Residential Briefs

MBA NewsLink Staff

October 24, 2018


FHA Streamline Claim Payment Requirements for HECM Program
The Federal Housing Administration announced revised requirements for Home Equity Conversion Mortgage servicers when they assign FHA-insured reverse mortgages to the agency for claim payment.

Mortgagee Letter 2018-18 (https://www.hud.gov/sites/dfiles/OCHCO/documents/18-08hsgml.pdf) notes effective immediately, FHA-approved HECM servicers can use alternative supporting documentation in lieu of previously required materials that, in many instances, delayed claim processing. The new HECM claims payment requirements will ensure lenders participating in the program are not unduly burdened when seeking claims payments when the HECM reaches 98 percent of its maximum claim amount.

"Streamlining the HECM claim payment process makes us more responsive to participating lenders and helps continue our effort to put the program on a more financially viable path," said FHA Commissioner Brian Montgomery.

FHFA Updates Strategic Plan for Office of Minority and Women Inclusion
The Federal Housing Finance Agency released an updated strategic plan for its Office of Minority and Women Inclusion. The strategic plan covers fiscal years 2019-2021 and describes how OMWI will support diversity and inclusion mandates included in both the Housing and Economic Recovery Act of 2008 and the Dodd-Frank Act.

The strategic plan outlines OMWI's plan for leading diversity and inclusion and equal employment opportunity efforts at FHFA and diversity and inclusion efforts at Fannie Mae, Freddie Mac and the Federal Home Loan Bank System.

LendingQB Expands QuestSoft's Compliance EAGLE Integration for Automated Reviews
QuestSoft, Laguna Hills, Calif., a provider of automated mortgage compliance software, now offers its mortgage compliance platform to lenders using LendingQB's cloud-based loan origination software. The integration helps lenders to automate comprehensive mortgage compliance reviews by testing loans for HMDA, High Cost, federal/state/local consumer regulations, as well as fraud and risk services prior to a loan's closing.

Lenders using LendingQB can save time and avoid costly penalties by testing every loan for full adherence to national, state and investor rules and regulations both pre- and post-closing. LendingQB has added all of Compliance EAGLE's services in an "a la carte" menu, providing lenders a full array of compliance checks.

Ellie Mae Releases Encompass Version 18.4
Ellie Mae, Pleasanton, Calif., launched a new release of its Encompass digital mortgage platform. Key highlights include enhanced HELOC support, Encompass Dynamic Data Management and Mortgage Insurance Support for the Ellie Mae Total Quality Loan Program.

The 18.4 release includes the first phase of an expansion to streamline application and underwriting of HELOC loans. To support the unique investor requirements for calculating HELOC payments, both initial and qualifying, Encompass now includes a set of configuration options for both, including support to calculate interest-only and amortizing payments on the basis of a selected rate, a fraction of principal balance, or a percentage of principal balance.

LoanLogics Enhances its LoanHD Investor Module with Direct Trade Capability
LoanLogics, Trevose, Pa., enhanced its LoanHD Investor Module for Correspondent Loan Acquisition by expanding mandatory loan commitment options and adding direct trade capabilities, improving the ability of both investors and sellers to lower costs and enhance profitability.

The LoanHD Investor Module automates every step in an investor's loan acquisition workflow from initial loan pricing, creation and management of commitments all the way through locking, hedging loan funding and onboarding.

New eRAMP Enhancement in LendingQB Allows Lenders to Bulk Register Loans into MERS
LendingQB, Costa Mesa, Calif., a provider of lean lending loan origination technology, and Cyberlink Software Solutions, a provider of optimization and development services for mortgage lenders, have enhanced the eRAMP bulk loan integration with MERS to reduce time spent registering and transferring rights of loans.

This enhancement allows for bulk MERS transaction processing for all transaction types and instant loan registration and confirmation in one session. By eliminating the need to register loans one by one to MERS, lenders gain time savings and eliminate errors. In addition to loan registration, confirmation dates for all registered loans along with all three types of transfers of rights will then automatically populate back into LendingQB's MERS status dates. An optional confirmation report is available to upload into LendingQB's eDocs.

