MReport November 2019

TheMReport — News and strategies for the evolving mortgage marketplace.

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8 | M R EP O RT MTECH "Both TraceRisk and Continuity share a motivation to simplify compliance and risk manage- ment, which allows our clients to focus more attention on achieving their broader strategic goals," said Derek Yankoff, Co-Founder of TraceRisk, who will now serve as Continuity's Chief Strategy Officer. "By joining forces, we can offer deeper, more integrated risk and compliance management ca- pabilities. Our combination drives a distinct competitive advantage for us and our clients, enhancing performance while establishing a new standard for how the finan- cial services industry manages risk and compliance." Right-Sized Solutions CORELOGIC'S UPDATED RECONSTRUCTION ESTIMATING AND RISK ASSESSMENT SOLUTION IS DESIGNED TO DIFFERENTIATE ATTRIBUTES OF LARGE-TRACT VERSUS HIGH-VALUE HOMES. C oreLogic, a global prop- erty information, analyt- ics, and data-enabled solutions provider, announced the availability of its updated RCT Express reconstruction estimating and risk assessment solution that now includes the ability to provide valuations for large tract homes (LTH). This update gives insurers the ability to better assess and price LTH policies, bringing more powerful coverage adequacy tools to the insurance industry. "The rising popularity of large tract homes has created new chal- lenges for insurers, who have his- torically struggled to distinguish these structures from high value homes that have more custom attributes," said Benjamin Abbott, Product Manager for CoreLogic Insurance Solutions group. "Because of the size of these LTHs, many LTH homeowners policies have valuations more suit- able for a custom home." Within RCT Express, CoreLogic can identify granular traits of LTH structures. Some general distinctions between LTHs and high value homes include: Location and design: LTHs usually make up an entire subdi- vision and have minimal varia- tions in the building layout. Materials: The materials used to construct LTHs are of less quality compared to materials used in the construction of a high-value home. Construction protocol: LTH construction practices are designed to be as efficient as possible, result- ing in less waste, reducing costs, and increasing overall productiv- ity in time to build. Soft costs: Other construction costs, such as contingencies, archi- tect work, engineering fees, and markups, are all more predictable and less expensive in LTHs com- pared to high value homes. "With our latest RCT Express release, CoreLogic is making it possible for insurers to bring new levels of accuracy to their clients' home property insurance policies, helping insurers continue to build trust and confidence with policy- holders." Abbott added. RCT Express is a reconstruc- tion estimating and risk assess- ment solution that offers an unprecedented view of structure risk to support the underwriting workflow in helping insurance carriers extend the right coverage and better protect policyholders. Enhancing Loan Officer Productivity SUN WEST MORTGAGE COMPANY HAS LICENSED CLOUDVIRGA'S TECHNOLOGY SUITE TO ASSIST ITS LOAN OFFICERS AND BORROWERS. S un West Mortgage Com- pany, a mortgage banker and national origina- tor, announced its decision to license Cloudvirga, a digital mortgage point-of-sale soft- ware provider, and its suite of technology offerings to Sun West Mortgage loan officers and borrowers. Sun West will become the first Cloudvirga customer to utilize a pair of exclusive new technol- ogy offerings, DocCertainty and HomDNA, within its point-of-sale software, the Cloudvirga digital mortgage platform. DocCertainty, a document clas- sification and verification platform, assists borrowers with income and asset verification as they upload critical documents (like W-2s, pay stubs, and tax returns) during the home loan application process. Documents uploaded to the Cloudvirga Digital Mortgage Platform will be automatically separated into individual PDFs and scanned for accuracy and legibil- ity—saving Sun West LOs valuable time and effort, maintaining com- pliance, and identifying mistakes that lead to closing delays. HomDNA, a document storage platform and post-closing con- sumer engagement app, helps Sun West loan officers develop lasting, lifetime relationships with their customers. Sun West LOs can offer the app to borrowers at the time of closing to store important documents (appraisal reports and recaps, home appliance warran- ties, floor plans, and construction materials) in a secure, singular location. HomDNA also provides borrowers with monthly market valuations and a curated directory of local maintenance professionals. "Today's loan officers expect their partners to bring the new- est and most forward-thinking technologies to the table to help them win customers for life and build stronger relationships with consumers than ever before," said Ty Kern, Senior Managing Director of National Production at Sun West Mortgage Company. "The Cloudvirga Digital Mortgage Platform, combined with the DocCertainty and HomDNA components, are representative of the platform's best-in-class integra- tions. These new technology offerings will enhance loan officer productivity, improve speed to closing, and help our mortgage company continue attracting the best-in-class loan officer talent nationwide." "Sun West is the perfect part- ner for these exciting enhance- ments to our core platform," said Dan Sogorka, CEO of Cloudvirga. "DocCertainty and HomDNA will add significant functionality that will enable LOs to foster and maintain meaningful relation- ships with their customers. These components will also be generally available to our new and existing customers, including the Arive wholesale marketplace." "The rising popularity of large-tract homes has created new challenges for insurers, who have historically struggled to distinguish these structures from high-value homes that have more custom attributes." —Benjamin Abbott, Product Manager for CoreLogic Insurance Solutions group

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