MReport January 2021

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 Valligent Virtual Appraisal to LoanMonkey's borrower clients. The Valligent Virtual Appraisal is a fully compliant residential appraisal created using Valligent's proprietary streaming technology that connects the homeowner with an experienced staff inspec- tor via a smartphone or mobile device. This allows the inspector to conduct a virtual walk-through of the property via the homeown- er's mobile device. The result is a drastic improvement in the user experience, borrower engagement, and appraisal turn times. The appraisal is one of the most time-consuming endeavors in the mortgage process, with traditional methods taking up to two weeks or longer, as is the case during high volume periods. In contrast, the Valligent Virtual Appraisal can be completed in one to two days. "Allowing consumers to pro- vide interior and exterior property valuation photos, while guided by an unbiased third-party virtual inspector, solves a number of pain points for lenders, borrowers and appraisers," said Jeremy McCarty, CEO of Valligent. "Appraisers and borrowers can adhere to social distancing guidelines, and borrow- ers gain actual involvement in the process. All that adds up to a big win for lenders." "LoanMonkey has transformed the mortgage process by mak- ing the experience 100% digital, online, transparent, fast, and easy. At LoanMonkey we know sav- ing money on your mortgage is always fun. Our goal is to make getting those savings faster and easier than previously possible in mortgage. A big part of that is putting more control over the process in the customers hands" said Sean Marsh, LoanMonkey's CEO. "By partnering with Valligent, we're extending that digital borrower experience into the appraisal process. The client feedback we've received with the Valligent Virtual Appraisal confirms that and has been over- whelmingly positive." "LoanMonkey's digital process empowers our clients to get a mortgage transaction done more efficiently, with much less human interaction and paperwork. Our industry leading productivity means we can pass the savings on to our customers in the form of lower rates and fees" "At Valligent, our goal is to in- crease the efficiency and accuracy of the appraisal process and pro- vide the homeowner with peace of mind," said McCarty. "We've also learned that with lenders like LoanMonkey, who keep a laser focus on borrower experience, we can also help make the mortgage process fun." Shifting Strategies to Meet Customers' Mortgage Accounting Needs ADVANTAGE SYSTEMS PROVIDES SOFTWARE USERS WITH REAL-TIME, ONLINE, EASILY DIGESTIBLE FINANCIAL REPORTING. A dvantage Systems, a pro- vider of accounting and financial management tools for the mortgage industry, announced its Accounting for Mortgage Bankers (AMB), AMB7 Sierra, and ApprovalSoft solu- tions were pivotal in the success of its clients during a difficult- to-navigate year. With accounting departments across the nation needing better access to reporting and improved, streamlined ways to telework during the pandemic, Advantage Systems stepped up and provided its software users with real-time, online, easily digestible financial reporting, paperless AP workflow, and integrated commissions and override capabilities. In fact, according to Laurie Petrich, Controller at Nations Lending in a September release, "We've had a huge increase in loan volume and activity—up almost 150%—and are thankful to work with a system that contin- ues to grow with our company. Advantage Systems has proven to be a value-added business partner, consistently updating the system with features and functionalities that have saved my team a tre- mendous amount of time." The company's AP technology was critical to mortgage com- panies, who needed end-to-end paperless AP workflow. From online invoice coding and ap- proval to electronic disbursement via ACH and other electronic transfers, AMB provided account- ing staffs the ability to fully work from home. On the HR side, commission, bonus and override calculation capability became increasingly important. "Some clients pay as many as 10 people on one loan, including the LO, processors, LOA's, managers and more. AMB's ability to easily cal- culate commissions, overrides and bonuses, then report as frequently as wanted, has allowed clients to recruit and retain the scarcest resource in the industry-qualified professionals," said Joe Ludlow, VP of Advantage Systems. "As we head into the new year, we must reflect on this year's impact on the industry. At Advantage Systems, we are proud to partner with mortgage companies across the nation, providing reliability and consis- tency to our users through our suite of accounting solutions that enables accounting departments to continue their normal day-to- day operations without massive disruptions," said Brian Lynch, President of Advantage Systems. "Despite the uncertainty of this year, AMB, AMB7 Sierra, and ApprovalSoft have proven essen- tial in helping mortgage compa- nies obtain significant, tangible operational savings and helping employees maintain and increase productivity." Helping Mortgage Lenders Seize More Sales Opportunities INTEGRATION BETWEEN TOP OF MIND AND SALES BOOMERANG COMBINES MARKETING AUTOMATION WITH INTELLIGENT ALERTS. T op of Mind Networks (Top of Mind), a provider of customer relation- ship management (CRM) and marketing automation soft- ware for the mortgage lending industry, has partnered with Sales Boomerang, an automated "Our goal is to anticipate challenges that may arise in the market and help our lender partners adapt quickly to meet the needs of their customers, especially during tough times." — Nima Ghamsari, Blend Co-founder and CEO

Articles in this issue

Archives of this issue

view archives of TheMReport - MReport January 2021