Jan 3, 2024
Stay ahead of cybersecurity threats in 2024! Learn key cybersecurity measures for a resilient and secure technological landscape.
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Stay ahead of cybersecurity threats in 2024! Learn key cybersecurity measures for a resilient and secure technological landscape.
Measuring the rate of return of mortgage technology investments is crucial to assess the effectiveness and value of technology initiatives.
Fannie Mae, Freddie Mac to add desktop appraisals to systems in March
Fannie Mae, Freddie Mac to add desktop appraisals to systems in March
Fannie Mae and Freddie Mac have announced the dates when they’ll follow up on their regulator’s promise to make one of the appraisal flexibilities introduced amid the pandemic a permanent part of their operations. The two major government-related mortgage investors will add desktop appraisal messaging to their automated underwriting systems in March. Freddie’s system feedback will indicate…
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The tool will provide customers with a good indication of how much they could potentially borrow based on their earnings and expenditure Legal & General (L&G) has announced that it will provide its digital mortgage sourcing technology to My Simple Mortgage. L&G says the integrated tech solution is the ‘first of its kind’, enabling customers […]
Veros® and IDS Partner on Integrated Solution for Fannie Mae and Freddie Mac UCD Data Submissions
New Post has been published on https://goo.gl/bPorfi
Veros® and IDS Partner on Integrated Solution for Fannie Mae and Freddie Mac UCD Data Submissions
SANTA ANA, Calif./April 16, 2018 (STLRealEstate.News) — Veros Real Estate Solutions (Veros®), a leading developer of enterprise risk management, collateral valuation, and predictive analytics services, and mortgage document preparation vendor International Document Services, Inc. (IDS) announced today that they have partnered to provide lenders with a fully integrated automated delivery solution for submitting the Uniform Closing Dataset (UCD) to the Government Sponsored Enterprises (GSEs).
The Veros And IDS Partnership creates a fully integrated UCD data file creation solution and submission solution. By offering lenders a single, integrated solution – similar to the Uniform Collateral Data Portal (UCDP) – and combining IDS’s UCD XML file creation capability with Veros’ Pathway UCD submission system, both Veros and IDS ensure full compliance with the GSEs’ June 25, 2018 mandate.
“IDS is widely recognized as a leader in the mortgage document preparation space, and we are pleased to partner with them to provide lenders with a single, integrated solution to ensure compliance with the GSEs’ upcoming UCD data submission requirement changes,” said Robert Walker, CMB, CMT and Vice President of Sales at Veros.
According to a January 30, 2018 joint announcement made by Fannie Mae and Freddie Mac, warning UCD edits in the GSEs’ respective delivery systems related to non-submission or unsuccessful UCD submission will become critical or fatal effective June 25, 2018. In addition to the edits that will turn fatal in the GSEs’ delivery systems, the UCD warning edit for embedding the PDF will also convert to fatal, resulting in a “Not Successful” status, as of the June mandate.
Both GSEs are recommending that lenders prepare for the change by submitting “Successful” UCD files prior to delivering their loans, as appropriate. In response to the joint announcement from January, IDS has updated its proprietary idsDoc platform to support the directive and issued a press release on April 11, 2018 urging lenders to begin troubleshooting UCD files that resulted in a “Not Successful” status.
“IDS has been gathering feedback from our clients in an effort to error-proof the UCD submission process before the upcoming changes,” added Matthew Mackey, Director of Sales and Marketing at IDS. “Veros’ expertise in working with automation and providing the technology powering the UCDP make them an excellent partner not only in this endeavor, but also in our overall goal to make idsDoc as seamless and efficient as possible for our clients.”
For more information about the IDS and Veros UCD solution, contact Matthew Mackey at 800-554-1872, ext. 134 or [email protected].
About Veros Real Estate Solutions
Mortgage technology innovators since 2001, Veros is a proven leader in enterprise risk management and collateral valuation services. The firm combines the power of predictive technology, data analytics, and industry expertise to deliver advanced automated solutions that control risk and increase profits throughout the mortgage industry, from loan origination to servicing and securitization. Veros’ services include automated valuation, fraud and risk detection, portfolio analysis, forecasting, and next-generation collateral risk management platforms. Veros is also the primary architect and technology provider of the GSEs’ Uniform Collateral Data Portal (UCDP) and FHA’s Electronic Appraisal Delivery portal (EAD). For more information, visit www.veros.com or call 866-458-3767.
