TheMReport — News and strategies for the evolving mortgage marketplace.
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4 | M R EP O RT MTECH Teamwork and Technology New partnerships and digital advancements are the driving force behind technological tools that make processes easier for mortgage industry professionals. FHA Announces New Automated Underwriting System for Lenders THE NEW SYSTEM ENABLES LENDERS TO "OBTAIN AUTOMATED MORTGAGE INSURANCE ELIGIBILITY INDICATORS DIRECTLY FROM FHA." T he Federal Housing Administration (FHA) has launched a new automated underwriting system (AUS) for single family forward mortgages. The "FHA Catalyst: Single Family Origination Module–AUS" enables lenders to electronically enter loan application data for single-family forward mortgages "from their loan origination sys- tems directly to the module" and receive automated mortgage insur- ance eligibility indicators directly from the FHA. "The launch of FHA's first direct automated underwriting system is a huge milestone for the over one million borrowers on average who rely on FHA insur- ance annually," Assistant Secretary for Housing and Federal Housing Commissioner Dana Wade said in FHA's announcement. "We're excited to deliver this enhanced automated underwriting capabil- ity specifically for FHA-insured lending because it will streamline processes for everyone, including consumers." The new AUS will be available starting on Friday, Oct. 30. To start using it, lenders or their loan origi- nation system technology vendors will need to "build an interface between the module and their loan origination systems using a techni- cal specification document," which can be made available to them by getting in touch with the FHA Resource Center. Lenders are still able to use other automated underwrit- ing systems that "accommodate FHA-insured mortgages through interfaces with FHA's TOTAL Mortgage Scorecard." The new automated under- writing system offers a number of features, such as "detailed feedback certificates that provide specific and actionable infor- mation for lenders" as well as "integrated submission of credit report data reissuances." This means lenders will no longer need to utilize third-party routing systems. Another feature offered by the new AUS is that it "gives enhanced data synchronization between loan origination systems and FHA Catalyst." "When coupled with our recent launch of FHA Catalyst Electronic Appraisal Delivery capabilities, the new AUS adds to the core pieces we need in order to deliver a fully consolidated FHA case record, with all loan and borrower data in one place," Deputy Assistant Secretary for Single Family Housing Joe Gormley said in the announcement. Stewart Appraisals Management Acquires Pro Teck Valuation Intelligence IN A STATEMENT, STEWART SAID THAT THE ACQUISITION OF PRO TECK WILL "HELP TO STRENGTHEN AND EXPAND ITS SCALE IN APPRAISAL AND VALUATION SOLUTIONS." S tewart Appraisals Manage- ment, which provides real estate services to mortgage industry partners, has acquired Pro Teck Valuation Intelligence to help to strengthen and ex- pand its scale in appraisal and valuation solutions. Stewart provides services such as title insurance, settlement services, appraisal, and valua- tion for lenders, consumer banks, servicers, investors, and other mortgage industry professionals. Pro Teck has 40 years' ex- perience in property valuation services and is known for its proprietary technology Valuation Intelligence™, a cloud-based fulfillment platform that provides residential real estate values and market information, as well as a SaaS solution to enable lenders to directly manage the appraisal process in-house. Valuation Intelligence™ platform provides a single source of property valu- ations for mortgage originators, servicers, and investors. "As we continue to invest in Stewart's future, this acquisition adds innovative technology, data, and analytics to our growing valuation businesses, critical for driving future business," Stewart CEO Fred Eppinger said. "Pro Teck's added scale and capabilities takes us one step closer to becom- ing the Premier Title Services