MReport December 2021

TheMReport — News and strategies for the evolving mortgage marketplace.

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M R EP O RT | 5 MTECH while also being clear that the business would only become consistently profitable at scale. We have determined this large scale would require too much equity capital, create too much volatility in our earnings and balance sheet, and ultimately result in far lower return on equity than we imagined." Barton said that he sees volume volatility to be an impediment to ramp and scale the operation, and any future interruptions to the supply chain could result in increased holding times which in turn exposes Zillow to more risk. Instead, the company will focus on its core business, which has remained strong Barton noted. Guaranty Home Mortgage Partners with Paradatec MORTGAGE LENDERS TAPS AI SOLUTION FOR DOCUMENT AUTOMATION. P aradatec, a provider of AI-based docu- ment classification and data extraction technology, has announced a deal with Guaranty Home Mortgage Corporation (GHMC), as GHMC has selected Para- datec's AI-Cloud for its document process- ing and indexing. AI-Cloud is an artificial intelligence-based document classification and data extraction technology hosted by Amazon Web Services (AWS). Guaranty Home Mortgage, an originator of loans via multiple channels, selected Paradatec's AI-Cloud solution after an evaluation process in which it tested and compared competing solutions over a period of several months. "Paradatec was the clear choice based on our comprehensive vetting process," Guaranty Home Mortgage's CTO Michael Rhoden said. "Many vendors make bold claims about their AI-based solutions but are rarely able to deliver. Paradatec not only advertises an abil- ity to provide an out-of-the-box, cloud-based implementation for indexing documents and extracting data, they actually do it." Through the use of AI-Cloud, Guaranty Home Mortgage has been able to reduce the average amount of processing time from a loan being uploaded and readied for review from 30 minutes to 10 minutes. The average amount of time to review and correct loan documents has been reduced from 40 minutes to just five minutes, in addition to a significant reduction in error rates. AI-Cloud breaks down every loan into more than 850 specific document types and uses machine-learning tools and pre-trained libraries to find and transform over 8,500 data points trapped in mortgage loan documents into actionable data. "The results obtained by Guaranty Home Mortgage using our unique technology are quite typical for our customers. And now, the technology is even more accessible with our cloud-based solution AI-Cloud," said Neil Fraser, COO of Paradatec. "I would encourage other lenders to reach out to Paradatec to set up a one-day blind test. It takes only one day to see just what this technology can do, right out of the box." loanDepot Wholesale Upgrades mello IN A MOVE TO ENHANCE USER FUNCTIONALITY, LOANDEPOT ANNOUNCES ADVANCEMENTS TO ITS BROKER PORTAL. l oanDepot Wholesale has launched the newest version of its mello broker portal, including several new and enhanced "Closing Connection" features within the portal that use loanDepot's proprietary technology to streamline the closing process for brokers. loanDepot Wholesale is the third-party origination division of loanDepot, licensed to serve mortgage originators in 48 states and the District of Columbia. "In today's market, speed can be a key fac- tor in the homebuying process. The enhanced functionality in our broker portal allows loanDepot's wholesale partners to better serve their buyers, providing a quicker, more intui- tive closing process," said Jeff Walsh, Senior EVP and CRO of loanDepot. "Our continued investment in proprietary technology pro- vides brokers and the customers they serve an advantage in the buying and refinancing process, and we'll continue to innovate our mello platforms to build on improving the user experience." New Closing Connection functionality includes: Closing validations; a verification of final fees; the ability to request documents and schedule closing; a pre-closing package; and the ability to upload documents. Additional upgrades are set to be an- nounced in the coming months by loanDepot Wholesale. 1st Security Bank Adopts Remote Online Notarization THROUGH ITS HOME LENDING DIVISION, LENDER HAS THE ABILITY TO EXPAND ITS CUSTOMER OPTIONS BY UTILIZING RON CAPABILITIES. 1 st Security Bank has announced that it is now using Remote Online Notari- zation (RON) for multiple buyer and seller signed document closings through its Home Lending Division. Anywhere. Anytime. MReport Digital Bringing Today's Lending Headlines into Focus, MReport Digital Puts Mortgage Banking News at Your Fingertips Experts you trust. People you know. News you want. MReport is putting essential mortgage market news at your fingertips with our new digital edition, now available online via your smartphone, tablet, or computer. Enjoy the magazine at your desk, and tap into MReport Digital's easily accessible platform anywhere, anytime. Committed to giving originators, servicers, and all lending professionals access to smarter perspectives, MReport believes it's time to think differently about the mortgage industry. Because the American Dream is evolving . . . are you? Subscribe to MReport and MReport Digital now! Call 800.856.8060 or connect with us online at to take advantage of our special introductory offer! powered by THEFIVESTARINSTITUTE

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