Mortgage industry vendors are getting ahead of the rush of new product releases and upgrade announcements that come during the Mortgage Bankers Association's annual technology conference. The event kicks off Sunday in Chicago, so here's an early look at some of what tech developers have in store this year.
Altavera Mortgage Services
Origination fulfillment provider Altavera Mortgage Services received approval from Standard & Poor’s Global Ratings to provide third-party due diligence on residential mortgage-backed securities rated by that agency.
Altavera, owned by Computershare, offers a variety of closed-loan file review services for agency and non-QM residential mortgages to investors and correspondent aggregators.
Mortgage origination software provider BeSmartee has integrated its Smart Mortgage platform with Zillow subsidiary Mortech's product and pricing engine.
Lenders who implement Smart Mortgage can provide borrowers with a self-service interface to complete the mortgage origination process on both desktop and mobile devices. The partnership, which makes use of Mortech's application program interfaces, will provide BeSmartee's customers with accurate mortgage rate quotes and investor pricing data. Mortech's Marksman program will direct borrowers leads to BeSmartee's Smart Mortgage platform from consumer-direct sites such as Zillow, Bankrate and LendingTree.
Additionally, BeSmartee has teamed up with Matic Insurance Services. As part of that deal, Matic's insurance purchasing software will becoming part of the mortgage platform. The integration will provide borrowers with homeowners insurance quotes and allow them to purchase their policies directly through the Smart Mortgage platform.
Black Knight Financial Services
Black Knight Financial Services has updated its AFT Prepayment and Credit Model, which calculates prepayment, default and loss probabilities. The update includes coverage of reverse mortgages and home equity lines of credit.
Black Knight senior vice president Ned Myers noted that the change was being made in advance of the Financial Accounting Standards Board's shift to the current expected credit loss model.
Churchill Mortgage has launched a suite of tools for its loan officers to market to consumers with education and analysis about the home buying and mortgage processes. The "Smarter Mortgage" platform includes mobile apps and resources for loan officers, real estate agents and consumers and is designed to strengthen Churchill loan officers' ability to serve as a trusted source for prospective homebuyers.
Fiserv is updating its LoanServ servicing system of record with new "Loan Boarding" capabilities. The enhancements are designed to improve loss mitigation management and investor reporting, as well as reduce timelines for onboarding both performing and defaulted loans, the company said.
Freddie Mac will allow automated underwriting of borrowers who lack credit scores but have other financial records starting in June. These borrowers will be eligible for underwriting through Loan Product Advisor if they are interested in purchase mortgages or no-cash-out refinances, and are getting loans on one-unit owner-occupied properties. Read our full coverage here.
Origination software provider Maxwell will integrate Matic Insurance Services' homeowners insurance tools into its workflow platform, allowing borrowers to receive insurance quotes during the application process.
Accenture subsidiary Mortgage Cadence announced that it will launch a new version of its Enterprise Lending Center platform. The new edition will feature API functionality, with a software development kit that will allow lenders to integrate the platform's functionality across their operations.
The new version of the platform will also feature new data points to help lenders maintain compliance with the Home Mortgage Disclosure Act and to generate the Uniform Closing Dataset file that will be required by Fannie Mae and Freddie Mac.
Title software developer Qualia has integrated the agentTRAX portal from Fidelity National Title Group into its settlement platform.
Through this integration, Chicago Title, Commonwealth Land Title and Fidelity National Title agents can issue closing protection letters and generate policy jackets directly through the Qualia system, the company said, adding the integration also allows agents to auto report gross premiums to Fidelity's accounting department, leading to fewer errors while increasing efficiency.
SLK Global Solutions
SLK Global Solutions has released a new mobile platform for customer engagement called SmartLendEx. The platform can be accessed by realtors, borrowers and lenders in a bid to reduce loan cycle time and origination costs.
Appraisal, title, closing and settlement services provider ValuAmerica is integrating Pavaso's digital closing platform to facilitate hybrid electronic mortgage closings.
The integration allows ValuAmerica, owned by Clayton Holdings, to offer its customers more flexible options to execute a combination of paper and electronic documents in the mortgage process.