Residential Briefs

MBA NewsLink Staff

June 08, 2018


RoundPoint Mortgage Servicing Announces New S.C. Headquarters
RoundPoint Mortgage Servicing Corp., Columbia, S.C., announced its new corporate headquarters will be located in York County, S.C. The company's $34 million investment is projected to create 1,100 new jobs.

Located at 2280 Deerfield Drive in Fort Mill, S.C., the new headquarters is expected to be operational by third quarter 2019. Hiring for the new positions should also begin in the third quarter of 2019.

Guaranteed Rate Partners with DocMagic to Cut Closing Time
DocMagic Inc., Torrance, Calif., partnered with retail mortgage lender Guaranteed Rate to cut closing time by electronically signing mortgage closing documents in advance.

Guaranteed Rate has branded DocMagic's FlashClose, which allows customers to opt-in, review and complete most documents in advance of the notary arriving, saving an hour or more at the closing table, with some averaging a mere 10-minute appointment to provide inked signatures.

Veros White Paper Outlines Key to Success in Purchase Market
Veros Real Estate Solutions, Irvine, Calif., released a new white paper, "Efficient Collateral Valuation Key to Success in 2018." The paper, which outlines an important opportunity for lenders working to be more competitive in a purchase money market, is available now on the company's website (http://pages.veros.com/2018-VeroSELECT-wp.html) or visit the company's web page at www.veros.com).

"This paper offers lenders a real opportunity during a year that both the Mortgage Bankers Association and Fannie Mae predict loan originations will be down, making competition more intense," said Veros Senior Vice President of Operations David Rasmussen.

The paper notes while 2018 will be a tougher year for lenders, it will still be possible for originators to generate solid revenue and profit for their institutions with effective marketing and loan fulfillment programs. By focusing their efforts on the right products, they will also have the opportunity to build stronger relationships with existing bank customers and credit union members, positioning themselves well for securing additional purchase money business when volume levels increase in the future.

Trelix Adds Closing Services
Trelix, Luxembourg, launched a closing services designed to help mortgage lenders execute and settle their loans. With the addition of closing services, Trelix now provides a full suite of fulfillment services for its customers.

With the addition of closing services, the Trelix platform helps its clients streamline the start-to-finish closing experience from disclosure and document preparation to compliance review and closing coordination. The suite includes processing, underwriting, closing services, loan due diligence, quality control, advisory services and Castleline certification.

Hyland Launches Intelligent Capture
Hyland, Cleveland, Ohio, launched a new capture platform for financial institutions, Brainware for Lending, a template-free extraction product that captures and classifies loan documents and integrates with line of business tools to validate extracted data and fill missing information before delivering data to loan origination systems.

The platform uses optical character recognition, intelligent capture and extraction functionality to significantly reduce human touch points and virtually eliminate manual document classification. Coupled with OnBase, Hyland's content services platform, it provides financial institutions with an end-to-end digital lending process.

FirstClose Adds Five Credit Union Clients
FirstClose, Austin, Texas, added five new community and federal credit union clients and hired four new employees.

Its new credit union customers include Bremerton, Wash.-based Kitsap Credit Union, Edgewood, Ky.-based Cove Federal Credit Union, Santa Cruz, Calif.-based Santa Cruz Community Credit Union, Birmingham, Ala.-based Alabama Central Credit Union and West Lafayette, Ind.-based Purdue Federal Credit Union.

Each credit union is implementing the FirstClose Report, a home equity and refinancing tool that provides lenders with the information to close home equity and other types of loans. They receive credit, valuation, flood, tax and title data within a single report.

Visionet to Launch AtClose Integration with Alexa
Visionet Systems Inc., Cranbury, N.J., announced AtClose, its workflow-based title production platform, now has an integration with Alexa, Amazon's AI-powered virtual assistant.

The integration with Alexa is now offered as a standard feature of AtClose and it allows title executives to ask their Alexa device about closings, remittances and other aspects of their title business by using voice commands. The company's performance is then returned to them in real time.

Lake Michigan Credit Union Adopts CertifID for Wire Fraud Prevention
Lake Michigan Credit Union, Grand Rapids, Mich., adopted Michigan-based CertifID as a platform to prevent wire fraud in its mortgage and retail operations.

LMCU will use CertifID, a wire fraud prevention platform designed to safely authenticate the identities of parties and share banking information in a secure manner. CertifID uses patent-pending digital device analysis, identity authentication sequencing and multi-factor verifications which is guaranteed up to $500,000. LMCU will leverage the platform to verify identity and confirm bank credentials before mortgage funds are sent. It will also protect members in its branches by using the technology to confirm the member is dealing with the right person before funds leave their account.

Finicity, Mortgage Cadence Partner on Loan Origination Platform
Mortgage Cadence, Denver, signed an agreement to integrate Finicity's Verification of Assets platform with its loan origination platforms, enabling clients to streamline and accelerate the loan process by generating a verification report with a single click, shaving up to six days off the traditional closing timeline.

The integration of the Finicity platform with Mortgage Cadence's loan origination software platform is designed to further streamline and enhance the borrower experience. Borrowers consent to the use of their financial account data through a short online process, which then rapidly generates a verification report.

ARMCO Enhances Automation, Analysis in ACES Audit Technology
ACES Risk Management, Pompano Beach, Fla., announced several product enhancements designed to improve the mortgage quality control process for lenders and servicers using its auditing platform ACES Audit Technology.

Principal enhancements of this upgrade include identification of exception root causes and expanded auto-response capabilities for ACES. These functions use automation to reduce the number of skilled labor hours it takes to achieve quality goals and identify areas that would benefit from proactive corrective actions.

Veros, Accurate Group Partner to Provide AVM, eValuation, Appraisal Services
Veros Real Estate Solutions, Irvine, Calif., and Accurate Group, a provider of technology-driven real estate appraisal, title data and compliance services, announced a partnership to provide collateral valuation and analytics services to enable home equity lenders and other mortgage industry participants to cut costs and increase operational efficiencies.

Both companies' services will be integrated through Veros' VeroPRECISION valuation decision engine, a property decision automated valuation model logic technology. VeroPRECISION uses sophisticated data analysis to first determine a subject property's suitability for an AVM. In cases where VeroPRECISION instantly deems a property appropriate for AVM valuation, those customers will immediately receive one of the industry's top performing AVMs. Based upon machine learning in a production environment, the VeroPRECISION decision engine determines the most accurate valuation at the subject property level.

Docutech Publishes eBook on HELOCS
Docutech, Idaho Falls, Idaho, published a new eBook, Optimizing Your HELOC Program, which explores the significant growth in home equity wealth among borrowers in recent years, how the 2018 tax laws affect the HELOC market, marketing strategies lenders can implement to attract potential HELOC customers and how to leverage technology to improve HELOC programs, among other related topics.

The book can be downloaded at http://info.docutech.com/heloc-ebook.

Pavaso, OS National Partner on Digital Closing Process
Pavaso, Plano, Texas, partnered with OS National LLC, a provider of title and settlement services, to deliver a digital closing program.

Pavaso's technology allows lenders and title companies to deliver a transparent loan package to borrowers, allowing them (or their realtors or loan officers) to access closing documents on any device prior to closing. The Digital Close platform is capable of producing hybrid closings (digital closings which meet state requirements that some documents be "wet-signed")), as well as complete eNote and eVault transactions.

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