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Purchase Share Tops 60%

Purchases increased to 65 percent of all closed loans in June, up from 62 percent in May according to the latest Origination Insight Report released by Ellie Mae. This is the highest closed loan purchase percentage since August of 2014. Refinances represented 34 percent of closed loans in June, down from 37 percent in May. Additionally, the 30-year note rate dropped to 4.04 from 4.06 in May, the lowest point in over a year.

The average time to close all loans increased to 46 days in June, up from 45 days in May. The time to close a purchase rose to 46 days in June, up from 45 days in May, and the time to close a refinance rose to 47 days in June, up from 44 days in May. Similarly, the average time to close FHA loans rose to 47 days in June, up from 45 days in May. Time to close VA loans increased to 50 days in June, up from 49 days in May.

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Closing rates for all loans decreased slightly to 69.6 percent in June, down from 70.6 percent in May. Refinance closing rates dipped to 64.7 percent in June, down from 67.2 percent in May, and purchase closing rates dropped to 73.7 percent in June, down from 74.5 percent in May.

“Purchases are continuing their upswing, representing 65 percent of the total loans closed in June, the highest percentage since August of 2014. Refinances represented only 34 percent of closed loans last month,” said Jonathan Corr, president and CEO of Ellie Mae. “FHA purchases are also on the rise, representing 85 percent of closed FHA loans, the highest percentage since September of 2014.”

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The Origination Insight Report mines its application data from a robust sampling of approximately 75 percent of all mortgage applications that were initiated on the Encompass all-in-one mortgage management solution. Ellie Mae believes the Origination Insight Report is a strong proxy of the underwriting standards employed by lenders across the country.

The Origination Insight Report is a supplement to Ellie Mae’s monthly Millennial Tracker, which focuses on millennial mortgage applications during specific time periods. Ellie Mae defines millennials as applicants born between the years 1980 and 1999. The Millennial Tracker will continue to be released on the first Wednesday of each month.

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.

Purchase Lending Surpasses 60%

Purchases increased to 62 percent of all closed loans, up from 59 percent in April according to the latest Origination Insight Report released by Ellie Mae. This is the first time that purchases have surpassed 60 percent of closed loans since August of 2015. Refinances represented 37 percent of closed loans in May, down from 40 percent in April.

The average time to close all loans increased to 45 days in May, up from 44 days in April. The time to close a purchase remained at 45 days in May, and the time to close a refinance remained at 44 days in May. Similarly, the average time to close FHA loans remained steady at 45 days in May. Time to close VA loans increased to 49 days in May, up from 48 days in April.

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Closing rates for all loans increased to 70 percent in May, up from 69 percent in April. Refinance closing rates increased to 67 percent in May, up from 65 percent in April, while purchase closing rates increased to 75 percent in May, up from 73 percent in April.

Ellie Mae’s FICO distribution charts in the April Origination Insight Report showed that 69 percent of purchases and 69 percent of refinances had FICO scores of 700 or above. Thirty-one percent of purchases had a FICO score between 600 and 699, while only 27 percent of refinances had FICO scores between 600 and 699. Conventional loan FICO distribution showed 82 percent of scores above 700, while FHA FICO distribution showed only 39 percent of scores over 700 and 56 percent of scores between 600 and 699.

“Of the total loans closed in May, 62 percent were purchases and 37 percent represented refinances,” said Jonathan Corr, president and CEO of Ellie Mae. “This is up from April’s data, which showed that 59 percent were purchases while 40 percent were refinances. Additionally, the 30-year note rate dropped to 4.06 percent, its lowest point since May of 2015.”

The Origination Insight Report mines its application data from a robust sampling of approximately 75 percent of all mortgage applications that were initiated on the Encompass all-in-one mortgage management solution. Ellie Mae believes the Origination Insight Report is a strong proxy of the underwriting standards employed by lenders across the country.

