656001

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Financial Resources Federal Credit Union Creates A Better Borrower Experience

Financial Resources Federal Credit Union (FRFCU) has implemented Roostify’s mortgage technology platform in order to create a better online experience for its members applying for or refinancing a home loan. Here’s why:

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“We were looking for something more user friendly for mortgage applicants. The standard online form didn’t help our members through the process and provided no guidance into what they need to do through each step in the process,” said Jason Reed, First Vice President, Real Estate Lending at Financial Resources. “The Roostify platform has given us a way to walk members through a simple process to input their information, upload documents and get us the information we need in order to close their loan in the most efficient way possible.”

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Financial Resources members are now able to complete their entire mortgage application online, including using a mobile device or tablet. They can upload their financial information directly into the platform and communicate with a loan officer during every step of the process. When they are on the go, they can easily upload and sign documents without a trip to the bank, saving precious time in the closing process.

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“Not only do our members get a much more user-friendly experience, our loan officers spend much less time chasing information, and they can focus on providing a better experience and closing loans in much shorter timeframes, which benefits all parties involved,” added Reed.

Loan officers benefit from the use of Roostify’s platform with a better way to communicate with members, realtors, lawyers, title agents, and more throughout the process. Additionally, because the application is clearly laid out loan officers receive more complete and accurate information when they receive an application.

“Consumers are looking for two things in today’s home buying market – an easy online experience and transparency,” said Frank Gelbart, Chief Revenue Officer, Roostify. “Utilizing a mortgage solution that keeps the consumer informed of the process in real-time and that can be done entirely online is the key to providing today’s homebuyers with the best experience possible.”

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Integration Makes Lender And Borrower Collaboration More Effortless

As mortgage lenders increasingly invest in modernizing their technology experience, Maxwell, a provider of digital mortgage automation software for small and midsize lenders, has integrated with LendingQB to make it easier for lenders and borrowers to collaborate effortlessly through the mortgage process.

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LendingQB continues to extend its integrations through its web-based LOS system . The LOS’ open-architecture application program interface (API) enables lenders to select the tools that best help their efficiency. The LOS was cited in the STRATMOR Group’s December 2016 Technology Insights report as achieving an end user effectiveness rating of 93%, top marks amongst the major LOS providers.

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“In this age of platform interoperability, LendingQB gets it — an open origination platform that empowers its users to optimize the experience for speed, security and delight,” said John Paasonen, CEO of Maxwell. “We’re thrilled to integrate with a likeminded partner as a showcase to Maxwell’s API that gives flexibility back to the customer.”

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Maxwell automates the way that mortgage lenders work with their clients to close a mortgage, from the loan application to assembling a borrower’s file. Lending teams on Maxwell collaborate with homebuyers in a modern digital workspace, on any device, with connectivity to thousands of data sources. Designed by usability experts, Maxwell reports that loans on its platform close 22 days faster than the industry average.

The integration with LendingQB will enable Maxwell clients to seamlessly sync borrower data with the loan origination system, trigger automated notifications to borrowers and real estate agents, and securely exchange documents and information.

“The ability to provide innovative technology such as an open architecture API offers lenders an added value as their organizations continue to grow and evolve,” said Tim Nguyen, president of LendingQB. “This partnership with Maxwell affirms our commitment to streamlining our clients’ access to products and services that power their business. Innovation is accelerating in this industry and lenders benefit when they can utilize best-of-breed solutions to streamline the mortgage process.”

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The Place For Thought Leaders And Visionaries

Optimal Blue Partners With New POS To Transform The Mortgage Process

Optimal Blue has partnered with Capsilon Corporation to provide a unique digital mortgage experience with highly accurate, real-time product eligibility and pricing content. Here’s the scoop:

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The Capsilon digital mortgage platform leverages the power of the cloud and intelligent process automation to evolve the existing mortgage production process into a modern digital mortgage factory. By integrating Optimal Blue’s real-time product eligibility and pricing content directly into the upcoming Capsilon mortgage point-of-sale solutions, joint clients will be able to improve overall compliance, create numerous process efficiencies, and deliver an engaging origination experience.

