TheMReport — News and strategies for the evolving mortgage marketplace.
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M R EP O RT | 7 MTECH In addition to its primary purpose of serving Bellco Credit Union members, Bellco Home Loans is open to Coloradans across the Front Range and Western Slope to help them secure loans while the housing market in Colorado continues to be competitive due to historic low interest rates. "This partnership with Cherry Creek Mortgage allows us to offer our members expanded home loan options," said Doug Ferraro, CEO of Bellco Credit Union. "By joining forces with another local, trusted organization, our members will have access to state-of-the-art technology, innovative products and outstanding service when it comes to securing a home loan." Bellco Home Loans customers will benefit from technology offer- ings developed by Cherry Creek Mortgage to help simplify the loan process. FasTrac™ stream- lines documentation required for submitting a loan to underwriting and provides fast pre-approval, and Smart Close™ adds conve- nience by allowing customers to complete the majority of their closing documents electronically. "We are excited to collaborate on this endeavor with Bellco Credit Union to provide Coloradans with additional, custom mortgage solutions," said Jeff May, President and CEO of Cherry Creek Mortgage. "Both companies have a strong com- mitment to building trust and relationships with those we serve. That dedication, along with our expert mortgage specialists, will provide customers with the best possible experience and a long- term focus on customer service throughout the life of their loan." Executives from both Bellco Credit Union and Cherry Creek Mortgage will serve on the Bellco Home Loans board of directors. Genius Software Launch INDECOMM RELEASES DECISIONGENIUS, AN AUTOMATED DECISION- MAKING SOFTWARE FOR MORTGAGE UNDERWRITING. I ndecomm Global Services, a provider of automation, out- sourcing, compliance servic- es, and technology for the U.S. mortgage industry, announced the release of DecisionGenius™, a mortgage automation solution that assesses income, credit, assets, and collateral of a bor- rower to deliver comprehensive decision-making for mortgage loan applications. DecisionGenius is the latest release in Indecomm's mort- gage automation product suite, which includes two predeces- sors: AuditGenius™, a quality control and risk management software, and IncomeGenius®, an automated income calculation software. These platforms, already in use by leading mortgage bankers processing over 1 million mortgage transactions provide the foundation and intelligence for the holistic DecisionGenius automa- tion approach for the mortgage middle office. Users will see all the information needed to make an underwriting decision in one place, comparing application data to sourced data to investor guidelines. For example, a loan application file is submitted to DecisionGenius as it is submitted to Processing. As a result, the Processor has a clear idea of which items will meet underwriting guidelines and where the focus remains. Underwriting then has a clear roadmap into what will be needed to close the loan quickly and efficiently while providing a consistent risk reducing approach. According to a press statement, this automated triangulation delivers the following benefits: • Average reduction of over 60% of the time spent by underwrit- ers in reviewing conditions, validating data, and documents provided by borrowers, and/or third parties backed up by digi- tized data and system-driven validations. • Average reduction of over 50% of time spent by processors pre- paring the file for underwrit- ing in verifying and validating information from 1003 against documents provided by the borrower and information sourced from third parties. • Average reduction of 50% of the number of times an underwrit- er touches a file. "The development of DecisionGenius represents the natural progression of Indecomm's mortgage automation matu- rity," says Rajan Nair, CEO of Indecomm Global Services. "We combine income calculation and risk management information with data from the loan origina- tion system and underwriting guidelines into the larger automat- ed decision management frame- work. It is then triangulated to make the data easier to consume for decision-making. It is intel- ligent automation that is closer to human intelligence, improving our client's middle-office processes and ultimately enhancing the borrow- er's mortgage banking experience." With DecisionGenius, mortgage lenders will be able to reduce risk with consistency in underwrit- ing decisions; reduce cycle-time and underwriter touches; increase pull-through rates; and improve processor productivity. To learn more about DecisionGenius and how you can benefit from the automated combination of income, credit, assets, and collateral for cohesive, comprehensive decision- making, visit DecisionGenius.com to schedule a demo.