The Mortgage Bankers Association’s 2017 Annual Conference and Expo is in full swing in Denver, and many companies are using the event as their launch board for new product solutions.
Our own Ben Lane explained technology talk has been all the rage at this year’s event, and he expects this to continue over the next couple days.
And indeed many companies are focused on launching products that improve the efficiency, cost and custumer experience in the mortgage industry, factors that the nation’s top mortgage lenders revealed as their secrets to success.
With that said, here are the new products, in no particular order, that have made their way across HousingWire’s news desk over the past couple of days, and the changes they will bring to the mortgage finance industry.
Blue Sage Solutions, a cloud-based lender platform for retail, wholesale and correspondent lenders, announced the launch of its Digital Lending Platform.
This new platform, which is available immediately, will allow lenders to sell, manufacture and close loans online with offering borrowers a fast and user-friendly digital mortgage experience. The platform allows borrows to shop, apply and participate in the origination process from any device. They will have access to explore eligible products calculated with real-time rates, fees and cost options. Lenders will also be able to work more efficiently with brokers and banking partners to deliver faster loan decisions.
Promontory MortgagePath, a new entrant in the mortgage technology and fulfillment solutions spaces, announced the company’s technology arm, PromonTech, released its new Borrower Wallet.
The Borrower Wallet allow borrowers to see key metrics such as credit score, debt-to-income and loan-to-value rations in real-time from its dashboard. The app also guides borrowers through the application process including submitting their new documents, allowing lenders to accelerate the underwriting process.
ServiceLink, a provider of mortgage services, announced the addition of its new capability called EXOS Digital Assistant to its EXOS digital mortgage platform.
This new development will give appraisers, signing agents, real estate agents and lenders access to a personal digital voice assistant. The assistant provides fully interactive and hands free communication – like Siri, or Alexa. The assistant was built on Dialogflow technology and can reschedule appointments, provide estimated times of arrival and access productivity updates. It works on both iOS and Android.
DataVerify, a provider of risk mitigation and verification services, announced the addition of verification of employment and income authorized reports for its Day 1 Certainty from Fannie Mae.
The company’s service delivers income and employment records in a single platform to allow lenders to quickly evaluate the information and ensure no applicant misrepresentation. DataVerify explained the platform evolves dynamically through the origination process, with user simplicity. The result is a highly efficient workflow with consistent results.
First American Mortgage Solutions unveiled its new Digital Gateway offering to help simplify and accelerate mortgage lending.
Its new solution allows application developers from lending organizations, loan origination system providers, fintech companies and point-of-sale solutions to obtain and configure data and services on demand. It can also be repurposed to create loan process efficiencies such as pre-population, custom workflows and automated data validations.
Optimal Blue, a provider of secondary marketing automation and services in the mortgage industry, announced the launch of its Enterprise Analytics.
The offering provides secondary marketing leaders with full visibility into lock activity and change requests, including lock extensions. Transaction lock data can be monitored close to real-time, allowing users to understand trends and monitor activity at the product, channel, branch and loan officer level.
Equifax, an information solutions company, announced an enhancement to its U.S. mortgage service orders.
The company will now deliver the work number indicator, an instant, basic alert of whether an employment and income record exist on the work number database, a centralized repository of payroll data managed by Equifax. This will enable lenders to see whether a borrowers income and employment information is available within its database.
ReverseVision, a provider of technology and training for the Home Equity Conversion Mortgage, announced Norwich Commercial Group selected ReverseVision as its provider for end-to-end HECM technology.
In addition to ReverseVision’s RV Exchange loan origination software, Norcom will also utilize RV Database, an add-on which enables lenders to crease a local data warehouse of pertinent reverse mortgage data, and RV Sales Accelerator, a web-based tool that helps loan officers drive HECM loan volume.
FormFree, which provides automated verification solutions to streamline the lending process, announced it entered into Fannie Mae’s new pilot program to validate borrower income.
The new program allows lenders to validate borrower income, asset and employment data through a single report as early as 2018, however FormFree, along with a few other lenders, will have access to the program now through Fannie’s pilot program.
loanDepot, a retail mortgage and nonbank consumer lender, announced its new agreement with OJO Labs to act as the mortgage provider of its machine-powered assistant known as “OJO.”
This artificial intelligence technology combined with loanDepot’s digital lending platform mello will allow homebuyers to access real estate and mortgage information, help them get pre-qualified and guide them through an entirely digital, mobile-first experience.