TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/152295
Conte nts 16 Game Change Technology's constant evolution is sweeping the industry, and some innovating enterprises aren't just leveling the playing field—they're demolishing it. 20 Should the Industry Abandon AVMs? A sector standard is not one-size-fits-all in the world of proper appraisals. 22 Going Paperless Is the mortgage industry truly ready to step away from paper in the daily workflow? 24 Welcome to the Age of Consumer Experience The CFPB's interest in consumer data will push the industry to create experiences that empower the consumer. Special Advertorial Section LoanBeam 27 COMPANY DESCRIPTION Three Keys to a Better Consumer Experience Corporate Headquarters Xerox Mor tgage KEY PERSONNEL David Wyle COMPETITIVE ADVANTAGE BUSINESS LINES, SERVICES, AND PRODUCTS President and CEO Manually calculating the qualifying income of a residential mortgage applicant is time consuming, error prone and introduces credit risk. Required documents like K-1s and tax returns are often received piecemeal and late in the process. The manual entry of data from tax documents inefficient and increases the chance of errors. Different skill sets and credit policy interpretations produce inconsistent income calculations. The result: lost time and an increased risk of "buy-backs". Makarand Karkare VP, Software Architecture and Design Pete Miele VP, Sales NUMBER OF EMPLOY EES CONTACT INFOR M ATION Wes Lazear Regional Sales Manager 855.544-2326 ext. 1084 special section 17890 Sky Park Circle, Suite 100 Irvine, California 92614 Phone: 855.544.2326 (BEAM) Web: loanbeam.com Email: sales@loanbeam.com 29 lending tech guide 6 38 | Special Adverto rial the With more than eleven years of experience inSection tax form and Optical Character Recognition (OCR) industries, SurePrep's patented technology has been used in the preparation of more than 1.1 million tax returns. In 2010 SurePrep took that tax form and OCR knowledge and expertise to the mortgage space with LoanBeam. 180 Departments LoanBeam is a client-server application built on the Microsoft .NET Framework. The client-side application, or LoanBeam Dashboard, is installed locally. The LoanBeam production servers are hosted by IBM at two of their data centers in Dallas. The IBM data centers are SAS-70 Type II and SSAE 16 certified. LoanBeam client-server communications use industry-standard 2048-bit Secure Socket Layer encryption for all data transfers, the same encryption technology used by banks for securing online banking transactions. COMPANY HISTORY What would the consumer experience be like in a perfect mortgage world? Lenders and servicers are working hard to turn the industry around. While great strides have been made in the housing recovery, industry professionals are still standing firm in the face of adverse and unrelenting pressures from the wounded market. DELIVERY PLATFORM SurePrep provides technology and service solutions to both the tax and accounting and mortgage industries. SurePrep has been in business since 2002. THE M REPORT 30 | Services There is no other product like LoanBeam on the market. SurePrep is uniquely qualified to deliver its mature tax form expertise, patented OCR technology, and IT infrastructure to the mortgage space. SurePrep has been providing technology solutions to some of the largest banks and accounting firms in the world for more than a decade. COMPANY DESCRIPTION CLIENT TESTIMONIALS Xerox Mortgag e Services "LoanBeam deliver a loan cloud-based, allows me toprovides an package to BlitzDocs award-winning, intelligen collabor eVault : With underwriting with the tFannie Mae cash flow analysis accelerates ative network connectivity, MERS eRegistr loans through that the BlitzDoc y out the entire already in Using OCR, LoanBeam exports data from tax origination it. This will immediately remove any hesita- largest s eVault is the to post-clo lifecycle, from hosted eVault industry's more lenders, tion the underwriter sing tofeel when the package is might servicing. return PDFs to an Excel file that automatically (or online benefit from Reaching underwriters, secure long-tim repository). Lenders ties than anyone assigned to them. My borrower's returns are very calculates the qualifying income of a residential investors, and eNotes to MERS e archival, delivery other parelse, BlitzDoc for registrat of paperless capabili Specialthe type of file even seasoned and complicated and this is borrower. LoanBeam allows lenders to arrive at an s ion, certifica the ability to Adv delivers ties avoid, buterto withadvanced tion of eNotes, Corporate service transact flexibility as underwriters like to and provides tremend not rial LoanBeam." accurate income calculation more quickly, more Headquarte rs ions electron it is configur Section ous ed to clients' ically. integrated confidently, and with more consistency than ever KEY FEATUR with current WLS Mortgage workflow and —Ruby Callihan, systems KEY PERSONN ES the mortgag before. LoanBeam drives standardization, autoEL . Solely focused • Multi-tie e industry for r security settings on the past decade, mates manual processes, and streamlines workflow. Mortgage Services • Detailed for optimal Ken Marlin Xerox has helped security Today's regulatory landscape demands a solution take "I scanned a 951-page tax package into LoanBeam • Docume audit trail for activity tracking hundreds of their busines and lenders VP and General for a client of s paperless. 12 businesses. LoanBeam Automat nt-driven workflow for accelera transparency ours that has that removes inefficiencies and lowers credit risk Manager • ted turnarou COMPANY automatically calculated the qualifying income, saving DataGly ed document recognition from the process of qualifying a residential mortgage nd HISTORY (ADR), patented ph technolo Matt Hodge The compan me a whole day. This program is awesome!" applicant. LoanBeam is the solution. Services global-le gy and integration with y was founded Chief Technolo Xerox Advectis, Inc. in 2001 under fast and accurate ading, end-to-end BPO gy Officer the name – JewelIn Schmitt, Waterstone Mortgage services for automatic docume forming Xerox 2007, Xerox acquired GEOGRAPHICAL SCOPE AND COVERAGE AREA • Agnostic Advectis, Mortgage Services nt classifica system leverages the Jamie Willia United States tion . The compan breed systems for integration with your power mson best-ofcally Xerox "LoanBeam is of Xeroxour livesdivisions y now making and its easier." VP, Sales • BlitzDoc Services for s collaborative , specifiits global-le process outsourc PRODUCT SOLUTION network: 25+ warehouse – James Guzik, Surety Financial Services ing (BPO) capabili ading business investors banks; LoanBeam Prudence Green ties. control provider eight leading due diligence and s; BUSINESS Key features: VP, Client Services doc prep provider dozens of loan originatio /quality LINES, SERVICE n systems, s, and mortgag It's S, AND • LoanBeam automatically calculates the qualifying about more "It is a fantastic system." PRODUC companies; than imaging TS servicers, subserv e insurance COM the industry . It's about income of a borrower in a fraction of the time that it PAN 's disparate icers, and more connecting Erns DELIVER parties, from post-clo– Todd Seabold, Surety Financial Services t Pub Y DESCRIP would take to calculate manually sing to servicin origination TION lishi to g, through tech Softwar Y PLATFO ration. 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