MReport October 2019

TheMReport — News and strategies for the evolving mortgage marketplace.

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6 | TH E M R EP O RT MTECH process that usually takes only days—so they can take advantage of e-recording's significant time and cost savings." Rhode Island joins 47 other U.S. states that have authorized e-recording of deeds, mortgages, and other documents to enable faster and more cost-effective land record transactions. Only Kentucky and Vermont have yet to begin e-recording. Simplifile said that its e- recording service is available in 54% of all U.S. counties. Through this technology, settlement agents can scan and submit land records directly to any of the 1,965 partici- pating county recording offices. In just minutes, the county recorder can review, stamp, record, and re- turn documents to the settlement agent electronically. Additionally, recording fees and associated pay- ments can be processed directly through Simplifile's secure service, eliminating payment errors and check-writing expenses. Headquartered in Provo, Utah, Simplifile was founded in 2000 to connect settlement agents and county recorders via its e-record- ing service. A "FAST" Partnership with Freddie Mac LOANLOGICS IS POWERING THE GSE'S NEW TOOL CALLED FREDDIE AUTOMATED SERVICING TRANSFER. L oanLogics, a provider in loan-quality technology for mortgage manufactur- ing and loan acquisition, is the technology provider behind Freddie Mac's new tool, Freddie Automated Servicing Transfer (FAST), which streamlines the transfer of mortgage servicing rights for Freddie Mac's Cash- Released XChange. LoanLogics will also provide technology enhancements to ex- pand the capabilities of FAST in support of Freddie Mac's Co-Issue XChange. Launched in October 2018, FAST is an online tool that enables the physical transfer of mortgage servicing rights by ex- tracting information from imaged documents. Leveraging drag-and-drop functionality, FAST standardizes and simplifies the exchange of documents and data, freeing lenders from managing servicer-specific requirements and processes, while also eliminating multiple, time-con- suming manual steps. FAST also gives mortgage servicers a more efficient method to receive docu- ments and data from a variety of lenders, a process that has tradition- ally been one of the most challeng- ing aspects of servicing transfers. The FAST tool leverages LoanLogics' IDEA (Intelligent Data Extraction and Automation) technology, which uses machine learning and other capabilities to transform digital images and scanned documents into verified and validated information for loan boarding. IDEA can be config- ured to support any servicer's defined naming conventions, stacking orders, and required document sets. It includes data extraction for required informa- tion found only in documents and leverages machine learning for the accurate versioning and indexing of all documents. "Freddie Mac is focused on enabling buyers and sellers to interact in ways that allow them to do business better, faster, and more efficiently," said Hakan Beygo, Senior Director of Freddie Mac's Single-Family Office of the Client. "We're delighted to work with LoanLogics and believe they will be valuable in helping us continually enhance our FAST offering." "We are very pleased to partner with Freddie Mac and play an important role in the FAST initia- tive, which is revolutionizing the way mortgage servicing rights are exchanged," said Craig Riddell, EVP and Chief Business Officer of LoanLogics. "With our technol- ogy, the FAST tool can validate loan data coming in from lender systems, identify areas where there are gaps or inconsistencies, and share that information back through FAST's interactive portal. We look forward to an even more productive relationship with Freddie Mac as it expands FAST to include co-issue support." Raising Equity EDISON PARTNERS HAS INVESTED $11 MILLION IN "FUND THAT FLIP." F und That Flip, a fintech platform and marketplace lender of residential real estate loans, recently raised $11 million from Princeton, New Jersey-based growth equity firm Edison Partners. Launched in 2014, Fund That Flip provides short-term loans to experienced real estate redevelopers who buy and renovate residential proper- ties. After origination, Fund That Flip offers accredited and institu- tional investors the opportunity to purchase fractional shares of the loan and earn an 8%-9% annual- ized yield. Since Fintech Venture Fund, an Atlanta-based early-stage investor, led the company's seed round in 2016, the company has realized exponential growth, dou- bling its revenue, loan origination volume and customer base each year. Fund That Flip was recently named No. 42 on the 2019 Inc. 500 list of fastest-growing private companies in America and plans to use the additional capital to expand its market share of the trillion-dollar residential real estate investment industry. Real estate redevelopers who leverage Fund That Flip's financ- ing to renovate aging or neglected properties are able to deliver a like-new home at an attainable price point. "Our mission is to enable our clients to create wealth and improve communities by invest- ing in real estate. This additional capital is going to further advance the mission to more clients and communities across the coun- try," said Matt Rodak, CEO and Founder of Fund That Flip. "Edison Partners has an impres- sive track record of investing in market leaders, and we're incred- ibly excited and honored to have them as a partner as we expand our product offerings, technology, and services." Jennifer Lee, VP at Edison Partners led the investment and will join the Board of Directors at Fund That Flip. "Fund That Flip's offering is well-timed with the growth of the residential real estate industry's addressable market," Lee said. "As affordability continues to concern many homebuyers, the renovation and recycling of existing homes offer an attractive, sustainable solution. We look forward to helping the Fund That Flip team accelerate their vision of being the destination platform for residential real estate investors." With the capital, Fund That Flip plans to scale distribution around its core product set in existing and new markets. The company also plans to develop additional residential loan prod- ucts and provide new ways for institutional and accredited inves- tors to fund their offerings. Shulman Rogers Gandal Pordy & Ecker, P.A., acted as legal coun- sel for Fund That Flip. A Beneficial Integration MORTGAGE CADENCE AND CORELOGIC'S INTEGRATION OF A DELIVERY SOLUTION WILL ENABLE USERS TO REDUCE MANUAL PROCESSES. M ortgage Cadence, an Accenture company, has integrated Core- Logic's Print and Ship secure document delivery solution with the latest version of Mortgage Cadence Enterprise Lending Center (ELC). The integration enables ELC users who con- tract with CoreLogic to reduce manual processes and document delivery barriers. "We're very pleased to bring our ELC clients this CoreLogic functionality, as it helps them mit- igate risk and to lower their cost to originate," said Bryan Ireton, Accenture's managing director for Mortgage Cadence. "Having one- click access to CoreLogic's Print and Ship solution helps expedite delivery of critical mortgage docu- ments and reduce risks related to manual shipping processes." CoreLogic offers one of the industry's most-automated print- and-ship services, including

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