TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1491913
M R EP O RT | 9 MTECH WFG has built numerous cus- tom integrations and operational processes on top of the Resware product since implementing the title production software several years ago. The investment WFG makes in technology enables their closers to efficiently deliver highly personalized, differentiated ser- vices across various nuanced and unique transaction types. "WFG is focused first and foremost on supporting the needs of its business partners and their customers," said Alain Chapuis, VP of Title and Escrow Production Systems for WFG's technology subsidiary, MyHome, a Williston Financial Group Company. "By implementing Resware at the enterprise level, we've been able to standardize and automate complex tasks, creating greater efficiencies for our business partners and our operations in the process, and we're looking forward to working with Qualia to take this commit- ment to the next level in 2023 and beyond." The Resware product was added to the Qualia technology suite in late 2020 following Qualia Labs' acquisition of Resware's then-parent company Adeptive Software. In the period since, Qualia has continued to invest in expanding Resware's capabilities, performance, and stability. In a few months, additional upgrades will be made available as part of the upcoming Resware v10 release. "WFG has focused on delivering exceptional client and partner experiences from the beginning," said Nate Baker, Qualia Co-Founder and CEO. "We're honored to continue to be WFG's core technology partner in that mission as the industry evolves and enters its next stage of growth." Embedding the Appraisal Experience into POS Systems REGGORA ANNOUNCES CUSTOM POINT OF SALE INTEGRATION R eggora, an appraisal management software company, has announced that its order management platform can embed the bor- rower's appraisal experience into a lender's custom point of sale (POS) system. Reggora improves the borrower's experience by resolving some of the most com- mon issues that arise during the appraisal. This includes paying for the appraisal, scheduling the inspection, seeing the status, and more. Through Reggora's open API, lenders can bring all of these improvements directly into their proprietary POS. "The appraisal is an important part of securing a mortgage loan, and seamlessly connecting every part of the borrower's experi- ence is essential," said Jim Black, a 20-year mortgage origination veteran, former Strategic Advisor at InstaMortgage, and Executive Director of Lender Strategy at CalqueInc. "If the borrower is in- formed and comfortable through- out every step of the process, it will improve their customer satisfaction. The mortgage process can be stressful, but lenders who use digital tools to ensure apprais- ers, borrowers, and all stakehold- ers are on the same page can help alleviate some of that stress." Reggora's developer-friendly API accelerates lenders' implemen- tation by reducing the time and IT resources required to create and maintain the integration. "The appraisal is a critical part of the loan process, but, despite all the progress towards a digital mortgage, the appraisal is still done entirely offline," said Will Denslow, Co-Founder and CTO of Reggora. "There's a tremendous opportunity for lenders to differentiate by fixing the appraisal experience, and this integration makes it simple for them to do that." Crypto Takes a Step Forward MILO ANNOUNCES CRYPTO LOANS F intech Milo has launched its new crypto loan prod- uct. This launch means that digital asset-holders will now have the opportunity to use their cryptocurrency as col- lateral to access loans, ranging in value from $10,000-$200,000, and larger on a case-by-case basis. Customers who own crypto can pledge these digital assets and borrow U.S. dollars. To get started, customers will simply complete a short loan application and send collateral to a trusted qualified custodian to be held in cold storage. Milo clients will be underwritten based on alternative data, allowing for more indi- viduals to qualify. Crypto loans offered by Milo can be used for many purposes and be disbursed within hours once compliance is approved. Milo is launching a new crypto loan product for digital asset- holders to access U.S. dollar loans backed by crypto assets. Milo has been developing this product since 2022 and expects it to be available to most applicants in Q1 2023. The company has a large waitlist where clients will be granted early access to qualify for loans. Milo plans to initially launch its services for borrowers in California and Florida with plans to expand to other states in 2023. "Crypto loans are an essential financial solution when consum- ers want to hold their crypto for the long run but need dollars today," said Josip Rupena, CEO and Founder of Milo. "Last year, Milo launched an innovative crypto mortgage and, with every- thing going on in the ecosystem, we felt it was important to help our clients today by making it convenient for them to take out a crypto-backed loan. Many com- panies filed bankruptcy because they took extreme levels of risk and that's not our philosophy. Simple, safe, and transparency is what we want to deliver." The company's other crypto of- fering for real estate that launched last year, has already originated more than $10 million in crypto mortgages and no customer has faced a margin call. Milo has also originated over $130 million in mortgages and has been regulated, licensed, and audited since 2020. Milo's team brings decades of experience and its institutional capital base to create trusted crypto lending solutions. "Crypto loans are an essential financial solution when consumers want to hold their crypto for the long run but need dollars today." —Josip Rupena, CEO and Founder, Milo