The Three Percent Solution

TheMReport — News and strategies for the evolving mortgage marketplace.

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4 | Th e M Rep o RT Credit Plus Introduces Electronic VODAs ElEctronic vErifications havE takEn off as sEcurE ways of fast-tracking information on assEts and dEposits—and crEdit plus is jumping on that high- tEch train. C redit Plus, a Maryland- based mortgage informa- tion provider, is now offering instant, electronic Verifi- cations of Deposits and Assets (VODAs) through AccountChek. Now approved by both Fannie Mae and Freddie Mac, electronic verifications has taken off as a fast, secure avenue for mortgage verifications—an avenue that Credit Plus is now ready to go down. "By partnering with AccountChek, we're able to pro- vide lenders with deposits and assets verification right away," said Greg Holmes, national director of sales and marketing for Credit Plus. "Not only does it save time, but because data is provided directly from financial institutions, the risk of fraud is virtually eliminated." Through the easy-to-access system (available through smart- phones, tablets, and computers), lenders are now able to quickly get the reports they need to check account documentation, Credit Plus said. They're also able to re-pull reports for up to 90 days, ensuring they have accurate data and are compliant with recently introduced mortgage regulations. "Say goodbye to the paper chase," Holmes said. "Lenders will no longer need to manually gather print copies of an applicant's bank statements." New EVP Leading Direct Lending Production at loanDepot ovEr his 15-yEar carEEr in thE mortgagE industry, chad smith has gainEd a rEputation for building tEams and driving rEvEnuE. M ortgage sales leader Chad Smith has joined loanDepot, taking charge Mtech Emerging Tech, Merging Firms, Encouraging New Hires By adopting new technologies, acquiring businesses, and bringing on fresh faces, these companies hope to secure their positions in the delivery-solutions space, online home sales, and Web-based lending. as executive vice president of production in direct lending, the company announced. A 15-year veteran of the mort- gage game, Smith is responsible for leading loanDepot's sales production team of more than 600 licensed loan officers working under the company's brand from four national Web business cen- ters in Arizona, California, Texas, and Tennessee. "I'm thrilled to join loanDepot. The company's growth and sales performance has been incredible in just five years. I'm looking forward to continuing to grow the production team and build- ing upon the company's success," Smith said about his new posi- tion. "I am excited to work with loanDepot's leadership team and the organization in supporting its growth and profitability objectives by further increasing the level of performance of the production sales teams nationwide." Throughout his career, Smith has played various key roles in building production teams and driving revenue growth for national, publically traded, consumer-direct lending firms.

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