The Origination Insight Report is a supplement to Ellie Mae’s monthly Millennial Tracker, which focuses on millennial mortgage applications during specific time periods. Ellie Mae defines millennials as applicants born between the years 1980 and 1999. The Millennial Tracker will continue to be released on the first Wednesday of each month.

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LOS Players Have To Step Up

You Can Download This Entire Article As A PDF HERE

TME-TGarritanoWe all know this story: origination volume is going to decrease this year and interest rates are going to rise. In fact, the extent to which volume decreased in the first quarter was not predicted, it took a nosedive. Also, we’ve now transitioned away from a refi-heavy market to a purchase-heavy market.

What does this mean? It means that lenders are going to have to work harder for every deal. As a result, the good LOS systems are stepping in to help out. Recently we’ve seen prominent LOS players buy CRM systems and roll them into their core offering. Why are they doing this? Lenders need advanced CRM technology to help them win the battle for the borrower.

But it’s not enough to just buy a CRM, you have to tightly integrate it and repeatedly update it. For example, Mortgage Builder recently acquired LoanXEngine and have updated it quite a bit. LoanXEngine 7.0, the new and improved version, represents the culmination of the platform’s six years of highly praised and innovative work in bringing efficiency and cost savings to the mortgage origination sector and its borrowers.

LoanXEngine, launched in 2007, was acquired by Mortgage Builder in October of 2012 as the front end component to round out the company’s full mortgage lifecycle array of offerings, joining Mortgage Builder’s Architect loan origination system and its Colonnade loan servicing system. With LoanXEngine providing lead management, CRM and PPE functions, Mortgage Builder is one of the only technology firms providing “front-end to end-to-end” solutions for lenders of all sizes.  LoanXEngine is also available as a standalone cloud-based platform, easily used with other LOS systems.

LoanXEngine 7.0’s enhancements include:

>> Updated FHA mortgage insurance premium changes;

>> Closing cost filtering support features to allow lenders to customize fee charges according to the requirements of individual states, lenders, loan amount ranges, conventional and government loan products and other considerations;

>> Redesigned and improved non-qualifying product reporting, including detailed failure to qualify reasons and website links for further investigation;

>> Enhanced mobile device viewing, for tablet and mobile phone viewing ease;

>> Improved wholesale channel home page and workflow for greater functionality for third party originators;

>> Integration with LendingTree’s LoanExplorer, the all-new version of the company’s popular consumer-facing mortgage comparison and leadsource engine. LoanXEngine is among the very few PPEs selected to work with them on this product.

“We’re very excited about LoanXEngine 7.0,” says Kelli Himebaugh, corporate vice president of Mortgage Builder Software. “It represents a whole new class of PPEs for the mortgage industry with its highly innovative lead management, CRM and improved functionality in products and pricing. With LoanXEngine, lenders of all sizes have access to the best front end technology available today,” she says.

“It is part of the complete mortgage lifecycle suite of products that let lenders handle every step, from prospect quotes through origination, secondary marketing and servicing, all on a common platform that is easy to use,” she explains. “Whether using LoanXEngine, our Architect LOS and the Colonnade LSS together or independently, lenders now have options for excellence they never had before.”

Mortgage Builder is not alone. Ellie Mae also recently acquired a CRM, MortgageCEO and have been aggressively updating it. Ellie Mae launched Encompass CRM, an advanced customer relationship management (CRM) and marketing automation solution.

Encompass CRM, formerly MortgageCEO, is a scalable suite of automated sales and marketing tools that allows mortgage lenders to manage and market contacts in a compliant manner, leverage lead management and lead distribution capabilities and develop and manage relationships with Realtors, third-party originators or other trusted and valued relationships. Encompass CRM streamlines the process of converting leads to loans and eliminates the need to update multiple systems that can create data inconsistencies and introduce compliance and audit concerns for lenders.

Encompass CRM allows mortgage lenders to:

>> Promote compliance in all borrower communications.

>> Build and manage referral partner relationships with Realtors, homebuilders, financial planners, attorneys and others.

