MReport July 2021

TheMReport — News and strategies for the evolving mortgage marketplace.

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M R EP O RT | 5 MTECH Complying with the eMortgage Process MISMO LAUNCHES EMORTGAGE TECHNOLOGY CERTIFICATION PROGRAM. M ISMO, the real estate finance industry's stan- dards organization, has announced that it is launching an eMortgage Technology Certifica- tion program to assist lenders in identifying products that comply with industry standards. The program is part of MISMO's effort to support, ad- vance, and increase the mortgage industry's adoption of digital solu- tions, and is designed to facilitate and encourage eClosing transac- tions. Through this certification, lenders, settlement agents, and consumers will be able to verify that a platform can perform an eClosing transaction in a secure and compliant manner, creating a more seamless and efficient expe- rience for all parties and reducing friction in the real estate finance market. "This offering fills an indus- try need as lenders are updating their digital stacks and looking to differentiate among available products and ensure interoperabil- ity and compliance with MISMO standards," said Seth Appleton, President of MISMO. "The clarity and transparency of this certifica- tion program offer lenders a level of assurance that the eMortgage products they are selecting comply with MISMO industry standards." MISMO's first eMortgage Technology Certification pro- gram is the Remote Online Notarization (RON) certification that allows companies to demon- strate compliance with MISMO RON standards. The newest offering in the eMortgage Technology certifi- cation program is focused on eClosing Systems by verifying the presentation of electronic records for eSignature; allowing for signer's consent to the electronic signature process; supporting the verification of the signer's identity utilizing a multifactor authentication process; and con- firming the content and integrity of the audit trails for an eClosing transaction. AI Solutions for Doc Processing VISIONET LAUNCHES AI- POWERED DOCUMENT- PROCESSING PLATFORM. V isionet Systems has re- leased DocVu.AI–an AI- driven Intelligent Docu- ment Processing (IDP) platform that enables clients to seamlessly extract, analyze, search, and manage datasets from multifac- eted, industry-specific contracts, trade documents, and agree- ments. Visionet's newest release allows users to extract informa- tion using trained machine- learning models, providing clients with quality insights needed to make informed and critical business decisions. "DocVu.AI is the next genera- tion platform that accelerates the processing of large volumes of structured and unstructured data," said Alok Bansal, CEO of Banking and Financial Services Business at Visionet. "This allows companies and institutions to leverage new opportunities, improve compliance transparency, power-up automated workflows with valuable data, and achieve faster ROI. We have put in over 30 months of research and development to bring this word- class product in place." Visionet's mortgage solutions are used extensively across the loan lifecycle, including loan origina- tion, servicing, and capital markets. The company processes more than 75,000 loans in a month with accuracy averaging over 98% and turnaround time ranging from 30 minutes to four hours. "DocVu.AI is uniquely posi- tioned to cater to the needs of the mortgage industry with its state- of-the-art AI/ML platform and Visionet's deep-seated expertise in serving this industry for over two decades," said Vaibhav Gupta, Head of Banking and Financial Products for Visionet. "The plat- form comes with out-of-the-box support for 500-plus documents and variants, and 4000-plus data points, with more being added every day." Expanding into the Rural Market LOANDEPOT PARTNERS WITH FARM BUREAU BANK. l LLC, a sub- sidiary of loanDepot Inc., and Farm Bureau Bank have announced a new joint venture, Farm Bureau Mortgage. Head- quartered in Reno, Nevada, Farm Bureau Bank is a federally chartered savings bank, offering a variety of products, including checking accounts, auto loans, credit cards, and business services. Farm Bureau Bank, which opened its doors in 1999, currently serves local Farm Bureaus and their members in 45 states. "As America's Lender, we are thrilled to create this unique partnership with Farm Bureau Bank," said Dan Peña, EVP of National Joint Ventures for loanDepot. "Farm Bureau Bank is dedicated to serving the financial needs of rural Americans across the country and understands the unique lifestyle of its Farm Bureau members. loanDepot knows the importance of home and is equal- ly committed to providing our customers the personalized service they desire as they navigate one of their most important life events—the purchase or refinance of their home." Dominick Deorio will serve as President of Farm Bureau Mortgage. "Farm Bureau members will greatly benefit from this partner- ship," Deorio said. "loanDepot is known for exceeding the expecta- tions of customers at every step of the home loan process, and Farm Bureau Mortgage will ensure a level of excellence and care that Farm Bureau members expect." This partnership is the latest from loanDepot, after the compa- ny's recent partnership with LGI Homes, LGI Mortgage Solutions. "Our goal has, and remains, to provide our members with an optimal banking experience," said William Hileman, President and CEO of Farm Bureau Bank. "DocVu.AI is uniquely positioned to cater to the needs of the mortgage industry with its state-of- the-art AI/ML platform and Visionet's deep-seated expertise in serving this industry for over two decades." —Vaibhav Gupta, Head of Banking and Financial Products, Visionet

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