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“Capsilon is transforming the mortgage industry with intelligent process automation that increases the velocity and accuracy of every step in the loan production process,” said Sanjeev Malaney, CEO of Capsilon. “Our partnership with Optimal Blue provides the data connectivity, integrated pricing workflows, and process automation lenders require to accelerate the loan production process and improve customer satisfaction.”

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Optimal Blue’s eCommerce platform consumes product and pricing content from a network of investors, provides intelligent selection and customization of that content as desired by lenders, and distributes the personalized results to technology providers via RESTful APIs – wherever, whenever it matters most.

“Our goal is to further unite the industry with our digital marketplace and break down the traditional vendor silos that have held back industry success,” said Optimal Blue CEO Scott Happ. “Strategic integrations with digital mortgage technology leaders such as Capsilon will move the industry forward.”

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Integration Offers Borrowers A Digital Application Process

Black Knight Financial Services, Inc. is working with Lender Price to offer a consumer-facing interface that will deliver a digital loan application process. Through Black Knight’s integration with Lender Price’s advanced digital user interface and other capabilities, Black Knight’s LoanSphere Empower loan origination system (LOS) clients can now offer their customers the ability to apply for a loan online from virtually any mobile device.

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“Black Knight is a true partner in innovation that shares our ideals to provide lenders the technologies needed to meet the evolving needs of today’s home buying market, while staying both competitive and compliant,” said Dawar Alimi, Lender Price co-founder and CEO.

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“Black Knight looked at several options, and we believe Lender Price was the very best choice to support our clients’ needs and advance our solutions,” said Jerry Halbrook, president of Black Knight’s Origination Technologies and Enterprise Business Intelligence divisions.

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Lender Price’s digital loan application interface, which can be custom-branded and configured to each lender’s specific requirements, is integrated with Black Knight’s Empower LOS to support a dynamic, accessible loan origination process. The digital interface helps lenders:

>>Offer consumers the ability to complete a digital loan application using their mobile device, which is fully integrated with the Empower LOS platform.

>>Offer a voice-enabled loan application solution that can ask consumers questions in multiple languages.

>>Deliver real-time product eligibility, interest rates and fees.

>>Secure verification of credit, income and assets through a combination of Black Knight’s LoanSphere Exchange technology and proprietary integrations provided by Lender Price.

>>Verify property and tax details using Black Knight’s vast public records database or by leveraging Black Knight’s Data Hub, which gathers, aggregates and links Black Knight application and proprietary industry data to provide a holistic view of a client’s loans.

>>Obtain property valuations using a Black Knight automated valuation model (AVM), tested for accuracy and reliability.

>>Upload documents from any mobile device using optical character recognition (OCR) technology, and index those documents in the Empower LOS.

“The addition of a powerful, consumer-facing digital user interface is a tremendous breakthrough in advancing our digital strategies and creating more competitive advantages for our clients,” said Halbrook.  “Combining the comprehensive technology capabilities of Black Knight’s Empower system with Lender Price’s advanced digital capabilities will increase the speed to market for our clients that are aggressively expanding into the digital marketplace and transform the user experience for their consumers.”

The integration of Black Knight’s and Lender Price’s capabilities can also support lead generation with existing customers. Linking a client’s property and borrower information from Black Knight’s Data Hub with a Black Knight AVM and Lender Price’s Product, Pricing & Eligibility Engine can help clients identify high-quality refinance candidates from their loan portfolios. Details about current loan-to-value ratio, recommended products and interest rates can be provided to help the loan officer present the benefits of refinancing to the borrower at the point of sale.

Empower’s seamless integration with Black Knight’s LoanSphere MSP servicing platform will offer clients true end-to-end digital capabilities and loan support, from origination to servicing and default. The MSP system is used to service more than 30 million active loans for many of the nation’s largest financial institutions and is scalable to any size portfolio.

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Innovative New Player Raises $2.25M In Seed Funding

The Digital Mortgage is all the talk. The definition of Digital Mortgage varies, but what every lender really wants and needs at a minimum is a fully digital point-of-sale. One of the newer players in this space making a lot of waves is MortgageHippo, Inc. And to this end, this vendor has announced today that it has raised approximately $2.25 million in seed capital. The round was led by CMFG Ventures, LLC, the venture capital entity of CUNA Mutual Group.

