Residential Briefs

MBA NewsLink Staff

October 18, 2016


NTC Launches Assignment Verification Xpress
Nationwide Title Clearing, Palm Harbor, Fla., launched a new, shortened version of its Assignment Verification Report, called the AVXpress.

The new streamlined report contains everything an AVR contains without the keyed report, without compromising the quality of the research. AVX involves a search of actual, current land records. The resulting research is bundled into an image package containing the subject mortgage and all applicable recorded documents in an assignment chain or that impact the standing of the target mortgage. This image pack can be used to support best signing practices by providing relevant supporting documentation or to assist in the perfecting of collateral files by retrieving recorded documents that are often missing and can cause many downstream issues throughout the life of a loan.

Survey: Mortgage Bankers Say First-Time Homebuyers ‘Boon' for Business in 2016
The Lenders One Cooperative, St. Louis, said 66 of members polled at its summer conference believe first-time homebuyers will offer the greatest opportunity to drive business growth in 2017.

The second greatest opportunity lies in increasing rental prices that are pushing buyers to purchase homes instead of continuing to rent (20 percent). On the flip side, 39 percent of respondents believe that higher interest rates could have the greatest negative impact on the mortgage industry's growth in 2017.

The survey also indicated nearly half (47 percent) of borrowers want more online and/or mobile access to information and the status of requests to improve the loan process. Sixty-four percent of respondents believe adapting new technologies to drive efficiencies would help lenders stay competitive while trying to increase margins in an increasingly commoditized industry.

On the TILA-RESPA Integrated Disclosure rule a year later, 58 percent of respondents identified the top TRID-related challenge as dealing with process and workflow changes concerning when the loan estimate must be delivered (within three business days). Consolidation of existing documents into the two new disclosures (loan estimate and closing disclosure) was a concern for a small number of respondents (8 percent).

"While the mortgage industry is often adjusting to regulatory and compliance uncertainty, the issues around TRID have become clearer, enabling lenders to proactively manage workflow challenges and set strategies to better meet consumer needs through technology integration and innovation," said Bryan Binder, CEO of Lenders One.

When asked to characterize the housing market for 2017, a majority of respondents (64 percent) anticipate a modest to heavy sellers' market.

Snapdocs Unveils Resource Center for Title Company Compliance
Snapdocs Inc., San Francisco, announced a new signing agent verification feature to give mortgage lenders and title companies confidence in the third-party vendors with whom they choose to work.

For companies without access to the premium Snapdocs online platform, a free online resource has been launched at to assist with infrequent notary searches. The online search portal will identify notaries who have gone through Snapdocs verification and satisfy the requirement of being able to produce proof of Errors and Omissions insurance and a state license. In addition, Snapdocs is offering companies a complimentary scan of their notary database to identify notaries who may not satisfy the new American Land Title Association Pillar 4 revisions.

American Pacific Mortgage, Cornerstone Mortgage Sign with Alight Mortgage Lending
Alight Inc., San Francisco, announced that American Pacific Mortgage has selected the Alight Mortgage Lending platform to provide cloud-based scenario analysis and financial forecasting.

Alight also announced that Cornerstone Mortgage Inc., St. Louis, selected the AML platform.

Using the platform, management teams can compare actuals to financial models of the future, in real time. Alight provides insight into the implications of decisions and access to information needed to analyze unlimited potential scenarios and future financial outcomes.

Through the platform's real-time live event analysis, management teams can change volume, product mix, staffing, expansion opportunities and other assumptions and see real-time results. Teams can also consolidate results from multiple channels and/or branches to compare performance, identify best-branch metrics, set targets, improve branch results and evaluate branch acquisition metrics. Decisions can then be recorded and made as a basis for future measurements and optimization.

The Mortgage Collaborative Adds 12 New Lender Members
The Mortgage Collaborative, San Diego, added 12 new lenders to its national network of originating members.

The new member companies include:

--Admirals Bank, Boston
--Bank of England Mortgage, Little Rock, Ark.
--CIS Home Loans, Hamilton, Ala.
--Equity Prime Mortgage, Atlanta
--Holland Mortgage Advisors, Pittsburgh
--Home State Bank, Crystal Lake, Ill.
--One Trust Home Loans, San Diego
--Pacific Trust Mortgage, Atlanta
--South Pacific Financial, Irvine, Calif.
--Southwest Funding, Dallas
--U.S. Mortgage Corp., Melville, N.Y.
--Weichert Financial, Chatham, N.J.

Global DMS Integrates with LoanSafe Appraisal Manager from CoreLogic
Global DMS, Lansdale, Pa., integrated its eTrac platform with LoanSafe Appraisal Manager from CoreLogic to provide lenders, investors and AMCs with detailed analysis designed to ensure appraisal quality and assess the potential risk for a repurchase.

After LoanSafe Appraisal Manager scores the appraisal, users are provided with a report that gives reviewers and underwriters an analysis of appraisal quality, valuation uncertainty and market volatility. This streamlines the appraisal review process and speeds up the underwriting turn times, saving time and money while enhancing accuracy and mitigating risk.

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