MReport November 2019

TheMReport — News and strategies for the evolving mortgage marketplace.

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6 | M R EP O RT MTECH machine produces a translation and then a human corrects the mistakes. Over time, the machine learns from the mistakes and cre- ates more accurate translations. This is the same work pat- tern that we see in other areas of financial services. Modern compli- ance departments rely heavily on software to sort and prioritize the firehose of legislative and regula- tory change into a manageable stream of categorized information to be reviewed by the appropriate subject matter expert. Although much of this information sorting used to be performed by parale- gals or entry-level associates, it is now automated. Leading busi- nesses are taking the process even further, using AI to suggest the specific documents that should be reviewed in response to regula- tory change. As demographics, customer expectations, and new regulatory requirements evolve, the industry is obliged to provide a higher level of service to LEP communities. Lenders would be well served to consider how to leverage the many technological advances in machine-assisted translations—all of which are lowering barriers to entry by significantly reducing the cost of maintaining documents in multiple languages. SAM HOLLE JD, CRCM, is a senior consultant with Wolters Kluwer's Regulatory Compliance Analysis group. He is responsible for managing the compliance aspects of the loan servicing lines of business. Mr. Holle advises the business on its development of next-generation compliance solutions. Following Compass' Lead AFTER ACQUIRING COMPASS ANALYTICS, HERE'S HOW BLACK KNIGHT IS LEVERAGING THEIR SUITE OF PRODUCTS. B lack Knight announced a release of its Com- passPoint and Com- passPPE solutions that delivers new enhancements to help improve accuracy, efficiency, and automation in origination and secondary marketing. Both CompassPoint, a risk manage- ment and loan sale platform; and CompassPPE, a product, pricing, and eligibility engine, were added to Black Knight's suite of premier solutions when it acquired Compass Analytics. Expanding its suite of fully in- tegrated loan sale automation and business intelligence reporting, new functionality was added to the CompassPoint Pooling Optimizer that streamlines high-balance loan optimization based on month-to- date delivery parameters, including individual investors' note rate and coupon rules. Additionally, the CompassPoint Rate Sheet & Margin tools were enhanced with fresh, dynamic user interfaces that allow lend- ers to efficiently model their margin structures at the channel, branch, product, and origina- tor levels. Intuitive reconciliation tools display the proposed margin structure changes so that users can confidently make updates to their models with ease. Consistent with Compass Analytics' longstanding focus on providing sophisticated and trans- parent solutions to the mortgage industry, CompassPPE includes a new side-by-side product comparison feature which allows originators to compare up to three eligible loan programs at once. This scenario analysis, along with originator-entered notes, can be saved as a PDF and emailed to the borrower from a desktop or mobile device. Additionally, CompassPPE enhanced the pricing concession workflow between originators, branch managers, and secondary lock desks. Lenders now have the ability to define tolerances around concessions, and secondary staff have an improved user inter- face for decision-making around concession requests, inclusive of metrics from Compass Analytics' Originator Scorecards. "Our October release prioritizes features that help lenders drive profitable production and that broaden our suite of margin man- agement tools, which are unrivaled in the mortgage industry," said James Baublitz, Product Manager, Pipeline Analytics. "Today's release is the latest manifestation of our commitment to help our clients cut costs, increase transparency, and drive profitability." Pre-Approvals With a Single Tap US BANK WILL BE ONE OF THE FIRST TO OFFER BLEND'S ONE-TAP PRE-APPROVAL TO CONSUMERS, WITH A PHASED ROLLOUT TO ADDITIONAL LENDERS BEGINNING AS SOON AS DECEMBER 2019. B lend announced the launch of its One-tap Pre- approval for Mortgage. The new offering gives consum- ers instant access to verified buying power and the ability to easily generate a pre-approval letter, further streamlining the homebuying process. "Over the last seven years, we've worked hand in hand with lenders and industry partners to build sophisticated financial technology that fully leverages consumer data and delivers a modern borrower experience," said Nima Ghamsari, Co-Founder and CEO at Blend. "One-tap Pre-approval delivers the simplic- ity and transparency consumers expect and is a crucial first step toward helping consumers achieve financial wellness." U.S. Bank, a Blend partner, will be one of the first to offer One- tap Pre-approval to consumers this year, with a phased rollout to additional lenders beginning as soon as December 2019. "At U.S. Bank, our goal is to simplify the homebuying process and enhance a customer's experi- ence throughout the homebuying journey," said Tom Wind, EVP, Consumer Lending, U.S. Bank. "The streamlined application process and transparent customer experience with One-tap moves us further in the right direction so that buying a home is the excit- ing experience it should be, not a dreaded one. Further, One-tap Pre-approvals will give our cus- tomers certainty at the beginning of the homebuying process. We are excited to be one of the first to offer it to our customers." When Mortgage and Charitable Giving Merge LOANMONKEY'S NEW PLATFORM WILL ALLOW HOMEOWNERS TO REFINANCE THEIR HOMES WHILE ALSO MAKING A CHARITABLE DONATION. L oanMonkey recently an- nounced that potential and current homeowners will now be able to purchase and refinance their homes through LoanMonkey's online platform. Additionally, customers can choose to have LoanMonkey "Today's release is the latest manifestation of our commitment to help our clients cut costs, increase transparency, and drive profitability." —James Baublitz, Product Manager, Pipeline Analytics, Black Knight

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