Industry Briefs Nov. 18, 2021: nCino to Acquire SimpleNexus for $1.2 Billion

nCino to Acquire SimpleNexus

nCino, Wilmington, N.C., a cloud banking company, entered into a definitive agreement to acquire SimpleNexus, Lehi, Utah, in a stock/cash transaction valued at $1.2 billion.

The acquisition of SimpleNexus initially expands nCino’s serviceable addressable market by more than $4 billion SimpleNexus operates a per-seat subscription-based revenue model, enabling the company to generate financial results that are more predictable, recurring and not based on mortgage transaction volumes.

SimpleNexus serves more than 300 independent mortgage banks, more than 80 banks and credit unions, and more than 41,000 loan originators nationwide. During the first nine months of 2021, one in every seven mortgage originations in the U.S. used SimpleNexus’ software.

Last month, SimpleNexus acquired LBA Ware, Macon, Ga., a provider of incentive compensation management and business intelligence software.

Sourcepoint to Acquire StoneHill Group

Sourcepoint, Palm Bay, Fla., a provider of outsourced mortgage services, entered into a definitive agreement to acquire The StoneHill Group, subject to regulatory approvals.

The acquisition enhances Sourcepoint’s mortgage offerings with domain expertise – backed by a proprietary platform – for mortgage quality control and due diligence, while also increasing access to mid-market lenders.

Visionet Systems Integrates AtClose Digital Mortgage Platform with X1 Analytics

Visionet Systems, Cranbury, N.J., integrated AtClose with the X1 Analytics X1 Xpress engine. AtClose enables faster closings and data-driven insights for better communication and shorter cycle time for both the mortgage lending and title industries. This integration provides AtClose users direct access to X1 Analytics products and services without leaving the platform.

Powered by X1 Analytics, a proprietary data analytics engine, X1 Xpress automates title decisions, empowering title companies to deliver title commitments faster, helping lenders close more loans more quickly and reducing the costs associated with title production and title curative.

Ginnie Mae: MBS Program Principal and Interest Pass-Through Payments Totaled $1 Trillion in Fiscal 2021

 Ginnie Mae, Washington, D.C., said it passed through to investors a record $1 trillion in principal and interest payments in fiscal 2021.

Ginnie Mae Office of Securities Operations Senior Vice President John Daugherty said the timely payment of scheduled principal and interest to investors who own Ginnie Mae MBS occurred despite unusual market conditions.

Fitch Ratings: Climate Risk Will Be Visible in New Structured Finance Deals

Fisk Ratings, New York, said climate change’s credit implications for structured finance could be visible in transactions issued within the next 10 years. Existing SF notes benefit from mitigants that should insulate their ratings from climate-related risks that could increase arrears and defaults and reduce some asset values.

Fitch said more frequent and intense physical events and adaptation and policy response roll-outs will make climate change more relevant for new SF transactions over the next 10 years, primarily affecting asset quality. “Climate change’s effects will largely depend on [localized] impacts and individual portfolio characteristics, so underlying stresses will be uneven across regions and sectors,” the report said. “Predicting their severity is difficult, but we initially expect assets with a longer residual life – chiefly residential and some commercial real estate – to be more vulnerable, making adaptation policies key.”

Redfin Expands Real Estate Brokerage to New Vacation Home Destinations

Redfin, Seattle, launched in Big Bear, Calif., and Ocean City, Md. and extended its brokerage services in Hudson Valley, N.Y. to include parts of Ulster County. In these markets, consumers can now buy and sell homes with local Redfin agents and use Redfin’s website and mobile app to search for homes for sale, book on-demand home tours, and track their home’s estimated value with the Redfin Estimate.

Redfin now serves more than 100 markets across the U.S. and Canada, including a growing number of second-home markets that have gained popularity with vacationers and remote workers during the pandemic.

SitusAMC Launches Guide for Mortgage Firms Navigating Washington, D.C.

SitusAMC, New York, published a Field Guide for mortgage industry participants looking to understand and navigate the federal landscape.

The Field Guide to the Federal Government for Housing & Housing Finance provides an in-depth, professional perspective on the key influencers in Washington, D.C. and their impact on the single-family and multifamily real estate industries. It provides insight on how housing finance in D.C. works and gives an overview of the process to best navigate it.

