MReport July 2022

TheMReport — News and strategies for the evolving mortgage marketplace.

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M R EP O RT | 5 MTECH Enhancements in eClosing MISMO CERTIFIES DOCMAGIC'S TOTAL ECLOSE PLATFORM D ocMagic Inc. has an- nounced that it attained MISMO's eClosing Sys- tem and remote online notariza- tion (RON) certifications for its Total eClose solution. Both certifications are part of MISMO's eMortgage Technology Certification Program created to support, advance, and increase the mortgage industry's adoption of digital solutions, and is spe- cifically designed to facilitate and encourage eClosing transactions. Moreover, the RON certifica- tion confirms that the provider's platform, procedures, and policies comply with MISMO standards and the eClosing certification confirms that the platform meets MISMO-specific requirements. MISMO standards are widely accepted and used throughout the real estate finance industry, and most major institutions, includ- ing government agencies and GSEs, which are utilizing MISMO standards to exchange data with business partners. In addition, agencies like the CFPB have made it clear that their examination and data exchange tools will rely on and conform to the MISMO standard. DocMagic became Certified MISMO Compliant for eClosing in February of this year and is one of the only document genera- tion providers with the eClosing certification. In 2021, DocMagic's proprietary RON capability was offered to its existing client base, enabling lenders and their bor- rowers to realize a fully digital closing experience. "We are pleased to have received these important certifica- tions, which establish standards that improve lenders' ability to evaluate eClosing technology providers," said Dominic Iannitti, President and CEO of DocMagic. "DocMagic has consistently cham- pioned the utilization of eClosing and RON technology in an effort to move the industry forward. These certifications help facilitate the adoption process and we fully embrace them." Pipeline Management 24/7 NEW FISERV PLATFORM ENHANCES THE MORTGAGE EXPERIENCE FOR BORROWERS AND LOS F iserv Inc. has announced that it is transforming the mortgage lending process with a new intuitive digital platform, allowing anytime, anywhere engagement. Digital Mortgage Center from Fiserv enables digital application ac- cess from a desktop, laptop, or mobile device. Building on the existing capabilities of Mort- gage Director, the center of the Fiserv lending ecosystem, and in collaboration with BeSmartee, a digital mortgage point-of-sale (POS) provider, the technology allows lenders to manage pipe- lines wherever they are. "Changing expectations among borrowers and rising origination costs have sent lenders in search of a better way to conduct busi- ness," said Richard Novak, VP, Head of Real Estate Lending Technology at Fiserv. "The digital mortgage provides a streamlined approach to lending and delivers a better borrower experience at lower costs." Digital collaboration ensures se- cure, omnichannel communication between borrower and lender, with the borrower loan dash- board allowing borrowers to com- plete the mortgage process from within one system. The mortgage loan originator command center provides LOs with digital access to manage pipelines and take an application in-person or over the phone from anywhere, while the customer relationship management system is fully integrated with the mortgage point-of-sale platform. Digital Mortgage Center has more than 165 integrations to help streamline the mortgage process and increase efficiency through fee aggregation, a product pricing engine, automated underwrit- ing system, data validation, and appraisal. Digital Mortgage Center collaboration tools give borrowers full communication access and visibility to make faster decisions and close loans quickly, efficiently, and in a streamlined manner via secured communication. Analytics allow borrowers to see real-time reports from start to submitted application. "Being part of the Fiserv mortgage lending ecosystem is an important milestone for our company, and will offer sig- nificant advantages to our joint users," said Tim Nguyen, CEO and Co-Founder of BeSmartee. "With the powerful mortgage point-of-sale tools that BeSmartee brings to market, this integration will make loans easier, faster, and more transparent so consumers can have all the right information at their fingertips and lenders can deliver on their promises to the borrower." Simplifying the Home Shopping Process DOWN PAYMENT RESOURCE PARTNERS WITH REALTOR.COM D own Payment Resource (DPR), a database for U.S. homebuyer assis- tance programs, has announced that has deployed DPR's search tool to help home shoppers find homebuyer assis- tance programs. DPR maintains a catalog of all the homebuyer assistance programs available na- tionwide, including down pay- ment and closing cost programs, Mortgage Credit Certificates, and affordable first mortgages. According to DPR's Q1 2022 Homeownership Program Index (HPI), there are 2,238 homebuyer assistance programs, with at least one available in each of the United States' 3,143 counties. "Record-high home prices and record-low housing inventory are making it very challenging for people, especially underserved and underrepresented com- munities, to become homeown- ers—further exacerbating the homeownership gap," DPR CEO Rob Chrane said. "The good Inching Closer to an All-Digital Process The following companies are leading the tech curve in the never-ending pursuit of pushing the boundaries of AI and riding the digital wave into the next generation of mortgage lending.

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