Industry Briefs July 22, 2020

Quicken Loans, Amrock Team Up for North Carolina Remote Online Mortgage Closing

Quicken Loans, Detroit, along with Amrock, its electronic closing provider, completed a Remote Online Notarization mortgage closing North Carolina, reportedly the first in the state.

The RON eClosing was completed for a Quicken Loans team member living in Asheville, N.C. Amrock partnered with Brady & Kosofsky P.A., a real estate law firm located in Matthews, N.C., to serve as the signing agent.

QuestSoft Report Details CRA Exam Analysis, Trends Over Past 10 Years

QuestSoft Corp., Laguna Hills, Calif., completed a study reviewing 14,765 Community Reinvestment Act performance evaluations conducted from 2010 to 2020 involving large, intermediate and small institution exams from the OCC, FRB, FDIC and OTS.

The results show that, on average, large institutions were more than twice as likely to receive an “Outstanding” rating when compared to intermediate-small institutions — and were more than three times as likely to receive an “Outstanding” rating compared to small institutions. However, the percentage of large institutions receiving the top rating in 2020 is 3.67% lower than the 10-year average, and over 10% lower than 2019. In addition, no large institutions received a “Needs to Improve” or “Substantial Non-Compliance” rating in 2019 or 2020.

A majority of intermediate-small institutions received a “Satisfactory” rating with a marginally higher incidence of “Needs to Improve” ratings over other institutions. The number of intermediate-small institutions receiving an “Outstanding” rating in 2020 is marginally higher than in 2015 — which was the 10-year low. However, there is a significant increase in the percentage of intermediate-small institutions receiving a “Needs to Improve” rating in 2020.

Additionally, the study shows a substantial majority of small institutions received “Satisfactory” ratings with substantially lower percentages of “Outstanding” ratings. While low, small institutions were the most likely to receive a rating of “Substantial Non-Compliance”.

The number of small institutions that have received an “Outstanding” rating in 2020 is more than three times lower than in 2019, and more than two times lower than the 10-year average.

Details of the report can be found at  

CBC Mortgage Agency Extends Borrower Counseling to 18 Months

CBC Mortgage Agency, Cedar City, Utah, extended its post-purchase counseling for borrowers from one year to 18 months. The extension is being made due to the lengthy financial hardships being experienced by borrowers as a result of the COVID-19 pandemic.

Through CBCMA’s Borrower Success Program, borrowers have been receiving counseling for one year after utilizing down payment assistance for a home purchase from CBCMA. The counseling is provided through Money Management International, a HUD-approved non-profit counseling service. MMI checks in with borrowers each month to offer encouragement, assistance, and support to sustain their path to homeownership.

National MI Integrates with Cloudvirga

National Mortgage Insurance Corp., Emeryville, Calif., integrated with Cloudvirga’s digital mortgage origination platform for retail and wholesale lenders. Mutual customers now have direct access to National MI’s Rate GPS through Cloudvirga’s technology platform.

Cloudvirga’s software is designed to increase transparency, reduce the time it takes to process and close a loan and help reduce loan origination costs.

Black Knight: Forbearance Starts Down 4%

Black Knight, Jacksonville, Fla., said forbearance starts fell by 4% from last week, and the number of loans in active forbearance declined for the third consecutive week, falling by 27,000 from the previous week to 4.12 million.

The report said an estimated 7.77% of all mortgages are now in active forbearance, down from 7.82% last week, marking the lowest such forbearance rate since peaking in late May. Together, they represent nearly $900 billion in unpaid principal. 

Home Point Financial Taps Docutech’s Solex eClosing Platform

Docutech, Scottsdale, Ariz., announced Home Point Financial, the nation’s second-largest wholesale lender, has added Solex eClosing to its offerings, enabling Home Point borrowers to close on their mortgage through a hybrid eClosing experience.

With Solex eClosing, Home Point’s borrowers can review their closing package digitally prior to the day of closing, taking the time they need to familiarize themselves with the document prior to signing. On the day of closing, borrowers can eSign most documents in advance of meeting at the closing table, reducing the closing time to mere minutes. Once the closing is complete, all documents are digitized and stored in the Solex eVault.

Tavant Introduces Digital Software Factory, Expands into New Business Lines

Tavant, Santa Clara, Calif., debuted its Digital Software Factories, an execution framework that leverages institutional knowledge, an optimized resource structure, streamlining operations with straight-through processing. These high-tech engineering factories consist of specialized teams to further the unique business goals of Tavant’s customers in a quick and agile process.