SPS Selects ServiceLink's EXOS Technologies
ServiceLink LLC, Pittsburgh, formed a partnership with Select Portfolio Servicing Inc., Salt Lake City, Utah, a mortgage servicer. SPS chose ServiceLink's EXOS Servicing platform, as its consumer digital strategy.

EXOS Servicing provides consumers with real-time loan information, including account status, statements and payment information.

First American Mortgage Solutions Launches eClosing Service
First American Mortgage Solutions LLC, Santa Ana, Calif., launched its eClosing platform, designed to securely deliver digital settlement for digital mortgage.

Pilot tests, which integrate technology from providers Snapdocs and Nexsys, are underway with key customers. The platform is part of First American Mortgage Solutions' efforts to help lenders manage the eClosing process, while enhancing the digital mortgage experience for consumers.

Thrive Mortgage Partners with Cloudvirga
Cloudvirga, Irvine, Calif., a provider of digital mortgage software, announced mortgage lender Thrive Mortgage LLC (formerly Georgetown Mortgage) is deploying Cloudvirga digital mortgage technology to loan officers across its more than 50 branch locations nationwide. The lender expects 70% of its loan production will be powered by Cloudvirga technology by the end of the quarter.

The Cloudvirga Enterprise POS combines a mobile-first experience for consumers with an enterprise platform that empowers loan officers to rapidly structure deals and collaborate with customers.

CRFS Launches New Brand, Interactive Website
Claims Recovery Financial Services, Albion, N.Y., unveiled its evolved brand and launched its new website, www.crfservices.com.

The company's new logo is the most outward sign of its evolving brand, representing the experience of the entire CRFS team working together to solve a myriad of default servicing issues.

Wolters Kluwer Launches Vanceo Mortgage
Wolters Kluwer, Minneapolis, launched Vanceo Mortgage, a loan processing system that creates intelligent and compliant, end-to-end loan origination workflows. It is designed to assign role-based tasks and enhance visibility for an institution's mortgage lending operations and compliance management.

Vanceo Mortgage takes a user-centric approach to compliance by providing lenders with intuitive dashboards and intelligence that help narrow in on critical action items. The advanced functionality allows financial institutions to address potential issues earlier, faster and strengthen customer relationships.

FormFree, LoanBeam Partner to Automate Income Extraction, Calculation for Mortgage Lenders
Automated verification provider FormFree, Athens, Ga., partnered with LoanBeam, a provider of automated income extraction and calculation services, to collect digital borrower financial data directly from the source and calculate qualified income.

AccountChek by FormFree is an automated asset verification service that enables borrowers to demonstrate their ability to repay loans by sharing financial data directly with lenders instead of mailing, faxing or emailing traditional asset account statements. LoanBeam will use AccountChek source data to provide qualified income calculations lenders need to underwrite and sell mortgages to Fannie Mae, Freddie Mac and third-party investors. The partnership will enable lenders to collect digital asset, income and employment data from borrowers in a three-minute session for significant cost savings and reduction in turn times 9-20 days on average.

CertifID Raises Guarantee to $1 Million
CertifID, Grand Rapids, Mich., an identity management platform for wire fraud prevention, announced an increase to its transaction guarantee now covering up to $1 million in losses. CertifID verifies the identity of both parties in a transaction so funds can be transferred with trust.

The increased coverage provides CertifID customers higher protection for commercial transactions and higher-value residential real estate markets. CEO and Founder Thomas Cronkright said given record home price appreciation nationwide, the increase ensures that nearly all purchases are properly protected.

Quicken Loans to Open Technology Office in Windsor, Ontario
Quicken Loans, Detroit, announced plans to open a new location in the historic Old Fish Market Building (156 Chatham St. West) in downtown Windsor, Ontario.

Expansion into Canada will allow Quicken Loans and its Family of Companies to recruit top talent from Windsor, Toronto, Waterloo and all of Ontario to support the company's growing need for additional technology talent. Quicken Loans will lease more than 9,000 square feet in the Old Fish Market Building. Renovation of the new location is expected to be completed in the first or second quarter of 2019. The company plans to grow the office to more than 100 tech workers.

