Residential Briefs

MBA NewsLink Staff

October 19, 2018

Ginnie Mae MBS Portfolio Tops $2 Trillion
Ginnie Mae, Washington, D.C., announced its mortgage-backed securities portfolio reached $2.008 trillion in unpaid principal balance. That's up from $1 trillion just eight years ago.

Ginnie Mae reported $35.75 billion of Ginnie Mae MBS was issued in September, comprising $34.58 billion of Ginnie Mae II MBS and $1.17 billion of Ginnie Mae I MBS, of which $1.03 billion is backed by multifamily mortgages. Total MBS issuance for fiscal year 2018 was $434.7 billion.

FHFA, GSEs Launch Mortgage Translations Clearinghouse
The Federal Housing Finance Agency, Freddie Mac and Fannie Mae launched Mortgage Translations, a centralized clearinghouse of online resources to assist lenders, servicers, housing counselors and other real estate professionals in serving limited English proficient borrowers.

FHFA, Freddie Mac, and Fannie Mae collaborated with industry experts, consumer advocates and other government agencies in developing an online collection of mortgage documents, educational materials and a new online Spanish-English glossary produced by the Consumer Financial Protection Bureau in collaboration with FHFA and the Enterprises.

The first phase of the launch consists of Spanish-language documents. Resources in four other languages commonly spoken by LEP households--Chinese, Vietnamese, Korean and Tagalog--will be added in coming years.

OpenClose Launches RESTful API Suite
OpenClose, West Palm Beach, Fla., released a RESTful API suite to enable direct interactions with their system of record from third-party and home-grown systems.

The suite has been developed with a standardized methodology to enable implementation of direct integrations, seamless data exchange and execution of transactions, designed to create simplicity, reliability, extensibility and better performance.

ServiceLink Launches EXOS Technologies
ServiceLink, Pittsburgh, launched its EXOS Technologies platform, designed to extend the digital experience through the entire life of loan process.

EXOS Technologies addresses critical consumer touchpoints during the origination process through the entire loan servicing experience. Designed to be private-labeled, it provides products and services for title, appraisal, loan closing and life of loan servicing. EXOS uses machine learning, artificial intelligence and behavioral data to optimize user touchpoints while interacting with consumers and key mortgage participants across mobile, voice and wearable technology solutions.

New Penn Financial Launches LoanScorecard's Portfolio Underwriter
LoanScorecard, Irvine, Calif., a provider of non-agency automated underwriting systems, announced its expanded partnership with New Penn Financial LLC, launching AUS for the Correspondent Division's SMART series products, growing the lender's presence in the non-QM market.

New Penn's National Correspondent Division offers a proprietary line of non-QM products, including bank statement and asset programs, investor opportunities and expanded condo solutions geared towards unique and underserved borrower needs. The launch of LoanScorecard's AUS technology, Portfolio Underwriter, builds on New Penn's goal to support its third-party partners in "expanding capacity with speed and ease" to boost their volumes and aid in recruitment and retention efforts.

VantageScore Usage Up
VantageScore Solutions LLC, Stamford, Conn., released results of a market study conducted by Oliver Wyman, a global leader in management consulting, which examined usage of VantageScore credit scores by lenders and other market participants.

The study examined usage of VantageScore credit scores in the 12-month period between July 1, 2017 and June 30, 2018 and found nearly 10.5 billion credit scores were used by more than 2,800 unique users, a 20 percent increase in the number of scores used versus last year's similar study. Financial institutions that used VantageScore rose 8 percent to nearly 2,500, representing usage of approximately 6.4 billion credit scores. Companies that provide consumers with access to VantageScore credit scores accounted for 2.3 billion scores used, nearly double the amount used in the same period last year.

Fiserv, DadeSystems Partner on Automated Accounts Receivables
Fiserv Inc., Brookfield, Wis., a provider of financial services technology, and DadeSystems partnered on automated accounts receivables processing for businesses, with Fiserv serving as a connection point through which institutions can access DadePay AR Automation as a software-as-a-service platform.

Financial institutions can offer the platform as a standalone service or as a complement to the commercial banking suite from Fiserv. Proprietary artificial intelligence algorithms used by DadePay AR Automation lower overall processing costs with ‘straight thru' processing rates that are among the highest in the industry. The algorithms work together with advanced optical character recognition technology, machine learning and automated processes to accelerate payment processing speeds, increase operational efficiency, eliminate unnecessary fees and improve cash collection.

PrimeLending Selects Blue Sage Digital Lending Platform
Blue Sage, Englewood Cliffs, N.J., announced that PrimeLending chose its Digital Lending Platform as its new mortgage origination platform.

The Blue Sage Digital Lending Platform is a cloud-based, scalable product capable of supporting any mortgage channel, including retail, wholesale and correspondent lines of business. The platform handles pricing, underwriting and decision-making from the point-of-sale stage all the way to the closing and funding of the loan.

Freddie Mac Integrates Self-Employed Borrower Income Assessment Platform; Enhances Loan Advisor
Freddie Mac, McLean, Va., announced Loan Product Advisor, its automated underwriting system, now offers AUS-integrated self-employment income assessments for the mortgage industry through LoanBeam.

