MReport September 2022

TheMReport — News and strategies for the evolving mortgage marketplace.

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8 | M R EP O RT MTECH been in the home before, helping them establish a stronger emotion- al connection with the home." Prepping Today's Home Buyers NEW FORMFREE AND HOMESCOUT PARTNERSHIP TO HELP LENDERS IDENTIFY MORTGAGE-READY BORROWERS F ormFree has partnered with HomeScout to launch HomeScout Qualified Bor- rower, a tool that helps lenders generate leads and concentrate borrower conversion efforts on mortgage-ready home buyers. HomeScout offers mortgage professionals a suite of tools built to capture more purchase business and close more loans by engaging with in-market home buyers early in the process. With the introduction of HomeScout Qualified Borrower, FormFree and HomeScout helps prospective homebuyers—including those with thin credit files or no credit score at all—understand their buying power and share it with lenders before completing a detailed loan application or receiving an initial loan estimate. "Our partnership with HomeScout redefines the way lenders engage with past custom- ers and prospects by combining clear signals of home buying intent with a complete under- standing of each consumer's abil- ity to finance a home," FormFree Founder and CEO Brent Chandler said. "These are the highest-quality leads the industry has ever seen." FormFree is a provider of ability to pay (ATP) analytics for the lending industry, including verification of assets (VOA), veri- fication of income and employ- ment (VOI/E), and rent payment history. FormFree's patent-pending Residual Income Knowledge Index (RIKI) supplements tradi- tional credit evaluation models with analysis of a consumer's cash flow and residual income, creat- ing a more complete picture of a borrower's creditworthiness and potentially allowing more borrow- ers to qualify for a home loan. "Every day, hundreds of thou- sands of Americans start their home buying journeys online. With so many potential leads, the challenge for lenders is figuring out which buyers have both the intent to buy a home and the ability to repay a mortgage loan," said David Camp, President of HomeScout. "By combining our consumer marketing suite with FormFree's Qualified Borrower token, HomeScout Qualified Borrower helps lenders more efficiently connect with mortgage- ready home buyers before they are scooped up by competitors." Finding the 'Right Fit' for Each Customer BOSTON NATIONAL TITLE INTRODUCES LOAN-LEVEL HOME EQUITY PROCESSING B oston National Title Agency (BNT), an Incenter company, has an- nounced a new second mortgage and HELOC solution that helps lenders optimize their home equity processing for speed and cost-efficiency. The firm's offer- ings are empowering lenders to "right-size" second mortgage/HE- LOC processes—title, valuation, closing, and post closing—opti- mizing both service and profits. The announcement comes at a time when U.S. homeown- ers have close to $28 trillion in equity. But unlike conventional mortgages and refinances, the margins on HELOCs are much smaller, and financial success re- quires careful cost control. BNT is helping lenders accomplish this by tailoring second mortgage and home equity processing on a lender-by-lender and loan-by-loan basis and by using technology to minimize time and effort while ensuring every transaction gets exactly what it needs. The BNT platform, which incorporates a series of different valuation products from sister company Incenter Appraisal Management (IAM), as well as insurance products like flood in- surance from Incenter Insurance Solutions, allows lenders to mix and match the right set of title, appraisal, and insurance products for each loan type. A jumbo may get a full title report and a full 1004 appraisal and a traditional wet-signing while a $24,000 HELOC may get an L&V (Legal & Vesting) report, a Drive-by Appraisal using IAM's RemoteVal remote valuation plat- form, and an IPEN signing. "Our platform addresses the real obstacle to speed and ef- ficiency with these loans: there's a lot of variety in them from one lender to the next and one loan to the next," said Nathan Bossers, President of BNT. "Second mortgages need to be processed more like a traditional mortgage. Lender A's second mortgages need a different level of title report than Lender B's. Private wealth jumbos need a different level of services than regular HELOCs." BNT's teams are providing these services using a variety of solutions—such as its Dekko instant title decisioning engine, a 50-state full digital signing pro- cess, RemoteVal remote/desktop appraisals, and business process outsourcing bundled with title and various closing solutions. "Instead of building a process- ing solution that treats every loan the same way, we built one that flexes with every transac- tion," Bossers said. "It's the only way to deliver on the speed and efficiency promise for all home equity products—not just the easy ones." Expediting Access to Tappable Equity NFTYDOOR LAUNCHES DIGITAL HOME EQUITY LOAN PLATFORM D igital mortgage startup NFTYDoor LLC has unveiled its home equity platform to provide homeown- ers with a modern way to access their equity with a one-minute online application, along with funding in as little as three days. NFTYDoor is currently licensed in Virginia, Maryland, D.C., Illi-

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