MBA NewsLink Staff
HUD, VA Announce Housing Initiative for Homeless Veterans
HUD and the Department of Veterans Affairs announced $35 million in grants to combat veteran homelessness. The funding will be provided through the HUD-Veterans Affairs Supportive Housing Program to 212 public housing agencies across the country to provide a permanent home for more than 4,000 homeless veterans.
The agencies also announced an additional $7.4 million through the Veterans Housing Rehabilitation and Modification Pilot Program to assist disabled veterans with modifying or rehabilitating their homes, to make them more accessible.
In the HUD-VASH program, VA Medical Centers assess veterans experiencing homelessness before referring them to local housing agencies for these vouchers. Decisions are based on a variety of factors, most importantly the duration of homelessness and the need for long-term, intensive support in obtaining and maintaining permanent housing. The HUD-VASH program includes both rental assistance and case management.
Richey May Acquires Arrow Partnership, Corporate Blue
Richey May, Denver, an accounting and advisory firm serving the financial services and real estate industries, acquired two IT consulting firms that will enable the company to offer IT consulting services for its financial services clients.
Arrow Partnership, a nationwide provider of management and IT consulting services, and Corporate Blue, a cybersecurity and managed IT services firm, will join the recently launched Richey May Technology Solutions division of Richey May. Both acquisitions will enable Richey May to address the growing IT demands of its mortgage banking clients, which include the needs for cloud-based managed services, strategic technology management consulting and cybersecurity risk assessments.
Founded in 2003 and based in Denver, Arrow Partnership specializes in technology management, governance, risk, compliance and security consulting services and digital marketing. Arrow Partnership's managing partner and co-founder Chan Pollock will join Richey May as executive director of the firm's technology consulting practice, while senior practice leader Garry Woods will head up the company's governance, risk and controls practice.
Corporate Blue, based in Southern California, provides IT security, virtual chief information security officer services, cloud security and managed IT services. Mike Wylie, co-founder and CEO of Corporate Blue, will join Richey May as a director in the firm's cybersecurity practice.
Padx Launches to Streamline Home Buying, Selling
Padx, Los Angeles, a platform to buy and sell a home online, launched this month. Padx is an online, licensed real estate brokerage designed to streamline the process of home buying and selling.
Consumers can use Padx to schedule home tours, use its offer-writing tool and place an on-demand offer on a home, all online. They can receive a 50 percent commission refund upon completion of the transaction. Additionally, the company provides local insights, tailored home searches, showings on-the-go, and offers on-demand along with the 50% buy-side commission refund to the home buyer. Currently, Padx has a presence in six counties in California with plans of a national rollout in the future.
Res/Title to Use Pavaso Platform
Pavaso, Plano, Texas, announced Res/Title, an East Coast title and escrow company, selected the Pavaso Platform to enable its title agents to conduct digital closings on behalf of homebuyers.
Res/Title's goal is to offer eClosings to clients in order to reduce costs, streamline the closing process and enhance the consumer experience. The Pavaso Platform allows all parties to effectively collaborate throughout the life of the transaction.
Home Point Financial Partners with Capsilon
Home Point Financial Corp., Ann Arbor, Mich., a multi-channel national mortgage originator and servicer, announced today an expanded partnership with Capsilon, San Francisco, a provider of mortgage automation software.
The Capsilon IQ platform was integrated with proprietary tool Automated File Intake for Home Point's Correspondent channel. Capsilon IQ was also rolled out across its Wholesale channel. Home Point reduced Delegated Correspondent purchase review time by 33% through integration with Capsilon IQ, improving operational efficiency and client experience.
MCT Adds Investors to Bid Tape AOT Tri-Party Agreement Automation for Bid Auction Manager Platform
Mortgage Capital Trading Inc., San Diego, a mortgage hedge advisory and secondary marketing software firm, announced new investor bid tape assignment-of-trade loan sale executions are now available for sellers using its Bid Auction Manager whole loan trading platform.
