TheMReport — News and strategies for the evolving mortgage marketplace.
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Th e M Rep o RT | 5 on the web analytics software leader Tableau Software. Thanks to Tableau's data analytics, ARMCO customers are able to create highly visual analysis using real-time data available to them through ACES. Through the integrated reporting dashboard, users have the option to employ a set of pre- defined reports or create their own with Tableau's drag-and-drop functionality. Another new benefit to users comes in the form of Tableau's dynamic reporting capabilities, which allow recipients to interact with data being reported and filter the information in their own quality control and compliance software. "Big data is an idea whose time has come for the mortgage industry," said Avi Naider, chairman and CEO of Florida-based ARMCO. "The level of detailed reporting Tableau provides allows our customers to get their arms around the data they possess to uncover actionable insights regarding the quality of their loan production and portfolio." Scott Jones, SVP of Americas sales for Tableau, called the integration with ARMCO "an exciting step forward for mortgage quality control reporting." "ARMCO's industry expertise in web- based quality control software and audit technology will help bring Tableau to mort- gage banking professionals striving to make data-driven decisions to improve loan quality and manufacturing processes," Jones said. Mortgage Machine Services Releases Source Code for LOS M ortgage Machine Services (MMS), an enterprise lending solutions provider based in North Texas, will begin offering the source code to its flagship loan origination system (LOS) to the entire mortgage industry, the company said in an announcement. Previously hosted as a software-as-a-ser- vice solution for a select group of mortgage banks, the system—simply called Mortgage Machine—is a highly customizable origi- nation platform created to support retail, wholesale, and correspondent lending. Jeff Bode, owner of Mortgage Machine Services, said the offering will allow users to tailor Mortgage Machine to their own environments and maintain compliance, all without purchasing a costly development kit. "Lenders are no longer at the mercy of enhancement requests to obtain an origination platform that provides the functionality they desire," Bode said. "Mortgage Machine allows lenders to drive their own enhancement requests and be better poised to make changes with the flow of the industry, not to mention chang- ing regulations, by working directly with the system's source code." He added that by offering the source code to lenders, Mortgage Machine Services is giving lenders the opportunity to differ- entiate themselves from competitors. To make the most of the system, he encourages lenders to consider all of the resources at their disposal. "Undertaking total ownership of your LOS isn't to be considered lightly—you do have to have some infrastructure in place to handle a permanent project of this magnitude," Bode said. "However, even if a lender contracts out the programming of Mortgage Machine customizations, they still come out ahead because they are in control of the direction the system takes. LOS vendors design their systems for use by multiple clients, but Mortgage Machine is customized for your needs alone." Credit Plus Introduces Electronic VODAs Credit Plus, a Maryland-based mort- gage information provider, is now of- fering instant, electronic Verifications of Deposits and Assets (VODAs) through AccountChek. Now approved by both Fannie Mae and Freddie Mac, electronic verifications have taken off as a fast, secure avenue for mort- gage verifications—an avenue that Credit Plus is now ready to take advantage of. "By partnering with AccountChek, we're able to provide 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 (avail- able through smartphones, 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 ap- plicant's bank statements."