Additionally, expanded into the financial domains of banking, payments and proptech, working for digital payments companies and retail banks that are looking to apply efficiencies and increase the speed to market of their operations.   

MortgageCountry Goes Live with DocMagic’s Total eClose

DocMagic Inc., Torrance, Calif., said MortgageCountry, a newly formed mortgage banker, implemented its Total eClose platform and document preparation service.

Since its launch, MortgageCountry is closing loans in an average of 13 calendar days during the first two months of lending aided by DocMagic’s 100 percent digital e-enabled documents working with its eClosing interface.

Fannie Mae Updates Servicing Guides

Fannie Mae, Washington, D.C., issued its July Servicing Guide, which simplifies its loss draft disbursement policies while balancing risk, revises post-disaster credit reporting requirements, authorizes servicers to not send a payment reminder notice to borrowers in an active forbearance plan, encourages servicers to make borrowers aware of our Disaster Response Network, and other miscellaneous updates:

–Lender Letter LL-2020-11, Disaster Payment Deferral, introduces a new retention workout option for borrowers with resolved financial hardships related to disasters. It updates other payment deferral Lender Letters to clarify how certain fees are reimbursed to servicers, adjust requirements for repayment of escrow shortages in connection with a COVID-19 payment deferral, and incorporate the new disaster payment deferral into our workout hierarchy and the schedule of incentive fees for retention workout options.

–LL-2020-05, Payment Deferral ( clarifies how servicing fees, guaranty fees and excess servicing fees (if applicable) will be reimbursed for mortgage loans that receive a payment deferral.

–LL-2020-07, COVID-19 Payment Deferral ( updates requirements for repayment of any escrow shortage amount identified in connection with a COVID-19 payment deferral or as part of the next annual analysis; clarified how servicing fees, guaranty fees and excess servicing fees (if applicable) will be reimbursed for mortgage loans that receive a disaster payment deferral; and clarifies that the servicer must evaluate the borrower for a Flex Modification in accordance with the reduced eligibility criteria when the borrower becomes 60 days delinquent within six months of the COVID-19 related payment deferral’s effective date and the servicer is unable to achieve QRPC.

–LL-2020-09, Incentive Fees for Retention Workout Options ( revises the retention workout option incentive fee table to incorporate the incentive fee for a disaster payment deferral of $500.

LL-2020-02, Impact of COVID-19 on Servicing ( clarifies reporting requirements when a borrower impacted by a COVID-19-related hardship experiences another, concurrent hardship, and to address these new topics: disbursing hazard loss draft proceeds and impact of COVID-19 on Fannie Mae Home Affordable Modification Program “Pay for Performance” incentives.

–LL-2020-08, Changes to Servicer Principal and Interest Advance Requirements ( provides servicer instructions for P&I advance requirements.

Altisource Publishes White Paper on Artificial Intelligence

Altisource, Luxembourg, published a new White Paper, How Artificial Intelligence Is Transforming Mortgage Loan Origination.

The white paper shows how lenders can leverage AI to provide high-quality and high-volume service at a reasonable cost. It presents an overview of the current state of AI and the benefits it offers mortgage companies.

The white paper can be accessed at  

PHFA Expands Use of IndiSoft’s National Housing Advocacy Platform

The Pennsylvania Housing Financial Agency Counseling Division expanded use of IndiSoft LLC’s  National Housing Advocacy Platform. The expansion is to meet the anticipated increase in demand for mortgage counseling related to the sharp increase in residential mortgage delinquencies driven by the Covid-19 pandemic.

PHFA has more than 100 HUD-certified counselors who have been using IndiSoft’s HUD-certified Case Management System for counseling services including pre-purchase, reverse mortgage, and loss mitigation. Like most entities, PHFA had to develop and adapt to a work-remote model during the pandemic. The agency will now take advantage of RxOffice Housing Counselor CMS that enables people to work effectively in a remote environment with more connectivity.

Black Knight Introduces CA Property Condition AVM

Black Knight Inc., Jacksonville, Fla, launched CA Property Condition AVM, an automated valuation model developed by Black Knight Collateral Analytics that factors in the condition of real estate properties to help determine more accurate property values.

