TheMReport — News and strategies for the evolving mortgage marketplace.
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local edition s e c on da r y m a r k e t a na ly t ic s Se r v ic i ng Or ig i nat ion SERVICING we will achieve through these transactions will support our growth strategy and allow us to deliver best-in-class solutions to a broader client base." Vericrest is a financial services company that specializes in servicing residential mortgage loans across the country. It has locations in Texas, Oklahoma, and California. SharperLending Launches New Integration Initiative Following updates to the company's appraisalrelated platform, SharperLending announced a partnership with ARC. Washington // Mortgage tech provider SharperLending, LLC, announced enhancements to its Appraisal Firewall platform with a new technical integration to appraisal management firm American Reporting Company (ARC). Under the terms of the companies' agreement, ARC will provide appraisal management services to lenders who utilize the Appraisal Firewall system to order real estate appraisals and manage their own appraisal processes. The integration between Appraisal Firewall and ARC provides users with the option to place their appraisal orders to ARC within their familiar Appraisal Firewall system. Instead of using the lender's internally created and managed appraiser panel, the order will route to ARC, which will then utilize its appraisal management company (AMC)-approved list of appraisers to complete the order. Lenders receive live updates so that they are kept aware during the process. In addition, lenders using Appraisal Firewall now have extended options for out-of-area coverage. In the case that appraisers on their current panel do not cover a certain area, the order 56 | The M Report can be placed to ARC, which has regional coverage as an AMC. "Lenders get more than just the increased efficiencies that come with supplementing their approved appraiser panels with new out-of-area coverage options," said Dave Black, president and CEO of Washington-based SharperLending. "Through this exciting partnership with one of the best AMCs available, Appraisal Firewall lenders can comply with additional wholesale and investor requirements for appraisal ordering, which helps broaden the scope and increase the value of their loan portfolio." More Felony Charges Filed Against Guilty Executive After finalizing a plea deal with the Missouri AG that includes a prison term, the one-time president of DocX is facing additional charges in the Midwest. Michigan // Lorraine Brown's legal drama continues as Michigan attorney general Bill Schuette announced the filing of a felony charge against the former DocX president. Brown is being charged with one count of conducting criminal enterprises (racketeering) for her alleged role in authorizing the fraudulent signing of mortgage documents filed in the state. The felony charge carries a penalty of up to 20 years in prison. According to a release from Schuette's office, the attorney general launched an investigation after county officials across Michigan reported suspicions of forgery after a 60 Minutes broadcast revealed the name "Linda Green" had been signed on thousands of mortgage documents in several styles of handwriting. Officials reviewed their files and found similar documents. "Shortcuts like robo-signing are just one piece of the mortgage foreclosure crisis," Schuette said. "Our investigation remains ongoing, and we will bring to justice every lawbreaker we find." Arrangements are being made for Brown to surrender to Michigan authorities. Schuette noted that although the charges address Brown's alleged role in the scheme, his office's overall investigation into robo-signing remains ongoing. Wingspan Garners Award for Growth Receiving accolades for the company's strong showing in 2011, Wingspan is projecting further expansion in spite of recent layoffs. Texas // Wingspan Portfolio Advisors, based out of North Texas, has been recognized as one of the fastest-growing companies in the area, the company announced. Wingspan was one of the top two recipients of the Dallas 100 Awards, marking it as the second fastest-growing privately held company in the Dallas Metroplex. The company was celebrated for its revenue and job growth in 2011 as it grew to meet increasing demand for special and component mortgage services. The awards, created in 1990 by the SMU Cox School of Business Caruth Institute for Entrepreneurship, recognize contributions to the Dallas economy from independent, rapidly growing companies. Presentations were made on November 14 at the 21st Annual Dallas 100 Awards Ceremony and Banquet. "We are most gratified to be recognized for our rapid rate of growth," said Steven Horne, founder, CEO, and president of Wingspan. "Interestingly, our 2012 numbers far surpass 2011, for which the award was given. Our company's total headcount fluctuates according to projects, but overall we continue to grow at a rapid pace." Horne added that he expects Wingspan's employee count will break the 2,000 mark this year, eclipsing 2012's substantial growth. "We are continuing to grow our existing business lines, diversify our services, and pursue new strategic relationships that will drive exceptional growth for the next several years," he said.