Ellie Mae Launches Independent Software Vendor Partner Program
Ellie Mae, Pleasanton, Calif., launched its Independent Software Vendor Partner Program, designed to expand on its existing ecosystem of secure, pre-integrated software. Ellie Mae is enabling ISV partners to extend their products to customers on the Encompass Lending Platform using Ellie Mae's Encompass Partner Connect API technology.

ISV benefits include: Direct access to Encompass Partner Connect API technology and Ellie Mae's Encompass Lending Platform; ability to launch scalable, secure integrations to build and extend business value; and access to Ellie Mae partner resources, including marketing programs and support materials.

DocuSign Announces DocuSign Rooms for Mortgage in Beta Testing
As part of its goal to make the home buying process digital from end to end, DocuSign today announced that its latest service, DocuSign Rooms for Mortgage, will enter beta testing ahead of its general availability in the spring of next year.

DocuSign Rooms for Mortgage is a secure, collaborative, compliant platform for lenders to support their residential lending process. It delivers a digital environment for the borrower, lender and settlement agent, and leverages DocuSign's broader suite of platforms for Digital Closing, including eSignature, eNotary, eNote and eVault.

ReverseVision, STRATMOR Group Partner to Integrate HECM Borrower Satisfaction Benchmark into MortgageSAT
ReverseVision, San Diego, a provider of technology and training for the Home Equity Conversion Mortgage industry, partnered with mortgage industry advisory firm STRATMOR Group to develop a HECM borrower satisfaction benchmark as part of STRATMOR's MortgageSAT Borrower Satisfaction Program.

Through the MortgageSAT program, ReverseVision customers can survey every borrower within 24 hours of loan closing. Direct, instant borrower feedback, along with deep insights into the loan process and the people involved, will enable lenders to pinpoint sources of borrower dissatisfaction and quickly take corrective action. MortgageSAT will provide individual scores for each participant in the HECM process (e.g., counselor, loan officer or broker, processor, underwriter and closer) and measure the borrower's perception of the entire experience with analysis by region, branch and individual employee.

Secure Insight Creates National eClosing Training Program with DocMagic
Secure Insight, a New Jersey-based data intelligence and vendor management firm, partnered with DocMagic Inc., Torrance, Calif., a provider of compliant loan document preparation, regulatory compliance and eMortgage services, to develop and host an online training program to teach attorneys, title agents, notaries and other entities how to accomplish clear, compliant and completely paperless eClosing transactions.

Lenders can provide a list of approved title companies. Secure Insight then works to implement a common and consistent process for training on a national level. The online training is officially set to launch on November 15, 2018 and will be available through a link on Secure Insight's website.

Worldnet Adds GooglePay Support to Expand Mobile Payment Options
Worldnet, Atlanta, a provider of the leading cloud management platform for omni-channel payments, has completed GooglePay certification to enable payment service providers and independent sales organizations the capability to accept payments from any device using the GooglePay platform.

Offering GooglePay support provides added layers of security in transactions for both retailers and end users while also providing a quick and easy payment experience. With GooglePay, Worldnet customers are equipped to take transactions via the Chrome browser, or in-app on Android devices.

MetaSource to Offer Three New Categories of Mortgage Servicing Quality Control Audits
MetaSource, Salt Lake City, a provider of mortgage quality control services and technology, added three new quality control audits offered through its Servicing QC department.

The new audit categories will cover three areas for servicing QC: Servicing Transfer Audits; Lender's Placed Insurance Audits (aka Forced Placed Insurance Audits); and Hazard Insurance Claim Audits.

Pretium Partners Acquires Selene Holdings
Pretium Partners LLC, New York, an investment management firm focused on real estate, mortgage finance and corporate credit, entered into a definitive agreement to acquire Selene Holdings LLC from funds managed by Oaktree Capital Management LP and Ranieri Partners LLC.

Founded in 2007, Selene is the parent company of Selene Finance LP, a Houston-based residential mortgage servicing company. With more than 500 full time employees, Selene Finance is a special servicer of nonperforming, re-performing, REO and performing loans and services in all 50 states. Selene Holdings also includes SelecTitle, a title services company; and New Diligence Advisors, a national third-party diligence and advisory services firm.

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