TheMReport

6 | TH E M R EP O RT MTECH Trade confirmation where after every direct trade, the LoanHD Investor Module generates a trade confirmation PDF, which includes commitment details, important dates, and eligible loan programs, as well as rate, adjuster, and price information. Roll and pair-off information can also be included in the trade confirmation PDF. A Powerful Partnership QRL TO LEVERAGE DOCMAGIC TECHNOLOGY TO ENABLE ECLOSINGS AND THE SALE OF ENOTES. D ocMagic, Inc., a provider of fully compliant loan document preparation, regulatory compliance, and com- prehensive eMortgage services, announced that QRL Financial Services (QRL), a nationwide provider of residential mortgage lending services for community banks and credit unions, has leveraged its eVault technology to purchase eNotes. By implementing this technol- ogy, QRL will extend its reach to lenders that are ready to imple- ment eClosings and sell eNotes. In addition to providing improved service, they will competitively position themselves for the future. The deal will make QRL one of the first investors outside of the GSEs to begin purchasing eNotes. "QRL is a farsighted organiza- tion, and by implementing eVault technology now, they stand to capitalize on marketplace op- portunities as eNotes continue to gain adoption," stated Dominic Iannitti, President and CEO of DocMagic. "We tend to partner with early adopters like QRL who will reap the benefits of their industry insight. We look forward to the success they realize by utilizing our eVault and support- ing technology." DocMagic said that QRL was also using its SmartDocs software, because of which all documents retain a tamper-evident seal to ensure data and document integrity. "Using static documents, that don't include SmartDoc transactional (XML) metadata means some organizations have the difficult, costly, and time-con- suming task of confirming that data and documents are in sync," DocMagic said in a statement. "Offering a truly paperless solution is the future. Consumers will expect and demand a closing experience that is more timely, convenient and informative," said Alex Rivera, Managing Director at QRL Financial Services. "QRL's ability to purchase and service eNotes will allow the credit unions and community banks that we service to stay ahead of the technology curve as they com- pete with the larger institutions in the race to improve the mortgage experience." The solution will also create greater secondary market process efficiencies because of reduced cycle times. QRL will be able to fund faster with fewer postclosing document issues. Beyond the QM CITADEL UNVEILS NEW SOLU- TIONS FOR OUTSIDE-THE-BOX LENDING. I rvine, California-headquartered Citadel Servicing Corp. (CSC) debuted its new product for five- to 35-unit properties and mixed-use containing a livable unit with a bed. The Outside Dodd- Frank Plus Program builds on the company's Outside Dodd-Frank Program to offer loans on prop- erties up to 35 units. Under this program, borrowers can avail loan amounts of up to $3 million with a maximum LTV of 75 percent. "Basically, if it has a bed or living residence attached to it, we can fund it," said CSC's founder and CEO Daniel Perl. "We've been working on this product for a while now and are glad that we can finally offer it to our customers," said Kyle Gunderlock, President and COO, CSC. "We saw the need in the market and created a program that would build on our popular ODF product." CSC said that while it will offer its products to business enti- ties and trusts for the first time, a personal guarantee would be re- quired in addition to the require- ments of its due diligence teams. "We see a lot of potential busi- ness that will come our way with this offering," said William Fisher, SVP, National Sales & Marketing Director. "We are continuing to stay at the forefront of the nonprime/non-QM space because we are reading the market and lis- tening to what our customers are saying. This is a great loan product for residential property with com- mercial influence." CSC is a nonprime/non-QM wholesale and correspondent lender. It was the first company to offer nonprime loans in 2012 following the financial crisis and utilizes its expertise in under- writing to offer products to underserved populations. The company specializes in alternative income products that includes bank-statement programs, asset depletion, verification of employ- ment, and stated income. Opening Up Homeownership FICO, EXPERIAN, AND FINICITY LAUNCH NEW CREDIT SCORE AND ADVANCE THE LENDER- HOMEOWNER RELATIONSHIP. C redit scoring agency FICO, along with Experian and Finicity recently launched a new credit score called UltraFICO Score. The new credit score leverages account-aggregation technol- ogy and distribution capability from Experian and Finicity to help consumers improve ac- cess to credit by tapping into consumer-contributed data, such as checking, savings, and money-market account data, that reflects responsible financial management activity. The three companies estimate that this new score has the potential to improve credit access for the majority of Americans and is particularly relevant for those who fall in the grey area in terms of credit scores (scores in the upper 500s to lower 600s) or fall just below a lender's score cutoff. Consumers who are relatively new to credit with limited history or those with previous financial distress that are getting back on their feet stand to benefit the most from this new system. "This changes the whole dy- namic of the lender and customer relationship," said Jim Wehmann, EVP, Scores, at FICO. "It empow- ers consumers to have greater control over the information that is being used in making credit-risk decisions. It also enables a deeper dialogue between the consumer and lenders to help both parties make better financial decisions. It's a game changer." The UltraFICO Score will launch as a pilot program in early 2019. The pilot is designed to validate the score and assess the willingness of consumers to share financial data for a potentially higher score. Pilot participants were sourced across various lines of businesses. "Offering a truly paperless solution is the future. Consumers will expect and demand a closing experience that is more timely, convenient, and informative." — Alex Rivera, Managing Director, QRL Financial Services

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