TheMReport — News and strategies for the evolving mortgage marketplace.
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6 | M R EP O RT completing and submitting their IDR application. Upon IDR plan enrollment, LoanSense notifies lenders so they may resume the home financing process with increased purchase power, which can be accessed in as little as three weeks. LoanSense also helps eligible consumers correctly enroll in PSLF, which discharges remaining federal student loan debt after 10 years of full-time employment in public service. Alongside each LoanSense purchasing power calculation, Mortgage Coach generates a Rent vs. Own Total Cost Analysis (TCA), which compares the costs and equity gains of renting, own- ing and owning a more valuable home with increased purchase power over time. The instant ac- curate illustration of the borrow- er's adjusted monthly student loan burden and mortgage benefits is a first-of-its-kind innovation, giving lenders the ability to educate and support borrowers making home- ownership more accessible. "Addressing the barrier student loans present to homeownership is part of Mortgage Coach's ongo- ing and relentless effort to equip lenders with data and technology benefits to better serve their com- munities with more home financ- ing options," Mortgage Coach President Joe Puthur said. "The impact of reducing a borrower's student loan payment by a few hundred dollars a month can be life-altering. It could mean $50,000 more for a better school district, an extra bedroom, or closer proximity to employment." "LoanSense is a mission-driven organization committed to helping improve the financial outcomes with our unique technology for the millions of Americans in student loan debt," LoanSense Founder and CEO Catalina Kaiyoorawongs said. "A home is 80% of the average American's wealth at retirement and delaying access to student-debt burdened borrowers will have major socio- economic impacts. We are pleased to integrate and partner with Mortgage Coach, who is equally committed to improving financial and homeownership outcomes for all prospective borrowers." "The LoanSense integration is available to any Mortgage Coach member, including our Broker Edition subscribers," added Kelli Hodges, COO of Mortgage Coach. "Everyone on the homeownership journey and every professional we serve should have access to this path of more affordable financing." SimpleNexus, DocMagic Enable Fully Digital Loan Closings THE NEW INTEGRATION IMPROVES ACCURACY, SECURITY, SPEED, AND EFFICIENCY FOR LENDERS DELIVERING LOANS TO THE SECONDARY MARKET. S impleNexus, developer of a homeownership platform for loan officers, borrow- ers, real estate agents, and settle- ment agents, announced the integration of its Nexus Clos- ing™ eMortgage solution with DocMagic's eVault and eNote technologies. The integration enables automated generation of an eNote with a tamper-evident seal and delivers the eNote to a secure eVault for delivery to the MERS® eRegistry. Electronic promissory notes (eNotes) are more secure and ac- curate than their paper counter- parts and give borrowers more time to review and understand closing documents. They also save lenders time and money because they come with an automated audit trail and can be delivered quickly and efficiently to the secondary market. DocMagic's eVault is a secure repository that provides lenders with the ability to access, man- age, and store eNotes and other electronic mortgage records on a short- or long-term basis. By of- fering proactive, real-time control of electronic loan files, eVault technology reduces cycle times and improves process efficiencies throughout the mortgage lifecycle. "Capital markets funding is the lifeblood of retail mortgage lending. Digitizing loan docu- ments and lending processes will lower costs to the retail customer and increase returns for mortgage lenders and investors," said Craig Focardi, Senior Analyst, Banking at Celent, a research firm that advises financial companies on technology. Celent estimates the market for eNote transactions will grow by nearly 20% in 2021. "To stay competitive in this market and future markets, lend- ers need to adopt eClosing solu- tions that allow them to generate, sign, store, and deliver eNotes as part of a complete eMort- gage transaction," said Dominic Iannitti, president and CEO of DocMagic. "We're pleased to offer these capabilities to more lenders through our integration with SimpleNexus." Nexus Closing™ provides borrowers a memorably modern closing experience as part of an end-to-end, single-sign-on home- buying experience that increases repeat and referral business. In addition to integrating DocMagic's eVault technology, Nexus Closing comes with integrated remote online notarization (RON) and eSigning. It has been certified to meet both Fannie Mae and Freddie Mac's technical require- ments for eClosing, eNote, and eVault functionality and is com- patible with the GSEs' respective eNote delivery systems. "A fully digital closing, com- plete with eNote and eVault, is the last hurdle lenders must clear before offering borrowers and investors the myriad benefits of an eMortgage. We're pleased to now offer these capabilities via our integration with DocMagic," SimpleNexus Chief Product Officer Shane Westra said. "In a market cluttered with half-baked solutions, we've made it our mis- sion to assemble the most compre- hensive and singularly exceptional homebuying experience in the business." "To stay competitive in this market and future markets, lenders need to adopt eClosing solutions that allow them to generate, sign, store, and deliver eNotes as part of a complete eMortgage transaction." —Dominic Iannitti, President and CEO, DocMagic MTECH