TheMReport — News and strategies for the evolving mortgage marketplace.
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Local Edition or ig i nat ion ORIGINATION Mueller Reports Prepares to Enter Valuation Space with New VP S e c on da r y M a r k e t a na ly t ic s se r v ic i ng New York-based company expands to include accurate valuations as a part of its suite of services. new york //Mueller Reports, a provider of property data collection services operating out of New York state, announced its intentions to expand into the valuation space in 2014. Using an employee model, Mueller believes it "is well positioned to assist lenders, mortgage servicers, investors, and AMCs [appraisal management companies] in procuring a normalized, customized, and superior quality property inspection anywhere in the United States." Mueller's employees participate in extensive training modules on subjects ranging from property characteristic identification to appraisal compliance standards; while they don't provide an opinion of value, the property inspection and data collection is held to the same expectations as those of a real estate appraiser, the company says. Assisting with the expansion is John D. Holbrook, who the company appointed as VP of strategy. Holbrook is a certified appraiser and has been certified by the Appraisal Quality Board as an instructor in the Uniform Standards of Professional Appraisal Practice (USPAP). Prior to joining Mueller, he served as VP of valuation strategy for LSI Appraisal Operations, a division of Lender Processing Services. Before that, he was president of Smarter Appraising, LLC. Explaining Mueller's approach to valuations, Holbrook says the evolution of the mortgage industry has created a new set of needs for the growing space. "Focusing on core competencies at the right parts of valuation workflow creates consistency and ultimate efficiency. It is a win for everyone," he said. 42 | The M Report Fidelity's President Now Its CEO Company orchestrated a series of transitions at the executive level. florida // In Florida, Fidelity National Financial, Inc. (FNF), a leading provider of title insurance and mortgage and diversified services, has a new CEO in Raymond R. Quirk. reallocate the CEO responsibilities to Randy and Brent." According to Foley, Quirk will continue to manage the title insurance business, while Bickett's expanded role will include primary responsibility for FNF's portfolio of companies, including Remy, American Blue Ribbon Holdings, J. Alexander's, Ceridian, and Digital Insurance. Bickett has been with the company for 15 years; Quirk's tenure The infusion of growth capital will be used to help the company continue its national expansion and to enhance its Enterprise Loan Quality Management System. Quirk, who formerly served as company president, replaced George P. Scanlon, who is transitioning out of that role. In addition, FNF announced that current EVP Brent B. Bickett will step up to replace Quirk as president. "George has done an excellent job leading the company for the last three years, and the company's profitability and shareholder returns have improved under his leadership," said chairman William P. Foley II. "As we are working towards the closing and integration of Lender Processing Services, Inc., we have decided to spans nearly three decades. "We are confident that Randy and Brent will continue to positively impact our company in their expanded leadership roles," Foley said. "We wish George the best in his future endeavors and plan to work with him to develop a consulting arrangement with FNF or one of our portfolio companies." Gift that Keeps Giving LoanLogics receives $11.2 million to fund continued growth. PENNSYLVANIA // LoanLogics, a company specializing in loan quality management and performance analytics technologies for the mortgage industry, announced it has raised $11.2 million in funding from growth equity firm Volition Capital and existing investors. According to LoanLogics president and CEO Brian Fitzpatrick, the infusion of growth capital will be used to help the company continue its national expansion and to enhance its Enterprise Loan Quality Management System. "The industry is desperate for automation that reduces the costs and increases the benefits of loan quality management," Fitzpatrick said. "This investment will help us accelerate our growth and broaden our customer base in this important market." Volition Capital, based in Boston, contributed $10 million of the funds. "Loan quality management technology is critical to provide data transparency and meet the increased regulatory requirements following the mortgage crisis," said Roger Hurwitz, managing partner of the equity firm and new member of LoanLogics' board of directors. "LoanLogics has the right vision and management team to provide the much needed innovation needed to better control costs and manage underwriting risk." Companies Partner for Increased Efficiency ReverseVision and MasonMcDuffie partner to streamline loan process. NORTH CAROLINA // In San Diego, software provider ReverseVision introduced its newest client: Mason-McDuffie Mortgage Corporation, a lender with more than a century of experience helping homeowners achieve the American Dream.