TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/125049
—John Trasviña, HUD on the web Housing Administration. "The way we are presenting reverse mortgages now shows that seniors can plan their consumption either all at once or over time depending on their plan." He continued: "nu62 shows brokers and borrowers both the risks and rewards of different consumption patterns. It makes the options transparent and easy to understand for the first time ever." The nu62 product will be available to the industry later this year. Blueberry Systems, Axacore Unite to Streamline Document Management Both companies look to offer streamlined products for lenders. B lueberry Systems, a Colorado-based mortgage technology provider, announced that its RELAY loan origination software (LOS) now seamlessly integrates with Axacore's Enterprise Electronic Document Management (EDM) and fax solutions. RELAY, Blueberry Systems' flagship LOS, features a universal data model to provide the most accurate loan production data in the industry. Through the newly announced integration, lending institutions using RELAY can automate the flow of documents to team members, customers, partners, and vendors consistently throughout Axacore's EDM platform. Lenders will be able to streamline digital, email, fax, and paper documents to better organize, share, and secure information. "At Axacore, we pride ourselves on smart technology and reliable solutions," said Axacore's national channel sales manager, Stephen Deblasio. "Axacore's platform has recently been updated with significant security and workflow features and offers the scalability that growing lenders need. Blueberry has taken full advantage of these features. Their integration is streamlined and free of legacy issues." Dominick Marchetti, EVP of Blueberry Systems, said, "For nearly two decades, Axacore has committed itself to excellence in product development while maintaining a technological edge. We are excited to leverage the new attributes of Axacore with the unique abilities of RELAY. This relationship ultimately pays off for our clients with access to a completely seamless system, ensuring faster processing and greater productivity." WEB AT WORK CFPB Establishes Database to Field Complaints Agency will see complaint filings quadruple in the coming year. T he Consumer Financial Protection Bureau (CFPB) went live in April with the nation's largest public database of federal consumer financial complaints. The launch expands the database from about 19,000 credit card complaints to more than 90,000 complaints on mortgages, student loans, bank accounts and services, and other consumer loans. The database also includes specialized subcategories—for instance, reverse mortgages, conventional fixed mortgages, conventional adjustable mortgages, and home equity loans or lines of credit. "By sharing these complaints with the public, we are creating greater transparency in consumer financial products and services," said CFPB director Richard Cordray at a field hearing. "The database is good for consumers and it is also good for honest businesses. We believe the marketplace of ideas can do great things with this data." The newly launched database allows users to easily track, sort, search, and download information on consumer complaints and company responses. Data is also available via application programming interface (API), allowing developers to build applications, conduct analyses, and perform research. The data can also be embedded on other websites and shared through social media. The live database updates daily, meaning more complaints will be added as CFPB handles them. In addition, when the bureau accepts consumer complaints about other financial products and services, they will be added as well. CFPB also announced the publication of another report containing aggregate data and analysis of all the 130,000 complaints it has received up to March 1, 2013. This number is larger than the 90,000 complaints in the public database because it also includes those that have been referred to other regulatory agencies, found to be incomplete, still being confirmed by the company, or pending with the consumer or the bureau. That snapshot can be found at CFPB's website. The M Report | 11