TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/113472
on the web The app is currently available for $4.99 through Google play. At press time, an iOS version was slated for release. MI Provider Teams up with Technology Leader Making its mortgage insurance products available via LoanSifter's pricing platform, Essent Guaranty revealed a new collaboration between the two companies. E ssent Guaranty, Inc., a nationwide mortgage insurance (MI) provider headquartered in Pennsylvania, announced the availability of its MI eligibility and rate quotes through LoanSifter's MI Best Execution Pricing Platform. The MI Best Execution Pricing Platform is automatically triggered when a loan scenario exceeds 80 percent loan-to-value (LTV) ratio. Beginning immediately, users will be able to check Essent's MI programs without leaving the LoanSifter platform, which also provides loan eligibility and pricing from more than 160 investors. "We are pleased to partner with LoanSifter, a recognized industry leader with one of the largest repositories of investor and mortgage insurance pricing and eligibility data," said Jeff Cashmer, chief business officer for Essent Guaranty. "Through LoanSifter, lenders will now have transparent and rapid access to Essent's mortgage insurance pricing and eligibility, providing for a smooth origination process and a positive borrower experience." "Having Essent join our MI Best Execution Platform marks a significant milestone in presenting our clients with the most comprehensive pricing and eligibility solutions in the marketplace," said LoanSifter President Bruce Backer. "An increasing number of LoanSifter lenders have been seeking access to Essent's pricing and products. We couldn't be more thrilled about this partnership with Essent." INSIDE THE INDUSTRY QM Rule Prompts Speedy Updates for DataQuick Tweaking its technology products to accommodate new regulations from the CFPB, the company announced platform improvements. A s lenders adjust to recently released guidelines from the Consumer Financial Protection Bureau (CFPB) regarding qualified mortgage and ability-torepay rules, technology companies are adapting to meet their new needs. San Diego-based DataQuick, a technology provider for the lending industry, announced it has adapted its products to meet new industry standards. "The challenge for lenders is to meet these new compliance requirements efficiently and in a timely fashion," said DataQuick's president, John Walsh. The company's MindBox decisioning program has assisted lenders in obtaining qualification information for more than 20 years. With the release of the new industry standards from the CFPB, DataQuick is adjusting the product to ensure compliance. MindBox "ensures a comprehensive, consistent, and accurate review so our customers have the confidence that every loan is decisioned to meet regulatory compliance," Walsh said. DataQuick also offers DataQuick Credit Solutions, which provides property information and income verification to help address ability-to-repay requirements and provide risk analysis. DocMagic Opens State-of-the-Art Technology Center Creating a safer, more sophisticated technology operations center near the company's headquarters, DocMagic announced the debut of its new, advanced facility. D ocMagic, Inc., a California-based provider of fully compliant loan document preparation and delivery solutions for the mortgage industry, announced that its new multimillion-dollar technology center is operational. The center, based in DocMagic's hometown of Torrance, California, is 25,000 square feet and features stateof-the-art technology, including expandable, high-performance servers, high-speed networking, optimized storage access, and server virtualization. The new facility is also guarded by multiple firewalls, video cameras, movement sensors, and biometric scanners, in addition to being fully compliant with SSAE16 Type II security protocols. In case of a primary power failure, the new building is backed up by Kohler Power System's Tier 3 EPA-Certified Emergency, FastResponse II Generating System, which is designed to switch power in less than 10 seconds. "No one else in the industry has this kind of security and processing power," said Dominic Iannitti, president and CEO of DocMagic. "Our turn times now put us well ahead of any competitors, and our guaranteed compliance and stateof-the-art processing center make us the smart choice for documentrelated processes." "Compliance and data security are critical to today's banks and lenders," Iannitti added. "We already had a safe IT platform with zero security breaches in the 25 years since the company was founded, yet we knew we could do more. For us, there was no alternative but to go all-out with our technology infrastructure. With our new technology center, we can confidently say there is no safer place for lenders to create, transmit, and store loan files than with DocMagic." While lenders may be drawn to the security and processing power of the new facility, others are noticing its aesthetic appeal. The American Institute of Architects (AIA) recognized the center with an AIA Honors Award for interior architecture, celebrating the "fuzzy space" effect achieved through the "unique play of light and careful sculpting of passageways that connect the open workspaces." The M Report | 13