Comergence has updated its Comergence for Lenders compliance platform, an end-to-end solution to manage third parties, from originators to AMCs to appraisers. Lenders get critical data from thousands of sources such as licensing, criminal and civil records, financial sanctions, bankruptcies and foreclosures. Key updates include a streamlined interface and compatibility with mobile tablets and smartphones. Comergence has simplified the originator application process from 12 steps to as few as two steps, containing the entire application to a single screen.
The company’s ComplianceAnalyzer with TRID Monitor providing comprehensive audit coverage based on license types, exemptions and preemptions covering all levels of regulation from federal, state and municipal high-cost and anti-predatory laws. The platform also provides flexible TRID rule compliance for different origination channels and workflows, offering the choice to audit loan terms at each point in the loan lifecycle or implement complete monitoring of all fees and tolerance for every Loan Estimate and Closing Disclosure. Year to date, ComplianceEase’s revenues grew by more than 50% from the same period last year, according to the company.
Lending, Servicing Investments, Real Estate
CoreLogic provides the sales and rental housing data technology used by more than half of all MLSs. In 2015, the company developed a variety of new solutions for the industry, including several mobile apps for real estate agents and consumers and TrueStandings Home Equity, a web-based solution providing aggregated home equity data analytics designed to analyze and benchmark origination, delinquency and prepayment performance at a market level. The company also expanded its Loan Level Home Equity solution to reflect information on timing of draws and draw repayment terms, enhanced its RiskModel and expanded its HPI Forecasts to help banks comply with CCAR and DFAST requirements.
Lending, Servicing, Investments, Real Estate
D+H offers lending, payments, integrated core and global transaction banking solutions used by nearly 8,000 banks, specialty lenders, community banks, credit unions, governments and corporations. Headquartered in Toronto, D+H has more than 5,500 employees worldwide and has annual revenue in excess of $1 billion. The company’s MortgagebotLOS platform supports retail, wholesale and correspondent lending activities and can be paired with MortgagebotPOS, a web-based solution that allows lenders to take applications through every point-of-sale channel.
Lending, Servicing, Investments
In 2015, Digital Risk, a tech solutions and services provider, partnered with one of the largest residential mortgage LOS providers to develop a new technology for a large commercial real estate investment company. Digital Risk and the LOS provider were able to do the roll out in 40 days. In order to customize the system, Digital Risk’s software development and performance management team developed process flows and business rules, performed the initial technology setup, developed the customer interfacing and created documents. The team tied the client’s CRM software into the LOS system in one week — a project that usullytakes five months.
2015 was a landmark year for DocMagic. The company not only participated in the CFPB’s eClosing pilot project, but launched SmartCLOSE, a new collaborative closing portal, and integrated SmartCLOSE’s TRID compliance solution with every LOS vendor. SmartCLOSE brings lenders and settlement providers together, integrating doc prep services, LOS platforms and settlement systems. DocMagic also redesigned the eSigning, eDelivery and eVaulting capabilities platform of eSignSytems and achieved a 100% paperless process with Mid America Mortgage.
Docutech’s key product, ConformX, creates document packages based on information from the LOS. Every data field is automatically populated according to the customer’s business rules, which eliminates any additional data entry. ConformX also automates disclosure fulfillment through electronic and print services. The company’s integration of paperless documents helps lenders improve their time to close, with some clients reporting productivity increases of 30%, according to the company.
Lending, Servicing, Real Estate
Ellie Mae’s Encompass is an all-in-one, fully integrated solution with more than 135,000 users that covers the entire loan lifecycle, providing one system of record. An independent study by MarketWise Advisors revealed that lenders using Encompass could achieve $970 savings and value per loan, $446 reduction in per-loan origination costs, 477% projected ROI and an average payback period of 2.64 months, according to Ellie Mae. The company saw a 30% growth of Encompass users in 2015, which translated into a revenue increase of 61% in the third quarter.
eLynx delivers documents and data-validated loan files with solutions that support the loan process from initial disclosures to post-close. The company’s Document Generation for TRID allows lenders to obtain third-party fee estimates to compare them against their own estimates, mortgage broker provided fees and/or settlement agent fees. The company’s Expedite Inbox solution, which provides a consumer-friendly online portal that lenders can brand under their identity, was chosen by the CFPB for its eClosings pilot program, and the company was one of the first to achieve MISMO Software Compliance Certification in the TRID domain.
Ephesoft products include Ephesoft Enterprise for transactional process automation, Snapdoc for creating specialized document capture applications for smart phones and Ephesoft Universe to extract meaning from unstructured content. Ephesoft Universe allows lenders to mine mortgage records and produce analytics dashboards, heat maps and predictive analysis on market trends and portfolio profitability. Ephesoft eliminates the need for key entry while enabling mortgage organizations to mine these complex documents for patterns and anomalies.