About IDS, Inc.
IDS, a Reynolds and Reynolds company, was founded in 1986 in Salt Lake City, Utah, and is a nationwide provider of mortgage documents and compliance. IDS services include electronic signatures, closing documents, initial disclosures, document fulfillment and integration with leading loan origination systems and eClosing platforms. The IDS flagship doc prep solution, idsDoc, is recognized in the industry for its ability to be customized to meet specific lender needs, particularly in regards to major industry compliance changes. ( http://info.idsdoc.com/ )
*LOGOs for Media: – Send2Press.com/300dpi/18-0301s2p-ids-inc-300dpi.jpg – Send2Press.com/300dpi/18-0416s2p-veros-300dpi.jpg
This release was issued through Send2Press®, a unit of Neotrope®. For more information, visit Send2Press Newswire at https://www.Send2Press.com
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SOURCE: news provided by STL.Properties via PRNewswire.com – published on STL.NEWS by St. Louis Media, LLC (PS)
Mortgage Recording Services by Visionet
Problems
Higher operational costs
Reduce cycle time
Cut down county rejections
Compliance
Traditional Process
Maintain separate recording experts who know counties in and out for fees/rules for additional forms
Having the settlement system provide all the recording functionalities, subscriptions etc. adds manual follow ups, data manipulations etc.
Balance out the resources with high/low volumes
Relying on number of regional individual vendors to do the walk-ins in different jurisdictions and then tracking their work
Managing stacks of physical documents
Visionet Advantage
Seasoned recording specialists
Teams by geographies
Teams by transaction type
Client Centric teams
eRecordings, Manual or Walk-ins departments
Shipping Teams responsible for receiving recordable and sending back recorded files directly to the lender
Dynamic Workflow
Customizable workflow that fits the need of the customers
Effective County follow ups and updates
Automated learning through Rejection analysis
State of the art Technology
Integrations with related service providers
Open Integration framework that can easily integrate with the settlement software
Client Portal that gives complete visibility and tracking for the customers
Complete Transparency and Security
Mortgage Recording Services
As a leading mortgage services provider in the industry, we realize the pressure on mortgage servicers to lower their operational cost. The urge to reduce cycle time and the demand to cut down county rejections has always been the top priority for a recording group. Recognizing these pain points, Visionet started offering Mortgage Recording services to its business partners using cutting-edge VisiRecording® technology. We believe that global technology is not just a cost-cutting measure but can add business value and expertise when implemented properly. This idea revolved a few years back, was materialized and now in action at many of our partners.
Challenges
We understand the many challenges your recording group encounters every day. Calculating the correct check amount, attaching the right affidavits, considering marginal requirements are some of the items your recording team should consider before dispatching it to the county. Every state has a distinct set of requirements; in many cases counties within the same state have different criteria. Most of these are repetitive day to day exercises from an operational point of view and require several resources when volumes are on the high side. Having a global services partner who understands your recording operations, has the right people and technology for the job could add significant business value to your organization.
Our research proves that Legacy Recording technology is not tailored for the global outsourcing market. Most legacy systems don’t offer web-based interfaces, were certainly not designed to leverage Distributed workflow assignments between remote teams. There is simply no easy way to assign an order to a global vendor and have a QC review onsite. Excel sheets imports, extracting email chains, manual formatting, importing and exporting are tools of the past as they hog up productive time. As an established leader in mortgage technology and global outsourcing we realized what many Recording teams were missing and so we took it to the next step.
Solution
We pride ourselves in two aspects when it comes to Recording services: Our people and our propriety Recording technology. We have highly seasoned recording specialists who have spent great number of years in Recording verticals. They have seen how this vertical has changed over the years and have grown with it. Onboard are state/county recording experts, e-recording experts, dispatchers, client reporting coordinators and Level 3 support folks - all of them who add great value to our partners every day.
And then our proprietary VisiRecording® technology – With Visi in place your review team and our delivery processors don't have to spend extra time, and resources on daily manual-intensive process. VisiRecording® offers workflow technology to ensure continuous operations and carries out data transfer between the processor, quality-check and the dispatch groups. The right use of Webservices & web portals make data transfer seamless and instant between remote wings. And you don’t have to bother about your existing in-house and client system integrations - Designed using latest webservice architecture VisiRecording® is integration friendly with any up and downstream system.
