Industry Briefs

HUD Announces Nationwide Bus Tour on Affordable Housing

HUD announced a nationwide bus tour focused on removing barriers to affordable housing stock. The Driving Affordable Housing Across America tour kicked off in Louisville, Kentucky on Wednesday, January 29 and will make stops in various local communities for events and discussions focused on the need for increased affordable housing. 

 “Families, businesses and all levels of government have concerns about the rising cost of housing, and this is an opportunity to bring those parties to the table for a discussion about how we can work together to fix the problem,” said HUD Secretary Ben Carson, who chairs the White House Council on Eliminating Regulatory Barriers to Affordable Housing.

For more information and details about tour stops, visit www.hud.gov/drivingaffordablehousing. Follow along on social media using the hashtag #DrivingAffordableHousing.  

NorthMarq Acquires Houston-based Kinghorn, Driver, Hough & Co.

NorthMarq, Minneapolis, acquired Kinghorn, Driver, Hough & Co., a Houston-based commercial debt and equity firm. Founded in 1945, KDH is the oldest, independently owned, commercial real estate capital company in Texas.

Ray Driver, principal of KDH, will join Tony Gray and John Burke as a managing director of NorthMarq’s Houston office. KDH’s principals previously held an ownership position in the Q10 network of privately held commercial real estate capital firms. NorthMarq’s Houston office dates back to 1949; it was acquired by NorthMarq in 1998. KDH also brings a nearly $2 billion loan servicing portfolio, extending NorthMarq’s servicing portfolio to more than $60 billion.

Quicken Loans Taps Docutech’s ConformX Platform

Docutech, Scottsdale, Ariz., a provider of document, eSign, eClose and print fulfillment technology, announced Quicken Loans, Detroit, went live with Docutech’s ConformX document engine.

ConformX integrates with a lender’s loan origination system to produce data-driven documents that are generated and placed into the appropriate package. Every relevant data field is imported, defaulted or automatically populated through rules-based intelligence and calculations to ensure the most streamlined document experience possible. ConformX supports first mortgage, second mortgage and home equity loans.

The integration with ConformX will allow Quicken Loans to more simply generate mortgage documents, helping enhance the lending process.

Redfin Mortgage Expands to New Jersey, South Carolina

Redfin Mortgage LLC, Seattle, is now offering loans to homebuyers in New Jersey and South Carolina. Redfin Mortgage is a subsidiary of Redfin (www.redfin.com), a real estate brokerage.

Redfin Mortgage now offers fixed- and adjustable-rate conforming mortgages as well as jumbo loans in 17 states and the District of Columbia. Built on Redfin’s technology platform and customer-centric model, Redfin Mortgage charges no lender fees and offers competitive rates, fast pre-approvals and on-time closings.

Kentucky Goes Live with E-recording Using Simplifile

Intercontinental Exchange Inc., Atlanta, an operator of global exchanges and clearing houses and provider of data and listings services, announced Kentucky became the latest state to adopt e-recording and join Simplifile’s network.

Simplifile is part of ICE Mortgage Services, which applies technology and high-capacity infrastructure to make the mortgage process electronic and thus more efficient. Hardin County became the first county to go live in Kentucky, followed just minutes later by Jefferson County.

Through Simplifile, settlement agents can scan and submit land records directly to any of the 2,028 participating county recording offices, representing more than 80% of the U.S. population. The county recorder can review, stamp, record and return documents to the settlement agent electronically. In addition, recording fees and associated payments can be processed directly through Simplifile’s secure service, eliminating payment errors and check-writing expenses.

Kentucky Bankers Association Endorses LERETA for Tax, Flood Certification

LERETA LLC, Covina, Calif., a provider of real estate tax and flood services for mortgage servicers, has been endorsed by Kentucky Bankers Association as a preferred tax and flood service provider for its membership.

KBA is a nonprofit trade association that has provided legislative, legal, compliance and educational services to its member institutions since 1891. LERETA offers advanced reporting system searches on all loans in a portfolio for delinquent real estate taxes through its Tax Status Reports. Reports can be timed in accordance with the posting of payments by tax collecting agencies to ensure payments are made on time to minimize delinquency fees and penalties.

Deephaven Mortgage, LoanScorecard Add Smart Conditions to Scenario Calculator

LoanScorecard, Irvine, Calif., and Deephaven Mortgage, Charlotte, N.C. announced they added the Smart Conditions feature to Deephaven’s IDENTI-FI Scenario Calculator. The enhancement will deliver customized, loan-specific conditions instantly, based on findings from Deephaven’s IDENTI-FI AUS engine.

Originators use the IDENTI-FI Scenario Calculator to view product and program eligibility scenarios, price loans and obtain detailed AUS findings from directly within the scenario calculator. Now, the Smart Conditions feature will also pull loan-specific details, such as bank names for asset verification and liability repayments and dollar amounts for closing costs and reserves, and auto-populate them into the conditions that the originator sees.

Strategic Compliance Partners, Offit Kurman Partner on Mortgage Servicing Clientele

Strategic Compliance Partners, Fulton, Md., announced it will combine with Offit Kurman to service its mortgage banker clientele.

The change, effective March 1, will augment SCP’s current staff and services with those of Offit Kurman’s Financial Institutions Regulatory practice. It will afford clients the benefits of a flat fee holistic compliance engagement complimented by integration with Offit Kurman, a full-service law firm with well more than 200 lawyers, including a Financial Institutions Regulatory practice that represents lenders nationwide.

Churchill Mortgage Partners with Infosys to Launch Churchill Next

Churchill Mortgage, Nashville, Tenn., announced a partnership with Infosys, a global provider of digital services and consulting. Churchill Mortgage will work with Infosys to re-engineer its processes to change the way it does business by completing a digital transformation within mortgage lending.

Through the partnership, Churchill will enable borrowers to interact with them in the way they desire. Ultimately, it is designed to position Churchill to serve more people and compete with the largest lenders and fintechs by leveraging technology, such as AI and robotics.

Newfi Lending Names OptifiNow as its Cloud-Based Sales and Marketing Platform

Newfi Lending, Seal Beach, Calif., named OptifiNow as its integrated cloud-based sales and marketing platform to help manage the growth of its wholesale mortgage lending business.

OptifiNow provides mortgage companies with a suite of sales and marketing modules that will manage growth of Newfi’s wholesale mortgage lending business to manage its mortgage broker base, send targeted marketing messages and monitor performance in real-time.