The most recent investor to announce the availability of a bid tape AOT program is Amerihome Mortgage Company, who began the process of opening the execution to approved sellers as of Oct. 1. MCT also joined PennyMac Loan Services' bid tape AOT pilot program, with a launch date for MCT mutual clients of October 8.
Simplifile Completes West Virginia's First E-recording Transaction
Simplifile, Provo. Utah, a provider of real estate document collaboration and recording technologies for lenders, settlement agents and counties, facilitated the first e-recording transaction in West Virginia. The transaction took place Aug. 24 in Monongalia County.
The closing attorney for the transaction submitted the documents via Simplifile's E-recording platform to the Monongalia County recorder's office on Thursday, Aug. 23. Due to the nature of West Virginia's recording process, the verified and recorded documents were returned to the closing attorney the next business day.
CoreLogic Launches Blended Reissue Functionality in LoanSafe Fraud Manager
CoreLogic, Irvine, Calif., added Blended Reissue functionality to LoanSafe Fraud Manager. Blended Reissue allows investors to gain additional insight into loans they are looking to purchase, improving efficiency of their pre-purchase reviews and allowing faster funding of loans.
Blended Reissue provides controlled coordination of fraud review between parties, simplifies transition of important information between the originator and the investor, allows users to see how the originator cleared alerts and can help reduce costs. Customization of the Blended Reissue functionality within the LoanSafe Fraud Manager report based on an investor's unique policies is also available.
AmTrust Title Partners with CertifID
AmTrust Title, New York, a provider of title insurance and related services for the commercial and residential real estate industry, partnered with CertifID, Kalamazoo, Mich., an identity management platform for wire fraud prevention.
AmTrust said it will cover costs associated with transactional use of CertifID for its network of title agents, nationally. CertifID allows title agencies to securely send and confirm wiring instructions and guarantees each wire up to $1 million. The platform uses proprietary digital device analysis and knowledge-based authentication sequencing to verify identity of both parties engaging in a wire transaction.
Qualia Announces Integration with Ellie Mae Encompass
Qualia, San Francisco, a real estate technology company, announced integration with Ellie Mae's Encompass digital mortgage platform.
Qualia's integration gives it access to more than 1,000 of the nation's title companies, further streamlining all residential, commercial and refinance closing transactions. Title companies that have activated the Qualia/Encompass 2WI are available within the Encompass LOS through the Qualia integration. One-click ordering will allow orders to be automatically prepared with information populated from the lender's Encompass file, eliminating risk and errors inherent in manual intensive duplicative data entry processes.
Visionet Achieves Advanced Technology Partner Status in Amazon Web Services Partner Network
Visionet Systems Inc., Cranbury, N.Y., achieved Advanced Technology Partner status in the Amazon Web Services Partner Network, through its title production platform, AtClose, which is completely hosted on AWS.
AtClose is a cloud-based vendor and workflow management platform for the title and settlement Industry. With customizable workflow and numerous integrations, AtClose improves productivity and efficiency for title agents. AWS makes it easier to achieve high availability and load balancing, while providing a highly secured and cost-effective environment to AtClose's customers.
Fannie Mae Paper Examines AI and Mortgage Lending
The mortgage industry is increasingly leveraging digital technologies to reduce errors and costs, speed up transactions and drive richer and better customer service, said Fannie Mae, Washington, D.C. In a new study, Tracy Stephan, Director of Innovation, in collaboration with Fannie Mae's Economic and Strategic Research Group and its quarterly Mortgage Lender Sentiment Survey, examined senior mortgage executives' views on Artificial Intelligence and Machine Learning technology.
--The top two objectives cited by lenders for adopting AI/ML technology were improving operational efficiency and enhancing the customer/borrower experience.
--Among most commonly cited challenges to implementing AI/ML technology: integration complexity with current infrastructure; high costs; and the lack of proven record of success.
--Lenders noted Anomaly Detection Automation (i.e., the ability to identify fraud or detect defects early in the underwriting process) and Borrower Default Risk Assessment (i.e., the ability to better predict the probability of borrower default and allow lenders to take proactive steps, as necessary) as the two most appealing AI/ML application ideas.