Residential Briefs

MBA NewsLink Staff

November 28, 2017

TransUnion Acquires FactorTrust
TransUnion, Chicago, said it acquired FactorTrust, a provider of alternative credit data, analytics and risk scoring information.

Addition of FactorTrust's short-term and small dollar lending data to TransUnion's suite of credit services gives lenders information to offer responsible borrowers a broader range of credit products, supported by TransUnion's data security, technology and customer service infrastructure. Adding small dollar loan data to its credit reporting framework also positions TransUnion to help customers streamline compliance with the Consumer Financial Protection Bureau's new small dollar lending rule.

The acquisition closed on Nov. 16; financial terms were not disclosed.

Mid America Mortgage to Purchase Assets of Two Oklahoma Lenders
Mid America Mortgage Inc., Addison, Texas, signed a letter of intent to purchase assets of Oklahoma City-based American Southwest Mortgage Corp. and an affiliated firm, American Southwest Mortgage Funding Corp.

As part of the agreement, Mid America will incorporate American Southwest's operations into Mid America's mortgage platform and secure an interest in their respective pipelines and select assets. Further, Mid America will also offer employment to loan production staff members from each organization.

Pending a signed agreement, the transfer of operations and assets should be completed by December 1. Financial terms of the proposed agreement have not been disclosed.

MGIC Releases Spanish Version of Buy Now Vs. Wait Calculator
Mortgage Guaranty Insurance Corp., Milwaukee, released its updated Buy Now Vs. Wait calculator, featuring enhanced mobile usability and addition of a Spanish version.

The mobile-friendly calculator helps potential first-time homebuyers assess the financial effect of purchasing a home with less than 20 percent down, as well as the costs associated with waiting until they have a larger down payment. The formula considers income, price of the home, anticipated appreciation of home price, cost of rent, and interest rates to provide a snapshot of the immediate and 20-year pros and cons of buying versus waiting.

Exceleras Releases Software Update
Exceleras, Glencoe, Ill., released a software update designed to improve security protocols that both streamline workflow and protect both asset managers and buyers from mistakes or data loss.

In this update, Exceleras added new notifications to guide users away from requesting a Buyer's Contract without the completion of all prerequisites. In addition, new safety measures have been added to ensure agent profiles are not marked as complete if there is an interruption uploading license & insurance documents and improved password management procedures have been added for Closing Companies. Adds Options for Loss Mitigation Review Calculations
DLS Servicing Consultants LLC, Grand Rapids, Mich., updated its loss mitigation waterfall calculation system.

Previously, offered only FHA Waterfall home retention calculations. The newly added calculation options include VA, RHS and the Fannie Mae/Freddie Mac Flex Mod. will continue to offer other user-friendly options including title ordering from one of its two integrated title companies, an escrow analysis option and printable modification documents that are recordable in all jurisdictions.

ValuTrac Software Launches ValuTracOne Appraiser Portal, Mobile App
ValuTrac Software, Flower Mound, Texas, launched ValuTracOne, an appraiser portal and mobile application. ValuTracOne is a single access point that connects appraisers to all of their appraisal management company and lender clients who are supported by ValuTrac Software's primary products, ValuTrac Pro and ValuTrac Pro Plus.

ValuTracOne enables appraisers to manage their entire pipeline of appraisal orders seamlessly, in one location with one login. Appraisers can use ValuTracOne to securely receive assignments, set inspection dates, transfer documents, send client messages, as well as view real-time status of their entire appraisal pipeline from all of their clients supported by ValuTrac Software.

Cloudvirga Signs Five Lenders to Digital Mortgage Platform
Cloudvirga, Irvine, Calif., developer of intelligent mortgage point-of-sale platforms, signed five of the nation's top 30 non-bank lenders.

Cloudvirga's mortgage point-of-sale platforms combine a borrower experience with a digital lender platform designed to cut overall loan costs, increase transparency and reduce time to close a loan.

Pavaso Partners with eOriginal to Complete Digital Mortgage
Pavaso Inc., Plano, Texas, selected eOriginal to support lenders in the digital mortgage process. Specifically, Pavaso will utilize eOriginal's electronic promissory note and electronic vaulting services.

The collaboration will complete the final steps of the online mortgage process by facilitating a digital closing, which includes creation, execution and vaulting of an eNote for delivery to the secondary market. Use of the eNote and eVault will accelerate the time that typically lapses between origination and replenishment of capital.

Title Company Owners Launch Guaranteed Fraud Protection Platform
Sun Title owners Thomas Cronkright II and Lawrence Duthler launched CertifID, a wire fraud prevention platform designed to safely authenticate identities of transactional parties and share banking information securely.

CertifID uses proprietary digital device analysis and knowledge based authentication sequencing and provides a guarantee up to $500,000. CertifID, is designed to confirm true identities of people and expose fraud so that all parties to the transaction are protected. Its proprietary technology verifies the identity of an individual (such as a participating escrow officer, buyer or seller) as well as bank account credentials, enabling those involved in a real estate transaction to transfer funds securely.

LendingQB, PreApp1003 Partner on Mortgage Pre-Qualification Experience
LendingQB, Costa Mesa, Calif., a provider of lean lending loan origination technology, and PreApp1003, Houston, partnered to integrate PreApp1003's mortgage app into LendingQB's Loan Origination Software.

The integration provides lenders with a cloud-based user interface that enables borrowers to achieve mortgage pre-qualification through the mobile channel. Prospective borrowers can begin the mortgage pre-qualification process through a mobile-first exchange, which alerts the Mortgage Loan Originator of the prospective borrower's progress. The system also supports the MLO when needing to pull credit, calculate debt-to-income and funds to close. It allows prospective borrowers to securely upload documents, receive conditional qualification letters and use Day 1 Certainty functionality.

Guaranteed Rate Selects ARMCO's ACES Audit Technology
ACES Risk Management, Pompano Beach, Fla., announced that Guaranteed Rate, Chicago, selected the company's quality control and compliance software, ACES Audit Technology, for its quality control processes.

The integration allows the ARMCO platform to run with Guaranteed Rate's risk prevention teams.

Qualia's Closing Platform Now Available in All 50 States, Releases Mobile App
Qualia, San Francisco, announced its real estate closing platform is now available in all 50 states.

Qualia recently released a mobile app for its users and expanded its platform services to lenders, real estate agents, buyers and seller, connecting real estate professionals and home buyers and sellers in real-time across the country.

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