MReport September 2022

TheMReport — News and strategies for the evolving mortgage marketplace.

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6 | M R EP O RT looking for broad coverage with high hit rates at an affordable price point. There are also a growing number of proptechs and emerging businesses in the mortgage and real estate industries that provide a preliminary home price estimate to their prospec- tive customers, which is precisely what our white-label model is designed to do." Reinforcing the Veri- fication Process EQUIFAX ENHANCES ITS MANUAL VERIFICATION OFFERINGS E quifax has announced new options for mortgage lend- ers leveraging its manual verifications of employment and income from Workforce Solu- tions, including new automated ordering of reverifications of employment (RVOE), and ad- ditional Priority Next Day and Priority Two Day options. By offering an RVOE with a veri- fication of employment (VOE) or verification of income (VOI) solution, Equifax is helping lenders to satisfy government- sponsored enterprise (GSE) or internal reverification require- ments while reducing friction in the lending process. "As mortgage lenders are reevaluating their processes with a focus on efficiency and customer experience, we believe they will see our enhancements as a win- ning combination: new automated ordering options for reverification and options for faster delivery," said Scott Maxfield, VP for Verifications at Equifax Workforce Solutions. "These enhancements bolster our ability to provide the complete verification coverage that mortgage lenders need at each stage of the process, from loan origination through post-close." Manual verifications from Equifax complement the service provided by The Work Number database, a centralized commer- cial repository of income and employment information. When information is not instantly avail- able digitally through The Work Number, the manual verifica- tion options also have built-in automation to help keep decision processes moving forward. There are two ways to pur- chase the new enhanced manual reverification options: either up front or by adding the "Set It and Forget It" automated feature to a standard or "Priority Solution" be- fore completing the order. Either way, lenders can receive a single convenient price and a reverifica- tion, either on their selected date or on the default date of 30 days post-order. In addition, lend- ers can choose between stan- dard turnaround and expedited Priority Next Day or Priority Two Day turnaround for their initial verifications. Embracing Advances in Blockchain SUN WEST MORTGAGE LAUNCHES NEW AI PLATFORM S un West Mortgage Com- pany has launched the newest iteration of its proprietary AI platform Morgan. Powered by Sun West's sister company Celligence and paired with their TRU Approval plat- form, Morgan's AI technology converts a preapproved property- specific loan to a property agnos- tic tradable Non-Fungible Token (NFT). This NFT is backed by real dollars and guaranteed by Sun West. This approach not only opens buyers and sellers to wider opportunities but empowers all income bracket parties the ability to present and accept offers with certainty and without open-ended financing contingencies. Thus, the borrower is now armed with the strength of an "all cash" offer that home sellers prefer. "Since our founding in 1980, the landscape of which we obtain a mortgage has changed," Sun West Mortgage CEO Pavan Agarwal said. "The multi-trillion-dollar real estate market is based on count- less singular person-to-person transactions. It was once wonder- fully simple but, over the past de- cades, has become unnecessarily complex. The invention and mass adoption of blockchain-based technology has brought us a new opportunity to streamline this processes, and Morgan is designed to redefine the way we trade real estate while simplifying and cor- recting this over complication." Since its soft launch, Sun West has been diligently testing and defining Morgan's real-world performance. Of the thousands of daily loan conditions Sun West receives, Morgan reviewed and resolved 99% within two hours. More than 30% of those received were reviewed in 30 minutes. The result was 100% success rate in properly underwritten and guar- anteed TruAproval loans. "What we traditionally call a Home Buyer is now a Seller of their unique credit qualified Non-Fungible Token (NFT)," Agarwal said. "If the trade value (the price of the home) is accepted and agreed to by the NFT seller and property owner, the transac- tion is openly recorded. To ensure the NFT is traded as agreed, the NFT Seller (home buyer) has two choices, they may close the transaction and transfer the NFT, or if they choose to not honor the trade, they forfeit their earnest money deposit, as customary in any standard real estate purchase." Bringing Clarity to Closing LODESTAR PARTNERS WITH VESTA'S LOS TO EASE CLOSING COSTS L oan Origination System (LOS) developer Vesta has announced an integra- tion with LodeStar Software Solutions, a national provider of closing fee-related compliance tools for mortgage lenders. The new integration, which takes advantage of Vesta's first- class open APIs, will provide mortgage lenders using Vesta's LOS technology seamless access to LodeStar's closing fee calculator. The integration will streamline and accelerate the generation and delivery of cost estimates and documents mandated by the TILA-RESPA Integrated Disclosure Rule (TRID) such as the Loan Estimate (LE) with guaranteed accuracy. Vesta's LOS enables lenders of all sizes to build custom work- flows that power a more efficient lending process. Vesta's no-code, fully customizable workflow engine creates substantial auto- mation and efficiency gains for MTECH "As mortgage lenders are reevaluating their processes with a focus on efficiency and customer experience, we believe they will see our enhancements as a winning combination: new automated ordering options for reverification and options for faster delivery." —Scott Maxfield, VP, Verifications, Equifax Workforce Solutions

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