Residential Briefs

MBA NewsLink Staff

March 24, 2016


Titan Lender Corp. Acquired by MetaSource
Titan Lenders Corp. Denver, announced it has been acquired by Utah-based MetaSource LLC. Terms of the deal were not disclosed.

MetaSource provides technology-driven services and products, including business process outsourci, business process management, enterprise content management, workflow and customer service experience. The Titan acquisition broadens the company's footprint in data-centric mortgage services.

"Titan was a natural fit for the MetaSource approach to improving mortgage operations, and we foresee this relationship proving fruitful for mortgage industry participants," said Mary Kladde, CEO of Titan.

Survey: Lenders Signal Caution about the Non-Qualified Mortgage Loan Market
A large majority of mortgage lenders say better customer service (77 percent) and improving the time from origination to closing (71 percent) are very important to being competitive in 2016, according to the Lenders One Mortgage Barometer, a new survey of 200 mortgage lenders conducted by Lenders One, St. Louis.

The non-qualified mortgage loan market faces a mixed appetite from lenders, the survey said. Nearly two-thirds (64 percent) of survey respondents say they originate non-qualifying mortgage loans, with one in five (18 percent) reporting that they frequently do so. Among lenders who do originate non-qualifying loans, only one-half (51 percent) say they are extremely or very likely to originate these types of loans in 2016.

The survey reported two areas mortgage lenders rate as having the biggest impact on the mortgage lending business in 2016 are compliance with regulations and rising interest rates, which are noted as being extremely or very impactful by 73 percent and 68 percent of lenders, respectively. The compliance-related areas on which mortgage lenders are most focused include TILA-RESPA Integrated Disclosure (TRID) (41 percent); Home Mortgage Disclosure Act (HMDA) (24 percent); and the Consumer Financial Protection Bureau (CFPB) audits (14 percent).

The survey took place online among a random sample of 200 mortgage lenders. Fieldwork was conducted by independent research firm, Market Intel Group, between January 4 and January 14; the margin of error was +/- 6.9 percent.

Parkside Lending Opens Missouri Office
Parkside Lending LLC, San Francisco, opened a new office in Missouri.

The company expanded its operations to 48 states. Dana Shawgo will run the Missouri office.

Mortgage Women Magazine Seeks Best Mortgage Companies for Women
Mortgage Women magazine announced a search for the 50 Best Companies for women to work for.

The list, to be announced in its November/December issue, will highlight companies that do an exemplary job of advancing women and helping employees balance work and family. All companies that apply, including those that do not make the list, will receive feedback showing how they compared to all other applicants. For more information, click http://www.mortgagewomenmagazine.com/registration-form-50-best-companies-mortgage-women-work/.

Fitch: Subprime RMBS Delinquencies Continue to Decline
Fitch Ratings, New York, published its fourth quarter U.S. Residential Mortgage-Backed Securities Servicer Handbook, showing subprime delinquencies decreased to 10.1% from 11.2% for banks and to 30.5% from 34.5% for nonbanks, year over year.

Additionally, the report said servicers reduced full-time employees over the past year; the average reduction at banks was 11% and non-banks was 9%. The period also saw a decrease in use of modifications and repayment plans as loss mitigation alternatives.

Pavaso, SigniaDocs Complete Integration for Electronic Mortgage Closings
Pavaso Inc., a provider of digital process and collaboration services, SigniaDocs Inc., a provider of eMortgage platform technologies, announced integration between their platforms to facilitate an eClosing process.

The SigniaDocs integration provides Pavaso with an additional layer of MISMO compliance for closings conducted on the Pavaso Digital Close platform, as well as pass-through processing to any LOS that SigniaDocs is integrated with today. In addition to e-Sign capability, SigniaDocs customers can leverage the Pavaso Digital Close closing platform, which can handle digital, paper or hybrid closings. The platform also incorporates the real estate agent and title company as part of a unified process to consumers.