>> Manage future, former and current borrower contacts.

>> Manage, nurture and convert mortgage leads within Ellie Mae’s Encompass mortgage management solution.

>> Gain efficiencies with automated marketing campaigns.

>> Generate more purchase leads with online homebuyer marketing tools and interactive websites.

>> Stay in contact with clients across multiple loan channels.

>> Track the effectiveness of marketing and sales campaigns with comprehensive reporting capabilities.

>> Recruit and retain top mortgage professionals.

With Encompass CRM, a loan originator (LO) can quickly create marketing campaigns for prospects, customers and referral sources. Campaigns and emails can be automatically triggered at key milestones in the origination process or over the life of the relationship. Relevant, audience-specific content is available through a library of professional email templates or can be easily created. Online scheduling makes LOs more productive and prompts follow-ups and tasks. All contacts, marketing materials and scheduling can be accessed securely via any mobile device.

Encompass CRM helps lenders demonstrate the steps taken to oversee sales and marketing compliance. In the event of an audit or complaint, a lender will know who created the marketing piece, who approved the marketing piece, who sent it and who received it. This gives lenders much greater insight and visibility into their entire sales and marketing organizations.

Encompass CRM also tracks what prospective clients are doing on company websites, what pages they are visiting and what they are searching. This enables proactive companies to identify potential borrowers at the earliest possible opportunity.

Business managers can use Encompass CRM to build realistic forecasts, gain greater insight into their sales pipeline and monitor the effectiveness of individual and branch performance as well as marketing campaigns.

Unlike standalone CRM systems, Encompass CRM can be integrated into the Encompass platform so that data can move seamlessly and is stored in a single, secure system of record, eliminating data integrity issues. Currently, Encompass CRM is integrated through Ellie Mae’s software development kit. In the future, it will be fully integrated into the Encompass mortgage management software.

“Mortgage lenders are scrambling to make the transition from a refinance to a purchase market, but many do not necessarily have a specific plan of how to get there,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “Advanced CRM and automated marketing tools are no longer nice to have, but rather, are a necessity to be competitive and to thrive. With Encompass CRM, mortgage lenders can be more productive, build relationships and drive purchase conversions. Furthermore, the capabilities within our CRM solution and our single system of record helps our clients stay compliant.”

So, the good LOS systems are expanding their capabilities to help lenders through these changing times.

About The Author

[author_bio]

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.

Closed Loan Rate Falls

To get a meaningful view of lender “pull-through,” Ellie Mae reviewed a sampling of loan applications initiated 90 days prior (i.e., the January 2014 applications) to calculate an overall closing rate of 55% in April 2014, down from 58% in March 2014. “Purchase share for all loans increased for the third straight month, jumping another three percentage points to represent 63 percent of all closed loans,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “This is the highest percentage of purchase loans we’ve seen since we began reporting data in August 2011 and two percentage points higher than the previous high of 61 percent in October 2013.

The Ellie Mae Origination Insight Report focuses on loans that closed or were denied in a specific month and compares their characteristics to similar loans that closed or were denied three and six months earlier. The closing rate is calculated on a 90-day cycle rather than on a monthly basis because most loan applications typically take one and a half to two months from application to closing. Loans that do not close could still be active applications or applications withdrawn by consumers or denied for incompleteness or non-qualification.

ellie mae april chart

“Also, average days to close loans dipped below 40 for the first time since we’ve been reporting data, falling to 39 days in April 2014. That’s the third straight month that days to close a loan declined. The average days to close a purchase loan has fallen seven days since January 2014,” added Corr. “Looking at rates, the average 30-year rate on a closed loan increased for the first time since January, rising to 4.622 percent in April 2014.”

About The Author

[author_bio]

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.

Good Outlook For MI Ahead

National Mortgage Insurance Corporation (National MI) President and CEO Bradley Shuster delivered a presentation to investors on the outlook for private mortgage insurers at Sanford C. Bernstein Co.’s Inaugural Thematic Financials Conference in New York today. Favorable demographics, an increase in purchase mortgage originations, and a market shift away from FHA all signal potential growth opportunities for private mortgage insurers (MIs), Shuster said.

