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HW Magazine

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February 2017

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Mortgage servicing boom

Servicing is primed to take off in 2017, spurring banks to jump back into the business
In the aftermath of the financial crisis, low interest rates and strict capital requirements combined to make servicing a losing proposition for many banks. The sharp glare of regulators didn’t help either, as banks and nonbanks navigated the already thankless waters of servicing with a new target on their backs. But all that changed abruptly in the fourth quarter of 2016 with the one-two punch of a Trump win and a rate hike by the Federal Reserve.
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Servicing under Trump's administration

What should mortgage servicers expect in the next four years?
Singling out the law that created the CFPB generated a backlash from Congressional Democrats, but it remains to be seen what Democrats can do to stop the Trump juggernaut. See what Mike Jones of Navigant advises servicers to do in this uncertain environment.
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From HW Magazine

Hot Seat: Michael Danlag of Sutherland Mortgage Services

Process transformation presents opportunities for mortgage lenders
Process transformation requires a balance between automated processes and those handled by mortgage professionals. A partner with the proper onshore and offshore mortgage experience will structure the framework for maximum efficiency in accordance with the lender’s specific needs.
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From HW Magazine

Tech Innovators: Fannie Mae program empowers lending confidence

Day 1 Certainty taps tech solutions to transform mortgages
Fannie Mae introduced Day 1 Certainty with FormFree’s AccountChek as the first designated vendor to manage asset verification through DU. Equifax was selected as a designated vendor to provide employment and income verification (through its The Work Number service) and IRS tax transcript fulfillment. The use of electronic validation eliminates the need for borrowers (and lenders) to gather paper documents such as paystubs, W-2s, or bank statements.
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HOT or NOT: What is trending in housing right now?

Airbnb gets a reprieve
What has been trending in the housing world over the last month? The CFPB is red hot, as usual, but consumer housing sentiment and mortgage insurance premiums did an abrupt about-face in the middle of the month. Also, the latest on Airbnb restrictions.
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From HW Publishing

Chronos Solutions streamlines REO asset management for clients

Provides comprehensive auction, asset management and disposition services
Chronos Solutions takes assets through the REO process with a technology-enhanced process that uses proven models to evaluate and analyze each property, expedite the disposition process and maximize returns. The REO asset management and disposition solutions are customized to each client’s unique needs and supported by Chronos’ nationwide partner network.
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From HW Magazine

First American Mortgage Solutions brings clarity and insight to servicing

Launches CleanFile Solutions
First American Mortgage Solutions provides single-source post-closing and servicing solutions covering both performing and non-performing loans. This includes document services, quality control, assignment services, property valuations, loss mitigation, foreclosure and REO title and settlement services. 
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From HW Magazine

LERETA offers complete tax outsourcing program for mortgage servicers

Focuses exclusively on tax and flood services
LERETA’s comprehensive spectrum of property tax services range from tax insourcing to standard tax tracking for both escrowed and non-escrowed loans, as well as a complete tax outsourcing program for loan servicers. It also provides real-time flood zone determination services that range from simple delivery of flood zone determinations to complete portfolio life-of-loan tracking.
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From HW Magazine

Quality Claims Management offers creative, customized insurance recovery solutions

Manages and supports entire suite of investor and insurer claims
Quality believes that a better focus on claims at the end of the default life cycle and integrating lessons learned back upstream are crucial to curbing future losses and additional expenses. For example, if a servicer can expedite conveyance timelines by cleaning up title and ensuring the property is in conveyance condition earlier, they can save months of property preservation costs, personnel expense and property devaluation.  
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From HW Magazine

RES.NET helps clients tackle operational challenges

Combines tech expertise with focus on customer service
RES.NET has a reputation as a technology provider that was built by industry professionals. Last year the company released its Deed In Lieu solution, and with PropertyCure they continue to work towards providing a complete end to end technology solution. 
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From HW Magazine

Safeguard employs strategic systems to capture property conditions in real time

Introduces major advances in its mobile platform
Recently, Safeguard introduced major advances in its mobile platform. The company’s goal is to create a real-time two-way conversation with its contractors utilizing the latest advances in video, GPS, and smart scripting – which is no longer a back-office function for its contractors. They are now able to capture the property condition in real-time on-site and communicate it back to Safeguard within minutes.
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From HW Magazine

Superior Home Services manages the entire hazard claim process

Providing a full insurable damage review of all loans in default, foreclosure and REO
Superior, which is well known for its property repair management solution, now provides a stand-alone hazard claim program as well. This program manages the entire hazard claim process, providing a full insurable damage review of all loans in default, foreclosure and REO.
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From HW Magazine

Venture Solutions provides an advantage in critical communications

Keeping pace with advancements in technology, security and compliance
This steadfast pursuit of industry-leading tools and systems gives Venture the advantage in helping its clients create, deliver and integrate a growing number of customer touchpoints — including statements, letters, welcome kits, checks, year-end tax documents, escrow statements and modification packages. 
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Commentary

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From HW Magazine

Non-QM: Moving from story-telling underwriting to mainstream loan program

Products are being revisited, tempered by lessons learned from the past
Portfolio managers and investors also have a vested interest in the expansion of the non-QM market. They have an appetite for non-QM assets as they represent an attractive yield opportunity. That’s why we’re seeing more “hold” strategies at work with current non-QM production.
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From HW Magazine

Top trends bring focus back to customer service

Borrowers are looking for more than just the lowest rates
The number of satisfied customers begin to drop dramatically as loan officers become less communicative. When a customer has to call a lender for a status update, the customer satisfaction rating drops to 65%. And when the customer doesn’t receive a checklist for completing the loan at the beginning of the process, their satisfaction rating sinks down to 57%.
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