Residential Briefs

MBA NewsLink Staff

February 08, 2018

Fiserv to Sell Majority Interest in Lending Solutions Business to Warburg Pincus
Fiserv Inc., Brookfield, Wis., announced it entered into a definitive agreement with Warburg Pincus LLC, New York, in which funds affiliated with Warburg Pincus will acquire a 55 percent share of the Lending Solutions business of Fiserv.

Fiserv will receive $395 million in net after-tax proceeds and retain a 45 percent equity interest in the business.

The joint venture will include all of the automotive loan origination and servicing products and related operations of Fiserv, as well as its LoanServ mortgage and consumer loan servicing platform. Fiserv will retain its Secure Lending product for e-contracting and its UniFi mortgage origination platform.

The transaction, which is subject to customary closing conditions, is targeted to close in the first quarter.

Safeguard Properties Launches Multimedia Application
Safeguard Properties launched a multimedia Photo Direct application, introducing use of panoramic photos, video and audio to property preservation work in the field.

Addition of video, audio and panoramic will provide servicers with information necessary to assess property damage and validate bids. The initial implementation of video has a risk-based focus on assessments for basements, roofs, plumbing systems, floors and exterior conditions are currently those triggers, which represent some of the more challenging property preservation perils for mortgage servicers.

CertifID Publishes White Paper for Wire Fraud Victims
CertifID, Grand Rapids, Mich., published a white paper detailing the immediate (and urgent) steps the victimized professional (or homebuyer) must take to improve the odds of recovering stolen funds.

When Minutes Matter: A Step-by-Step Guide to Wire Fraud Recovery provides a fraud mitigation roadmap authored by anti-fraud technology developer Thomas Cronkright II, CEO and Co-Founder of CertifID, and cybercrime/risk consultant Kenneth Robb, Founder of Citadel Cyber Solutions.

Cronkright, also the co-owner of a Michigan-based title agency, has himself been victimized by wire fraud in the past. He and co-owner Lawrence Duthler, Co-Founder and President of CertifID, nonetheless managed to recover the majority of the stolen funds. Robb also has experience helping industry professionals to recover stolen funds via a rapid and targeted response.

Redfin: Wildfires Threaten $1.5 Trillion Worth of U.S. Homes
Redfin, Seattle, said wildfires threaten $1.5 trillion worth of homes in the United States, representing a disproportionately large portion--7.7 percent--of U.S. housing value.

The report said counties at the greatest risk--California's Los Angeles, Orange and Santa Clara--are among the country's most expensive housing markets and are already plagued by ongoing inventory shortages. The only non-California counties to make the list were Harris and Dallas counties in Texas and Clark County in Nevada.

"California's chronic lack of homes and eroding affordability make recovering from a natural disaster much more challenging than in states like Texas with more adequate housing supply," said Redfin Chief Economist Nela Richardson.

Subsequent QC Urges Lenders to Protect MSRs Ahead of Mortgage Servicing Activity in 2018
Subsequent QC LLC, Los Angeles, advised lenders to take steps to protect their mortgage servicing rights assets ahead of an anticipated increase in total mortgage servicing volume.

According to the Mortgage Bankers Association, outstanding mortgage debt is expected to reach $10.4 trillion by the end of 2018, compared to $10 trillion in 2017 and $9.7 trillion in 2016. With the increase in the number of loans to service, and lenders that lack the capabilities to service in-house, the nation's existing 10 to 15 servicers will experience an additional influx in business, making it even more critical for lenders to shore up their oversight of these entities and the assets with which they've been entrusted, said Subsequent President Michael Steer.

"When volume increases, it becomes correspondingly more difficult to ensure quality on a day-to-day basis, which is why lenders need to put additional oversight in place now before volumes rise significantly," Steer said. "These are potentially 30-year assets, and to ensure lenders derive maximum benefit from owning these assets, it is imperative that they enshrine them with every level of protection possible through operational audits of their subservicer and loan-level servicing quality control reviews."

Arch MI, Cloudvirga Announce New Integration Delivering Live RateStar Risk-Based Pricing
Arch Mortgage Insurance Co., Greensboro, N.C., announced completion of a new integration with Cloudvirga, developer of mortgage point-of-sale platforms.

Cloudvirga's lender customers now have direct, real-time access to Arch MI RateStar, a risk-based MI pricing service. RateStar evaluates loan characteristics to more precisely match Arch MI rates to individual loan risk. Cloudvirga's Consumer POS and Enterprise POS platforms now connect with Arch MI to return precise MI pricing, eliminating the need to rekey data on websites outside Cloudvirga and ensuring accurate disclosure data. All RateStar quotes come with a 90-Day Promise to honor the quote as long as there is no change to the submitted loan information.

Evergreen Home Loans Launches Evergreen +Plus Down Payment Protection
Evergreen Home Loans, Bellevue, Wash., will begin offering Evergreen +Plus down payment protection to its customers.

