TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1457838
4 | M R EP O RT MTECH Compliance in the Cloud DOCMAGIC PARTNERS WITH LOS PROVIDER TAKE3 TO FURTHER ENHANCE THE DIGITAL MORTGAGE PROCESS. D ocMagic Inc. has an- nounced that it has integrated multiple digital lending solutions with Take Three Technologies' (Take3) cloud-based and fully-integrated loan origina- tion system (LOS), LoanMAPS–an all-in-one LOS, POS, CRM, and report generator. The new integration with LoanMAPS empowers clients by eliminating the need for an initial disclosure desk and clos- ing department, which results in reducing the clients' full-time employee count and the clients' cost to produce loans. LoanMAPS will have the ability to compli- antly generate loan documents for borrowers, eSign documents, and offer eClosing capability. "The integration that we de- veloped with Take3's LoanMAPS LOS is seamless and bi-directional, giving users the ability to har- ness several of our solutions to optimize the borrower experience, reduce lender costs and ensure compliance," said Steve Ribultan, Director of Business Development at DocMagic. "We are pleased to partner with Take3 and extend this offering to mutual lender clients residing on LoanMAPS." LoanMAPS runs completely off a standard internet browser accessible from the user's desk- top, laptop computer, or mobile device. Automating the entire lending process for mortgage bankers, LoanMAPS applies AI and sophisticated business logic to implement newfound efficiencies across the system from production through post-closing. "A team of mortgage lenders Furthering the Pursuit of Paperless As the industry continues to advance the digital mortgage agenda, these companies are carving inroads to an all-digital and AI-enhanced mortgage process. developed LoanMAPS after de- cades of experience working with other solutions and realizing the value that having one technology provides in terms of one data- base and one training system," said Anita Padilla, CEO of Take3 Technologies. "LoanMAPS was built by mortgage bankers, for mortgage bankers." DocMagic's Audit Engine auto- mates data and document valida- tion at all phases throughout the lending process to ensure accuracy and compliance. The integration with LoanMAPS also ensures that TRID rules are always adhered to, eliminating costly errors. Take3 Technologies is also integrating DocMagic's Total eClose platform with LoanMAPS. Total eClose automates the entire eClosing process via a single- source solution that guides users through a highly efficient eClosing experience which allows them to securely eSign and eNotarize a loan from anywhere via a simple internet browser. Assessments, Automated FORMFREE'S ACCOUNTCHEK JOINS FORCES WITH FREDDIE MAC FOR INDUSTRY'S FIRST AUTOMATED ASSESSMENT OF DIRECT DEPOSIT INCOME. F ormFree announced that its AccountChek digital as- set verification service will support a first-of-its-kind solu- tion from Freddie Mac that al- lows mortgage lenders to assess a prospective homebuyer's in- come using direct deposit data. Available to mortgage lenders nationwide, Freddie Mac's Loan Product Advisor (LPA) asset and income modeler (AIM) solution fulfills mortgage verification of assets (VOA) and verification of income (VOI) requirements. FormFree's AccountChek leverages tens of thousands of data connections with more than 16,000 financial institutions to instantly deliver consumer- permissioned asset and income verification all in one report. With an estimated 93% or more of U.S. workers paid via direct