To download the Field Guide to the Federal Government for Housing & Housing Finance, click

Ameriuno Home Opportunity Center to Support Central Fla. Hispanic Homebuyers

Ameriuno, the bilingual mortgage services division of Amerifirst Financial Corp., Kalamazoo, Mich., announced plans to open a Home Opportunity Center in Kissimmee, Fla., to help Hispanics and minorities sort out the details as they pursue homeownership.

The Home Opportunity Center, now under construction in The Loop Mall, is designed to close the gap in Hispanic homeownership. Currently, only 47 percent own their home compared to 73 percent of non-Hispanic whites. But that trend is expected to change dramatically; forecasters predict Hispanic buyers will comprise 70% of home ownership growth from 2020-2040.The bilingual staff at the center can offer helpful advice and how-to information in a relaxed, welcoming setting that resembles more of a community center than a bank branch.

The Home Opportunity Center is expected to be fully operational in January 2022.

Securent Launches Risk Management/Insurance Programs

Securent, New York, a newly formed provider of risk management and insurance programs for mortgage and mortgage-backed securities stakeholders, launched its operations.

A subsidiary of SitusAMC, Securent’s loan defect insurance protects primary and secondary mortgage participants against risk associated with defects introduced in the loan manufacturing process, including underwriting defects, compliance violations, fraud and misrepresentation and appraisal errors, while increasing loan value, improving transaction speed and enabling companies to scale to meet high borrower demand and market opportunities.

ATTOM Adds Climate Change Risk Data to Table of Data Elements

ATTOM, Irvine, Calif., added climate change risk data to its ATTOM Table of Data Elements.

ATTOM’s climate change risk platform includes ratings at the property level for five climate change hazards – wildfire, flood, heat, storm and drought. Each property is assessed with a 0-100 rating for each climate change risk listed above, and all ratings are compared to all properties nationwide. This risk assessment rating helps to determine a property’s current and future risk of climate-change-related hazards, with projections going as far out as 2050 — a period within the lifespan of a 30-year mortgage signed today.

Guaranty Home Mortgage Selects Paradatec’s AI-Cloud for Doc Automation

Paradatec, Cincinnati, a provider of AI-based document classification and data extraction technology for mortgage loan processing, announced Guaranty Home Mortgage Corp. selected Paradatec’s AI-Cloud for document processing and indexing.

AI-Cloud is Paradatec’s AI-based document classification and data extraction technology hosted by Amazon Web Services. A client-specific URL submits content to Paradatec’s AI-Cloud for processing. With AI-Cloud, GHMC has reduced average amount of processing time from a loan being uploaded and readied for review from 30 minutes to 10 minutes. The average amount of time to review and correct loan documents has been reduced from 40 minutes to 5 minutes. In addition, since implementing AI-Cloud, Guaranty has experienced a significant reduction in error rates.

Rentec Direct Releases New Software for Landlords, Property Managers

Rentec Direct, Grants Pass, Ore., released its redesigned software platform for landlords and property managers.

The updated software features streamlined, modern design improvements that enhance overall user experience and promote workflow for real estate professionals. The redesigned software is currently available to all Rentec Direct clients at no additional cost and will be the standard offering for new clients.

Blend Integrates LodeStar Closing Cost Calculator

LodeStar, Philadelphia, a provider of web-based tools for lenders and title agents to manage provider fees from a single platform, integrated with Blend, a provider of cloud banking software, to help streamline origination and closing processes for clients with LodeStar Software Solutions’ rate calculator.

The integration will allow mortgage lenders using the Blend platform (and their applicants) to search and compare loans with accurate rates and cost estimates included.

CognitiveScale Launches TrustStar

CognitiveScale, Austin, Texas, announced an early access program as part of the introduction of its new TrustStar product.

TrustStar is a SaaS-based product developed using CognitiveScale’s Fabric platform and Certifai technology designed to provide banks, credit unions and mortgage companies with AI-powered market intelligence so they can grow by tracking real estate trends, staying on top of competition and providing better customer service while maximizing financial inclusion for the local markets they serve.