Industry Briefs, Aug. 6, 2024
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Optimal Blue Launches Generative AI Assistant Capabilities
Optimal Blue, Plano, Texas, announced generative AI capabilities built for secondary-market-specific use cases and purposefully designed to solve the real-world challenges that mortgage lenders face.
Its launch of AI assistants has initiated with the release of three new AI capabilities in Optimal Blue’s CompassEdge platform.
They include a Profitability Assistant designed for chief financial officers, a Projections Assistant designed for capital markets leaders, and a Trade Assistant designed for leaders of a lender’s trading desk. They are all designed to help lenders reduce manual processes associated with profitability attribution, calculating projections, and optimizing trade selection.
Candor Technology Announces New PreQual Product
Candor Technology, Alpharetta, Ga., announced the release of its PreQual product, a borrower prequalification service that leverages AI to deliver instant results and insights across conventional and FHA loans.
The tool will streamline prequal or full conditional credit approval processes and provide borrowers with near-instant decisions.
Candor also noted it offers features such as smooth integration with loan origination systems and point of sale platforms, and rapid underwriting analysis.
CMG Mortgage Adopts FICO Score 10 T; FICO Announces Partnership with NAAMBA
FICO, Bozeman, Mont., announced that CMG Mortgage–the retail lending arm of CMG Financial, San Ramon, Calif.–has adopted FICO Score 10 T.
CMG joins a number of mortgage lenders who have adopted use of the newest score.
Additionally, FICO announced a partnership with the National Association of Minority Mortgage Bankers of America to help educate and train professionals on financial wellness and how to support their communities from a social impact lending perspective.
The new partnership is expected to incentivize more lenders to obtain NAMMBA’s Certified Community Lender certification, a rigorous training and certification program. FICO will be providing its Score A Better Future credit education curriculum for all participants pursuing the CCL certification.
Williston Financial Group Adds 1301 Exchange Services, Launches WFG 1031
Williston Financial Group, Portland, Ore., announced the availability of 1031 Exchange Services through its newly launched division, WFG 1031.
WFG 1031, a product of WFG’s marketing and technology subsidiary MyHome, provides 1031 Exchange services in partnership with Accruit.
1031 Exchange Services are available to WFG NTIC’s customers on a referral basis through WFG 1031.
Informative Research Expands Verification Platform
Informative Research, Garden Grove, Calif., announced the expansion of its verification platform through the integration of additional Equifax solutions that leverage The Work Number, a commercial source of consolidated income and employment information.
The release will include every solution Equifax makes available to mortgage lenders via API. Among the newly added solutions are Mortgage Ultimate, Mortgage Select All and others.
The additions will allow lenders to better target their verification processes to meet specific needs.
Cornerstone Servicing Achieves Fitch Ratings
Cornerstone Servicing, Englewood, Colo., a division of Cornerstone Capital Bank, SSB, announced that Fitch Ratings, New York, had assigned it the U.S. primary home equity/HELOC servicer and second lien specialty servicer ratings of RPS3 with a Stable Rating Outlook.
Additionally, it affirmed the company’s U.S. primary prime servicer rating of RPS3, revising its Rating Outlook to Positive from Stable.
Cornerstone Servicing said these ratings reflect its management team, enterprisewide compliance management platform, performance metrics and servicing technology environment.
Atlantic Coast Mortgage Implements Nextwave CRM
Atlantic Coast Mortgage, Fairfax, Va., announced the implementation of Nextwave CRM from CRMNow, Aliso Viejo, Calif., as its enterprise CRM.
It will be available for loan officers across all 30 states in which it operates.
Atlantic Coast Mortgage said the new addition will help drive its customer-centric culture.
