Residential Briefs

MBA NewsLink Staff

April 22, 2016

FHFA: Feb. House Price Index Up 0.4%
U.S. house prices rose in February, up by 0.4 percent on a seasonally adjusted basis from January, the Federal Housing Finance Agency reported in its monthly House Price Index. The previously reported 0.5 percent increase in January was revised downward to reflect a 0.4 percent increase.

On an annual basis, house prices rose by 5.6 percent; home prices are now back to March 2007 levels.

For the nine census divisions, seasonally adjusted monthly price changes from January to February ranged from -0.7 percent in the South Atlantic division to +1.7 percent in the Middle Atlantic division. Twelve-month changes were all positive, ranging from +2.5 percent in the New England division to +8.4 percent in the Pacific division.

VirPack Updates Document Management, Delivery System
VirPack, McLean, released the latest version of its Document Management and Delivery System. DMDS version 3.5 includes new capabilities that will deliver additional document management and operational efficiencies to VirPack customers.

Several user facing pages in DMDS 3.5 have been updated with cleaner layouts, sortable columns and improved searching with savable filters. This makes it easier for users to review pending work and access key operations, including Tasks, Workflow, Index, Deliver, Upload and Status.

LoanLogics Integrates with Mortgage Coach
LoanLogics, Trevose, Pa., integrated its LoanDecisions Product Eligibility and Loan Pricing platform with mobile application provider Mortgage Coach and its interactive app experiences.

After an originator prices a loan scenario in LoanDecisions, details are updated in Mortgage Coach, creating interactive loan comparison presentations that explain the borrower's eligible loan options.

Collateral Analytics Develops Home Price Indicies
Collateral Analytics, Honolulu, created a number of new Home Price Indices designed provide accurate pictures of both the overall housing market as well as specific neighborhoods.

"These multi-dimensional HPIs will help make it possible to develop new customized financial products such as home price or home equity insurance to give homeowners and investors the ability to protect what is typically their most valuable asset," said Collateral Analytics President and CEO Michael Sklarz.

Willow Bend Mortgage Offers Reverse Mortgages in 12 States
ReverseVision, San Diego, announced that Willow Bend Mortgage, an independent mortgage lender serving the south central U.S., selected RV Exchange as its reverse mortgage loan origination software. Willow Bend began expanding its reverse mortgage program in 2015 and is currently licensed to operate in 12 states.

RVX serves as a centralized exchange, connecting all participants in the lifecycle of a reverse mortgage by allowing them to log in to a single system to share documents and information for each part of the loan process.

Origin Bank Selects PathSoftware as Loan Origination Software
PathSoftware, a cloud-based mortgage loan origination software from CalyxSoftware, Dallas, announced that Origin Bank, a Louisiana chartered bank with mortgage services across its three state footprint, has selected Path as its LOS.

PathSoftware is designed to enhance visibility and improve productivity across multiple business channels--wholesale, retail and correspondent. As a portal with a single point of entry, all loan data, lock data, products, pricing, AUS findings, disclosure documents, compliance assurances and closing documents emanate and are reconciled within one system. Path collects all borrower and property information individually and then uses those fields to populate forms.

Altavera Mortgage Services Notes Uptick in Non-QM Activity
Altavera Mortgage Services, Denver, reported a marked uptick in non-Qualified Mortgage inquiries in the first quarter According to President and Founder Brian Simons, staffing requests from Altavera's clients suggest the industry is preparing for increased business in Q2 and the second half of 2016.

In addition, Simons pointed to a gradual easing of credit by some lenders as well as a greater comfort level by banks to hold non-QM product.

VanDyk Mortgage Partners with Loan Vision
Bestborn Business Solutions, Greensburg, Pa., announced that VanDyk Mortgage selected its software application, Loan Vision, as its new financial management platform.

Loan Vision can interface with any LOS, passing detailed loan level information directly into the accounting system, thereby reducing manual workload and avoiding risks of human error that come with rekeying data. The platform contains modules for Interim Servicing and LO Commission as well as a Branch Reporting module.

CoreLogic Integrates LoanSafe with Ellie Mae Encompass
CoreLogic, Irvine, Calif., announced integration of its LoanSafe Appraisal Manager on the Ellie Mae Encompass mortgage management platform. Appraisal Manager allows lenders to review a loan application's appraisal quality, potential risk of repurchase, valuation accuracy and market risk directly from Encompass.

Appraisal Manager provides Encompass users with risk scores using an analytic model that identifies appraisals with the highest potential risk of repurchase by rank-ordering the risk of over-valuation, early payment default, foreclosure and appraisal non-compliance.

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