Residential Briefs

MBA NewsLink Staff

March 11, 2016

Ernst, eLynx Link Systems to Improve Mortgage Closings
Ernst Publishing Co., Albany, N.Y., and eLynx, Cincinnati, linked their software systems to enable lenders and settlement agents to close mortgage loans more efficiently.

The alliance creates integration between Ernst's Settlement Agent Gateway, a collaborative fee management system that guarantees TRID compliant fees for both lenders and settlement agents, and eLynx's Electronic Closing Network. eCN gives lenders transparency and control of the closing process while significantly reducing the risk of loss due to fraud and non-compliance. Both platforms were built according to Mortgage Industry Standards Maintenance Organization data standards.

Titan Offers Servicing Transfer Management Services to Mortgage Servicers
Titan Lenders Corp., Denver, announced it now offers Servicing Transfer Management services to mortgage servicers and sub-servicers engaging in the transfer of mortgage assets and mortgage servicing rights.

Through this service, Titan provides administrative and logistical support to ensure the trade has been performed responsibly, documented thoroughly and executed in compliance with up-to-date regulatory guidance.

ARMCO ACES 5.0 Targets TRID Pain Points
ACES Risk Management, Pompano Beach, Fla., released an upgrade to its flagship QC software system ACES Web Audit Technology, designed to improve overall functionality, while supporting lenders and originators still struggling with TRID compliance.

The upgraded platform, referred to as ACES 5.0, includes addition of FHA loan defect taxonomy, enhanced Optical Character Recognition, configurable missing document functionality and enhancements to ARMCO's TRIDCompare tool. Also included in the release is Loan Snapshot, functionality that allows auditors to view loan data as it existed at the time the loan was selected for audit, even as the data for that loan changes over time.

Credit Plus Tests Trended Credit Data to Meet Fannie Mae Requirements
Credit Plus Inc., Salisbury, Md., said it is testing trended credit data within its platform to meet Fannie Mae requirements and expects availability of trended credit data reports beginning April 1.

Fannie Mae is currently incorporating trended credit data into its Desktop Underwriter Version 10.0 and will be implementing it during the weekend of June 25, 2016.

Credit Plus is partnering with Equifax and TransUnion to provide comprehensive trended credit data via highly customizable reports. Lenders will be able to choose from nearly 100 attributes. While each of the three national credit bureaus currently offer trended credit data in some format, only TransUnion's CreditVision and Equifax's Dimensions trended credit data sets will be required by Fannie Mae in June. Experian's trended credit data is currently not part of the Fannie Mae rollout, but could become part of the requirements at a later date.

Clear Capital Launches Desktop Appraisal Product
Clear Capital, Reno, Nev., introduced ClearVal, a desktop appraisal report, which allows home equity lenders to gain the confidence of an appraisal.

The report reduces valuation risk with an appraiser-concluded value, and is supported by a physical inspection of the subject property and the data, analytics and technology. Features include an appraiser's analysis of an interior or exterior physical inspection, relevant comparable data fueled by RealTime MLS analysis & public records, market data supplied by Clear Capital's Home Data Index, plus aerial imagery and mapping.

RoundPoint CEO: Servicers' Compliance Burden a Cautionary Tale
Kevin Brungardt, Chairman and CEO of RoundPoint Mortgage Servicing Corp., Charlotte, N.C., said servicing industry woes should be taken as a cautionary tale by the rest of the industry.

"The servicing business is not unique when it comes to increased regulatory oversight and burden," Brungardt said. "What was different was the incredible opportunities that opened up for servicers as the nation's largest banks began to distance themselves from the servicing business. Those firms that rushed in to capture those legacy portfolios before building a solid compliance infrastructure have paid a high price. Discipline and prioritization were hallmarks of the firms that are emerging from this crisis well and that's a lesson that everyone in the industry can learn from."

TeleVoice Launches Insight
TeleVoice, Houston, launched TeleVoice Insight, a call recording service to ensure compliance, improve customer service and allow servicers to resolve customer disputes.

TeleVoice Insight includes: Call Recording: interaction recording and live monitoring; Agent Evaluation: call scoring and agent coaching for contact centers; and Computer Recording: Desktop recording and monitoring software.

Platinum Data Upgrades User-Controlled Customization Feature in Appraisal Technology
Platinum Data Solutions, Aliso Viejo, Calif., upgraded its RealView appraisal quality and compliance technology with a user-controlled customization feature in an appraisal technology.

The feature enables users to customize their RealView software by authoring their own rules so they can assure compliant appraisals.

DIMONT Forms Partnership with Phoenix ABS
DIMONT, Dallas, announced a partnership with Phoenix ABS, a technology services provider for residential mortgage-backed securities and residential whole loan investors, as well as property preservation companies and lenders.

DIMONT can now begin to file and adjust hazard claims for Phoenix ABS customers, as well as assist current property preservation companies interested in accessing the benefits of using Phoenix ABS tools, including its machine learning based automated valuation model, to understand collateral, loan and portfolio value.

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