MReport April 2019

TheMReport — News and strategies for the evolving mortgage marketplace.

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6 | TH E M R EP O RT MTECH to drive efficiencies in the loan production process. Ellie Mae said that AllRegs Online will provide a new user experience for those using this platform for regulatory and inves- tor information. AllRegs Online enables lenders to confidently manufacture loans knowing they meet the latest investor require- ments or state and federal statutes. The new user interface achieves a new level of usability, ensuring the powerful research and refer- ence content offered is accessible to anyone across an organiza- tion—from loan officers to opera- tions personnel, underwriting, risk management, compliance, quality control, and secondary marketing. "I am excited to share the new AllRegs Online enhancements with our team at Bell Bank," said Elisha Shaughnessy, Mortgage Review Analyst, Bell Bank Mortgage. "These upgrades and new features will enhance efficiency and increase overall production. AllRegs contin- ues to make my job of supporting staff easier and our team better." Some of the features of the new AllRegs platform include: » A centralized source of mortgage industry content including cur- rent state and federal compliance regulations, pending residential mortgage legislation, single- and multi-family agency guidelines, and correspondent investor guidelines and information. » New homepage features such as lists for recently viewed documents, favorites, and public notes with the ability to per- sonalize views and customize content displayed. » Improved search functionality for easier and faster information with an option to quickly nar- row the scope of the search by using content filters. » When viewing documents, a new floating toolbar appears providing quick access to com- mon tasks to print, email, add a document as a favorite, add a note, or view related revisions. » New user administration func- tionality that provides desig- nated administrators the ability to add and remove users and create user groups with unique content permissions. Big Tech vs. Big Banks A SURVEY GAUGES THE SHIFTING TRENDS IN CONSUMER DIGITAL EXPERIENCES. O nline services offered by banks are appreciated by consumers, however, big tech competitors loom, stated a new Fannie Mae survey that looked into the American perspective on banking experi- ences, and the shifting patterns in consumer digital experiences. According to respondents of the Q 3 2018 National Housing Survey, while 43 percent of Americans say they are "very likely" to recommend their bank, 24 percent said they tend to stay with them out of con- venience and trust. Some choose to stay on account of their bank's speed, rates, or online interface. Sixty-nine percent of consum- ers reported overall satisfaction with their primary bank's online interface as they are easy. Several respondents stated that they prefer performing simple tasks online— such as depositing money and paying bills—and are less comfort- able performing more complex tasks online, including applying for a mortgage. Sixty-eight percent of young Americans do online bank- ing, and approximately one-third of those surveyed use Big Tech pay- ment services for mobile payments. The survey's findings come at a time when traditional banks and financial institutions face increas- ing competition from start-ups and established Big Tech compa- nies that have started rolling out financial services. These com- panies, however, do not inspire much trust among consumers, the survey noted. However, 20 per- cent of Americans, when thinking of their favorite technology com- panies—Google, Amazon, Apple, and Facebook—are more likely to trust that particular Big Tech company to handle their financial activities, including mortgages. "These new entrants are looking to offer financial services and are often credited with offering daz- zling consumer digital experiences significantly better than those of traditional banks. Given the digital and customer experience prowess and resources of Big Tech firms, they may be especially well-situ- ated to compete against traditional financial institutions," said Steve Deggendorf, Director of Market Insights Research at Fannie Mae. The survey also pointed out most banks do not currently provide the experience that fulfills consumers' financial needs on the digital front compared to the Big Tech giants. Fannie Mae's prior re- search also shows that a majority of recent homebuyers have some inter- est in a fully digital mortgage. The survey findings also indicate that now is the time for banks "to step up their digital game and, more specifically, to consider how to best digitize more complex financial tasks before Big Tech does." Flagstar Improves Tech to Connect HERE'S WHY FLAGSTAR BANK HAS UPDATED ITS LOAN ORIGI- NATION SYSTEM AND HOW IT'S DIFFERENT. B etter customer experi- ence was a key factor for Michigan-headquartered Flagstar Bank in introducing an updated loan origination system (LOS)—Loantrac 2.0. This updated and upgraded version of its origi- nal LOS is currently being rolled out in phases with delegated cor- respondent customers. The bank said that the new LOS has been redesigned to focus on ease of use and transparency for brokers and correspondents. Along with the new interface that mirrors the bank's website, Loantrac 2.0 gives correspondents the ability to serve their clients nationwide with no geographi- cal restrictions. Flagstar said that it expects to have all third-party originators on Loantrac 2.0 by September 2019. "We heard the feedback from our customers, and we made changes to give them a better experience," said Brian Vieaux, Head of Third-Party Originations at Flagstar. According to Flagstar, the correspondent lenders who were surveyed after taking a trial of the new LOS found the new system to be much faster with downloads and most up to date compared to other investor portals used by them. The survey also revealed that correspondents found that they could view and send documents "almost instantly and verify" what they sent. They also saw a decrease in suspense conditions in the new portal. Some of the key features of the new system include simplifying document uploads with a drag and drop feature, which allows customers to upload multiple documents at once and aligns the views of users and the Flagstar team. The new LOS also offers delegated correspondents with a registration and delivery experi- ence that is customized to their needs along with a customizable dashboard based on customer ID, to give them an aggregate view of their pipeline in one place in a format of their choosing. The bank said that Loantrac 2.0 also offers intuitive navigation and a cleaner view "saving customers time and trouble." It revamps the sellers guide into a one-stop shop for important information on products, procedures, underwrit- ing guidelines, and announce- ments. 43% Percent of Americans who say they are "very likely" to recommend their bank. Q3 2018 National Housing Survey

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