Industry Briefs Oct. 13, 2023

Valligent Adds BiasCHECK

Valligent, Roseville, Calif., a Veros Software company, has announced BiasCHECK, a risk analysis solution integrated into its appraisal review. BiasCHECK can help detect if an appraisal could be at risk for potential valuation bias or quality issues.

BiasCHECK includes VeroVALUE, an automated valuation model (AVM) used to detect if there is any potential for over- or undervaluation of the subject property.

Another component is VeroSCORE, which can detect deficiencies or red flags that could potentially compromise overall appraisal quality.

Then, a bias word scan examines the appraisal report, and looks for any presence of racial, political, religious, and other potentially prohibitive words. If it shows the presence of potentially biased words, prioritization is given for further due diligence.

FundingShield Partners With SitusAMC

FundingShield, Newport Beach, Calif., has announced a partnership with SitusAMC, New York.

The companies aim to protect financial institutions from wire and title fraud.

“SitusAMC has great relationships with over 1500 financial institutions that will allow FundingShield to deliver integrated cutting-edge financial technology to combat wire fraud,” said Ike Suri, CEO of FundingShield. “Our expertise is providing automated, real-time, source-data verifications for compliance and risk management. We look forward to bringing our automations to more of the top U.S. banks, residential and commercial real estate lenders where SitusAMC has deep domain knowledge and experience.”

titleLOOK to Offer Automated Title Review

titleLOOK, Bangor, Maine, announced it is now offering automated title review to lenders, GSEs and others.

It can review title reports from any underwriter or title agent to provide automatic and consistent analysis, as well as digital data that can flow on to other programs and processes.

titleLOOK provides the ability to access previously inaccessible data and convert it into standardized digital data, which can then be examined against titleLOOK’s knowledge library or other information.

SimpleNexus Rebrands to nCino’s Mortgage Suite

SimpleNexus, Lehi, Utah, announced it has rebranded to nCino’s Mortgage Suite.

SimpleNexus was brought under the nCino umbrella in January 2022.

CEO Pierre Naudé said: “By integrating the SimpleNexus and nCino brands as closely externally as we’ve done internally since the acquisition, we believe we can make significant strides in delivering modern, innovative home lending solutions that benefit our clients and their customers.”

Vanderbilt Mortgage & Finance Taps Mortgage Cadence

Vanderbilt Mortgage & Finance, Maryville, Tenn., has chosen the Mortgage Cadence Platform, Denver, an Accenture company, as its loan origination system.

MCP will allow Vanderbilt Mortgage to customize its platform and choose the tools that work best for its business.

“MCP stood out because of its flexibility and ability to provide not only a seamless and modern experience for team members, but helps us adapt to changing market conditions and borrower needs. We can do everything we need on one platform, which helps us work more efficiently, helping more individuals and families achieve the dream of homeownership,” said Jeff Russell, President of Vanderbilt Mortgage.