LendingLife readers, there are 3 new partnerships in mortgage lending everyone should know about.
1. eOriginal partners with mortgage lenders
eOriginal will announce a collaboration with lenders that will provide settlement agents access to key documents in a fully digital environment, making it easier for settlement providers to coordinate with lenders on their eNote initiatives.
A few key points from the announcement:
- Settlement agents will have access to key documents, including eNotes, empowering the ability to close with confidence and control with no term contract, additional fees or complex training.
- For settlement agents, digital closings improve quality control and productivity while mitigating document fraud.
- The solution has been pivotal to the scalability and adoption of technology in the mortgage ecosystem for companies such as Fannie Mae, Quicken Loans, First American Mortgage Solutions and MERSCORP.
2. Pavaso partners with OS National
Pavaso has partnered with OS National LLC (OSN), a nationally recognized provider of title and settlement services, to deliver a complete digital closing program. Pavaso, a leading mortgage technology provider, is the developer of the industry’s only truly end-to-end digital closing platform.
“The digital closing—be it hybrid or fully digital—is now accepted as the standard for lender, Realtor and consumer alike,” said Nancy Pratt, Vice President of Partner Relations and Government Affairs, Pavaso. “OS National has long made it a priority to deliver transparency, efficiency and, above all, simplicity, to the consumer at the point of closing; so the match with Pavaso is a natural one. We’re delighted to join OS National—along with the many lenders and Realtors beginning to demand the digital closing—to move our industry forward.”
OSN redefines title solutions with exceptional service, innovative technology and in partnership with best of breed companies, like Pavaso. As a provider of residential and commercial title and settlement services, OSN provides a high-touch, high-tech service experience for every person in the real estate transaction through its national platform and network of retail outlets across the U.S.
Pavaso's technology allows lenders and title companies to deliver a complete, transparent loan package to borrowers, allowing them (or their Realtors or loan officers) to access the closing documents anywhere, on any device, prior to closing. Pavaso’s Digital Close platform is capable of producing hybrid closings (digital closings which meet state requirements that some documents be “wet signed”), as well as complete eNote and eVault transactions.
3. Veros partners with Accurate Group
Veros Real Estate Solutions a leading developer of enterprise risk management, collateral valuation and predictive analytics services, and Accurate Group, a leading provider of technology-driven real estate appraisal, title data and compliance services, announced today that they have partnered to provide a complete, end-to-end collateral valuation and analytics solution that will enable home equity lenders and other mortgage industry participants to cut costs and increase operational efficiencies.
Both companies' services will be integrated through Veros’ VeroPRECISION valuation decision engine, the industry’s first property level, next-generation AVM decision logic technology. VeroPRECISION uses sophisticated data analysis to first determine a subject property's suitability for an automated valuation model.
In cases where VeroPRECISION instantly deems a property appropriate for AVM valuation, those customers will immediately receive one of the industry’s top performing AVMs. Based upon machine learning in a production environment, the VeroPRECISION decision engine determines the most accurate valuation at the subject property level.
"With the combination of rising interest rates and rapidly escalating property values, homeowners are increasingly choosing to remain in and remodel their homes and tap available equity through a home equity line of credit rather than traditional refinancing,” said Robert Walker, CMB, CMT Vice President of Sales at Veros. “By partnering with Accurate Group to provide comprehensive home equity appraisal services, we have created a seamless, integrated solution that streamlines the origination process while also effectively mitigating valuation-related risk."
“Accurate Group is committed to delivering our clients the fastest, most accurate property appraisal on every order,” said Frank Guarnera, Executive Director of Valuations for Accurate Group. “By partnering with Veros to leverage VeroPRECISION, we are able to more quickly identify the best appraisal approach, saving valuable time in responding to lender and servicer requests. Our combined approach reduces turn time and cost, while also improving the quality of property valuations.”
Bonus: Finicity partners with Blue Sage Solutions
Finicity, a provider of real-time financial data aggregation and insights, announced a partnership with HW Tech 100 winner Blue Sage Solutions, a cloud-based digital mortgage lending platform, to create a frictionless digital lending process.
Blue Sage will integrate Finicity’s Verification of Assets solution into its multi-channel digital lending platform, in a move they hope will accelerate the credit decisioning process for mortgage lenders, Finicity said in a press release.