Industry Briefs Oct. 16, 2023

Truv Announces New Integration with the Mortgage Suite of Home Lending Solutions from nCino

Consumer-permissioned data platform Truv, Miami, announced a new integration with the Mortgage Suite of home lending solutions from nCino, a pioneer in cloud banking and digital transformation solutions for the global financial services industry.

Traditional verification of loan applicants’ income and employment can be time-consuming and expensive for mortgage lenders. Truv’s ability to instantly verify income and employment for more than 90% of the U.S. workforce solves this problem, enabling faster and more cost-effective underwriting decisions. Now, lenders can offer Truv as an integrated service within the nCino Mortgage Suite, utilized by more than 50,000 active mortgage originators across the United States.

nCino’s Mortgage Suite spans the entire home loan journey, facilitating stakeholder collaboration, integrating lender systems, enhancing operational efficiency and informing data decisioning so lenders can maximize mortgage profitability. Per the 2022 HMDA Data Analysis, 35% of the top 100 lenders in the United States use the nCino Mortgage Suite.

“Slower demand for mortgage loans has made it more important than ever for lenders to maximize conversion of the applications they do receive,” said Kirill Klokov, CEO at Truv. “Any time the mortgage experience does not meet the elevated demands of today’s consumer, lenders risk fallout. Our partnership with nCino mitigates that risk by removing friction from the income and employment verification step to accelerate application conversation rates without increasing default risk.”

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.