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“These are very exciting times for technology companies in the mortgage sector, as lenders of all types and sizes fully embrace the digital transformation sweeping through the industry,” said Michael Salichs, co-founder and President of MortgageHippo. “Several market forces over the last couple of years have pushed the mortgage industry towards digital innovation and MortgageHippo is helping lenders with the transition.”

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Among those market forces is the arrival of Millennials into the housing market, support by the GSEs of digital technology in loan underwriting and the launch and heavy marketing of digital mortgage platforms by a handful of prominent lenders.

“The mortgage process can be cumbersome, leading to decreased customer satisfaction, inefficiency and higher origination costs,” said Brian Kaas, President and Managing Director of CMFG Ventures. “Our investment in MortgageHippo will bring new innovation to the digital mortgage experience that can help credit unions deliver a superior online mortgage experience to their members in a way they prefer to engage in the process.”

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Since launching its digital mortgage platform – known as SwiftDLP™ – as a white-label solution, MortgageHippo has signed several top national and regional lenders and brokers who use the platform to deliver a modern borrowing experience to their customers and increase their conversions. “We are very excited about CMFG Ventures’ investment in our company and the strategic value and familiarity with the credit union market they bring to the table,” said Valentin Saportas, co-founder and CEO of MortgageHippo.

The company will use the funds primarily to further expand its software development and sales team. For more information, visit the MortgageHippo or CMFG Ventures website.

MortgageHippo raised an initial seed round of $750,000 in January 2016 led by the venture arm of real estate brokerage, @properties. Today’s announcement marks the official close to their seed round with an additional $1.5 million.

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Integrations Foster Innovation

Compliance has kept vendors busy. With less time to innovate themselves, more and more vendors are opting to embark on innovative integrations to further a more lights-out process. For example, Credit Plus’ credit reports are now available through Ellie Mae’s point-of-sale solution, Encompass Consumer Connect, an extension of their Encompass LOS. The integration allows Encompass Consumer Connect users to verify and share their credit reports with lenders.

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Encompass Consumer Connect enables lenders to provide a state-of-the-art, completely branded and unique self-service online loan origination experience to homebuyers.

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“We’re excited to be at the forefront of this initiative and one of the first Ellie Mae partners included in this consumer-friendly interface. Encompass Consumer Connect will make the mortgage process easier to navigate for borrowers,” said Greg Holmes, National Director of Sales and Marketing at Credit Plus.

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Credit Plus provides insight to mortgage professionals so they can make smart lending decisions. Headquartered in Salisbury, Md., the company is a third-party verifications specialist offering more than 160 products and services for mortgage professionals, including credit reports, scoring tools, Deposit and Asset Verifications, Employment Verifications, Tax Return Verifications, fraud prevention tools, Undisclosed Debt Verifications, flood reports, appraisals, Lost Sales Analysis and more.

Progress In Lending
The Place For Thought Leaders And Visionaries

United Wholesale Mortgage Introduces ‘BLINK’ Mortgage Portal

United Wholesale Mortgage (UWM) has released BLINK, a new all-digital loan portal that modernizes the way mortgage brokers work with consumers and strengthens their ability to compete against mega retail lenders in the market. BLINK – which stands for “borrower link” – is a consumer-facing web application that enables borrowers to combine the simplicity and flexibility of mobile technology with applying for a home loan.

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“Technology and consumer-driven tools are building momentum within the mortgage industry,” said Mat Ishbia, President and CEO of United Wholesale Mortgage. “With BLINK, new home buyers or existing homeowners will be able to initiate the loan process from any mobile device, in the comfort of their home, on their own time. We’re proud to make this great tool available to brokers throughout America, as we believe that brokers are best place for all borrowers to get a loan. It is a focus of ours to give brokers access to the best technology tools to compete with the mega retail lenders.”

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BLINK is a multi-functional portal that allows consumers and brokers to take an applications no matter where they are. Borrowers are given the capability to start the loan application process, pull their credit, e-sign documents, verify assets, and track the status of their loans – from anywhere.