The CA Property Condition AVM uses data to automatically calculate estimated property values based on the condition of the property. It uses proprietary and unique logic to return values for six potential property conditions: excellent, very good, good, average, poor and very poor. This gives an indication of the value estimates for each of these property conditions.

Fannie Mae: Economic Growth Expectations Improve Slightly, Remain Tied to Broader COVID-19 Recovery

Fannie Mae, Washington, D.C., said a faster-than-expected pace of recovery in the second quarter contributed to an improvement in expectations for full-year 2020 economic growth.

Fannie Mae said despite the recent resurgence in COVID-19 cases – and the potential for localized measures that may slow otherwise re-opening economies – its ESR Group upgraded its forecast for 2020 annual growth to negative 4.2 percent, compared to last month’s forecast of negative 5.4 percent. Incoming data suggest that the recovery in consumer spending was stronger than anticipated in May and that it likely carried forward much of that momentum into June. The ESR Group also noted that housing continues to show remarkable strength and upwardly revised its home sales, home price growth, and purchase mortgage origination forecasts accordingly. Residential fixed investment is now expected to grow significantly in the third quarter before pulling back in the latter part of 2020.

Wipro Gallagher Solutions Partners with EXOS Technologies

Wipro Gallagher Solutions, Franklin, Tenn., announced its partnership with EXOS Technologies. EXOS’ platform provides tech-enabled mortgage services throughout the lending life cycle. By combining EXOS with WGS’ NetOxygen Launchpad and NetOxygen LOS systems, lenders will experience a fully integrated, end-to-end digital mortgage experience.

The addition of EXOS into Wipro Gallagher Solutions results in increased transparency and quicker turnaround times. Through consumer-driven touchpoints, users can digitally schedule their appraisal and signing appointments for the exact date and time that is convenient for them, directly through the Launchpad portal. Borrowers will receive instant appointment notification in real-time, including information about their appraiser or signing agent. This process cuts out the unnecessary back-and-forth that can often add days to the timeline.

BlackFin Group Launches AFFRIM Software Testing Service & Technology

BlackFin Group, Laguna Hills, Calif., launched AFFIRM, a proprietary automated testing platform designed specifically for financial services technologies.

The software testing service and software tools provide clients a streamlined approach to software testing. AFFIRM is designed to help BlackFin clients move efficiently, accurately, and confidently through going live with a new technology and when releasing system updates. The testing service balances both manual methodologies and automated testing campaigns to ensure all scenarios are accounted for and will help reduce the cost and strain of working through critical testing stages.

West Hosts Coaching and Mentoring Leadership Webinar Series

WEST, Portland, Ore., will host “Growing your Acumen as a Coaching and Mentoring Leader,” a complimentary, three-part webinar series, which will take place at 10am PT/11am MT/Noon CT/1pm ET on consecutive Wednesdays: July 29, August 5 and August 12.

Co-hosted by Tammy London, VP National Business Development for WFG Enterprise Solutions, each webinar will feature a different finance industry expert who will provide attendees with a virtual coaching session. Participants will learn specific ways to raise the quality of influence, prompt meaningful conversations and ultimately create positive change.

Registration is available at  

Independent Bankers Association of Texas Endorses Promontory MortgagePath as Service Provider

The Independent Bankers Association of Texas, Austin, announced Promontory MortgagePath LLC has been selected as the newest Endorsed Service Provider for its ability to deliver a tailored, modern and cost-effective set of mortgage services.

PMP combines an intuitive, collaborative digital-mortgage platform with comprehensive fulfillment services, giving banks technology and scalability required to compete in today’s market. 

Plaza Home Mortgage Accepting Full eClosings

Plaza Home Mortgage Inc., San Diego, will now accept full e-Closings on all conventional Fannie Mae- and Freddie Mac-eligible loans originated in jurisdictions that permit them.

Full e-Closing will be available across all of Plaza’s channels – Wholesale, National Correspondent and Mini-Correspondent. e-Closing will enable Plaza clients to offer their borrowers a more convenient, safer closing alternative. The digital process also reduces processing costs and will, over time, streamline closings and accelerate funding.

Top of Mind SurefireCRM Integrates with SimpleNexus

Top of Mind Networks, Atlanta, added two-way data sync to its integration with digital mortgage app SimpleNexus.

The enhanced integration enables mortgage lenders to automate marketing efforts during the pre-application phase, reducing the number of abandoned applications and capturing lead information for future marketing purposes.