First-time homebuyers represent a critical segment of the home purchase market, and a considerable opportunity for private MIs, Shuster noted. “Approximately 33% of all GSE-securitized purchase mortgages in the first half of 2013 were first-time homebuyers,” he said. Statistics show that the average age of a first-time homebuyer is 34 years old, Shuster said, and an increasing number of Americans will turn 34 nearly every year over the next decade. In fact, over 40 million Americans will reach that age in the next 10 years. Based on median home prices across the country, research shows that it takes the average first-time homebuyer 14 years to save a 20 percent down payment for a home. By providing the credit enhancement needed for lower down payment mortgages, private MI can reduce the time it takes a borrower to save a down payment to under six years, Shuster said.

While overall originations have decreased recently, the percentage of purchase mortgage volume relative to refinance volume is increasing, which Shuster believes bodes well for private mortgage insurers. “MI penetration is traditionally four times higher in purchase mortgages than in refinances. We expect that the recovery in the housing market and the resulting increase in purchase originations mean that private MIs should see a boost in business,” Shuster said. Total originations are projected to be between $1.1 trillion and $1.3 trillion in 2014.

In addition, the shift towards private MI is expected to continue as the FHA pulls back to historic levels following several price increases, he said.

However, Shuster believes the industry requires additional private capital to meet the growing demand for private mortgage insurance. National MI estimates that the industry requires between $1.5 billion to $2.1 billion of additional capital each year.

The company raised approximately $510 million in private capital in 2012 to launch National MI, which issued its first mortgage insurance commitments just over a year ago. Since that time, the company has consistently gained business, and at the end of April 2014, had signed with nearly 500 lenders.

While the opportunities for private MIs as a whole are positive, Shuster believes that National MI is especially well positioned to grow in the coming years. He cites the following factors:

>> Industry leading underwriting protection and coverage terms

>> National MI is the first mortgage insurer to offer 12-month rescission relief, and is currently the only insurer to grant 12 month rescission relief on all loans. The historical industry standard is 36 months

>> A differentiated business model that enables National MI to be the first and currently the only mortgage insurer to underwrite every policy

>> A clean balance sheet with no legacy liabilities or rescission history

>> A highly favorable underwriting and credit quality environment

>> A simple organizational structure

>> A fully staffed sales force located in key regional territories throughout the country

“We believe National MI’s approach represents a distinct and better way to insure mortgages. We offer a strong capital base, counterparty strength, a differentiated product, and we provide superior ease of use,” Shuster said at the conference.

About The Author

[author_bio]

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.

Make The Shift

You Can Download This Article As A PDF HERE

DawnMarieDayToday’s lending environment puts intense pressure on community banks. There has been a significant influx of new rules and regulations, CFPB requirements, enforcement and the potential for costly penalties and fines for non-compliance. In addition, the market is experiencing fluctuating rates, origination volumes that are declining, refi’s that have diminished and a shift to the purchase market is in full force. These current conditions provide a daunting task for community banks as they look to navigate these challenging mortgage market conditions.

Compliance poses probably the biggest challenge to community banks. In testimony to the House Subcommittee on Financial Institutions, William B. Grant, Chair of the American Bankers Association Community Bankers Council told members that a conservative estimate of the cost of compliance to community bankers was approaching 12% of operating costs, and that was in 2012. With that big of an impact on the bottom line, it is imperative that community banks partner with knowledgeable service providers for help to keep them ahead of the compliance curve without incurring fines or paying extravagant legal fees.

Add in a highly volatile market where origination volumes are declining and margins are tight, that makes it challenging to sustain profitability. In spite of the predicted lower origination volumes, all is not doom and gloom for community banks and their lending departments in 2014. Due to the nature of the relationship that community banks have with prospective borrowers in their community, they are in the perfect position to capitalize on the shift from refis to the purchase market.