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The technology caters to each consumer’s individual preferences. Borrowers can complete the mortgage process entirely on their own if they choose, or seek assistance from their mortgage broker at any time. Allowing the capability to co-browse screens with their clients in real-time to guide them through the process. Additionally, if a borrower wants to meet in person, they can still meet in person and complete the application online together.

“UWM made it very easy for me to realize the value this tool can bring to my business,” said Jason Davis of Oceans Mortgage. “Offering a smart mortgage application shows UWM’s dedication to advancing technology within the mortgage industry.”

Progress In Lending
The Place For Thought Leaders And Visionaries

Mortgage Cadence Expands Digital Footprint With New Borrower Center

Mortgage Cadence, an Accenture company, launched the third generation of its Borrower Center, expanding the borrower self-service capabilities and enhancing the origination workflow of its Enterprise Lender Center platform. Here’s the scoop on this new technology:

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The Borrower Center is a cornerstone of Mortgage Cadence’s cloud-based technology, providing a highly secure, always-on-and-available-everywhere capability to help guide borrowers and lenders through the mortgage origination cycle. The new release, which builds upon the company’s proprietary technology that elevated the online mortgage lending experience more than 15 years ago, provides a superior experience for borrowers and a more-efficient, cost-effective process for lenders. Features of the third-generation Borrower Center include:

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Borrower Mobility. Borrowers will now enjoy a streamlined user interface that scales across devices, enabling convenient anywhere, anytime access. During application, borrowers create a secure account to which they return throughout the origination cycle to virtually collaborate and check the progress of their loan, upload documents, view conditions, and communicate with their lender.

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Single System of Record. A single, web-based technology platform – a Mortgage Cadence hallmark – that provides complete mortgage origination capabilities, whereas most other vendors use a cumbersome, multi-system integration approach. Borrower Center opens a gateway for borrowers and lenders to interact easily throughout the mortgage origination process. For lenders, our single technology platform means solid data integrity and security, enhanced features to help ensure compliance, a highly automated workflow, and an immersive borrower experience unmatched in the industry.

Flexible Administration. Easy-to-use admin tools provide full control over page names, content, titles, fields, and button names, with the option to preview updates prior to site publishing. The Borrower Center provides the flexibility that enables the lender to collect only the information needed to provide a great customer experience.

Powerful Branding. Borrower Center offers lenders the most powerful styling and branding opportunities available, making it easy for lenders to match the experience provided by their corporate website. Borrower Center’s design tools make it simple for lenders to adjust design and flow instantly, in real-time, as market conditions and borrower preferences evolve.

“Mortgage Cadence continues to lead the way in borrower-facing technologies — a road we started down almost two decades ago,” said Trevor Gauthier, Mortgage Cadence’s president and chief operating officer. “It’s exciting to release this next-generation borrower portal with the sole purpose of advancing our digital suite of technologies to ensure that our customers stay at the forefront of the lending industry.

“Staying ahead of industry and technology trends hinges on a thorough understanding of borrowers’ future needs. Last year we partnered with Accenture Research to conduct a study of more than 1,500 borrowers’ current and future expectations related to the origination process. Using data collected from the study, we have been driving development efforts around Borrower Center for Enterprise Lending Center and applying that knowledge to our entire product suite roadmap. Supporting our lenders is our number one goal, and we are excited to roll-out this forward-looking product.”

Michael Detwiler, Mortgage Cadence’s chief executive officer and a senior managing director at Accenture, said, “Since the acquisition of Mortgage Cadence in 2013, Accenture has invested heavily in the Mortgage Cadence suite of products, with a major focus on digital technologies inclusive of Borrower Center. Our view on where we want to take mortgage lending draws from the kind of disruption Uber has brought to the transportation industry — attacking the major friction points and fully digitizing processes to increase the speed and efficiency of lending services. Our new release of Borrower Center is the culmination of three years’ worth of investment and incredibly skilled employees bringing our vision to life, laying the groundwork for where we plan to take our digital lending experience to enable our customers to leapfrog the competition.”

Progress In Lending
The Place For Thought Leaders And Visionaries