First American Acquires Docutech
First American Financial Corp., Santa Ana, Calif., a provider of title insurance, settlement services and risk services for real estate transactions, and Docutech, a provider of document, eClose and fulfillment technology for the mortgage industry, signed an agreement for First American’s acquisition of Docutech.
Founded in 1991, Docutech leverages technology to help financial institutions provide regulatory-compliant loan documents for mortgage and home equity lending. Docutech’s technology platform, which is fully integrated with third-party and proprietary loan origination systems and reaches more than 175 lenders, deepens First American’s relationships with these industry players.
Docutech’s management team, including President and CEO Amy Brandt, will continue to lead the company’s operations. The acquisition is expected to be accretive to First American’s earnings in 2020. The transaction is expected to close by the end of March, subject to customary closing conditions. In connection with the transaction, BofA Securities is acting as financial advisor to First American and Raymond James is acting as financial advisor to Docutech.
Black Knight, Quicken Loans Expand Partnership
Black Knight Inc., Jacksonville, Fla., and Quicken Loans, Detroit, announced the companies have broadened their relationship as Quicken Loans extended its contract for Black Knight’s MSP servicing system and is adding multiple Black Knight platforms. Additionally, Black Knight purchased the source code for Quicken Loans’ “Cyclops” mortgage servicing customer relationship management software.
The Cyclops software provides a number of tools Quicken Loans uses to meet the needs of mortgage consumers. This software suite will serve as the foundation for a customer service platform that Black Knight will offer its clients of its MSP servicing system.
Quicken Loans will be among the initial clients to use Black Knight’s customer service platform. Financial terms of the deal were not disclosed.
MAXEX Integrates with Ellie Mae Encompass
MAXEX, Atlanta, completed an integration with Ellie Mae Encompass Investor Connect. Ellie Mae originators seeking to optimize their liquidity options can deliver data and documents directly to MAXEX without ever leaving Encompass.
MAXEX connects bank and non-bank mortgage lenders to investors, including Wall Street dealers, money center banks and the largest U.S. real estate investment trusts (REITs). This new integration further increases speed and efficiency by enabling document transfer within Encompass.
Roostify Expands Partnership with Optimal Blue to Automate Buyer Approvals
Roostify, San Francisco, expanded its relationship with Optimal Blue, Plano, Texas, a provider of secondary marketing automation to the mortgage industry.
The enhanced functionality through this collaborative partnership will enable Roostify to further automate the digital lending experience for clients by embedding Optimal Blue’s pricing capabilities directly into their platforms. Roostify has leveraged Optimal Blue’s product eligibility and pricing technology to support lead generation efforts since 2016. The enhanced integration enables their digital lending platform to deliver Optimal Blue’s pricing options directly to loan officers and borrowers, without ever leaving the Roostify environment.
Wipro Gallagher Solutions Upgrades NetOxygen LOS with URLA Requirements
Wipro Gallagher Solutions, Franklin, Tenn., announced its NetOxygen LOS is fully compliant as per Uniform Residential Loan Application requirements and is ready for the Start of Required Use.
With application screens created to meet URLA requirements and automation to ease user experience, the NetOxygen Launchpad and LOS will keep lenders compliant while simplifying the user experience.
Remine Announces North Texas Regional Information Systems Adoption of API, Add/Edit Products
Remine, Vienna, Va., announced North Texas Real Estate Information Systems, a regional Multiple Listing Service, implemented Remine’s add/edit and RESO Web API platform to better serve its 38,000 members.
Remine’s add/edit platform enables real estate professionals to spend less time shuffling paper input forms and more time gathered around the kitchen table with their client. It is mobile centric, which allows agents to start the listing from the listing appointment and then finish it later. In addition, the listing input API allows vendors and brokers to submit listings via their internal tools.
HouseCanary Closes $65M Series C Round
HouseCanary Inc., San Francisco, closed a $65 million growth funding round led by Morpheus Ventures, Alpha Edison and PSP Growth. The funding brings HouseCanary’s total funding to $130 million.
HouseCanary doubled revenue in each of the past two years. Seven of the top 10 buyers of residential real estate loans, seven of the top 10 bulge bracket investment banks and four of the top five single family rental investor owner operators use HouseCanary.
Fannie Mae Housing Sentiment Nears Survey High as More Consumers Expect Mortgage Rates to Remain Favorable
The Fannie Mae Home Purchase Sentiment Index rose for the third consecutive month, increasing 1.3 points in January to 93.0 and moving closer to the survey high of 93.8 set last year. Four of the six HPSI components increased month over month, including the percentage of Americans who believe that mortgage rates will go down or stay the same over the next 12 months, which now sits at 55 percent. Year over year, the HPSI is up 8.3 points, reflecting in part consumers’ increasingly positive view that it’s a good time to both buy and sell a home.
“The HPSI posted another strong reading to open the new year, helped in large part by the upward trend in the share of consumers saying they expect mortgage rates to remain steady,” said Doug Duncan, Senior Vice President and Chief Economist. “Low rates continue to be a key driver of consumer optimism about both current homebuying and home-selling conditions.”