In our case, Chelsea Groton Bank is an independent, mutually owned, community bank serving Eastern Connecticut. We are deeply committed to delivering on our promise of providing the highest level of customer service to our clients and to the community. In part, that meant lowering lending costs, speeding delivery and offering timely loan products that are both borrower and market friendly. To be able to deliver on that promise and to effectively respond to today’s market conditions, we outlined a plan to achieve our goals.

The first step was to develop a strategic partnership with a technology provider who could help us successfully navigate the shifting market challenges that included an increasing compliance requirement and a shift in origination demand. The second step was to employ technology solutions that provide flexibility to proactively adapt to changing markets while promoting efficiencies and improving customer service levels.

So what does the right strategic partner look like? For Chelsea Groton, first and foremost, the right strategic partner had to offer a level of commitment well beyond the vendor offering mere software and help-desk services. The right strategic partner had to deliver a flexible, refinable lending platform for all types of loans, proactive compliance solutions and an exceptional commitment to support and service.

For a community bank, having one common platform for consumer, residential and small-business lending can deliver a tremendous competitive advantage. This alone significantly increases efficiencies throughout the entire enterprise. One platform eliminates the need to switch between systems and saves time and increases quality by eliminating the need for redundant data entry. The need to train and maintain multiple lending systems is gone and cross promotion of loan products is simplified. This allows for key bank resources to spend less time preparing loans and more time increasing the customer service levels that their customers have come to expect.

Compliance is now a business imperative for all lenders. Community banks understand that they need a proactive, responsive, and most importantly, a collaborative compliance approach and often look to their strategic partners for help. The strategic partner should provide extensive lending and compliance expertise that closely monitors all regulatory actions, including the GSEs. Having a partner that has extensive insight and on-going relationships with the GSEs along with a proven history of delivering fully tested and advanced solutions prior to regulatory deadlines provides risk mitigation for the community bank.

The ability to easily customize and make changes in the lending platform is critical for today’s community banks. It is necessary that their technology provide the ability to rapidly respond to constantly changing market conditions. Capabilities such as customized workflow, the use of data-quality checks, and creating special loan products ahead of market changes result in loans delivered more quickly for less money. Enough cannot be said about how the endless possibilities offered in a flexible lending platform helps increase the level of customer service that can be delivered.

For community banks to truly deliver the support and service that their customers demand they, in turn, must have a strategic partner that not only delivers a high level of support, but they must have an understand as to what community banks need to thrive in today’s market. Their knowledge of your operation, your requirements and the business world around them is vital to a successful relationship. The strategic partner has to have a skilled, highly trained and experienced staff of professionals who are there to help every step of the way and are available at any time.

While there are many challenges in today’s lending environment there are also significant opportunities for community banks such as ours as the market shifts from refinances to the purchase market. To be able to do that is takes a strategic partner that shares the same belief and commitment to serving the needs of its clients.

About The Author

[author_bio]

Dawn Marie Day is Vice President, Retail Lending Operations Manager at Chelsea Groton Bank. She develops and manages Chelsea Groton Bank’s retail operations, closing and secondary marketing areas to increase market share and system efficiencies. Chelsea Groton Bank employs the PowerLender Loan Origination & Processing System by Associated Software Consultants, Inc.

Stepping Up Your Game

As we return to a purchase market, many CRM vendors are trying to step up their game. For example, Mortgage Returns significantly enhanced its service offerings in 2013. Enhancements include the launch of its TRUE CRM Educational Initiative, which trains lenders to increase the effectiveness of marketing campaigns and strengthen relationships with customers, prospects and referral partners to drive revenue and profitability. Here’s what they did:

The TRUE CRM initiative describes what Mortgage Returns calls the key elements that make up a complete CRM system: T – Total Database Management, R – Relevant and Automated Marketing, U – Unbiased Reporting, E – Expertise and Proactive Advice.