Capital One Launches CreditWise
Capital One, McLean, Va., unveiled CreditWise, a free mobile app and website that enables consumers to see and understand their credit profile, track it and learn how to improve it. It is available in the Apple App Store and online at www.capitalone.com/creditwise.

CreditWise, an updated new version of Capital One's Credit Tracker, is designed to offer a user-friendly experience that includes unlimited access to a user's TransUnion credit information with no negative impact on score; weekly updates of TransUnion VantageScore 3.0 credit score; notifications when there's a change to a user's credit report; a credit simulator; and balance details for both open and closed accounts.

Credit Plus Introduces FACTCheck Tax Transcript Analysis
Credit Plus Inc., Salisbury, Md., released FACTCheck, a new report that can be added to IRS 4506-T orders. The report provides lenders with an overview of income reported to the IRS, calculates and summarizes historical income and determines income stability.

FACTCheck also tests for ATR compliance and identifies what further action and any additional supporting documents, if any, are needed. By adding this product to 4506-T orders, lenders can accelerate their process to just minutes per loan, eliminate manual underwriting errors and show that due diligence was performed which assists with the sale of loans to the secondary market.

Alpha Mortgage Launches Reverse Mortgage Channel, Selects ReverseVision Exchange Loan Origination Software
ReverseVision, San Diego, said Alpha Mortgage, Wilmington, N.C., a mortgage lender serving the Carolinas and Virginia, selected RV Exchange as its reverse mortgage loan origination software provider.

Alpha Mortgage opened its reverse mortgage lending channel in early 2016. The LOS serves as a centralized exchange where participants in the lifecycle of a reverse mortgage log into a single system to share all documents and information for every part of the loan process. The platform encompasses point-of-sale, processing, underwriting, closing/funding and post-closing, through secondary marketing.

Experian: Women Surpass Men in Credit, Financial Management
Experian, Costa Mesa, Calif., releases an analysis saying when it comes to credit, the divide between men and women is notable when it comes to how they handle money, debt and financial decisions. Findings include:

--Women's average credit score is 675 compared with men's average score of 670
--Women have 3.7 percent less average debt1
--Women have 23.5 percent more open credit cards2
--Women's revolving utilization ratio is 4.2 percent lower
--Women's average mortgage loan amount is 7.9 percent less
--Women have a lower incidence of late mortgage payments by 8.1 percent

The report analyzed multiple categories including credit scores, average debt, number of open credit cards, utilization ratios, mortgage amounts and mortgage delinquencies of men and women in the United States.

"Even with more credit cards, women have fewer overall debts and are managing to pay those debts on time," said Michele Raneri, vice president of analytics and new business development with Experian. "Men appear to be taking on a bit more than women, specifically when it comes to the homes and the cars they buy, which could be affecting their credit scores."

The most significant mortgage gap occurs in South Carolina, where the average man has a mortgage loan of $186,407 and the average woman has a mortgage loan of $157,048, a gap of 15.8 percent.

Fluent: 1 in 6 Americans Plan to Move this Year
Fluent LLC, Las Vegas, released research on the U.S. home services industry showing one in 6 Americans plan to move to a new home this year. They are evenly split in terms of whether they will buy or rent their new homes.

Other survey results:
--Only 33% of renters have renter's insurance. When asked why they were uninsured, one in five respondents said they were simply "too busy" to get insurance.
--The kitchen dominates when it comes to interior home improvement projects. Of those who plan to renovate, 43% say they will be doing work on their kitchens, compared to 16% who will be working on their bedrooms, 14% on bathrooms, and 13% on living rooms.

J.D. Power Launches Customer-Centric Services for Midsize Banks
J.D. Power, Chicago, launched the VoX 360 Banking Solution, a collection of specialized advisory services, data benchmarking and analysis tools designed to help midsize banks establish connections with their customers. Industry veteran Paul McAdam has been tapped to lead the new initiative as senior director of banking services in the J.D. Power financial services practice.

The service provides banks with information, tools and advice to help them understand their target markets; prioritize opportunities; create business cases; track progress; and drive cultural development and changes within the organization.

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