Lenders and servicers are confronting a multitude of challenges in the face of mortgage reform. New regulations and compliance requirements have many institutions rethinking their origination and servicing strategies.
“Some of the biggest challenges these institutions face are the rising costs of compliance, technology, managing financial and reputational risk, and a scarcity of talent, particularly in the areas of underwriting and compliance,” said Rick Seehausen, founder and CEO of LenderLive.
As compliance costs rise and regulators turn their attention to policing new standards, companies are evaluating all their options. “Financial institutions are considering everything from getting out of the mortgage business entirely, to outsourcing either all or part of their mortgage business, to significantly increasing investments in technology and infrastructure,” Seehausen said. “Ultimately, institutions are looking for solutions that mitigate risk and improve efficiency.”
By partnering with LenderLive, a premier services provider, financial companies can take advantage of LenderLive investments in compliance expertise, highly-qualified talent and technology, and benefit from its scale and best practices.
For lenders, the company offers private-label fulfillment to handle all aspects of loan processing, underwriting, and closing, as well as secondary market execution. Integrated document services and title and settlement services provide seamless originations. This enables clients to turn their fixed origination costs into variable costs, without maintaining an extensive mortgage infrastructure.
“By making mortgage production more efficient, our clients are able to maintain their relationships, focus on customer acquisition and be confident that we are originating to their standards. We help them stay abreast of all of the regulatory changes like TRID and all of the state and local rules that can apply to a mortgage,” Seehausen said.
Similar to the challenges lenders face in making new loans to customers, loan servicers are equally challenged with the regulatory requirements and skyrocketing risk and costs. Given the extraordinary scrutiny, servicers must achieve flawless execution and impeccable compliance while still controlling costs to succeed in this arena. LenderLive addresses these challenges.
LenderLive is a pivotal partner in helping clients master servicing and default document generation and management in a workflow-driven, paperless environment. Default title and settlement services are integrated with document solutions to provide even greater efficiencies.
In 2015, LenderLive acquired WALZ, the leader in compliant critical borrower communications for default servicing, allowing LenderLive to expand its existing document solutions and clients. Today, LenderLive provides services to the largest lenders and the largest servicers in the country.
“In this environment, many institutions are looking to consolidate and ensure that they partner with an established and proven vendor,” Seehausen said. “LenderLive is trusted by a wide range of lenders and servicers. Our demonstrated performance offers clients the confidence, control and transparency needed to face financial, reputational and regulatory challenges.”
David Vida, President, LenderLive Network
David Vida oversees the company’s mortgage solutions business line. During his career, Vida has built and run numerous loan servicing and origination companies. Prior to joining LenderLive, he founded and was the CEO of Acqura Loan Services and Strategic Recovery Group. He was also CEO of Master Financial Inc. and held various senior positions at H&R Block Mortgage and Option One Mortgage Corporation. Vida was president and co-founder of City Mortgage Services, and started his career with KPMG Peat Marwick as an auditor and consultant.
Pete Pannes, President, LenderLive Services
Pete Pannes leads the settlement services and document services groups. Prior to joining LenderLive, Pannes was a founding member of NMI Holdings Inc. (NASDAQ: NMIH), serving as both chief sales officer and executive vice president. Before NMI, Pannes spent more than 20 years at PMI Mortgage Insurance Co. operating in a number of sales roles, where he facilitated the launch of CMG Mortgage Insurance Company, which was jointly owned by PMI and CUNA Mutual, and served on its board.
Rick Seehausen, Founder and CEO
Rick Seehausen is the founder and CEO of LenderLive Holdings, Inc., a premier services provider that partners with financial companies to enhance compliance, assume day-to-day operations, and provide scalability. Seehausen began this career at Citicorp Acceptance Corporation, and has also held management positions at FirstPlus Financial, Inc., Mortgage Plus and City National Bank. Before joining LenderLive, Seehausen founded Preserv Financial Inc., and created eOriginator. By 1998, Preserv transitioned to a full-scale software development firm. LenderLive acquired the company in 1999, and the software evolved into LenderLive’s proprietary loan production platform.