Evergreen +Plus reimburses homebuyers up to their full down payment if they have to sell at a loss in a future down market. It is available in partnership with ValueInsured.

ComplianceEase Adds California Per Diem Interest Testing to ComplianceAnalyzer
ComplianceEase, Burlingame, Calif., announced its compliance management platform, ComplianceAnalyzer with TRID Monitor, can now test TRID, RESPA 2010 and pre-2010 forms to validate California's per diem interest calculations.

The California Per Diem Interest Test in ComplianceAnalyzer audits a lender's calculation for the maximum allowable amount of additional per diem interest that may be charged (or the minimum amount of interest to be credited), and based on the data provided, will provide a "pass," "fail," or "not tested" (typically due to lack of data) result. The new functionality is automatically applied if a lender selects a California License (i.e., Finance Lender License, Real Estate Broker License, Real Estate Corporate License, Residential Mortgage Lender License, or Exemption Letter) or selects the California Regulatory Examination Lending Policy.

In addition, examiners using ComplianceAnalyzer with TRID Monitor can perform audits that apply the California Per Diem Interest Test by using the new Lending Examination Format file for electronic examination (e-Exam).

Roostify Announces Integration with LendingTree
Roostify, San Francisco, integrated its online mortgage platform with LendingTree, an online loan marketplace.

Lenders can use the new integration to create a path for consumers to search, select, apply for and close a loan online. Consumers selecting an offer on LendingTree from a lender using Roostify will be able to authenticate into the lender's Roostify-powered online experience, with all information securely pre-populated. The consumer can move from shopping around to getting their loan in just a few clicks, streamlining the experience and improving lead quality for lenders.

CondoTek integrates CondoPak with LendingQB
LendingQB, Costa Mesa, Calif., a provider of SaaS loan origination technology, partnered with with CondoTek, provider of CondoPak.

CondoPak includes necessary condominium documents for lenders to review to warrant and approve condominiums. CondoPak is offered at a flat-rate fee that lenders can elect to pass-through to the borrower creating transparency and consistency when underwriting a condominium loan. Lenders can open CondoPak within the Lending QB platform, enabling documents to be uploaded directly, completely streamlining the work flow.

MQMR Announces Internal Audit Services
Mortgage Quality Management and Research LLC, Los Angeles, announced its Internal Audit services offering meets or exceeds the requirements for Fannie Mae seller/servicers to be in compliance with the December 19, 2017 Fannie Mae Selling Guide Announcement SEL-2017-10 update.

MQMR adapted its own policies and procedures to support the updated Fannie Mae requirements covering approved seller/servicers who "must have internal audit and management controls to evaluate and monitor the overall quality of their loan production and servicing."

USRES Integrates with LendingQB
US Real Estate Services Inc., Lake Forest, Calif., is now integrated to LendingQB's cloud-based loan origination solution to further expand its reach and enhance the customer experience for the appraisal management service line.

With this integration, USRES can now more effectively engage Lending QB's customers in a single, centralized environment. In addition to originating mortgages, the platform integrates with hundreds of industry applications, including document preparation, compliance, mortgage insurance and title services.

FHFA Extends Deadline for Request for Input on Fannie Mae and Freddie Mac Credit Score Requirements
The Federal Housing Finance Agency announced it will extend to March 30 the deadline to provide input on potential changes to credit score requirements of Fannie Mae and Freddie Mac.

FHFA is seeking input on all aspects of a potential change from the current Classic FICO requirement, including feedback on the operational and competition considerations of continuing to use a single credit score model or allowing the use of more than one credit score model.

Incenter Completes Acquisition of Agents National Title Insurance Co.
Incenter LLC, Charlotte, N.C., completed its previously announced acquisition of Agents National Title Insurance Co. Terms of the transaction were not disclosed.

Founded in 2005 and headquartered in Columbia, Mo., ANTIC provides residential and commercial title insurance services exclusively through a national network of independent title agents. ANTIC, through its subsidiaries, also offers a powerful software system that connects and coordinates all aspects of the real estate transaction, as well as consulting services and fee-based educational offerings for its agents. The firm is a 1031 qualified intermediary.

First American Completes Acquisition of BofA Lien Release Operations
First American Financial Corp., Santa Ana, Calif., announced completion of its acquisition of Bank of America's lien release business.

Bank of America's lien release business and its employees are now part of First American's Mortgage Solutions division. As part of the agreement, the group will continue to provide lien release services to Bank of America.

Movement Mortgage Implements CompenSafe to Automate LO Compensation
LBA Ware, Macon, Ga., announced South Carolina-based Movement Mortgage implemented CompenSafe to automatically calculate commissions for its loan originators in 700 branches across 49 states.

CompenSafe is integrates loan origination system data with LO-specific commission package conditions to automatically calculate commissions in real time, thereby reducing compensation errors and streamlining the overall payroll process. In addition, LOs can view their anticipated compensation through CompenSafe anytime, providing transparency into the commission calculation process and supporting lenders' LO retention strategies.

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