Residential Briefs

MBA NewsLink Staff

October 24, 2017

(Editor's Note: Many of these items were announced at the recent Mortgage Bankers Association's Annual Convention & Expo Oct. 22-25 in Denver.)

FirstClose Launches Instant Mortgage Prequalification Tool
FirstClose, Austin, Texas, announced addition of the FirstLook Report, an instant prequalification tool for mortgage lenders, to its portfolio of service offerings.

The FirstLook Report allows lenders to prequalify borrowers by providing one instant multi-service report that includes credit, property valuation, flood zone indicator, title search, tax and MLS information.

Mid America Mortgage Provides Assistance to Lenders, Borrowers Disaster Areas
Mid America Mortgage Inc., Addison, Texas, announced measures to provide assistance to both lenders and borrowers that were impacted by recent federally declared disasters. In addition to $20,000 in donations from employees and the corporation toward relief efforts, Mid America will also purchase loans on properties located in areas impacted by the recent storms or fires. This includes both government and conventional loans underwritten to agency guidelines.

For government loans, Mid America will purchase insured loans, as well as loans pending endorsement, for properties that have been damaged. In addition, the program allows for sale of loans for properties without damage where the borrowers may have experienced a temporary hardship related to a disruption in income or unforeseen expenses. On conventional loans, Mid America will purchase loans with property damage if it does not impact the safety, soundness or structural integrity of the property. If there is extensive property damage, the program includes a repurchase line of credit to allow lenders time to manage the repair and re-inspection process.

Gateway Mortgage Selects Insight RDM Mortgage QC Audit Platform from TRK Connection
TRK Connection, Salt Lake City, Utah, announced that Oklahoma-based Gateway Mortgage Group chose its Insight Risk & Defect Management platform to conduct its internal quality control audits.

Insight RDM is a cloud-based QC audit platform designed to reduce repurchase risk and elevate loan quality through its suite of QC auditing tools, integrated action planning and business intelligence reporting from Tableau.

Thirty One Jurisdictions Join Simplifile E-recording Network
Simplifile, Provo, Utah, announced 31 additional recording jurisdictions throughout the Northeast, Southeast and Mid-Atlantic signed on to its e-recording platform.

Jurisdictions include counties in Alabama, Connecticut, Georgia, Louisiana, Massachusetts, Maryland, North Carolina, New Hampshire, New York, Pennsylvania, South Carolina, Tennessee, Texas and Virginia. Recording offices in these jurisdictions can now electronically receive, stamp, record and return documents through Simplifile's system. Currently, 1,682 U.S. county recording offices use Simplifile to e-record deeds, mortgages and other documents.

Lender Price Integrates Digital Lending Platform with LendingQB
LendingQB, Costa Mesa, Calif., a provider of SaaS loan origination technology, announced a partnership with Lender Price, connecting Lender Price's Digital Lending Platform to lenders using LendingQB's OpenAPI framework.

The Lender Price Digital Lending Platform provides an omni-channel experience for borrowers and lenders with a configurable digital loan application workflow. Mortgage lending organizations can create a custom experience using ‘drag and drop' tools to build workflows that suit their particular preference, supporting both borrowers and loan officers to create an efficient and collaborative digital experience.

HUD Allocates Additional $58 Million for Texas Hurricane Recovery
HUD allocated an additional $57.8 million to help Texas recover from Hurricane Harvey. The grant announced today is provided through HUD's Community Development Block Grant/Disaster Recovery Program. Combined with CDBG-DR grants already allocated to the State of Texas from disasters that occurred in 2015 and 2016, HUD's support of long-term disaster recovery in Texas now totals more than $371 million.

CDBG-DR grants support housing redevelopment, business assistance and infrastructure repair. State and local governments are required to spend these recovery funds in "the most impacted" areas. Using data available from FEMA as of October 2, HUD determined that Texas has unmet housing needs in excess of $57.8 million as a result of Hurricane Harvey. Using these data, HUD estimates 13 counties in Texas have qualifying levels of unmet housing needs but the situation is most severe in Harris, Galveston and Jefferson counties.

FZDS Flood Zone Determinations Integrate with Fiserv, Black Knight
FZDS, Pittsburgh, announced integration of FZDS flood zone determination services into the Fiserv loan servicing system, LoanServ.

Technology enables FZDS to provide timely and reliable flood zone determinations at loan origination and to reliably track a property throughout the life of the loan, ensuring its status remains compliant with the mandatory purchase requirement. LoanServ offers an online, real-time service that consolidates back-office functions and provides integrated payment processing, collections, default management, cashiering, escrow and investor accounting for a range of loans.

FZDS also announced integration of FZDS's flood zone determination services into Black Knight's loan servicing system, LoanSphere MSP.

LoanSphere MSP is an end-to-end loan servicing system that encompasses all aspects of servicing, from loan boarding to default, for first mortgages and home equity loans. By integrating FZDS's flood zone determination services directly with MSP, Black Knight clients can take advantage of this capability to provide a more accurate and seamless process for tracking and updating flood zone determinations.

The Money Source Launches SIME Subservicing Platform
The Money Source Inc., Melville, N.Y. launched its new subservicing platform, SIME--Servicing Intelligence Made Easy.

SIME offers a transparent subservicing platform in real time with features including complete loan details with drill-down visibility; intuitive real-time dashboards for at-a-glance decision-making; easy-to-create reports; ability to see all documents sent to borrowers and notes/communications between the client and servicing staff; an integrated Borrower Portal for making payments, calling support and seeing loan details; payment trends to mitigate delinquencies before they happen; and a trained customer service team dedicated to each lender's portfolio.

DataVerify Launches Employment & Income Verification Service for Fannie Mae Day 1 Certainty
DataVerify, St. Louis, added Verification of Employment and Income authorized reports for Day 1 Certainty from Fannie Mae.

The VOE/VOI service delivers income and employment records in a single platform so lenders can evaluate information to ensure no applicant misrepresentation. Additionally, the DataVerify platform provides alerts to aid the VOE/VOI review process.

NTC Launches Curative Vault Document Custody Service
Nationwide Title Clearing, Palm Harbor, Fla., launched a document custody service, Curative Vault, which includes a collateral review to real-life industry standards, remediation exception reports and perfecting of the collateral file.

NTC chases down missing documents wherever they may be and assists with curing any assignment and endorsement exceptions. It prepares or facilitates any additional required documents to support loan sales and other life of loan events.

HUD Taps CoreLogic for Single-Family Asset Valuation/Disposition Services
CoreLogic, Irvine, Calif., has been selected to provide HUD with valuation and workflow services to mitigate losses to the FHA Mutual Mortgage Insurance Fund.

Valuation and Disposition Services are designed to improve strategies for disposition in targeted delinquencies, determine disposition strategies and establish property values with a high level of confidence. Services provide transactional support to determine the optimal disposition strategy; improved strategies for disposition assistance in targeted delinquencies; accuracy associated with property values; a platform to provide fair market list price to HUD; and advice on how to incorporate the most effective methods into transactional services.

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