TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1187758
6 | M R EP O RT MTECH real estate transactions annually. Snapdocs attributes its success in large part to its differentiated approach to driving technology adoption, choosing to work from within the industry to help exist- ing parties work better together as opposed to a more disruptive approach typically employed by other technology companies. "This is a huge milestone for the Snapdocs team and towards delivering on our promise of a seamless digital real estate closing. It's also a big milestone for our lender and title partners who are now trusting us with over 750,000 real estate closings a year. We do this for you, and this capital en- ables us to continue to scale our world-class team so we can build the technology you need to thrive in a digital age," said Aaron King, CEO of Snapdocs. Streamlining the Loan Process SIERRA PACIFIC MORTGAGE COMPANY MOVES TO INNOVATE WITH ITS NEW MOBILE APP. N ational lender Sierra Pa- cific Mortgage Company, Inc. announced the launch of its "SPM GO" Sierra Pacific Mortgage's mobile appli- cation. The app provides users with a simplified loan applica- tion while providing simultane- ous progress updates to bor- rowers, their real estate agents, and Sierra Pacific Mortgage loan officers. Powered by the industry-recog- nized mobile application devel- oper Simple Nexus LLC, "SPM GO" streamlines the application process by eliminating the need to scan, fax, or hand-deliver loan documents. Instead, borrowers may photograph and upload sup- porting documents instantly. In addition, SPM GO provides all users with instant loan status tracking, updates and messaging functionality within an encrypted platform. Sierra Pacific loan of- ficers have additional access to SPM GO via their laptop which enables them to personally man- age each application. SPM GO delivers accurate cli- ent status updates and milestones to Sierra Pacific's business partners and real estate agents with a single click. User support is pro- vided by Simple Nexus 24 hours a day, seven days a week. "We're genuinely excited to in- troduce this new technology," said Jay Promisco, Sierra Pacific's Chief Production Officer. "This native app provides seamless, secure communication and updates to our loan officers, borrowers, and Realtor associates. In addition, borrowers can apply for home financing in 20 minutes or less, thanks to the technology that powers the application." Setting a New Bar A SURGE IN REFINANCING AND DIGITAL ADOPTION IS DRIVING RECORD VOLUMES IN E-RECORDING. I ntercontinental Exchange, Inc., an operator of global exchanges and clearing houses and provider of data and listings services, announced that Simplifile set a new company record by e-recording 106,244 documents in a single day on November 12. Simplifile is part of ICE Mortgage Services, which applies technology and high- capacity infrastructure to make the mortgage process electronic and thus more efficient. Surpassing the previous record of 102,491 on September 30, this is the second time Simplifile has recorded more than 100,000 docu- ments in a single day. Simplifile's e-recording network covers more than 80% of the nation's popula- tion. "This major milestone is another example of the grow- ing acceptance and adoption of e-recording among submitters and recorders nationwide," said Paul Clifford, President of Simplifile. "We attribute this to our ever- growing e-recording network, and an overall increase in mortgage volume due to favorable inter- est rates. We're proud to offer a solution that makes the settlement process faster and more efficient for settlement agents and new homeowners." Through Simplifile, settlement agents can submit land records directly online to any of the 2,003 participating county recording of- fices. In just minutes, the county recorder can review, stamp, record, and return documents to the settlement agent electroni- cally. In addition, recording fees and payments can be processed directly through Simplifile's secure payment service, eliminating payment errors and check-writing expenses. A Digital Edge CONSUMER DIRECT MORTGAGE AND TAVANT HAVE PARTNERED TO SIMPLIFY THE CONSUMER EXPERIENCE ACROSS LENDING CHANNELS. T avant, a provider of AI- powered digital lending technologies, announced that Consumer Direct Mort- gage, a division of FirstBank with mortgage operations and financial centers throughout the Southeast, leveraged FinXperi- ence to develop and deploy a new consumer direct digital lending platform. A component of Tavant VΞLOX, an AI- powered digital lending suite of products, FinXperience is a point-of-sale solution that pro- vides a simplified digital experi- ence across all lending channels. "Tavant has been an outstand- ing technology partner in turn- ing our vision into a reality," said Jamie Thornton, Director, Online Mortgage Lending for FirstBank. "During our due diligence, they were the only provider that was able to adapt their product to our unique business model and in turn, build a platform that was tailored to our specific workflow and business processes. Together, we've launched a modern mortgage application platform that provides rate and cost transparency while reducing loan durations, providing an enhanced customer experience." Rob Henger, Director of Mortgage Banking for FirstBank, added, "We are looking forward to partnering with Tavant to leverage "This major milestone is another example of the growing acceptance and adoption of e-recording among submitters and recorders nationwide." —Paul Clifford, President, Simplifile