TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1490083
8 | M R EP O RT MTECH and closing technologies. Lenders can order an appraisal, schedule a property inspection, gather title data information, and prepare for closing, all through the Mortgage Cadence Collaboration Center. Bilateral communication enables better collaboration, faster decision making and improved efficiencies for all stakeholders. "Accurate Group's vision is to deliver end-to-end digital mort- gage technology that combines quality and speed for a strategic advantage," said Paul Doman, President and CEO of Accurate Group. "The integration with Mortgage Cadence strengthens this mission by allowing lenders to leverage Accurate Group's full real estate technology and service suite directly within the Mortgage Cadence Collaboration Center. This significantly reduces time spent navigating between different systems, fosters better collabora- tion and delivers agility needed to compete in today's dynamic market." Jim Rosen, EVP of Services at Mortgage Cadence, added, "Mortgage Cadence is excited to offer Accurate Group's real estate appraisal, title and e- closing solutions to lenders on the Mortgage Cadence platform. This partnership signifies our com- mitment to providing complete, modern, cloud-based digital lending solutions to the market, and empowering lenders to work with services providers of choice to maximize their efficiency and value in their lending operations." MI Made Easy MGIC ANNOUNCES PARTNERSHIP WITH VESTA M ortgage Guaranty Insurance Corporation (MGIC), the principal subsidiary of MGIC Investment Corporation, has integrated with Vesta, a modern mortgage loan origination system (LOS) and software-as-a-service (SaaS) company. With this partnership, lenders using the Vesta platform will be able to seamlessly, and in real-time, request quotes, and order private mortgage insur- ance (PMI) from MGIC without leaving the Vesta LOS. "Small operational efficiencies can quickly add up to create nota- ble time and cost savings, critical focuses for any lender in today's environment. We're excited to work with MGIC to deliver a straightforward and modern quot- ing and ordering experience," said Mike Yu, Vesta CEO. MGIC serves lenders through- out the United States, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality through the use of private mortgage insurance. "At MGIC, we understand that our customers benefit from having mortgage insurance readily avail- able when and where they need it," said Leslie Bensen, Director, Partner Solutions at MGIC. "We are thrilled to offer MGIC's cus- tomers access to our MI products through Vesta LOS." Increasing Fraud Protection Efforts FUNDMORE AND VERIFAST UPGRADE DIGITAL VERIFICATION FOR LENDERS M ortgage fraud has increased by nearly 30% since Q1 2020, and a full 92% of all mortgage fraud in- volves falsification of financials, like income. Yet, many lenders lack a simple, easy, and failsafe way to verify applicants' finan- cials. This leaves them vulner- able to unknowingly approving loans applicants may not be able to service. A new partnership between FundMore and VeriFast intro- duces a new layer of security for lenders using the FundMore platform to originate mortgage loans. With the new VeriFast functionality, lenders can instantly verify applicants' digital ID, finan- cials, and ability to service loans without leaving the FundMore platform. This gives them the ability to effortlessly identify fraud at the initial application stage, and reduce human error and poor- quality loans. VeriFast has also recently imple- mented OCR for bank statement and paystub upload as a waterfall to ensure all applicants can verify their financials. While digital veri- fications leveraging direct source data is the future, OCR of pdf statements is a necessary bridge required to serve all consumers across the technology adoption spectrum. As such, VeriFast em- powers companies to seamlessly integrate banking data, payroll insights, tax transcript data, and biometric identity verification, to existing process flows using a single-source configurable API. At the same time, FundMore's comprehensive automated Loan Origination System (LOS) utilizes machine learning to streamline funding, reduce risk, improve efficiency through analytics, and greatly improve the success and speed of the underwriting process. "From day one, I was im- pressed with VeriFast's deep ex- pertise and technology. FundMore now provides instant digital veri- fication to streamline the mort- gage process for our clients," said Chris Grimes, CEO of FundMore. "Mortgage application fraud risk is a growing industry concern that needs to be addressed. Through this partnership, we continue to give lenders of all stripes the digital tools, automation, and se- curity they need to keep up with changing consumer demands and regulatory requirements." Tim Ray, VeriFast Co-Founder, added, "VeriFast is experienc- ing rapid solution adoption with mortgage lenders who want to digitize and streamline their pre-approval and underwriting processes. Our partnership with FundMore will help automate fi- nancial and KYC-ID verifications. Together we are taking digital verification and lender security to a new level."