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MReport_March2023

TheMReport — News and strategies for the evolving mortgage marketplace.

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M R EP O RT | 7 MTECH financing hurdles to homeowner- ship." HomeScout has embedded DPR's down payment assistance finder in its partner-branded property search sites, thereby flag- ging listings that are eligible for homebuyer assistance programs including down payment and closing cost assistance, Mortgage Credit Certificates and affordable first mortgages. Each eligible list- ing invites consumers to discover which programs and how much funding they may be eligible for by supplying basic qualification information such as household size and income. Loan origina- tors are notified when consumers engage with the assistance tool, enabling them to reach out with financial guidance at the earliest signs of homebuyer intent. "Rob and his team are mov- ing the needle by exposing a groundswell of consumer down payment assistance interest, but the fact remains that consumers need lender support to finance a mortgage with down payment assistance," HomeScout Founder and CEO David Camp said. "HomeScout's partnership with DPR opens additional avenues for transactions for lenders, aligning with our mission to help our clients increase production." Eliminating Appraisal Bias R3 AMC INTRODUCES NEW PROGRAM FOR APPRAISAL BIAS CLAIMS R 3 AMC, a full-service appraisal management company (AMC), has announced its new insured ap- praisal solution, Val-Insure, for both overvaluation inaccuracies and undervaluation due to ap- praisal bias and related regula- tory and legal claims. This pro- gram combines mandatory bias training with enhanced errors & omissions (E&O) insurance to safeguard stakeholders. Val-Insure includes three components to address and miti- gate risk: • Education of appraisers delivering covered appraisals to reduce bias and discrimi- nation; • Review of covered appraisals for potentially discriminatory content; and • Insurance coverage that protects against losses caused by claims of bias or discrimi- nation. Bias Training Systems, a subsidiary of R3, is the preferred training provider for Val-Insure. Conventional and FHA loans are covered under this program. The policy is underwritten by Hallmark Financial Services, a multiline national property and casualty insurer. Unitas Financial Services serves as the managing general underwriter, and SSP Insurance Services acts as the originating broker. "By combining R3's policy with concise, practical, and high-impact appraiser training, we are confi- dent R3 can help lenders satisfy risk mitigation requirements," said Dan Streit, Owner of SSP Insurance Services. Taking AI to the Next Level PARADATEC'S AI-CLOUD PLATFORM NOW INTEGRATED WITH ENCOMPASS P aradatec Inc., a provider of AI-based document analysis technology, has announced that its integration is now built on the latest API Platform and available through ICE Mortgage Technology, part of Intercontinen- tal Exchange Inc.

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