Industry Briefs, Nov. 25, 2024
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Truist, Azimuth Expand Relationship
Truist, Charlotte, N.C., and Azimuth, Jacksonville, Fla., announced they are growing their strategic partnership with a multiyear expansion.
Truist will implement Azimuth’s VALIDATOR software, enabling it to deploy automated, full-population compliance monitoring across multiple businesses. It will also simplify data analysis for ease of reporting.
It broadens the partnership that began in 2021 with an investment from Truist Ventures and integration with some of its business lines and products.
Mortgage Automation Technologies Integrates Informative Research Verifications Via ICE Mortgage Technologies’ Partner Connect
Mortgage Automation Technologies, Fairfield, N.J., has integrated Informative Research, Garden Grove, Calif., products via ICE Mortgage Technologies’, Pleasanton, Calif., Partner Connect tool.
Mortgage Automation Technologies is the company behind the BIG Point of Sale, which features the integration. It will allow loan officers to seamlessly pull credit and verify income, assets and employment from mobile devices.
With the Partner Connect API, loan officers can perform credit pulls and verifications in real time, with results posting to Encompass. The integration is powered by Informative Research’s AccountChek and credit products.
A&D Mortgage Announces New Non-QM Securitization
A&D Mortgage, Fort Lauderdale, Fla., announced it has issued its latest securitization, A&D Mortgage Trust 2024-NQM5 (ADMT 2024-NQM5).
The transaction is valued at $390.6 million, and is backed by a pool of 1,171 mostly newly originated non-prime residential mortgages.
More than 90% of the pool was underwritten using alternative documentation methods, catering to self-employed borrowers and investors. Approximately 47.4% of the pool is secured by investment properties.
The ADMT 2024-NQM5 securitization has undergone thorough reviews by both S&P Global Ratings and Kroll Bond Rating Agency, receiving favorable preliminary ratings.
Click n’ Close’s Mortgage Machine Receives SOC 2 Compliance Status
Click n’ Close, Addison, Texas, announced its Mortgage Machine (MMS) loan origination system of record was awarded SOC 2 compliance.
Independent auditor Sensiba announced MMS’ completion of its System and Organization Controls (SOC) 2 Type II audit in early November. The audit was developed by the American Institute of Certified Public Accountants.
An SOC 2 Type II report describes a service organization’s systems and determines whether the design of specific controls meets the relevant trust service categories. The audit focused on security, availability and confidentiality. MMS’ report did not have any note expectations and was issued a “clean” audit opinion.
ACES Quality Management Adds 10 Credit Unions
ACES Quality Management, Denver, announced that it has added 10 credit unions to its customer base.
It now provides audit technology to six of the top 20 largest credit unions in the U.S.
The software provided streamlines the auditing workflow to improve speed and find pockets of risk. The ACES compliance engine automates more than 14,000 regulatory tests for origination, servicing and consumer lending.
OptifiNow, Loan Originator Networks Announce Integration
OptifiNow, Seal Beach, Calif., and Loan Originator Networks, Woodinville, Wash., announced a new integration to boost wholesale lending efficiency. It combines OptifiNow’s Loan Scenario Tracking module with the LON Pricer tool.
It enables account executives to run complex loan scenarios using a range of powerful pricing engines and enables instant quoting and transparent visibility into broker loan preferences, among other benefits.
Wholesale lenders often have to support multiple PPE systems, the companies noted–the integration provides the flexibility to use a lender’s preferred PPE.
