MReport May 2019

TheMReport — News and strategies for the evolving mortgage marketplace.

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TH E M R EP O RT | 5 MTECH modernizing the mortgage subser- vicing model unburdened by the need to upgrade or convert from a multitude of legacy and end-user systems," said Hans Rusli, CEO, IndiSoft LLC. ServiceMac focuses on providing technology, products, and services for the mortgage industry backed by personalized service and sup- port. Its offerings are comprised of personalized solutions that span the mortgage continuum and are designed to enhance security, cus- tomer satisfaction, and profitability. IndiSoft LLC is a software de- velopment and product company specializing in delivering collab- orative technology solutions to a wide range of businesses in the financial services and healthcare industries. The company's RX Office Management Solution is its patented technology offering and has been adapted for numerous stakeholders in mortgage banking, law, insurance, education, health- care, consumer-facing applications, and the housing advocacy sector. More Agility for Mortgage Processing AI FOUNDRY'S TECHNOLOGY IS WORKING TO DELIVER A HIGH- ER LEVEL OF PROBLEM-SOLV- ING AND DECISION-MAKING. M assachusetts-based AI Foundry, an artificial intelligence (AI) platform company, announced the launch of its next-generation Cognitive Business Automation Platform along with a new Agile Mortgages solution. This patent-pending technology incorporates the latest in AI, machine learning, and machine vision to deliver problem-solving and decision-making ability for enterprises. The company's Agile Mortgages solution, which is built on top of the platform, automates manual, labor- intensive mortgage processes, enabling lenders to dramatically accelerate the lending lifecycle. In a statement, AI Foundry said that its vision was to enable lenders to provide a much faster pre-approval and underwriting approval process for their custom- ers. The company said that its Agile Mortgages solution would allow the mortgage industry to use AI to replace multi-week manual processes to help mortgages get processed from "application to underwriting" in days, not weeks. This capability would help lend- ers enhance customer experience while reducing the cost of mort- gage processing. For homebuyers, these capabilities could accelerate the home loan process. "Competition in the mortgage lending industry is intense and while many companies have deployed POS solutions for the customer, the back-end processes have not undergone a digital transformation, until now," said Steve Butler, Founder and General Manager of AI Foundry. "We will truly disrupt the 'status quo' by automating the mortgage applica- tion process and enabling lenders to complement those front-end ca- pabilities with one-day mortgage approvals. This not only opens the enormous potential for acquir- ing and delighting new customers; it also drives down the cost per mortgage, so lenders can be more profitable." The AI Foundry cognitive busi- ness automation platform is built with a model-driven, microservices architecture that enables rapid design, development, and operation for faster decision-making. The platform automates processes by quickly extracting data from elec- tronic images and documents with accuracy and minimal manual in- tervention. It uses machine vision to extract and classify data and information that delivers accuracy rates of 90 percent or higher. Putting the Focus on Real Estate Investors ANGEL OAK PRIME BRIDGE WILL OFFER WHOLESALE OP- TIONS FOR MORTGAGE BRO- KERS LOOKING TO SUPPORT REAL ESTATE INVESTORS. A tlanta-based Angel Oak Prime Bridge, LLC (AOPB), a residential investment property lender that provides financing solutions such as fix-and-flip loans, now offers wholesale options for mortgage brokers looking to expand offerings to clients with an interest in real estate investing. To spearhead this new effort, AOPB has hired mortgage and wholesale veteran Will Jackson, who has over 20 years' experience in the industry and a successful track record of managing and leading business efforts in this space, most recently at JPMorgan Chase. The outlook for the fix-and-flip market shows an incredible op- portunity for growth in the years to come. Fundamentals remain on solid footing and markets continue to see robust demand for financ- ing as more borrowers come off the sidelines. With AOPB's new product suite, brokers will have streamlined access to innovative solutions for borrowers looking to get financing in this space. "Many brokers we work with are inundated with requests for loans as demand for financing sky- rockets. It's clear that there is an opportunity for brokers to expand their business in this area. Now with Angel Oak, brokers have a simple way to access products that fit the needs of these borrowers," Jackson said. "Our new products are another tool in the belt for brokers looking to expand their offerings and client base." "We've witnessed the demand from brokers looking to expand into different product offerings. Given our expertise and success in the non-QM wholesale channel this new effort will be a seamless ex- perience for brokers. We've already built out our staff and support team, we're ready to bring another great product to brokers," said Steven Schwalb, Managing Partner, Angel Oak Lending Entities. Putting Risk in the Cross-Hairs CENTRAL BANCOMPANY'S IMPLEMENTATION OF WOLTERS KLUWER'S RISK ASSESS- MENT SOLUTION WILL WORK TO MANAGE REGULATORY CHANGES AND STRENGTHEN RISK ASSESSMENT. M issouri-based Central Bancompany has implemented a regulatory change offering along with Wolters Kluwer's The outlook for the fix- and-flip market shows an incredible opportunity for growth in the years to come. Fundamentals remain on solid footing and markets continue to see robust demand for financing as more borrowers come off the sidelines.

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