Residential Briefs

MBA NewsLink Staff

July 17, 2018


Ginnie Mae MBS Outstanding Increases to $1.971 Trillion
Ginnie Mae, Washington, D.C., said issuance of its mortgage-backed securities totaled $37 billion in June.

A breakdown of May issuance includes $35.330 billion of Ginnie Mae II MBS and $1.669 billion of Ginnie Mae I MBS, which includes $1.025 billion of loans for multifamily housing.

MBS issuance for Fiscal Year 2018 to the end of May totaled $323.337 billion. Ginnie Mae's total outstanding principal balance of $1.971 trillion is an increase from $1.842 trillion in June 2017.

Alight Inc. Changes Name to Riivos Inc.
Alight Inc. San Francisco, changed its name to Riivos Inc. The name change, and new branding reflect the company's strategy in serving the mining and mortgage industries and its plans for expansion into the life sciences and oil and gas industry groups later this year.

Riivos provides industry-cloud, continuous value chain management services. Its industry applications enable managers and their teams see future, financial, ripple effects of business condition changes and management decisions across their entire value chain, enabling them to take action to achieve optimal financial performance.

Pavaso Adds Remote Online Notarization to eClosing Platform
Pavaso, Plano, Texas, introduced a remote online notarization feature to its Digital Close eClosing platform. RON will enable users to conduct the mortgage closing session remotely, including notarizations.

The RON tool provides its users the ability to conduct the entire closing (including notarization) using a single electronic portal through the Digital Close Enterprise eClosing platform. According to Nancy Pratt, Vice President Partner Relations & Government Affairs for Pavaso, the addition of RON to Digital Close will empower users to notarize documents (where allowed by law) electronically and online, even when physically separated from the signer of the documents.

Verus Mortgage Capital Increases Loan Amounts to $5 Million for Multiple Non-QM Programs
Verus Mortgage Capital, Washington, D.C., announced increased loan amounts to $5 million for several of its non-QM programs, and higher LTVs for interest-only loans.

VMC has increased loan amounts for Investor Solution Full Documentation, Self-Employed and Foreign National programs, from $2 million to $5 million, starting at $75,000; Credit-impaired borrower loans from $2 million to $5 million, starting at $100,000, through the Credit Ascent program; and higher-balance loans offered with alternative documentation for self-employed individuals from $3 million to $5 million, starting at $150,000 through the Prime Ascent program. Prime Ascent interest-only loan LTVs increased from 80% to 85%.

Accurate Group Enhances NotaryWorks with Remote Online Notarization from NotaryCam
NotaryCam, Newport Beach, Calif., partnered with Accurate Group, a provider of technology-driven real estate appraisal, title and compliance services, to provide remote online notarization services for its NotaryWorks product.

NotaryWorks enables lenders to offer a range of real estate e-closing options that accelerate loan closings and better serve borrower needs. It offers remote online notarization powered by NotaryCam as well as mobile notaries for borrowers who prefer a more traditional approach. All notaries are certified and pre-screened by Accurate Group.

Ernst Introduces Date Forward to Protect Lenders from Fee Changes
Ernst, Albany, N.Y., released Date Forward, that allows lenders to accurately disclose closing costs to borrowers even if the fees are scheduled to change before the closing date, thus protecting them from TRID violations.

Date Forward allows the lender to estimate fees accurately as of the expected closing date, not just the application date. The monitoring program works together with its date forward calculator to validate for the lender and title closing agent that the anticipated fee change actually went into effect.

MCT, TMS Partner on Servicing Technology to Lenders
Mortgage Capital Trading, San Diego, a mortgage hedge advisory and secondary marketing software firm, named TMS, Melville, N.Y., a fintech company as a preferred subservicing partner, bringing TMS' subservicing platform SIME, Servicing Intelligence Made Easy, to the company's client list.

As a preferred partner, MCT will offer its clients TMS' SIME, which includes competitive pricing, no monthly minimum costs, private-label servicing and reasonable setup fees.

Finicity Partners with Cre8tech Labs' Lender Price
Finicity, Salt Lake City, Utah, a provider of real-time financial data aggregation and insights, announced a partnership with Cre8tech Labs Inc., a provider of technology products for the financial services industry, to streamline and speed up the verification process in mortgage lending.

The initial focus is on the integration of Finicity's Verification of Assets platform into Cre8tech's Lender Price Digital Lending platform to further digitize the mortgage experience for lenders and borrowers. Finicity's credit decisioning product allow lenders to free up resources, improve accuracy and reduce fraud, while giving borrowers a paper-free experience that uses transaction data direct from financial institutions. Lender Price provides a digital application for the loan officer and borrower to collaborate to apply for a mortgage fully integrated with the Lender Price pricing and eligibility engine.

Franklin American Mortgage Launches New Application System
Franklin American Mortgage, Franklin, Tenn., enhanced its customer experience through Blend's digital platform.

Borrowers have the option to submit documentation on their schedules, including on nights and weekends. Additionally, borrowers can directly link their financial accounts to the portal, giving loan officers and processors the access they need to quickly verify income information.

Mortgage Cadence Partners with ComplianceEase
Mortgage Cadence, Denver, integrated ComplianceAnalyzer, a compliance platform from ComplianceEase, Burlingame, Calif., with the Enterprise Lending Center, Mortgage Cadence's loan-origination platform. The integration enables ELC users to systematically audit loans for regulatory compliance without leaving the platform.

ELC facilitates lending for forward and reverse mortgages in retail, wholesale and correspondent lending channels and across a multitude of mortgage products, including home equity lines of credit. The integration of ComplianceAnalyzer provides a real-time auditing and monitoring component within ELC.

New Capital Partners Announces LoyaltyExpress Investment in SoftVu
LoyaltyExpress, Birmingham, Ala., a portfolio company of New Capital Partners, acquired SoftVu, a leader in creation, management, distribution and tracking of automated marketing strategies for direct-to-consumer markets in the mortgage lending industry.

The investment begins SoftVu's partnership with LoyaltyExpress, a provider of marketing automation and cloud-based CRM solutions for mortgage companies and banks. LoyaltyExpress CEO Jeff Doyle said the acquisition will enhance the companies' ability to provide mortgage technology services.

OpenClose Launches DecisionAssist Mobile for Originators
OpenClose, San Francisco, a multi-channel loan origination system and mortgage fintech provider, unveiled DecisionAssist Mobile, which provides fingertip access to the company's proprietary web-based product and pricing engine.

Using DecisionAssist Mobile, originators can compare eligible products and pricing and deliver the results directly to their borrowers from anywhere at any time via any mobile device. Retail originators, wholesale brokers and correspondent sellers can instantly quote multiple loan products for a specific loan scenario on-the-fly and immediately email the borrower comparative details. An email summary of the quoted prices is simultaneously returned to the originator to follow up with the borrower.

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