Residential Briefs

(EDITOR’S NOTE: MBA NewsLink will publish Briefs all week to keep up with the many announcements taking place at the MBA Annual Convention & Expo this week in Austin, Texas.)

OnCourse Learning, Mortgage Champions Partner on Training, Certifications

OnCourse Learning, Brookfield, Wis., and Dale Vermillion’s Mortgage Champions announced a partnership to combine their licensing, compliance continuing education and sales training offerings into a service designed to help lenders develop and retain top talent in today’s competitive mortgage marketplace.

As an initial offering, the collaboration will give mortgage lenders the ability to train and certify newly hired and veteran employees. The new service will leverage a joint library comprising OnCourse Learning’s catalog of mortgage licensing, compliance and continuing education training, as well as Mortgage Champion’s training for leadership, comprehensive sales, refinances and purchases.

CFPB to Host Nov. 6 Symposium on Dodd-Frank Act Section 1071

The Consumer Financial Protection Bureau will hold a symposium on Section 1071 of the Dodd-Frank Act on November 6, at 9:30 a.m. ET. The event will be webcast on the Bureau’s website.

Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect, report and make public certain information concerning credit applications made by women-owned, minority-owned, and small businesses. The symposium will provide a public forum for the Bureau and the public to hear various perspectives on the small business lending marketplace and the Bureau’s upcoming implementation of Section 1071. 

The symposium is the third in a series announced earlier this year to explore consumer protections in today’s dynamic financial services marketplace. Members of the public who plan to attend the symposium should RSVP at this link:

LoanLogics Whitepaper: Machine Learning Found to Dramatically Streamline Mortgage Processes

LoanLogics, Trevose, Pa., released a whitepaper, “‘Big’ AI Driven by Today’s Machine Learning,” which provides a deeper understanding of how artificial intelligence and machine learning specifically, can help mortgage lenders reduce and even eliminate redundant, repetitive tasks while creating data purity and improving the borrower experience.

According to the whitepaper, the best uses of AI and machine learning technologies within the mortgage industry reside in data and document processing. The authors explain how Capture 2.0 technologies, also known as “automatic identification and data capture” and “intelligent capture,” cam leverage machine learning tools to determine the accuracy, quality and completeness of loan data as it is being collected from the borrower.

“While OCR is effective, the many different types of documents and the locations of data on those documents can create challenges for data extraction,” said Craig Riddell, EVP, Chief Business Officer with LoanLogics

ARMCO Completes Fast Track 45-Day Implementation Delivering on Bay Equity’s QC Update Deadline

ACES Risk Management, Pompano Beach, Fla., implemented ACES Audit Technology for Bay Equity Home Loans, within the lender’s 45-day deadline for launching its new quality control operations.

Since implementing ACES, the company launched its updated quality control initiatives, but also gained tangible efficiencies in its QC processes, including replacing email and spreadsheets as a means for sharing information, with a secure, real-time online platform that connects multiple QC locations; reducing turn times for month-end reports from several days to roughly one hour; and accelerating from as much as five days, to just a few minutes.

LBA Ware’s CompenSafe Enhances Loan Originator Experience at Guaranteed Rate

LBA Ware, Macon, Ga., said Guaranteed Rate Companies improved internal processes and enhanced the loan originator experience with implementation of its CompenSafe automated compensation process for nearly 1,500 LOs and other bonus-eligible employees.

According to Ken Kane, Chief Accounting Officer for Guaranteed Rate, the switch from manual, spreadsheet-based incentive calculation to an automated platform tailor-made for the mortgage industry has enabled Guaranteed Rate Companies to scale more efficiently. It’s also freed the lender’s accounting staff to spend less time preparing compensation statements and more time on compensation review, which helps the company reduce risk and provide a better experience for LOs.

SimpleNexus Integrates with Reggora

SimpleNexus, Lehi, Utah, announced it partnered with Reggora, an automated appraisal technology for mortgage lenders and appraisers in delivering a range of origination services for the mortgage industry. The integration enables loan originators to manage appraisals on the go within the SimpleNexus mobile app.

The integration with Reggora’s appraisal platform better enables LOs and real estate partners to collaboratively support borrowers through the entire homebuying process. From the SimpleNexus app, LOs can receive real-time appraisal status updates, share appraisal information with borrowers and real estate agents, and receive appraiser messages.

FormFree Partners with LexisNexis Risk Solutions on Digital Mortgage Loan Applications for Borrowers, Lenders

FormFree, Athens, Ga., teamed up with LexisNexis Risk Solutions, Atlanta, to help lenders intelligently pre-fill the Universal Residential Loan Application (Form 65/1003) for mortgage applicants.

The combined service, part of FormFree’s Passport verification app, reduces the amount of information a consumer must manually input into a digital loan application, simplifying the application process, minimizing input errors and improving the likelihood of completing the loan application.

ReverseVision Unveils New Tech Strategy with Major Platform Updates, Brand Transformation

ReverseVision, San Diego, announced its transformation as an API-enabled flexible reverse lending platform, unveiling a new logo as part of its revised mission and rebranding.

ReverseVision’s revised approach and associated system updates reflect the company’s commitment to evolving platform functionality and equipping every lender–forward and reverse–with tools to easily integrate HECM and private reverse mortgages into the loan evaluation, sales and origination process for every applicable senior borrower.

Mortgage Translations Clearinghouse Now Includes Chinese, Spanish

The Federal Housing Finance Agency, Freddie Mac and Fannie Mae announced the addition of the traditional Chinese language resources to the Mortgage Translations clearinghouse.

These enhancements to the existing online repository, which currently includes Spanish-translated documents, will provide accessible resources for the mortgage industry to help consumers whose primary language is Chinese to gain confidence and improve their ability to navigate the mortgage and homebuying process. Mortgage Translations launched in October 2018 to provide a centralized source of industry-standard resources to assist lenders, servicers, housing counselors and other real estate professionals in serving borrowers with limited English proficiency.

CoreLogic Enhances AutomatIQ Borrower

CoreLogic, Irvine, Calif., announced several enhancements to its AutomatIQ Borrower underwriting platform, designed to help lenders originate loans faster, with fewer steps and lower costs, while improving the customer experience.   

The new AutomatIQ Borrower enhancements include Automated Income Calculation and Analysis; Instant Verification of Assets; Authorized Report Supplier of Verification of Employment and Income for Fannie Mae Desktop Underwriter Validation Service.

Ginnie Mae Selects eOriginal Inc for eVault Software Services

Ginnie Mae announced it selected eOrigina, Inc. as its provider for eVault software and services.

eOriginal will serve as a business partner in Ginnie Mae’s implementation of its digital collateral pilot program and ultimate adoption of electronic notes as acceptable collateral for Ginnie Mae MBS.

Azimuth GRC Receives Capital Infusion from Andromeda Systems Inc.

Azimuth GRC LLC, Jacksonville, Fla., entered a strategic partnership with Andromeda Systems Inc., a provider of professional and technology services and platforms for clients in the public and private sectors.

The partnership includes a $2.5 million capital investment from ASI, which will serve to fuel the company’s growth, expand its software capabilities and reinforce its status as a leader in the multi-billion-dollar governance, risk and compliance market. 

MCT Launches InvestorMatic Program

Mortgage Capital Trading Inc., San Diego, introduced InvestorMatic, designed to improve the lender experience in selling whole loans to their correspondent investor counterparts.

InvestorMatic comprises two core components: 1) a technology certification process that reviews and rates correspondent investors based on the convenience and depth of their whole loan sale process. 2) a suite of supporting software that assists correspondent investors in elevating the seller experience in key areas.