The full integration with Loan Product Advisor provides lenders with advantages in the underwriting process over using LoanBeam's platform separately. For example, Loan Product Advisor's automated review identifies whether the qualifying income is sufficient and accurate, saving lenders from chasing down unnecessary supporting documents. This drives workflow efficiency and gives lenders confidence to move forward with the loan. The integration with Loan Product Advisor also provides lenders with a higher level of quality assurance, giving them greater certainty to underwrite in a challenging market segment.

Freddie Mac also announced multiple enhancements to its Loan Advisor toolset. It released new automated income and asset assessment capabilities that allow lenders to leverage the third-party expertise of Equifax, FormFree, Finicity, LoanBeam and Yodlee through offerings that automate the assessment of borrower income and assets to reduce documentation and significantly speed-up the process.

NCB Co-op 100 Reports Top Producing Cooperatives with Revenues of $214.4 Billion
National Cooperative Bank, Arlington, Va., released its annual NCB Co-op 100, listing the nation's top 100 revenue-earning cooperative businesses. In 2017, these businesses posted revenue totaling $214.4 billion.

Top finance co-ops were Navy Federal Credit Union, Merrifield, Va., which earned $6.0 billion in revenues and is number eight on the list; and CoBank, Greenwood Village, Colo., which earned $3.3 billion and came in 11th on the list.

Pavaso Unveils eClosing Products
Pavaso, Plano, Texas, launched a new suite of eClosing tools for mortgage lenders that includes Remote Online Notary and SMART Note capabilities. The Pavaso Platform now provides a digital closing shop that empowers all parties involved in mortgage transactions to consistently increase efficiency, eliminate errors, improve workflow and create more informed consumers, leading to faster, more efficient closings.

Powered by Pavaso's eClosing platform, the suite of eClosing products enable lenders, title companies, agents and borrowers to electronically eDeliver early disclosures, eSign documents, remotely eNotarize documents, eClose loans, execute full eNotes and deliver closed loan files to an eVault.

Genworth Mortgage Insurance Introduces Home Suite Home to Help Mitigate Non-Recurring Homeownership Costs
Genworth Mortgage Insurance, Richmond, Va., launched Home Suite Home, a borrower benefit program designed to help preserve borrowers' financial stability when faced with unexpected, non-recurring homeownership costs.

Upon closing of a mortgage loan with a participating Lender, eligible borrowers who register for Home Suite Home can select one of three benefits: Appliance Home Warranty, Homeowners Insurance Deductible Reimbursement or Identity Theft Reimbursement & Restoration Consulting Services. The program helps to alleviate some unexpected homeownership costs and may improve borrowers' ability to remain current on their mortgage payments while maintaining their home and financial stability. Home Suite Home is offered at no cost to both Genworth's lenders and their eligible borrowers.

MAXEX Launches Private Market Exchange for Trading Residential Mortgage Loans
MAXEX LLC, Atlanta, a residential mortgage loan exchange provider, launched its digital platform and market exchange for buying, selling and settling mortgage loans through a single counterparty.

The MAXEX platform features best-execution pricing and access to qualified buyers and sellers. To date, MAXEX has facilitated more than $2.3 billion in initial trading activity and participated in 16 securitizations of more than $500 million in residential mortgages. MAXEX has been approved for trading by many of the most active secondary mortgage market buyers including major Wall Street dealers, money center banks, insurance companies and a growing pipeline of other premiere buyers. J.P. Morgan has been a strategic commercial partner in MAXEX since late 2017 and MAXEX's recent funding round was led by Moore Asset Backed Fund, LP, an investment fund managed by Erik Siegel of Moore Capital Management, LP.

Computershare Loan Services Survey: Tech Revolution to Change Appraisals
Computershare Loan Services, New York, released new data that suggest U.S. appraisers believe their industry is on the brink of significant change. Its survey of network appraisers found although 35% of respondents said that they currently use desktop technology for at least a quarter of appraisals, twice as many (70%) said that they expected to deploy such methods for at least the same amount of their work over the next two to three years.

In addition, although only 12% said that desktop appraisals, which exclude a property visit by the appraiser that completes the opinion of value, represent at least half of their work now, 37% said they expect to undertake more than half of their role using desktop technology by 2020 or 2021.

The survey's results form part of Computershare Loan Services' white paper, Property Appraisals in 2020--Embracing New Technology to Reinvigorate the Industry.

ComplianceEase Adds New Home Equity Audit Functionality to ComplianceAnalyzer
ComplianceEase, Burlingame, Calif., announced its flagship platform, ComplianceAnalyzer, is now able to audit home equity lines of credit for state licensing requirements in most states.

ComplianceAnalyzer with TRID Monitor can audit both closed-end and open-end mortgages for federal, state and local requirements, including TRID compliance, and for state predatory lending issues for some time. ComplianceEase has now enhanced the system to allow non-banks, banks and credit unions to audit all liens in most states in which they are licensed. Currently, the system covers more than 80 licensing types in the 42 states that account for more than 90 percent of home equity originations in the United States.

CMG Financial Rebrands Digital Down Payment Platform as HomeFundIt
CMG Financial, San Ramon, Calif., rebranded its digital down payment platform to HomeFundIt. The name change more accurately represent the scope and versatility of the platform, its versatility.

Later this year, HomeFundIt will introduce the "UpIt" feature, allowing retail partners to contribute portions of online purchases to HomeFundIt campaigns. HomeFundIt users can increase or "up" their down payment savings every time they or someone in their network shops at participating retailers.

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