TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1481918
10 | M R EP O RT MTECH in the market for employment, income, credit, taxes, assets and identity verifications in a simple, dynamic interface. Lenders can also create different questions for borrowers to establish a much higher understanding of the borrower's intent and A/B test daily to find the optimal question sequences. The lender then can send certain leads to highly trained specialists depending on the type of loan a borrower needs. Leads Curation drops a borrower's data right into the lender's customer rela- tionship management (CRM), point of sale (POS), and loan origination system (LOS) platforms for faster pull through times. Supporting GSE Goals NEW CLEAR CAPITAL SOLUTION TO SUPPORT FREDDIE MAC'S PROPERTY DATA REPORT C lear Capital, a national real estate valuation technology company, has announced the launch of ClearInsight+, a technology-enabled set of valuation products to support Freddie Mac's ACE+ PDR (automated collat- eral evaluation plus property data report), a new offering for certain loan types. Freddie Mac began offering ACE+ PDR in mid-July, allow- ing lenders to originate cash-out and certain no cash-out refinance loans without an appraisal. With ACE+ PDR, property informa- tion is physically collected on-site by trained data collectors using a Freddie Mac PDR dataset in place of an appraisal. In cases when a PDR states re- quired repairs, and lender requests repairs, a completion report veri- fies the repairs have been made. In cases when the PDR notes a professional inspection needs to be performed, a licensed professional in that particular field, such as a plumber or pest inspector, must perform the inspection. The lender then must obtain either a signed report that states the repairs are not required, or a signed report or invoice stating the repairs are com- pleted and the issue has been cor- rected. In certain situations, review of the PDR may reveal that the property is not eligible for the of- fering or has certain characteristics or conditions that require upgrade to a hybrid appraisal (Freddie Mac Form 70H) or traditional appraisal. "We applaud Freddie Mac for their commitment to appraisal modernization and efforts to drive change in our industry," said Duane Andrews, CEO of Clear Capital. "The ACE+ PDR solution will help streamline processes, increase property data accuracy, and ultimately save lenders and borrowers time and money. We're pleased to support Freddie Mac to offer lenders a comprehensive set of dependable property valuation products they need to adopt ACE+ PDR, all in one spot." Backed by a vast experience in GSE appraisal modernization, Clear Capital's ClearInsight+ and Hybrid Appraisal are designed to ad- dress each scenario and support a complete Freddie Mac ACE+ PDR implementation among mortgage lenders nationwide. ClearInsight+ includes Property Data Report (PDR) and Completion Report. ClearInsight+ and Hybrid Appraisal are supported by the award- winning ClearInsight mobile app, CubiCasa automated floor plan technology, the company's vast net- work of trained and certified real estate brokers/agents, experienced appraisers, and dedicated quality assurance and customer support teams. Clear Capital's PDR provides a verified property dataset that fulfills Freddie Mac's requirements, with trained real estate brokers/ agents utilizing ClearInsight to gather property data, photos, and generate CubiCasa floor plans and gross living area (GLA). Once collected, the data is reviewed for quality assurance and typically pro- vided to the lender in three days, depending on appointment sched- uling with the point of contact. When the PDR states repairs are needed, and the lender requests repairs, ordering Clear Capital's Completion Report engages their national real estate broker/agent- based data collection service to verify if repairs or alterations for property eligibility are complete. When certain property character- istics or conditions are identified in the PDR and a lender needs to upgrade to an appraisal, Clear Capital's Hybrid Appraisal provides a trustworthy opinion of value up to 50% faster than a traditional appraisal. "We are thrilled to announce the addition of Clear Capital to our list of verified software partners supporting our PDR dataset," said Daniel Miller, Single-Family Director of Strategic Technology Partnerships at Freddie Mac. "Clear Capital and their network of trained data collectors and experi- enced appraisers support bringing our ACE+ PDR solution to market in a meaningful way." Clear Capital has completed more than 235,000 data collections for loans that utilized various GSE modern appraisal programs. The company's panel of more than 3,700 background-checked and trained real estate brokers/agents enables lenders to provide 97% coverage na- tionwide with proven performance and quality. Closing Loans With Ease SNAPDOCS INTEGRATES WITH BYTE ON CLOSING EFFICIENCY S napdocs has partnered with Byte Software. This integration will enable lenders to use Snapdocs within Byte's loan origination system (LOS) to help streamline and automate the closing process in order to reduce costs and im- prove the borrower experience. "We believe lenders should be able to work out of their pre- ferred platforms while automat- ing closing tasks and delivering a seamless borrower experience," said Todd Maki, VP of Business Development & Partnerships at Snapdocs. "We're excited to en- able Byte lenders to use Snapdocs within Byte's LOS to digitize their closing process." The integration between Snapdocs and Byte comes at a crucial time. To stay competitive in today's tumultuous market, lenders must improve operating margins without sacrificing bor- rower experience. Implementing digital closings offers a way to accelerate the closing process, re- duce loan costs and save valuable time for lenders and borrowers. This move to digital processes is quickest and most scalable when lenders can consolidate new technologies into their existing technology stack. "We're thrilled to give our clients access to more automation, process efficiencies, and the op- portunity to enhance the customer experience for their e-closings while staying within the Byte in- terface," said Mark Todd, National Sales Manager at Byte Software. "Our clients love how much con- trol they have in Byte to configure the system to their specific needs, and the Snapdocs team did a great job enhancing that capability for e-closings in Byte." Software Simplifying the Lending Experience ABS RELEASES MORTGAGE OFFICE PRO A pplied Business Software Inc. (ABS) has released The Mortgage Office PRO, a significantly upgraded version of the company's desktop software. The Mortgage Office PRO is more flexible, more powerful, and easier to use. It is web-based, enabling quick login, edits, downloads, and features a fresh, intuitive interface, built-in integrations, the ability to run processes in the background, and mobile capability for users on the go. Last fall, ABS released its web- based loan origination platform to extremely positive customer response. The Mortgage Office PRO includes full loan servicing functionality, resulting in a seamless online user experience between both origination and servicing. "At ABS, we always seek to prioritize our customers' needs when developing our product road map and pay very close attention to their feedback," said Jasen Portero, COO at ABS. "The development of The Mortgage Office PRO was a direct result of this process, and the enthusiastic user response so far is a testament to the dedication of our entire team."