TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1334848
6 | M R EP O RT MTECH reduce the cost of homeowner- ship in underserved markets. I am honored that MAXEX will be able to help level the playing field for minority, women, and veteran mortgage business owners across the nation." Radian Rolls Out Digital Title Review Process THE NEW RADIAN READY SERVICE IS PROMOTED AS BEING ABLE TO SIMPLIFY THE TITLE INSURANCE APPROVAL PROCEDURE. R adian Settlement Services, a subsidiary of Radian Group Inc., has launched a digitally-enhanced title review process dubbed Radian Ready. According to the Philadelphia- based company, Radian Ready provides accurate title searches powered by Radian title technol- ogy while simplifying title reports that give borrowers clear curative actions and turn times. The new offering is designed to streamline the workflow transition from title production to title curative while providing end-to-end service from the Radian Title Services team. The company stated that eas- ing the transition between title production and title curative will significantly shorten and sim- plify the title insurance approval process for Radian customers. Radian Ready uses divides the process into three categories based on a simplified grading system: title documents that are instantly approved clear to close, title documents that indicate there are items on title that are expected to be clear to close in one to five business days, and title documents that indicate there are items that will require five or more business days to clear. If there are outstanding items to clear, Radian Ready will highlight the items are and provide a plain language explanation to the cus- tomer of how those items will be cured. The company added this will provide both the lender and borrower with the advantage of a clear explanation and timeline. "With an innovative technol- ogy platform combined with a high level of end-to-end customer service from search through closing, Radian Ready clears the way for quicker closings and enables borrowers to know where they stand at every step of the process," said Jill Cadwell, SVP of Title Operations. "The launch of Radian Ready is a key milestone in Radian's pursuit to transform the title insurance and closing process—we are leveraging our unique technology, data, and analytics to disrupt the traditional title process and enable a seamless experience for our customers." Wolters Kluwer Buys eOriginal for $283.5M THE COMPANY ALSO SELLS ITS FLOOD DETERMINATION SERVICES TO LERETA. W olters Kluwer Gover- nance, Risk & Com- pliance (GRC) has acquired eOriginal, a Baltimore- based provider of cloud-based digital lending software, for approximately $283.5 million in cash. eOriginal serving more than 650 customers in the U.S., includ- ing banks, mortgage lenders, consumer lenders, and auto and equipment finance lenders. The eOriginal platform enables lenders and their partners to create, store, and manage digital assets from close through to the secondary loan market. The company has 100 employees, and its product line includes the digital solu- tions eAsset, SmartSign, and ClosingCenter. GRC's Compliance Solutions business has had a strategic part- nership with eOriginal since 2016, which allows the integration of eOriginal's electronic vaulting and closing software with Expere. According to Wolters Kluwer, the offerings of eOriginal and GRC Compliance Solutions are highly complementary and together will form an industry leading end-to- end digital lending platform. "Borrower preferences, competition among lenders, and changing regulations are driving increased digitization of the lending workflow," said Steven Meirink, EVP and GM of Compliance Solutions at Wolters Kluwer GRC. "eOriginal is well-positioned to take advantage of these systemic trends. The acquisition positions us as the leading provider of digital lending solutions, spanning all workflows from loan approval to document preparation and closing with compliance certainty." "eOriginal is a leader in digital loan solutions with a proven track record of growth and customer adoption," added Brian Madocks, CEO of eO- riginal. "Digital lending continues to grow across all industries. Customers want and need pur- pose-built digital solutions that are complete and compliant. The combination of eOriginal and Wolters Kluwer provides exactly that—the right solution, in the right market, at the right time." Separately, LERETA, a Pomona Beach, California-based provider of national real estate tax and flood services, has acquired the Flood Determinations Solution from GRC for an undisclosed sum. As part of this transaction, Wolters Kluwer will continue to enable its lending customers to purchase flood determination services through its lending solu- tions. "This acquisition will provide a seamless experience for custom- ers," LERETA COO Jim Micali said. "LERETA and Wolters Kluwer find alignment in their commitment to providing ef- ficient and compliant flood zone determinations and certificates. Our combined industry expertise and experience will continue to provide customers the support they need." PHH Mortgage Introduces Mobile App THE NEW APP LEVERAGES BLACK KNIGHT'S SERVICING DIGITAL PLATFORM. P HH Mortgage Corp., a subsidiary of Oc- wen Financial Corp., has launched a new mobile app for its mortgage customers. The app, which is available for iOS and Android mobile devices. leverages Black Knight's Servicing Digital platform, the same platform PHH selected to relaunch its customer web- site, MortgageQuestions.com, in November 2019. App users can make and set up payments, view loan details and documents, and "Borrower preferences, competition among lenders, and changing regulations are driving increased digitization of the lending workflow" —Steven Meirink, EVP and GM of Compliance Solutions, Wolters Kluwer GRC