TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1274675
M R EP O RT | 5 MTECH Premium Title Adds Remote Online Notarization THE COMPANY SAYS IT HAS BEEN "SLOWLY TRANSITIONING AWAY FROM PAPER." P remium Title, a national provider of title and settle- ment services, announced it has added remote online no- tarization (RON) to its suite of eClose capabilities that already includes hybrid eClose and total eClose. The company is inte- grated with leading electronic web-based closing platforms to help customers digitize the loan closing process so they can more effectively navigate the im- pacts of the COVID-19 outbreak. Premium Title has always strived to stay ahead of the curve in the mortgage industry and has been providing the convenience of virtual closings for the past two years. Premium Title has com- pleted just over 9,000 purchase transactions using hybrid eClose and total eClose options. The company added RON to its title and settlement services recently to give customers even more choices and help lenders deliver and sign all required closing documents re- motely in states that allow RON. "While the mortgage industry has been slowly transitioning away from paper, Premium Title has already closed thousands of purchases electronically," said Ben Hall, VP of Product for Altisource. "This makes us uniquely qualified to support the transition and continue to help our customers, which is more important than ever during the COVID-19 pandemic. It is a testament to our adaptability to the rapidly changing needs of the industry and consumers." Premium Title is a national provider of title and settlement services to the mortgage and real estate industry. Premium Title is- sues title insurance and performs closings for refinance, reverse mortgage, HELOC transactions, REO and non-default purchase and sale transactions, and bulk single-family purchases and refi- nances. Its customized solutions integrate directly with leading loan origination software, helping create efficiency in the closing process. Premium Title is part of the Altisource Portfolio Solutions S.A. family of businesses. National MI Integrates with Cloudvirga THE GOAL IS TO ENABLE A STREAMLINED MORTGAGE PROCESS FOR LOAN OFFICERS, MORTGAGE BROKERS, AND CONSUMERS. N ational Mortgage In- surance Corporation (National MI), a sub- sidiary of NMI Holdings, Inc., announced that it is fully inte- grated with Cloudvirga's digital mortgage origination platform for retail and wholesale lenders. Mutual customers now have direct access to National MI's Rate GPS through Cloudvirga's technology platform. "National MI is very pleased to be joining forces with Cloudvirga," said Norm Fitzgerald, National MI's Chief Sales Officer. "The integration reduces the time from application to closing for loan originators, brokers, and con- sumers. National MI continually strives to help make the mortgage process easier for both lenders and borrowers, and this fits in perfectly with that objective." Cloudvirga's software increases transparency, reduces the time it takes to process and close a loan, and helps reduce loan origination costs. "We are excited to be able to offer originators a seamless and digital pathway to obtain mortgage insurance information from National MI while they are structuring the most opti- mal loan for the consumer," said Kyle Kamrooz, Co-Founder of Cloudvirga. Secret Shopping Comes to the Mortgage Sector LODESTAR, RDASSOCIATES LAUNCH PROACATIVE SELF- ASSESSMENT QA SERVICE. M ortgage Sentinel, a partnership between LodeStar Software Solutions and RDAssociates, is a first of its kind "secret shop- per" service for the mortgage industry. The service utilizes proprietary research techniques, in-depth analyses, and hands-on training to improve the interac- tions between mortgage origina- tors and potential borrowers. According to Richard Douglass, President of RDAssociates, "In person client interactions are by their nature a black box and secret shopping is the perfect tool to help originators hone the way they communicate with borrow- ers." Mortgage Sentinel leverages LodeStar's network as an experi- enced mortgage technology pro- vider with RDAssociates' 20 years' experience in compliance work to create a solution that monitors loan officers' adherence to internal protocol as well as industry regu- lations. According to Douglass, the approach "ultimately results in higher performance and profits for the mortgage originator." Mortgage Sentinel specialists will work with mortgage lenders in advance of quality assurance or "secret shopper" audits to under- stand all policies and procedures in place to support compliance efforts. Its expert compliance team will focus on particular areas of concern and company specific requirements in order to customize the QA process. From there, the Mortgage Sentinel team will collect data by contacting members of the client's customer- facing staff as potential borrowers. The subsequent conversations will be captured with the cumulative data analyzed against the criteria established at the beginning of the project. According to Jim Paolino, CEO and Founder of LodeStar, "There is so much focus on technology to track leads, clients in the pipeline, and past customers automating the lending process. However, this automation does not account for the inherently personal nature of the mortgage process. At the end of the day getting a loan or not often comes down to one con- versation between the borrower and lender. We strive to provide insight and improve this very hu- man part of the loan." Ginnie Mae to Accept Digital Collateral COMPANY TOUTS MOVES AS AN IMPORTANT MILESTONE IN HOUSING FINANCE REFORM PLAN. G innie Mae announced Thursday a major step in modernizing its platform, allowing so-called "digital col- "While the mortgage industry has been slowly transitioning away from paper, Premium Title has already closed thousands of purchases electronically." — Ben Hall, VP of Product for Altisource