Recent technological advancements are helping lenders prevent mortgage fraud and enhancing the ability of originators and applicants to identify the most appropriate wholesale programs. Other innovations include improved ease of compliance with new conforming appraisal standards, FHA credit reports and correspondent loan disclosures.
Calyx Point customers can now search more than 13,000 wholesale lender products and programs through a new alliance with SearchMyLoan.com, according to an announcement Wednesday. Included in SearchMyLoan.com’s database are Alt-A, FHA and subprime loan programs.
RateSpeed has been launched to enable prospective borrowers to search all of a mortgage broker’s available wholesale programs online, including wholesale pricing, REtech Group LLC recently announced. The new service reportedly automates the point-of-sale pre-qualification and communication process.
Prospective brokers must apply for approval as a RateSpeed affiliate. Once approved, they must pay a “modest” up-front fee and a monthly licensing fee. In addition, they need to agree to charge only a flat fee tied to the work involved and agree to be 100% transparent in their interest rate pricing.
MortgageBot is now being utilized by Family first Federal Credit Union, an announcement last week said. With the service, prospective borrowers can complete an online application, obtain pre-approval and receive a full set of disclosures within 20 minutes or less.
Mortgagebot said in another statement it is now offering Experian Fraud and Identity Solutions’ Authentication Services Level Three to help lenders detect and prevent mortgage fraud. The server-based application compares consumer data against Experian’s consumer identity databases and incorporates up to eight “challenge/response” questions that only the true borrower would be able to correctly answer.
CompliancePal has been enhanced with 11 new identity theft red flags, enabling compliance with the FACT Act Identity Theft Red Flags Rule which becomes mandatory on Nov. 1, Compliance Coach Inc. said last week. The San Diego-based company cited two legal cases where business accounts were used to commit identity theft that resulted in losses exceeding $500,000 and $400,000. Compliance Coach noted there were several red flags of identity theft that financial institutions failed to detect and take timely action.
An alliance between Interthinx Inc. and iMortgage Services will boost Interthinx’s offerings of cascading AVMs, forensic review appraisals and other risk mitigation valuation tools, a statement today said.
Instant Merge and Anthem Suite meet or exceed requirements for credit reporting, scoring and non-traditional credit compilation and verification in connection with FHA mortgage insurance risk-based premium calculations, First American CREDCO announced Thursday. In addition, dispute resolution services are included free.
Titan Lenders Corp. has integrated the Mortgage Electronic Registration System with its Cerberyx platform, eliminating the need for lenders to register or transfer records on the MERS System during the post-close and fulfillment stages, a press release Monday said. The loan origination system also validates the assigned Mortgage Identification Number.
Wells Fargo Funding approved Wolters Kluwer Financial Services’ Disclosure Manager for use by its correspondent mortgage lenders, a press release last week said. Wells will accept electronically executed disclosures that are digitally delivered.
SharperLending LLC recently said that its platform, which provides point-of-sale appraisal reports, keeps lenders and broker in compliance with the Home Valuation Code of Conduct recently outlined in an agreement between New York’s attorney general, Fannie Mae and Freddie Mac. The platform’s routing engine places appraisal orders through an affiliated appraisal management company or a randomly chosen appraiser from a list.
Oracle announced last week that MidSouth Bank will utilize its CRM On Demand and Call Center On Demand. The bank plans to capitalize on the built-in analytics, lead tracking and elimination of in-house information technology management, among other features.
United States v. Perry
United States v. Williams
