Industry Briefs Oct. 17, 2023
National MI Partners with TRUE
National Mortgage Insurance Corp., a subsidiary of NMI Holdings, has partnered with software company and AI lab TRUE to streamline operational capabilities and expand homeownership opportunities by unleashing the power of AI-driven automation.
The partnership combines National MI’s private mortgage insurance platform, which facilitates homeownership opportunities for borrowers who need down payment support, with TRUE’s Data Intelligence product and AI-powered document and data processing capabilities. By integrating TRUE’s AI technology into its digital mortgage ecosystem, National MI expects to reduce its document and data processing times while dramatically accelerating loan decision timelines.
The collaboration comes at a time when higher interest rates and low inventories have pushed many would-be homebuyers out of the housing market. At the same time, lenders are experiencing a surge in operational costs and mortgage insurers are under pressure to provide loan decisions in near real-time. By working together, National MI and TRUE aim to provide critical relief to all three groups by delivering seamless, faster loan responses while reducing the burden and cost of manual reviews and increasing data quality.
Forta Solutions Launches Warehouse Lending Platform Agility
Fintech provider Forta Solutions launched Agility, a warehouse lending platform that offers warehouse lenders transparency, efficiency and a faster, more secure path to liquidity.
Designed by warehouse lenders and built with modern technology, Agility features APIs that enable seamless integrations with both internal and third-party vendors’ systems, a first in the warehouse lending industry.
Agility’s official launch comes after months of extensive field testing and consultation with key industry stakeholders including prominent warehouse lenders and mortgage technology experts. Forta built various modules into Agility, so lenders are able to buy only what they need.
Agility features customized dashboards and real-time updates to help warehouse lenders optimize their staff, as well as system-friendly APIs to ensure their accounting and back-end systems are integrated smoothly. Agility includes automated decisioning engines, allowing funds to flow much more quickly, and is bank InfoSec-compliant, delivering a higher level of security.
Forta plans to launch its first client later this year with others scheduled throughout the first half of 2024.
“The market reception has been incredibly positive,” Hancock said. “At a time when warehouse lenders are doing everything they can to lower costs and operate more efficiently, it’s clear there is an urgent need for a platform like Agility.”
“The Forta Solutions Agility Warehouse Lending software is impressive in its design and intuitive functionality,” said an executive with a national mortgage warehouse bank. “It is apparent the team at Forta has taken the time and energy to create a platform that effectively supports both the warehouse lender and the warehouse borrower.”
For more information on Agility, contact Kathy.hancock@fortasolutions.com or visit Forta Solutions.
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.”
