MReport April 2020

TheMReport — News and strategies for the evolving mortgage marketplace.

Issue link:

Contents of this Issue


Page 7 of 67

6 | M R EP O RT MTECH proposes moving forward." Apple released its plan in November 2019 and said costs for both renters and homeowners have skyrocketed in recent years, and the availability of affordable housing has not kept pace with the region's growth. Apple added that 30,000 people left San Francisco between April and June of this year and homeownership in the Bay Area is at a seven-year low. "Before the world knew the name Silicon Valley, and long be- fore we carried technology in our pockets, Apple called this region home, and we feel a profound civic responsibility to ensure it remains a vibrant place where people can live, have a family and contribute to the community," said Tim Cook, Apple's CEO. "Affordable housing means stabil- ity and dignity, opportunity and pride. When these things fall out of reach for too many, we know the course we are on is unsus- tainable, and Apple is committed to being part of the solution." The $2.5 billion plan will be broken down in the following categories: • $1 billion in an affordable hous- ing investment fund • $1 billion in first-time homebuy- er, mortgage assistance fund • $300 million in Apple-owned and available land in San Jose for affordable housing • $150 million Bay Area housing fund • $50 million to support vulner- able populations Mortgage Lender Launches New Technology LOAN PRODUCT TOOL AND BROKER/CLIENT DASHBOARD AUTOMATES THE PREQUALIFICATION PROCESS. C herrywood Mortgage, a national small-balance commercial mortgage lender and affiliate of Angel Oak Companies, announced the launch of Cherrywood—Portal Real-time Online (C-PRO). This commercial loan product tool and broker/client dashboard automates the prequalification process, calculates loan eligibil- ity decisions instantly, and al- lows registered brokers access to their loan pipeline with Cherry- wood. This technology upends the small-balance commercial real estate industry by accelerat- ing a formerly time-consuming process. Now brokers can get the answers and insights they need to grow their businesses autonomously. "When we set out to create this tool, our focus was on optimiz- ing brokers' time by giving them the power to potentially close loans faster and coordinate the customer relationship even better," said Ed Resendez, President, and COO at Cherrywood Mortgage. "The qualification process can be daunting for many individuals, so we see this technology improv- ing efficiency and opening more doors for brokers who are looking to grow their businesses." Utilizing proprietary technol- ogy, C-PRO enables brokers and prospects to input data online to determine if a property quali- fies for a loan, and at what rate, within seconds. If the system indicates that the loan qualifies based on your input, a letter of interest (LOI) can be provided directly to registered brokers, who also gain access to a dashboard that offers unmatched transpar- ency by tracking loan requests in real time. Additionally, brokers can communicate directly with Cherrywood personnel through the dashboard, advancing the industry's standard of service. "C-PRO's ability to qualify and offer financing options at the click of a button will revolutionize the industry," explained Christopher Lappi, EVP, CIO, and CTO at Cherrywood Mortgage. "By making manual tasks obsolete, such as sizing loans and issu- ing letters of interest, we help our clients get more deals done. C-PRO allows brokers registered with Cherrywood to upload loan condition documents and monitor their loans throughout processing and underwriting. Automating the financing process shows our dedication to 100% client satisfac- tion." The launch of C-PRO comes on the heels of other innovative tech-led initiatives from Angel Oak aimed at improving the experience for borrowers and brokers alike. In 2018, Angel Oak Home Loans announced the MyHomeLoan Mortgage App, which gives prospective borrowers easy access to their entire home loan process via their smartphone. Last year, Angel Oak Mortgage Solutions implemented the QuickQual tool, which enhanced efficiency for brokers in the non-QM space by greatly improving the prequalifica- tion process. "Cherrywood's successful in- tegration of C-PRO is a foreshad- owing of where the small-balance commercial lending industry is heading," said Mike Fierman, managing partner, and co-CEO at Angel Oak Companies. "Angel Oak and our affiliated companies aim to be leaders in the lend- ing space, and it starts with our ability to leverage technology. Our dedication to technology and Cherrywood's innovation serve as testaments to that goal." Digital Closing Platform Partners With Ellie Mae THIS CREATES AN ORIGINATION-TO-CLOSING TABLE AND BACK AGAIN CONNECTION, UNIFYING LENDERS, TITLE, SIGNING AGENTS, AND BORROWERS IN A SINGLE WORKFLOW FOR EVERY CLOSING. S napdocs, Inc., a digital closing solution, an- nounced a new partner- ship that makes its digital clos- ing platform available through the Ellie Mae Digital Lending Platform. This partnership cre- ates an origination-to-closing table and back again connection, seamlessly unifying lenders, title, signing agents, and borrowers in a single workflow for every closing. In addition to its game-chang- ing platform, Snapdocs simplifies the closing process by offering a comprehensive suite of closing tools, including borrower docu- ment preview, automated hybrid document sorting and annotat- ing, eSignature, eNote and more. This marks a significant turning point for an industry that has been awaiting a solution that can bridge the gap between the many participants in the mortgage close and enable digital closings at scale. By transforming fragmented processes, Snapdocs empowers lenders and settlement to realize powerful efficiencies while de- livering review-worthy customer experiences. Snapdocs already offers what no other mortgage closing solu- tion can: an existing network of more than 50,000 mortgage professionals, proprietary artifi- cial intelligence, a track record of success at scale, and a modern platform that delivers a beautiful experience for everyone involved. Currently powering over 13% of U.S. residential mortgage transac- tions, Snapdocs provides lenders and settlement with the tools to streamline their internal opera- tions and adopt digital mortgage closings at scale. With Snapdocs, lenders have been able to digitize 99% of their loans in an average of four months, reduce errors that get surfaced at the closing table by 80%, and reduce their borrower's closing appointment to 15 minutes. All of this results in a shorter closing process, removing on aver- age two or more days in lender dwell time. "We're proud to partner with Ellie Mae to help lenders thrive in the digital age," said Aaron King, CEO, and founder of Snapdocs. "The closing process is compli- cated and involves coordinating multiple parties and documents. By digitizing the closing with Snapdocs, lenders are cutting days off their funding time, eliminating errors and giving their borrowers the simple digital closing experi- ence they expect and deserve." "We are thrilled to partner with Snapdocs to provide added value to Ellie Mae customers," said Parvesh Sahi, SVP, business development, Ellie Mae. "Through this integration, our custom- ers will be able to adopt digital mortgage closings to reduce time to close and offer a more efficient, seamless experience."

Articles in this issue

Archives of this issue

view archives of TheMReport - MReport April 2020