Industry Briefs Sept. 8, 2023
CV3 Financial Services Launched
William Tessar, former President of CIVIC Financial Services, launched CV3 Financial Services, Los Angeles, a private lender providing financing for fix-and-flip and rental properties to real estate investors in more than 20 states.
Already in place is an executive leadership team, along with 150 in operations, business support staff and originators, that represent 90% of their predecessor firm’s 2022 loan production of $3 billion.
Other company leaders include:
· Merced Cohen, Executive Vice President, Operations
· Alan Dettelbach, Executive Vice President, General Counsel
· Matt Flores, Executive Vice President, Digital Innovation
· Josh Fuchs, Senior Vice President, Valuations and Construction
· Jack Helfrich, Executive Vice President Retail Lending
· Elizabeth Hillestad, Chief Marketing Officer
· Sophie Kim, Chief of Staff
· Cameron King, Chief Information Officer
· Ben Shaevitz, Executive Vice President, Wholesale Lending
FundingShield Partners With Tata Consultancy Services
FundingShield, Newport Beach, Calif., a fintech company with solutions to manage risk, compliance and fraud prevention, has partnered with Tata Consultancy Services, Mumbai.
The partners seek to continue to protect lenders, home buyers and sellers from wire and title fraud.
TCS clients will have direct access to FundingShield’s cost-saving and risk-mitigating ecosystem, allowing them to uphold superior standards in data integrity, bank account verification and counterparty compliance
ATG Rebrands to Advocus National Title Insurance Co.
Formerly called Attorneys’ Title Guaranty Fund Inc. (ATG), the title insurance underwriter has rebranded as Advocus National Title Insurance Co., Chicago.
The firm said its new name, based on the Latin word for lawyer, was driven by expansion plans and provides a nod to its past and future. It was founded in 1964 by a group of lawyers in Central Illinois who recognized consumers needed the benefit of legal counsel when engaging in the largest financial transaction of a lifetime.
The company noted otherwise very little will change for current agents, with production systems and web domains transferred to the new brand on Sept. 1.
MortgageFlex Releases Paper on Servicing Disruption
MortgageFlex, Jacksonville, released a new white paper titled “The Evolution of Modern Servicing Software: Why industry disruption from the inside is changing how the mortgage servicing industry operates.”
Company leaders suggest it’s not technology that leads to disruption but rather how mortgage servicers put it to use.
“Plenty of vendors will tell lenders and servicers that they are disrupting the industry, but that’s not really how it works,” said Craig Bechtle, Chief Operating Officer of MortgageFlex Systems. “After years of outside fintech firms coming into the space with promises of widespread industry disruption, only to offer poorly architected software built with little understanding of our compliance requirements or existing ecosystem of partner relationships, the industry is tired of the idea. But that doesn’t mean they wouldn’t love to be the disrupters.”