To enable lenders to boost the impact of their marketing efforts through TRUE CRM, Mortgage Returns launched its Business Analysis Reports. These in-depth reports provide mortgage companies information on production statistics, marketing ROI, customer retention and loan officer performance. The company also released its Storefront Marketing Solution, which enables loan officers to order direct mail such as holiday greeting cards through Mortgage Returns’ CRM system.

“We enhanced our service offerings to enable lenders to increase the effectiveness of their marketing campaigns, maximize ROI and improve customer retention in the most efficient manner possible,” said Jim Blatt, president and CEO of Mortgage Returns. “Mortgage Returns transcends traditional marketing by using technology that improves lenders’ retention and profitability through sophisticated and targeted communication. We will continue to enhance our services in the coming year to meet the needs of mortgage originators.”

About The Author

[author_bio]

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.

Technology To The Rescue

*Technology To The Rescue*
*By Tony Garritano*

TonyG***What a year 2014 will be. With new regulation coupled with rising rates, lower overall volume and a shift to purchase business, it’s no wonder that most lenders are dazed. I know that I say it often, but I mean it when I say that technology can help. For example, at the Third Annual PROGRESS in Lending ENGAGE Event Velocify talked about a new solution designed to help lenders get more purchase business.

****Intelligent sales automation vendor Velocify launched Engage for Mortgage Purchase as a part of its Velocify LeadManager product. This purchase loan-focused automated guided selling program is designed to help mortgage professionals build better relationships with borrowers and real estate partners and convert more purchase mortgage leads into closed loans. The new technology solution was developed in response to growing demand from the mortgage industry for automated sales tools that help lenders and loan officers take advantage of the shifting housing market and encouraging outlook for purchase mortgage originations.

****“In the last few years we have worked closely with hundreds of clients who have successfully taken advantage of a healthy refinance market,” said Kelly Booth, Velocify’s mortgage division director. “As the market shifts, our goal is to help our clients remain agile, quickly adapting their business to take advantage of new purchase opportunities.”

****Velocify Engage for Mortgage offers two automated guided selling paths, purchase and refinance. The purchase and refinance paths can be used together to empower lenders and mortgage professionals to respond rapidly to incoming leads, quickly assess the loan type and stage of the buying process the borrower is in, and drive the appropriate workflow and email nurturing strategy and content, taking the guesswork out of follow-up for the loan officer. To help lenders improve conversion rates on purchase loans, the solution helps to identify Realtors and listing agents that are involved with the home purchase, and keeps all stakeholders in the transaction updated throughout the home buying process. Velocify ensures strong process discipline and transparency, promoting a quality experience for all parties involved while building confidence and trust, promoting future referral business.

****Engage for Mortgage keeps borrowers engaged through a number of automated sales processes, including: automatically generated email messages to guide borrowers on next steps; reminders for loan officers to make calls to borrowers at key points in the borrowers’ home search process; triggers for the loan officer when a certain number of days have passed since the last contact or when the borrower’s application is about to expire, and much more.

****With Velocify Engage for Mortgage Purchase, originators can:

****>> Manage the entire loan lifecycle for purchase and refinance mortgages

****>> Accelerate lead response times, boost conversion rates and revenue

****>> Instantly capture leads from any source or industry lead provider

****>> Reconcile duplicate leads and distribute them to assigned loan officers

****>> Provide increased transparency to Realtors and other stakeholders throughout the loan process

****>> Gain real-time reporting of daily loan activity and results

****As interest rates rise and the market for mortgage refinancing begins to decline, Booth said that Engage for Mortgage Purchase will be particularly beneficial for lenders hoping to transition to a more purchase mortgage-oriented business.

****“Lenders will be facing longer, more involved sales processes with borrowers,” she said. “Engage for Mortgage Purchase will be of huge value to them—not only because it helps loan officers keep consumers committed, but also because it assists them with building relationships with Realtors, who are major influencers in the home buying decision.”

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.