Industry Briefs, Jan. 12, 2024
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Blue Sage Solutions Rolls Out Digital Servicing Platform
Blue Sage Solutions, Englewood Cliffs, N.J., launched its new Blue Sage Digital Servicing Platform, which will enable lenders to utilize a fully integrated platform covering the entire mortgage lifecycle.
It includes all necessary functions for interim servicing, Blue Sage said, with full-scale servicing functionality to come. The full version will include features such as investor reporting and default management.
It uses API-based technology that merges loan origination and servicing functions seamlessly, and is fully compliant. All lenders, regardless of their loan origination systems, can use it.
FundingShield Announces Completion of SOC 2 Audit
FundingShield, Newport Beach, Calif., announced the successful completion of its SOC 2 audit, conducted by compliance assessor A-LIGN.
“The SOC 2 framework provides an additional measure of our information security and process controls in managing mission critical applications for the financial services industry,” said Ike Suri, CEO of FundingShield. “As a cybersecurity and fraud prevention company, the SOC framework is a baseline level of security that we meet and continue to exceed as we help our clients deal with increased cyberthreats from bad actors around the globe.”
The SOC 2 examination was established by the American Institute of Certified Public Accountants. It serves to affirm that a company’s infrastructure, software, people, data, policies, procedures and operations have been formally reviewed.
FundingShield said it will perform an SOC 2 audit on an annual basis.
CrossCountry Mortgage Adopts FICO Score 10 T
CrossCountry Mortgage, Cleveland, announced it has adopted FICO Score 10 T.
CCM also announced it is the first mortgage lender to commit to issuing mortgage-backed securities exclusively based on FICO Score 10 T.
FICO Score 10 T can enable an increase in mortgage originations of up to 5% without taking on additional credit risk, or reduce default risk and losses by up to 17%.
