TheMReport — News and strategies for the evolving mortgage marketplace.
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8 | TH E M R EP O RT MTECH confidently inform potential borrowers of automated loan approvals through a simple self-serve process that is triggered from within their loan origination platform—which ulti- mately leads to more business." "In a flat housing market, forward-thinking lenders, like Sprout Mortgage, are differentiat- ing themselves by using technology to better promote their non-QM products and acceler- ate the origination process for underserved borrowers," said Ben Wu, Executive Director at LoanScorecard. "With our AUS technology, wholesale lenders can not only reach more brokers, but also provide them with the tools they need to ensure happier borrowers and more closed loans." A Matter of Integration CLOSINGCORP'S SOFTWARE WILL PROVIDE AUTOMATED FEE SOLUTION THROUGH PLAZA HOME MORTGAGE'S LOS. C losingCorp, a provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, has announced that its SmartFees service is integrated with Plaza Home Mortgage, Inc.'s BREEZE loan origination system. The integration provides wholesale mortgage brokers the option of creating, previewing, and delivering loan estimate (LE) disclosures at the point of sale. SmartFees provides an automated fee solution that gives Plaza mortgage brokers im- mediate access to vendor-verified closing costs with an audit trail and a data-backed guaran- tee. The integration allows BREEZE users to quickly search for and select a closing agent and title company in their specific markets. SmartFees will integrate the loan file informa- tion, transfer tax and recording data, as well as service provider fees, including land surveys and other services required depending on the property's location, from more than 70,000 rate cards. Lender business rules and other requirements are also fed into BREEZE—al- lowing Plaza Home Mortgage brokers the ability to originate mortgage confidently and compliantly. "Lenders want proven applications to help them meet compliance requirements," said Bob Jennings, CEO of ClosingCorp. "Our partner- ship with Plaza Home Mortgage will improve their efforts to provide accurate and timely data to their borrowers while also giving them peace of mind that they are in compliance." "Our integration with ClosingCorp represents our continued commitment to streamlining the LE and disclosure form generation process for our clients," said Jeff Leinan, EVP of National Wholesale Production for Plaza Home Mortgage. "Continuing to collaborate with industry leaders, like ClosingCorp, allows us to provide our clients with access to the most accurate rates and fees enabling them to close fully compliant loans." Funding for the Future BLEND HAS RAISED $130M TOWARDS ONE-TAP MORTGAGES AND EXPANDING ITS TEAM. B lend recently announced it has raised $130 million in Series E funding led by Temasek and General Atlantic. Exist- ing investors 8VC, Founders Fund, Greylock Partners, and Lightspeed Venture Partners also participated in the round, which brings the company's total funding to $310 million. "Blend's technology platform is driving an evolution in how lenders do business and interact with their clients," said Paul Stamas, Managing Director at General Atlantic, a global growth equity firm. "Blend's approach of partnering with financial institutions to reimagine consumer finance has proven hugely successful thus far, and we're thrilled to assist them in their next phase of growth." Blend now routinely processes nearly $2 billion in loans every day in partnership with more than 150 lender customers. The company recently announced product expansions into deposit account opening, home equity, and homeowners insurance, along with a slew of high-level additions to its executive team, including Tim Mayopoulos, former Fannie Mae CEO. With the new capital, Blend said that it intends to continue growing its team of nearly 400 employees to help financial institutions deepen their relationships with clients, bring- ing simplicity and transparency to consumer lending through one-tap experiences. In addition to doubling down on its efforts to digitize the entire mortgage process from application to close, Blend plans to invest in new technologies, grow its ecosystem of part- ners, and further its expansion into a broader suite of consumer lending products. Blend has also named former Pixar CFO Ann Mather to an independent board member position. Currently serving on the boards of Alphabet, Airbnb, and Netflix, among others, Ann brings considerable technology expertise to her role. "Together with our partners, we've made significant strides in transforming lend- ing experiences for consumers and institutions across the country," said Nima Ghamsari, Founder and CEO at Blend. "As we build toward a more transparent and frictionless future where lending transactions happen in one tap, we're grateful to have the experience of Ann, along with the teams at Temasek and General Atlantic, in our corner for this journey." When you have to be right. Wolters Kluwer has leading edge solutions for financial institutions to simplify workflows, drive efficiencies and compliance across the mortgage lending life cycle, from deposit accounts to home mortgages and commercial loans. Our solutions help you navigate regulatory changes and embed compliance at every stage, from origination through ongoing servicing and default. WoltersKluwerFS.com