TheMReport — News and strategies for the evolving mortgage marketplace.
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M R EP O RT | 5 DEPARTMENT Improving the Lending Experience CORELOGIC, BLEND UNITE FOR CONSUMER CREDIT REPORTS. C oreLogic, a global proper- ty information, analytics, and data-enabled ser- vices provider, announced the integration of its Instant Merge consumer credit report within the Blend digital lending plat- form. This move allows Blend customers to automatically access credit report data during pre-qualification and mortgage origination, helping to expedite the decision-making process. For more than 30 years, the Instant Merge credit report has been the most widely used merged credit report in the mort- gage industry, offering detailed credit information from all three credit bureaus. The direct integra- tion of Blend's pre-qualification technology provides the added benefit of automatically running credit requests through Desktop Underwriter (DU) to speed up the credit pre-qualification process. "Integrating Instant Merge credit reports into Blend's technol- ogy provides another opportunity to remove friction from the lend- ing process," said Brian Martin, Head of Business Development at Blend. "This partnership is central to what we're doing at Blend, connecting components to reduce the time to get an accurate credit decision and streamlining the lending process for both lenders and consumers." Blend serves as the digital layer on top of back-end lender systems so they can be more efficient and reduce the time and cost associated with loan origination. With a simple interface, built-in compliance, and intelligent fea- tures, Blend makes getting a loan simpler, faster, and safer. "This integration with Blend means our customers can now instantly access credit data dur- ing the buyer's journey and as a result, optimize their digital strategy during the pre-qualifica- tion process," said Jay Kingsley, Executive for Credit Solutions at CoreLogic. "We're excited to grow our partnership with Blend, and this recent endeavor represents our commitment to deliver an improved digital lending experi- ence to our customers." High Marks for eMortgage Platform DOCMAGIC, INC. HONORED BY STRATMOR GROUP'S 2019 MORTGAGE TECHNOLOGY INSIGHT STUDY. D ocMagic, Inc., a provider of fully-compliant loan document preparation, regulatory compliance, and com- prehensive eMortgage services, announced that its Total eClose platform is the eClosing leader based on market share, overall satisfaction, and lender loyalty in STRATMOR Group's 2019 Mortgage Technology Insight Study. "STRATMOR's study places DocMagic as the eClosing leader, with more than 52.4% of the market comprised of banks, credit unions, and independent mortgage bankers," said Dominic Iannitti, President and CEO of DocMagic. "We're thrilled to have our customers rank us so highly in a study by an organiza- tion as reliable and respected as STRATMOR." DocMagic also led eClosing providers in overall satisfaction ratings and STRATMOR's Lender Loyalty Score analysis, which the study states is based on lender satisfaction and intent to continue using the technology. A second DocMagic technol- ogy, the company's document generation solution, also holds the highest market share in its cat- egory. Together, Total eClose and DocMagic's dynamic document generation can provide lenders with 100% paperless eClosings. According to STRATMOR Group, this year's study was based on responses from 250 mortgage professionals represent- ing 209 unique lenders. The 2019 survey represents 29% of the mortgage market and draws in part upon 2017 HMDA data to maximize accuracy. STRATMOR defines eClosing technology as a system that allows lenders to deliver fully digital and also hy- brid eClosings through a central platform. STRATMOR concluded that "eClosing represents a signifi- cant ROI opportunity for lenders to automate." Leveraging Analytics to a New "Xtent" FIRST AMERICAN'S NEW SYSTEM AIMS TO STREAMLINE THE REVIEW PROCESS AND BETTER IDENTIFY RISK. F irst American Mortgage Solutions, LLC, a part of the First American family of companies, launched Xtent, a configurable, data solution with instant property and borrower analytics, powered by First American's leading title data. This offering for lenders and servicers streamlines the review process, creates efficiencies, and identifies risk. Xtent can be delivered via multiple channels, including an integration into existing tech stacks through an application programming interface (API). It's also available as data-only, excel/ CSV, or PDF reports. It includes an at-a-glance summary with actionable alerts and analytics that indicates loan data inconsistencies which may need further review. This allows lenders and servicers to assess marketing candidates, commence origination of a new loan, define preemptive account management strategies, or facilitate MSR transactions. "Xtent will empower lend- ers and servicers to identify and match relevant data to the cor- responding risk decisions," said Kevin Wall, President of First American Mortgage Solutions. "Instead of combing through multiple reports to find the right information, clients can have everything delivered in one cus- tomizable solution." Xtent provides access to over 30 configurable data sources from which a client can select to include or exclude, such as title and lien information, ownership and occu- pancy, detailed property informa- tion, borrower financial/fraud risk, and compliance risk alerts. By leveraging advanced artificial intelligence and machine-learning technology, combined with First American's leading title informa- tion repository and dozens of ad- ditional data sources, Xtent creates the most comprehensive property data solution in the mortgage industry. "With Xtent, the unique combi- nation of property and borrower information can be assessed at first look, helping to reduce costs, identify portfolio characteristics, and streamline the entire loan re- view process, so lenders can make risk decisions with ease, efficiency, and certainty," Wall said. A $25M Down Payment on Innovation FUNDS RAISED BY SNAPDOCS WILL BE USED TO DEVELOP AI OFFERINGS AND PLATFORMS. S napdocs has successfully raised $25 million in Series B funding, led by F-Prime Capital and with participation from previous investors Sequoia Capital, who led Snapdocs' Series A, Freestyle Capital and Founders Fund. With this fund- ing, Snapdocs will continue to develop its artificial intelligence offerings and platform so that homebuyers can close on their dream homes faster and with far less stress. As part of the funding round, David Jegen of F-Prime Capital will join Snap- docs' board of directors. "Residential mortgage is a $2 trillion industry and one of the largest sectors yet to be digitized," said David Jegen, Managing Partner of F-Prime Capital's tech fund. "The entire closing process is cumbersome and in need of a better workflow for collaboration, coordination, and transparency. Snapdocs has built the leading vertical SaaS solution to this problem and is well-positioned to become the industry's platform for digital mortgage closings." Snapdocs' platform cur- rently powers over 10% of all U.S. residential mortgage transactions, roughly equaling $150 billion in