TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/134983
—John Trasviña, HUD on the web and Platinum Data Solutions, a provider of collateral valuation and risk assessment technologies operating out of California, announced they have entered into a partnership to integrate ValuTrac Pro into Platinum's RealView. The integration is intended to provide mortgage lenders and appraisal management companies an all-in-one solution for managing workflow, ensuring compliance, and mitigating risk in the appraisal review process. ValuTrac customers will now have the ability to deploy custom appraisal review rule sets and receive public record data such as local sales, listings, and pending sales that will provide additional insight on local market trends. "RealView offers users more efficiency in the appraisal review process, while ensuring compliance and the highest-quality value decision. Platinum was searching for a best-in-class workflow system that could be integrated with RealView to provide our clients an all-in-one solution," said Platinum Data CEO Phil Huff. "By partnering with ValuTrac, we now provide our customers a comprehensive appraisal management and quality verification solution that does not sacrifice power, flexibility, or functionality." "By adding RealView to our product offerings, we now offer appraisal management companies, banks, credit unions, and mortgage lenders the industry's most advanced appraisal management system to help them operate more efficiently, enhance customer service, mitigate risk, and ensure industry regulatory compliance," said Clint Cornett, CEO of ValuTrac. ON THE WEB Freddie Mac Launches New Tool The GSE is providing a way to help lenders help themselves in doing successful business with the agency. F reddie Mac announced the launch of Loan Quality Advisor, a new online loan WEB AT WORK Freddie Mac Launches Free Tutorial The GSE creates tool to educate future, current borrowers on the importance of credit. F tool designed to give lenders an automated way to identify credit, data, and purchase eligibility issues before they deliver loans to the GSE. According to a release, Freddie Mac intends to help lenders spot and fix potential problems early on in the loan manufacturing process, make its purchase requirements more transparent, and give lenders greater certainty in loans sold to the mortgage giant. Loan Quality Advisor also gives lenders Freddie Mac's view of credit risk on mortgages not originated on Loan Prospector, the GSE's automated underwriting service. Loan Quality Advisor marks the launch of Freddie Mac's new Greater Purchase Certainty initiative to help lenders improve loan quality and to make business more efficient and transparent for all of its customers. "Loan Quality Advisor gives lenders fast, transparent feedback they can use to aid their loan manufacturing processes and take fuller advantage of Freddie Mac's new representation and warranties framework," said Mike Dawson, VP of customer business services at Freddie Mac. "By using Loan Quality Advisor, our customers can enjoy Greater Purchase Certainty when they do business with Freddie Mac. Giving lenders greater certainty and comprehensive support is at the center of Freddie Mac's customer mission." Loan Quality Advisor's three individual services will be phased in over the coming months. The services are Loan Prospector Data Compare, which tracks the consistency of loan delivery data with the data submitted to Loan Prospector to identify potential issues; Purchase Eligibility, which will enable lenders to flag potential delivery errors; and Risk Assessment, which provides Freddie Mac's view of credit risk and related quality issues on loans that aren't originated with Loan Prospector. Registration for Loan Quality Advisor will be phased in for all Freddie Mac customers by midsummer, the company announced. reddie Mac announced it is now offering a free, online CreditSmart tutorial to provide working families and new or inexperienced borrowers with basic, sound information about building savings, establishing personal credit, and making wise financial choices. CreditSmart is a comprehensive financial education curriculum that has reached more than 3 million consumers in 44 states through lenders, churches, schools, and nonprofit organizations, Freddie Mac explained in a release. The GSE developed the program in partnership with five historically black colleges and universities in 2001 to provide a complete, multilingual financial education curriculum. The online tutorial offers individual modules on banking, budgeting household income, building personal savings and credit, understanding credit scores, avoiding credit traps, getting a mortgage, and closing a loan—all topics to benefit future borrowers. For current homeowners, the tutorial includes modules tailored to help avoid foreclosure, maintain their home, and succeed as long-term homeowners. "Our new online CreditSmart tutorial is a stepping stone to homeownership, especially for working families who are unsure how to start household budgets or build the personal savings and strong credit for the future," said Christina Diaz Malone, VP of corporate relations and housing outreach for Freddie Mac. "Today's announcement underscores Freddie Mac's commitment to help America's next generation of borrowers achieve long-term financial stability." The M Report | 11