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AllRegs Expands Training Services and Web Offerings

AllRegs, an online publisher of reference information for the residential mortgage industry, recently launched an updated website and enhanced its user application, AllRegs Online.

But the new website, which features improved navigation and organization, is just one facet of the company's business growth strategy heading into this year's MBA annual.

Dan Thoms, senior vice president of sales and strategic initiatives, told NMN that AllRegs sees opportunities to expand its role in providing underwriting guidelines and training to the mortgage industry in addition to its online library of regulations that affect the industry.

AllRegs has been a longtime publisher of Fannie Mae and Freddie Mac underwriting guidelines, and the company is expanding its services for providing private investor guidelines as well with a new product, proGuides. That product enables lenders to share their product descriptions and underwriting guides with their internal staff and at the same time offer branded versions to their brokers and correspondents from within the AllRegs platform. As part of proGuides, the company is also offering "firstPass," a tool that helps lenders select and compare loan products.

"That's a hot product because investors are looking for help in organizing their guidelines," Mr. Thoms said.

Previously, many lenders provided guides in PDF format. The AllRegs platform will make it easier for lenders to search for products and guidelines within a lender's library via a search engine.

He said the company plans to name some of the new participating lenders at this year's convention.

He said that given AllRegs role as a provider of GSE underwriting guidelines, expanding into the private-label market makes sense.

"Fannie Mae and Freddie Mac aren't the only investors out there. The world has changed," he said.

It also complements AllRegs' well-established library of industry regulations, which is widely used by the industry, and Mr. Thoms said AllRegs is eager to be viewed as a one-stop shop for compliance needs.

"People are looking to us for all the regulations today."

AllRegs' recent upgrade also encompasses the launch of AllRegs Academy, a new education division that offers classroom courses, distance learning and MortgageMentor, a series of how-to guides for various subjects.

Mr. Thoms, who previously headed the Mortgage Bankers Association's educational wing, CampusMBA, said the first AllRegs Academy classroom session is slated for early next year in Florida. It will consist of a four-day course on the essentials of mortgage banking.

Mr. Thoms said the industry faces a critical need for staff training in today's loan environment so that lenders can make intelligent decisions about what loan products they should offer to a customer. Training also helps lenders avoid running afoul of legal and regulatory standards.

"An educated workforce is a competitive advantage for a company," Mr. Thoms said. "You need to train all the way up and down the food chain in the workforce."

Glenn Ford, founder, chairman and CEO of AllRegs, said in a news release that the new AllRegs Online maintains the continuity of the user interface while improving functionality, adding more content and providing new tools.

"It is the result of direct customer feedback, with special attention to lender and investor comments, and is specifically designed to address new paradigms in mortgage lending, underwriting and compliance," Mr. Ford said.

The new website also reorganizes AllRegs' federal compliance content, making it easier to find sections within the federal compliance library and to distinguish between federal statutes, regulations, acts and updates. (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com

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