Residential Briefs

MBA NewsLink Staff

July 12, 2019

ClosingCorp Launches SmartFees Natural Disaster Alerts
ClosingCorp, San Diego, said it will provide Natural Disaster Alerts to SmartFees users.

In the event of a natural disaster, such as a hurricane, tornado or wildfire, lenders using SmartFees will receive an alert listing all properties in the affected area with mortgage applications pending. The alert will also provide a score of "Low," "Moderate" or "Severe" based on proximity to the disaster to help lenders understand a property's potential risk and the need for additional quality control reviews, such as a new inspection or appraisal, before the loan can be approved and closed. Early warning of potential problems will prevent significant delays or deals from falling through.

Advantage Systems Rolls Out Phase II of AMB-7 Version 
Advantage Systems, Irvine, Calif., announced rollout of phase II of its AMB-7 version.
Phase II includes the full reporting package of the AMB product, which allows users to view reports in a fully browser-based environment. The new version provides capability to drill down, up and through the data as well as an option, on many reports, to take the data to a grid instead of a traditional report.

TotalExpert, ReverseVision Partner on Reverse Mortgages
ReverseVision, San Diego, announced a partnership with Total Expert, creator of a marketing operation system specifically for banks and mortgage lenders. The companies deployed an API integration that links the Total Expert MOS with ReverseVision's RV Exchange loan origination platform.

The partnership enriches the Total Expert platform with ReverseVision's insight into the reverse mortgage customer process. Features include customized decision trees, specialized marketing communications and sales activities designed to help "forward" and reverse mortgage origination teams identify mutual opportunities.

OpenClose, Vice Capital Markets Integrate to Enhance Hedging Automation
OpenClose, West Palm Beach, Fla., a multi-channel loan origination system and digital mortgage fintech provider, announced an integration with Vice Capital Markets Inc., a mortgage hedge advisory firm. The interface reduces the time to prepare and deliver loan data and eliminates the manual intervention.

The integration takes loan-level lock data from OpenClose's LenderAssist LOS and securely transmits it directly to Vice Capital's hedging platform. This eliminates multiple manual steps and potential "break-points" in the overall process thus saving time, reducing errors and increasing visibility that results in optimized position management.

Opendoor, Redfin Partner on Home Seller Options
Opendoor, San Francisco, and Redfin, Seattle, announced home sellers in Phoenix and Atlanta can now request an Opendoor offer through Redfin's site and mobile apps. By coming together, Opendoor and Redfin are giving homeowners more options for selling their home in a simple and convenient way. Redfin will also continue to expand RedfinNow, its own instant offer service.

With this partnership, home sellers will have the opportunity to compare listing their home on the open market with a full-service Redfin agent to receiving an instant offer from Opendoor and skipping the process of listing altogether. By presenting a complete set of selling options, Opendoor and Redfin are empowering homeowners to make the best decision based on their needs and situation. The partnership is currently live in the Phoenix and Atlanta markets, and the companies will evaluate expanding to additional markets.

CFPB Settles Lawsuit with Freedom Debt Relief
The Consumer Financial Protection Bureau settled its lawsuit against Freedom Debt Relief LLC, the nation's largest debt-settlement services provider. The company agreed to pay $20 million in restitution to affected consumers and a $5 million civil money penalty.

The Bureau's lawsuit alleged that Freedom Debt Relief violated the Telemarketing Sales Rule by charging advance fees and failing to inform consumers of their rights to funds they deposited with the company. The Bureau also alleged that Freedom Debt Relief violated the Consumer Financial Protection Act of 2010 by charging consumers without settling their debts as promised, charging consumers after having them negotiate their own settlements with creditors, and misleading consumers about the company's fees and its ability to negotiate directly with all of a consumer's creditors.

Mann Mortgage Revamps LO Compensation Structure with LBA Ware
LBA Ware, Macon, Ga., said Mann Mortgage overhauled its incentive compensation plan structure and management with CompenSafe.

After doubling in size over two years, Montana-based lender Mann Mortgage embarked on a companywide process-improvement effort that included revamping its compensation structure to scale with the company's growth and evolving market conditions. In LBA Ware's CompenSafe, Mann Mortgage found an automated incentive compensation and sales performance management platform flexible enough to accommodate an overhaul of its entire compensation structure and powerful enough to monitor and help optimize sales performance over time.

LodeStar Software Solutions Integrates with LendingQB
LodeStar Software Solutions, Philadelphia, a provider of mortgage fee data, announced that its Loan Estimate Calculator is now available through Lending QB, a provider of SaaS loan origination technology.

The integration allows lenders to access LodeStar's products directly through LendingQB to drive quality and efficiency in the loan origination process. Users can instantly and securely generate a quote from LodeStar's Loan Estimate calculator without duplicating any data entry or leaving LendingQB. All quotes are guaranteed for accuracy and instantly returned in the proper TRID format.

Ginnie Mae MBS Outstanding Increases to $2.076 Trillion
Ginnie Mae, Washington, D.C. said issuance of its mortgage-backed securities totaled $44.217 billion in June, the highest since December 2016.

A breakdown of June issuance includes $42.785 billion of Ginnie Mae II MBS and $1.432 billion of Ginnie Mae I MBS, which includes $1.014 billion of loans for multifamily housing. Ginnie Mae's total outstanding principal balance of $2.076 trillion is an increase from $1.971 trillion a year ago.

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