MReport November 2022

TheMReport — News and strategies for the evolving mortgage marketplace.

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Page 10 of 67

M R EP O RT | 9 MTECH manufacturing pipeline. Loan officers, processors, and under- writers utilize Touchless Lending's machine-oriented, optimized workflows to engage with bor- rower and property data to make better decisions faster instead of relying on physical documentation and manual data entry. This one- of-a-kind solution automates the loan production process, allowing lenders to originate mortgages quicker while reducing costs and repurchasing risks. Touchless Lending also effortlessly integrates with existing systems, including client CRM, POS, and LOS. "With the launch of Credit and Collateral Analysis, which seam- lessly complement our currently available products—Document, Income, Multi-Investor, and Decision Analysis—Tavant can achieve their goal of straight- through processing and fully automated underwriting sooner than expected," said Mohammad Rashid, Head of Fintech Innovation at Tavant. "We pragmatically reduce the cost to process and underwrite by ap- proximately $1,000 per loan and achieve a scale of double-digit underwrites per day per under- writer. In addition, the flexibility to deploy any one of these prod- ucts independently of the others, or deploy in a cohesive package for underwriting, significantly increases the platform's ease of adoption." Credit Analysis, now part of Touchless Lending, is a machine- based approach to underwriting the credit component of a mort- gage application, which automates the review of credit reports for all borrowers on the application for a home loan. These reports include the following features: a review of (1) debts, liabilities, and credit utilization, (2) public records to identify issues pertaining to bankruptcy, foreclosure, judgment, liens, and fraud, (3) applicant personal data against the credit report for verification purposes, and lastly, (4) investor and lender- specific guidelines (both agency and non-QM), which automati- cally raises conditions as needed and subsequently reevaluates the primary loan ratios. Touchless Lending Credit Analysis can be performed in seconds, thereby al- leviating time for underwriters to focus on other tasks and signifi- cantly reducing the overall cost and time required to underwrite and process a loan. Collateral Analysis, the sec- ond new addition to Tavant's Touchless Lending platform, automates an underwriter's manual, labor-intensive appraisal review process, allowing them to focus their attention on other pressing issues that require ac- tion. These features include the following: (1) GSE and private investor guideline checks, (2) validating appraisal information across the loan file, including title, sales contract, flood, homeowners' insurance policies, etc., (3) home images and appraiser comment analysis using various AI/ML techniques, and (4) FEMA, USPS, and Flood Zone authentication. Eliminating manual review and data entry while identifying and escalating issues automatically al- lows for more accurate and faster decisioning, and closing. Streamlining Income Verification VESTA ANNOUNCES NEW VERIFICATION INTEGRATION V esta has announced a in- tegration with Truework, an income verification platform. Built directly into the lender workflow, the Truework API allows for instant access to millions of income and employ- ment records. Lenders of all sizes can now take advantage of Truework's verifications for any applicant directly from the Vesta LOS, without ever disrupting their workflow. With Vesta's no-code workflow and decisioning engine, lenders can fully configure their business logic directly within the web- based application, without need- ing to use developer resources. The system's open, cloud-native API's unlock easy integrations to platforms like Truework, giving lenders the ability to seamlessly integrate all their verification needs into one single solution. "As we speak with today's financial institutions about their challenges and opportunities, we continue to hear that income veri- fication is one of the biggest pain points in origination," said Mike Yu, Vesta CEO. "Our partnership with Truework is bringing a mis- sion critical step of the process to the digital age, allowing for end- to-end streamlined verifications directly from the LOS." Ryan Sandler, Truework Founder and CEO, added, "We're excited to partner with Vesta, who shares our passion for innovation and commitment to the customer, to bring first-class income and employment verification to their next-generation LOS. We want Truework to be a frictionless option for all of our mortgage cus- tomers, and this partnership brings us one step closer to that goal." Navigating LOS Efficiency LOANPASS AND LENDINGPAD PARTNER ON LOS L oanPASS, a fintech focused on next-generation deci- sioning automation, and LendingPad, an end-to-end web- based loan origination system (LOS) provider, have announced a partnership to integrate their core platforms for use by direct lenders. The integration mar- ries two of the most techno- logically contemporary PPE and LOS platforms in the mortgage industry, delivering newfound efficiencies and benefits specifi- cally for mortgage bankers. Directly from within LendingPad's LOS, users will be able to seamlessly access LoanPASS' decisioning platform to return product and pric- ing results for any type of loan program. "We are excited to partner with LendingPad to offer mortgage bankers the combined power of LoanPASS' sophisticated, highly customizable PPE solution with that of LendingPad's comprehen- sive cloud-based LOS," said Bill Mitchell, CRO of LoanPASS. "As the mortgage industry prepares to face increasing volatility, these are two ideal solutions for lending "Our mission at Rocket Companies is to simplify life's most complex moments so our clients can live their dream, and we've delivered yet again on our vision to create a seamless real estate experience by being the first-ever to revolutionize the closing process." —Jay Farner, CEO, Rocket Companies

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