TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1447641
M R EP O RT | 9 MTECH which he helped grow from its initial spinout from Greystone to more than $1.3 billion in multifam- ily loan requests in its first two quarters. Mendonça, who serves as Fulcrum's CTO, was previously the lead engineer at both TapCap and Greystone. "Our proprietary technology and data not only drive down lending costs, which we pass directly to the borrower, but they also enable us to uncover hidden market insights and trends which we share with our clients at no cost," Wu said. "Multifamily loans are a commodity in this market and providing the lowest cost loans was only inevitable with our technology and data capabilities, so our focus turned to, how can we provide long term value for our borrowers beyond just a transac- tional service." Fulcrum Lending plans to continue its expansion nationwide, working with select mortgage brokerages in offering a digital, transparent, and personalized lending process for borrowers of all sizes. "They're a great combina- tion of real estate and technol- ogy experts who understand the ins and outs of the multifam- ily mortgage finance business," said Jay Donaldson, President of Northmarq's Fannie Mae and FHA/HUD platforms. "We're ex- cited to see where this partnership will take the digital experience for borrowers." OpenClose Launches New Mobile App MOBILE ASSIST WILL BRING GREATER TRANSPARENCY AND REAL-TIME ACCESS TO THE MORTGAGE PROCESS. O penClose has launched its native mobile app platform, Mobile Assist, which provides features and functionality to make originators more successful via a real-time omnichannel device platform that helps originators deliver superior service and guidance to their borrowers and referral partners in a secure, seamless, and collaborative environment. OpenClose's Mobile Assist will allow originators to generate product and pricing scenarios, run automated underwriting systems (AUS), lock loans, view conditions, receive real-time notifications, communicate easily, and have greater visibility into all aspects of the loan manufacturing process. Originators can invite borrowers into a secure environment at any stage of the application process; upload or photo capture documen- tation; eSign documents; automati- cally verify employment, income, and assets; view progression of their loan; action loan condi- tions; and collaborate with staff and affinity partners to efficiently complete the transaction. "OpenClose provides unbur- dened, secure connectivity to our digital lending ecosystem by eliminating the hardware tether associated with our competitors. With mobile devices being such an integral part of our culture today and the demand for in real-time experiences, OpenClose wanted to fundamentally shift the way people think about mortgage loan origination," said Allen Pollack, VP of Innovation at OpenClose. "Consumers demand the flexibility to engage on their time with the devices that are always by their side and have the opportunity to communicate not only with their lender, but also with all parties critical to their transaction. Originators can now embrace the culture and better service their borrowers and partners with unmatched work-from-anywhere personalized experiences." For lenders, Mobile Assist extends the traditional office experience and can be used to attract sales talent and secure referral partners. It provides an environment where originators, borrowers, real estate agents, and other partners can collaborate on a native Android, iPhone, or iPad device. With on-the-go connectiv- ity to critical data and tools, you become the partner that offers originators cutting edge tools while establishing operational efficiencies and reducing the cost to manufac- ture loans. Resource Financial Collaborates With Ocrolus to Automate Mortgage Processing PARTNERSHIP WITH INDEPENDENT MORTGAGE BANK TO OFFER CUSTOMERS A COMPLETELY DIGITAL MORTGAGE SOLUTION. O crolus and Resource Fi- nancial Services, an inde- pendent mortgage banker serving the Southeastern United States, has announced a tech- nology partnership to further automate Resource Financial's online mortgage process. The lender has integrated Ocrolus' Human-in-the-Loop (HITL) doc- ument classification and analysis solution within their technol- ogy stack, enabling customers to handle refinancing and home purchasing completely online. "We are happy to support progressive mortgage bankers like Resource Financial, who under- stand that changing market condi- tions require technologies that enable employees to make faster, more informed lending decisions," said Michael Manne, CRO at Ocrolus. "Resource Financial loan officers and underwriters can focus on servicing customers, knowing that the data provided by Ocrolus is verified and reliable." Ocrolus' support of the Resource Financial tech stack focuses on document automa- tion, initially on classifying bank statements and capturing data for mortgage applications. "Our mission is to deliver the best mortgage products and solu- tions to our clients," said A. Wade Douroux, President and CEO of Resource Financial. "Enabling tech- nologies like Ocrolus helps us act as a trusted partner to our custom- ers and allows us to continuously improve our end-to-end mortgage experience."