TheMReport — News and strategies for the evolving mortgage marketplace.
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42 | Th e M Rep o RT O r i g i nat i O n S e r v i c i n g a na ly t i c S S e c O n da r y m a r k e t SERVICING Department LocaL eDition $50m-Plus monthly Servicing Portfolio on Offer "Well capitalized" mortgage company behind the offer. NEW YORK // New York-based Mortgage Industry Advisory Corporation (MIAC) recently offered up a new $50 million per month mortgage servicing flow portfolio. The portfolio, which was made up of more than two- thirds Ginnie Mae and nearly one-third Fannie Mae loans, was being offered by a "well- capitalized mortgage company that originates nationally," said MIAC, which acted as the sell- er's exclusive representative on the offering. The seller provided full representations and warran- ties for the loans included. According to the company, the portfolio was made up of 97.68 percent fixed-rate loans with an average escrow balance of $2,239 and an average loan size of $202,629. The distribution of the portfo- lio was national, and loan level data was available to prequali- fied buyers. Wolters kluwer, Wipro gallagher team Up on document compliance alliance Will aid lenders attempting to comply With neW disclosure rules. TENNESSEE // In the lat- est mortgage industry team- up, Wolters Kluwer Financial Services and Wipro Gallagher Solutions have brought their products together to help simplify compliance document complex- ity for lenders pushing to adhere to new disclosure rules set to go into effect next year. According to a company an- nouncement, Wolters Kluwer has integrated its Expere document services solution with Wipro Gallagher's NetOxygen loan origination system, allow- ing users to seamlessly manage compliance forms and content with a centralized set of tools and processes. Through Expere, NetOxygen users can automatically access federal and state-specific compli- ance documentation, eliminating the need to manually select the proper disclosure or supporting package set. The latest enhancement builds on a previous alliance between the two companies, which saw Wolters Kluwer's E-Forms library integrated with NetOxygen. "Many lenders are attributing the excessive costs-per-loan to regulatory resource pressures, and as a result more lenders are choosing to rely on trusted providers who have dedicated compliance solutions," said Teresa Blake, practice director for Wipro Gallagher Solutions. "Our alliance with Wolters Kluwer Financial Services provides added assurance to our customers that demanding mandates like the TILA-RESPA Integrated Disclosure rule will be completely addressed and au- tomatically analyzed, interpreted, and updated for them." The integration also gives NetOxygen users access to Wolters Kluwer's compliance consulting staff, made up of 400 in-house experts that monitor, review, and assess both state and federal legislation, regula- tor updates, and case law for product change events and who are all ready to provide consult- ing services. "Now, more than ever, organizations are recognizing the importance of prioritizing sophisticated change manage- ment in order to deal with the challenge of maintaining effective compliance processes," said Art Tyszka, senior director and gen- eral manager of residential lend- ing with Wolters Kluwer. "The NetOxygen platform provides a single solution to financial institutions seeking to consoli- date all products and channels on one platform. Since Expere offers strong lending coverage on both mortgage and consumer products, together we deliver an all-inclusive compliance solution to a diverse set of lending insti- tutions." data Facts acquires texas credit reporting Firm the acquisition alloWs data facts to expand its footprint. TEXAS // Data Facts, Inc., a nationwide provider of mortgage lending and background screening solutions, announced its recent acquisition of Houston- based One Source Credit Reporting Agency. In a release, Data Facts cited One Source's long-standing reputation in the mortgage marketplace as one of the main factors in the decision to acquire the company. "We have known the owners of One Source for many years through our affiliation with National Consumer Reporting Agency and have always admired their ethical business practices, as well as their dedica- tion to extraordinary customer service," said Data Facts CEO Daphne Large. Geraldine Podraza, manage- ment consultant at Data Facts and former president of One Source, echoed the sentiment. "Becoming part of Data Facts, Inc., was a giant step forward for One Source," Podraza said. "We saw what was good and great about Data Facts, Inc., and are thrilled that we are now part of a company that has not only the desire to grow its footprint in Texas but has the technology and skill to grow its footprint wherever they want to go." By combining their resources, the two companies say they hope to deliver "superior indus- try expertise and unparalleled customer support and lending solutions to all clients." The merge also represents a significant step forward for Data Facts as the company works to spread its footprint further west and pursue immediate and long- term growth opportunities in the region. SERVICING