For more information about Mortgage Recording Services, please visit Mortgage Recordings, Releases & Assignments.
When Technology Could Create the 'Perfect' Mortgage Loan
[This post is by Scott Sambucci, the Blend Labs VP of Sales & Marketing. Connect with Scott on LinkedIn.]
National Mortgage News (NMN) today posted "How Technology Could Create the 'Perfect' Mortgage Loan."
I might say the article's title should be "When Technology Could Create the 'Perfect' Mortgage Loan."
The article mentions FormFree, a company providing electronic asset verification for the mortgage industry, and Yodlee provides financial account integration for consumers on Mint.com. Companies like Aqumulate and BlueLeaf provide this same service, focusing on account integration for financial advisors.
The IRS now allows taxpayers to request past tax transcripts electronically. For borrower payroll data, check out the list of APIs provide by ADP and ZenPayroll.
For any documents that borrowers cannot electronically link to their mortgage application, check out the technology TurboTax uses for their SnapTax mobile app.
From the article:
Digital verification of a borrower's assets could potentially reduce that risk and also provide more accurate documentation of a borrower's ability to repay a loan. It's also part of a broader effort to get all the data in a loan file verified before a loan closes.
Freddie Mac is moving in that direction now with their recent Loan Quality Advisor product for lenders.
Even the FHA is accepting an increasing number electronic documents and signatures.
The technology exists today. The only real question is when a loan management platform puts the pieces together for borrowers and lenders. Who knows? Maybe we'll do it first here at Blend Labs...
Can the mortgage industry talk about technology please?
[Note to our readers: HousingWire generously offered the opportunity for Scott Sambucci to guest blog during the MBA Technology Conference in Los Angeles last week, and ran this post on their REwired blog last Wednesday. We've reposted here in case our readers missed it on HousingWire.]
“CFPB." “Regulation." “ALLL." "Dodd-Frank". “TILA.” “RESPA." “ MDA." "Reg Z." "Appendix Q." "Johnson-Crapo." Weird. I thought I traveled to Los Angeles for a mortgage technology event, yet it seems the only topics I’ve heard talked about at this week’s MBA Technology Conference are regulation and compliance. At the ResTech Forum yesterday, the central theme focused on compliance and regulations. While at breakfast this morning, two industry executives sitting at a nearby table mumbled “CFPB," then a long murmuring conversation ensued. Then I heard them say "regulators” followed by more murmuring. Later in the morning, the “Impact of Recent Regulation” session had as many attendees as the “Big Data, The Cloud, and Mobile Solutions” session running in parallel. (Yes, I counted.) In the Regulation session, a panelist stated - “Points and fees. It’s complicated. Too complicated to calculate in most systems.” Like most in the mortgage industry, I think the compliance rules and regulations are confusing and can be overwhelming. As John Haring, Ellie Mae’s Compliance Enablement Manager put it - “We need a new term around 'final rule.’”
Okay, we all get it. Regulations are confusing. But where’s the technology part of the conversation?
Instead of stating and restating the onerousness of industry regulations, I wish the conference conversation would focus on how other industries have dealt with regulatory burdens. Instead of worrying about the points and fees on a $100,000 loan, the unequal treatment third party fees, or mortgage insurance requirements at this conference, let’s talk about how advances in technology enable a lender to meet these requirements, even if two separate regulations oppose each other. Instead of worrying about the right to cure processing errors, let’s talk about how deploying good technology removes processing errors altogether. I met with a senior industry CIO today. He said that the CFPB is very clear about what passes and doesn’t passes their requirements - do this and you pass; do that and your fail. What he doesn’t understand is why today’s technology isn’t compliance-ready at the turn of a dial or a few keystroke of new code.
He asked me - "Why doesn’t the technology exist as standard to implement new business rule and workflow requirements to immediately?" I don’t know why not, but I do know it can and it should, so let’s talk about it.
In his keynote this morning, Google’s Director of Ideas Jared Cohen talked about an FDA-approved wifi-enabled pill that travels through a patient’s body taking diagnostics and then automatically sets a doctor’s appointment. He talked about a cell phone charging shoe invented in Africa. He talked about using Bluetooth to organize political protests in the Middle East. This technology exists, so it’s a little perturbing when the mortgage industry finds adhering to a set of business rules just a little too difficult. Necessity drives innovation. So let’s talk about the technology solutions that we need to solve this regulation challenge.
After all, I thought this was a technology conference.