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Fulton Financial Embraces New Home Equity Lending Report System

Fulton Financial Corp. has migrated to the new, FirstClose Report system to provide Fulton Financial access to the full refinance and home equity lending technology solution and vendor management system.

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Fulton Financial, a Lancaster, Pa.-based financial holding company offering investment management, trust services and residential mortgage lending, has utilized FirstClose’s a la carte, legacy services since 2009, and recently completed a full migration in order to access the full-service, all-inclusive FirstClose Report.

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Now, Fulton Financial is able to receive comprehensive refinance and home equity loan reports including title, flood, valuation and other important data elements in one file. The new system also provides a number of automations that are not available in the old system and should increase efficiency and help reduce turn-times.

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“We have been extremely pleased with the services we have been receiving from FirstClose, and are looking forward to a continued partnership in which we are able to utilize even more loan report amenities,” said Khanh Dang, senior retail credit operations manager at Fulton Financial.

“Our goal is always to help our customers improve their efficiencies while saving them money,” said Tim Smith, co-founder and president of FirstClose. “Now, Fulton Financial is able to streamline their reporting processes with the FirstClose Report, saving the company both time and money in the long run.”

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.

CFPB Compliance Made Easier

*CFPB Compliance Made Easier*
**By Tony Garritano**

TonyG***I know the upcoming Consumer Financial Protection Bureau (CFPB) requirements are going to be transformative, but that doesn’t mean that compliance has to be a burden. Every day more and more technology vendors are coming up with solutions for lenders. For example, NCS (National Credit-reporting System, Inc., has released a new TRV Cash Flow Analysis Report solution that integrates IRS-direct data about a borrower’s income into Fannie Mae 1084 worksheets. The new solution helps lenders meet upcoming CFPB requirements by more easily documenting and calculating a borrower’s ability to pay.

****NCS’ new TRV Cash Flow Analysis Report is modeled after the 1084 worksheet. The Fannie Mae accepted report organizes verified tax transcript data directly from the IRS, automatically filling in fields within the 70-line document that is used in determining self-employed income for loans submitted to Fannie Mae. It saves the underwriter time and the lender money, which is critical as origination costs are expected to rise 11 percent this year from a year ago, according to a recent article in Mortgage Technology magazine.

****“The strength of the TRV Cash Flow Analysis Report is that it uses official IRS tax transcript data obtained through the IRS’ 4506-T form to show self-employed borrowers have sufficient qualifying income, per Fannie Mae, to pay back their loans,” said Joe Poppler, NCS’ director of solutions research and development. “This provides many advantages, including the ability to mitigate errors when transcribing data from the applicant’s tax return to the Fannie Mae 1084 worksheet or equivalent document. It’s also a significant time saver for the underwriter.”

****While the Fannie Mae 1084 worksheet provides space for lenders to document two years of borrower income, NCS’ TRV Cash Flow Analysis report can furnish a third year of data, which helps lenders identify any recurring items. The data is returned to the lender in a PDF format within 24 to 48 hours. Clients have the option of ordering the TRV Cash Flow Analysis Report through secure, customized online signing rooms that are part of NCS’ new electronic signature and delivery platform.

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.

Vendor Takes On Government Reporting

*LOS Takes On Government Reporting*
**By Tony Garritano**

TonyG***Lenders have enough to deal with so good technology vendors are stepping up to help out. For example, Calyx Software, a provider of loan origination software, now offers government-required regulatory mortgage compliance reports through — Calyx Verifyde. Here’s what you need to know about this new approach:

****Calyx Verifyde reports will help aid banks, credit unions, mortgage bankers and mortgage brokers with a one-stop solution to adhere to reporting regulations at both the state and federal levels.

****“Calyx Software has always provided high product value at an affordable cost and Verifyde continues that tradition,” Dennis Boggs, executive vice president of business development at Calyx Software, explained. “We wanted to keep Verifyde simple, so we created bundles to match each business type, with the specific state and federal reporting needs to match. No need to shop a-la-carte.”

****Initial regulations supported include the Home Mortgage Disclosure Act (HMDA), HMDA Plus requirements of the Office of the Comptroller of the Currency, NMLS Mortgage Call Report, North Carolina Mortgage Lending Act data uploads, South Carolina Mortgage Log System, RegulatorConnect Licensee Examination File, California Form RE 881 for brokers, Nevada Monthly Activity Report and New Hampshire Form 397-A-AR.

****“We will continue to develop new reports as compliance circumstances dictate,” Boggs continued. “Our initial offerings will provide customers a complete compliance reporting solution.”

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 Proves That Knowledge Is Power

*Integration Proves That Knowledge Is Power*
**By Tony Garritano**

***As I do often, I like to make you aware of interesting integrations. The more systems that seamlessly link up, the better it will be for the lender. Lenders also need greater visibility into their operation to ensure the utmost profitability. To this end, I learned that origination vendor INTEGRA Software Systems and Precision Risk Management Systems, Inc. (PRMS), a provider of production analytics and enterprise dashboard reporting solutions, have partnered to deliver advanced reporting and production analytics solutions to INTEGRA clients.

****INTEGRA President, Jerry Pratt, stated, “In an effort to constantly add value for our clients nationwide we have partnered with PRMS to deliver enterprise wide dashboard-driven reporting and production analytics tools to help our clients achieve greater profitability. PRMS provides innovative solutions that are dashboard-driven, intuitively easy to use and are up and running in an extremely short period of time, providing a rapid return to our clients. For those clients requiring in-depth production analytics or better loan allocation and risk management solutions, INTEGRA now offers those advanced capabilities through the PRMS relationship.”

****David Demster, Executive Vice President of PRMS, said “PRMS is extremely pleased to be working with the team at INTEGRA Software Systems. Through the relationship, INTEGRA will be able to offer its clients a powerful set of dashboard-driven tools for enterprise reporting and production analytics, as well as loan allocation and risk management solutions that consistently maximize loan execution, even in volatile markets.”

****Demster added, “These solutions will provide INTEGRA customers throughout the lending organization with the focused business reporting, graphical dashboard information and key performance indicators that will enable management and staff to do their jobs at an optimum level.”

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.