Residential Briefs

MBA NewsLink Staff

March 15, 2019

Wipro Gallagher Solutions Launches NetOxygen LOS Version 6.0
Wipro Gallagher Solutions, Franklin, Tenn., released the latest version of its Loan Origination System, NetOxygen v6.0.

The new version features an intuitive user interface, an in-built operations dashboard, an integration with Business Intelligence and Reporting Engine, additions to the application program interface library and a number of process automation features. Additionally, NetOxygen v6.0 is designed to support Fannie Mae and Freddie Mac's updates to the Uniform Residential Loan Application and the Uniform Loan Application Dataset, while the loan import functionality has been updated to accommodate the MISMO 3.4.0 loan XML.

RoundPoint Mortgage Servicing Corp. Implements CLARIFIRE
Clarifire, St. Petersburg, Fla., announced RoundPoint Mortgage Servicing Corp. implemented CLARIFIRE as its loss mitigation workflow automation platform.

CLARIFIRE is a workflow software that standardizes and simplifies complex business processes. By leveraging system flexibility and automation, RoundPoint increased efficiency of its loss mitigation processes.

Advantage Systems Updates Accounting for Mortgage Bankers
Advantage Systems, Irvine, Calif., released the latest update to Accounting for Mortgage Bankers, an accounting system specifically designed for mortgage lenders.

Updates focus on giving users more choices and additional tools for managing their accounting processes. The New Preferred Payment feature provides users with the capability to make payments to vendors using a variety of methods. AMB continues to offer existing check printing and ACH capabilities but can now create payment files that can be processed by AMEX, AVID PAY, CHASE, Wells Fargo and others. The new capability allows users to specify how each vendor will be paid so that when an invoice is selected for payment, the system automatically knows which method should be used making the selection process easier and less prone to error.

Fannie Mae: Lenders Show Signs of Optimism as Mortgage Demand Expectations Improve
Fannie Mae, Washington, D.C., said the net profit margin outlook for mortgage lenders, while still negative, improved significantly in the first three months of 2019, due primarily to stronger demand expectations for both purchase and refinance mortgages

The Fannie Mae Q1 2019 Mortgage Lender Sentiment Survey for purchase mortgages, the net share of lenders reporting demand growth over the prior three months remained negative and fell further to reach a new survey low. However, demand growth expectations for the next three months improved, showing a more optimistic outlook compared with one year ago. For refinance mortgages, while more lenders continued to report weaker refinance demand than those seeing rising demand, the net share of lenders reporting demand growth over the prior three months increased significantly to the highest level in two years across all loan types. Similarly, the net share expecting demand growth remains negative but also improved to the highest level in two years.

"Lenders appear less pessimistic regarding mortgage demand expectations; thus their profit margin outlook over the next three months is also slightly improved," said Doug Duncan, senior vice president and chief economist at Fannie Mae. "While the results seem to portray the gloomiest picture of purchase mortgage demand during the prior three months in the survey's five-year history, the net share of lenders expecting rising demand over the next three months exceeded the level recorded in the same quarter last year. Lenders' view of the refinance market was somewhat rosier, as both recent and expected demand improved to the best showing in two years, helping to support lenders' improved profit margin outlook."

CoreLogic Introduces Verification of Employment and Income to Expedite Borrower Verification Process; Launches PanoramIQ
CoreLogic, Irvine, Calif., released an enhanced Verification of Employment and Income product, designed to take time, touch and cost out of traditional employment and income verification through a three-step "waterfall workflow" process, ensuring that every mortgage applicant can be verified.

The enhanced VOE/I product offers an interface with real-time tracking and detailed status labels to better understand where each submission stands.

CoreLogic also announced PanoramIQ, designed to deliver a more complete view of property data with more current and reliable sources than public-record data alone. Using a combination of public and proprietary property datasets, a unique property ID, machine learning and advanced analytics, PanoramIQ provides lenders, mortgage industry professionals and government entities with deeper, more accurate and complete property insights, allowing clients to make better decisions in a timely and efficient manner.

Using a proprietary methodology, CoreLogic is able to efficiently bring thousands of disparate property data sets together through PanoramIQ. Traditional sources of property information, such as public-record data alone, can often have gaps or fail to reflect the latest information on a property. By bringing together a variety of property data sources, combined with advanced analytics, PanoramIQ delivers an up-to-date, comprehensive view of a property.

Veros Launches Property-Specific Disaster Data with AVM Reports
Veros Real Estate Solutions, Santa Ana, Calif., introduced property-specific Disaster Data in conjunction with its VeroVALUE AVM reports and portfolio review services. In regions declared as disaster areas the new data set will allow lenders, servicers, appraisal management companies, and other mortgage transaction participants to determine if a U.S.-based residential property has been directly affected.

Using satellite imaging and data analytics, Veros' initial release of this new tool delivers the information in two ways: on a "match and append" basis for portfolio review use or within the VeroVALUE AVM report on a per property basis. The match and append method indicates when a specific property is in the disaster area by matching the location and then appending the disaster data with one of several tiers of confidence. It then delivers a granular result that is much more specific than the county level information commonly used by lending industry participants today.

Genworth, Oceanwide Extend Merger Agreement
Genworth Financial Inc., Richmond, VA., and China Oceanwide Holdings Group Co. Ltd agreed to a ninth waiver and agreement of each party's right to terminate the previously announced merger agreement. The ninth waiver and agreement extends the previous deadline of March 15 to April 30 in consideration of pending regulatory reviews.

Should closing of the transaction extend past March 31, timing of the initial tranche of both the previously announced $1.5 billion Oceanwide post-closing capital plan and the $175 million post-closing capital commitment to Genworth Life Insurance Company from Genworth Holdings, Inc. would need to be adjusted. Genworth and Oceanwide intend to discuss any such adjustment with applicable regulators and Fannie Mae and Freddie Mac.

Furthermore, to close the transaction, Oceanwide will need to receive clearance in China for currency conversion and the transfer of funds. Approval by the U.S. Financial Industry Regulatory Authority also remains outstanding, but pursuant to FINRA rules, the transaction may proceed and closing may occur before such approval is obtained.

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