MReport November 2021

TheMReport — News and strategies for the evolving mortgage marketplace.

Issue link:

Contents of this Issue


Page 7 of 67

6 | M R EP O RT to the technology and resources lenders need to successfully digitize their closings." The eMortgage Quickstart Program was designed to solve the challenges of digital mort- gages by providing lenders with the tools and support needed to effectively implement the use of eMortgages by providing the fol- lowing products and services: • Technology necessary to gener- ate, store, manage, and transfer eMortgages that is agnostic to lenders' existing point-of-sale systems (POS), loan origina- tion systems (LOS), or doc prep providers; • eMortgage implementation framework, combined with professional services, to enable lenders to not only implement, but operationalize and scale their use of eMortgages; • Streamlined implementation of processes between counterpar- ties to reduce complexity and facilitate eMortgage approval and onboarding processes; • An e-Eligibility engine to help lenders determine precisely how digital each closing can be; and • A forum to discuss the latest eMortgage developments and share best practices with other program participants. "In today's competitive landscape, our lender clients are focused on innovative and efficient technologies that can extend value and reduce time and costs while improving customer experience," said Sam Oliver, VP of Product Delivery for Freddie Mac Single-Family. "We are excited about our partnership with Snapdocs, and we look forward to working with them and our clients to continue the industry's journey towards a true digital mortgage." New AI-Enabled Mortgage Doc Service From Roostify THE SOLUTION WAS BUILT TO STREAMLINE AND SIMPLIFY THE MORTGAGE UNDERWRITING PROCESS FOR LENDERS. R oostify has launched its Roostify Document Intel- ligence (RDI) Service for lenders, geared to instantly pro- cess and contextualize mort- gage-related documents utilizing machine learning. The RDI Service uses machine learning, developed in partnership with Google Cloud, to process documents required for mortgage underwriting, and deliver relevant data as needed to streamline the rest of the lending process. The service has three main capabili- ties: document classification, data extraction, and data validation. Through document classifica- tion, RDI processes a document to identify the document type and confirm whether the document satisfies an associated condition generated by a loan origination system, automated underwriting system, or rules engine. With its data extraction capabilities, the RDI Service extracts the data contained in the document and returns it as human-readable, usable data via API. The data validation service matches extracted document data against loan application data to identify any potential inaccuracies, errors, or inconsistencies. "Providing new services that utilize artificial intelligence is a big step towards improving the way borrowers experience the home buying journey, and the way lenders can simplify a process that despite rapid digitization is still cumbersome and complex," said Rajesh Bhat, Co-Founder and CEO at Roostify. RDI is currently able to pro- cess more than 25 of the most common borrower-provided documents (e.g., paystubs, asset statements, tax forms), and by the end of the year, will have upwards of 50 mortgage docu- ment types covered. Across the entire document set, the average confidence level is greater than 90%, with 35-plus document types having a confidence level of over 95%, without manual review. ICE Mortgage Technology Announces MERS Expansion NEW SOLUTION WILL PROVIDE A MEANS TO STORE, PROVIDE ACCESS TO, AND RETRIEVE COPIES OF RON VIDEO RECORDINGS FOR NOTARIES. I CE Mortgage Technology has announced that MERSCORP Holdings (MERS), the mort- gage industry's national electron- ic loan registry, is expanding its capabilities to now include industrywide, secure storage of Remote Online Notarization (RON) videos for lenders, inves- tors, and servicers. The MERS RON video storage solution will provide a secure way to store, provide access to, and retrieve copies of RON video recordings for notaries, RON plat- form providers, and authorized parties during post-closing review, loan purchase as well as down- stream events such as foreclosure. "MERS has long been the industry's system of record for registering and tracking residential mortgages and this extension of capabilities perfectly complements and extends the value that MERS delivers for the entire industry," said Joe Tyrrell, President of ICE Mortgage Technology. "Because MERS technology solves complex retention, tracking, and accessibil- ity issues, while instilling confi- dence across multiple stakeholders, the industry is now finally able to fully embrace the power of eClosings." MERS will extend its regis- tration capabilities to meet this industry's need with an initial release at the end of the year. The solution will be available by both user interface and API. Planned enhancements in 2022 will expand the functionality to include valida- tion, custom storage durations, and other extended features. "The MERS video storage solu- tion is a tipping point for RON adoption," said Chris King, SVP of Business Development at Mr. Cooper. "This enhancement gives investors the confidence they need during the life of the loan to ac- cess RON videos in a secure and centrally located storage facility. MERS is the obvious choice." Blend Launches Income Verification Solution NEW TOOL SERVES A SINGLE- INCOME VERIFICATION PROVIDER ACROSS BANKING PRODUCTS AND LENDING SCENARIOS. B lend has launched its new Blend Income Verification, a product for financial services firms that delivers instant income verification for mortgages. The new tool acts as a single- income verification provider across banking products and lending scenarios, by combining multiple data sources and verifica- tion methods, enabling financial services firms to streamline credit risk assessments for all types of consumers. "In today's competitive landscape, our lender clients are focused on innovative and efficient technologies that can extend value and reduce time and costs while improving customer experience." — Sam Oliver, VP of Product Delivery, Freddie Mac Single-Family MTECH

Articles in this issue

Archives of this issue

view archives of TheMReport - MReport November 2021