TheMReport — News and strategies for the evolving mortgage marketplace.
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6 | Th e M Rep o RT on the web The Industry Adapts Technology providers bolster their offerings as the industry ramps up for the new TILA-ReSpA Integrated Disclosure rule. ReverseVision Adds Credit Reporting to Its Mortgage RLOS Platform The new crediT reporTing capabiliTy helps sTreamline processes for reverse morTgage lenders. R everseVision, Inc., recently an- nounced in a press release it added credit-reporting capabilities to RV Exchange (RVX), ReverseVision's reverse loan origination system (RLOS) platform. With this new technology, reverse mort- gage lenders can automatically import a borrower's credit information directly into RVX's Financial Assessment (FA) module. The company says this new feature will allow users to obtain borrowers' credit reports from a number of credit report providers. The data will then automatically populate into the credit report fields. The technology will be available to all RVX users who set up an account with the providers. Credit providers will also be available on the interface in the future. "Being able to pull borrower's credit reports via RV Exchange is an excellent way for lenders and brokers to streamline their loan process," said Gregg Holsapple, ReverseVision's product manager. "We are excited to be able to offer this service and are certain it will enhance workflow post FA." For each FA, every reverse mortgage bor- rower must show a general credit standing of satisfactory, as credit may be used as an indicator the borrower has the ability to pay taxes and insurance on his or her prop- erty, Holsapple added. If this does not work, then a Life Expectancy Set Aside (LESA) may need to be established for the loan. This change in policy is very similar to what is standard with a forward loan, making the reverse loan more secure for both the bor- rower and the investor, he said. "The initial provider available via the interface has an excellent reputation as the number one provider of specialized credit reports in the nation," said John Button, president and CEO of ReverseVision. "Partnering with such companies will greatly assist our clients as they adapt to the new FA requirements and help them expedite loans more efficiently." DocMagic Introduces SmartCLOSE Program in preparaTion for Tila-respa inTegraTed disclosure regulaTion, docmagic TesTs iTs new smarTclose program. P rovider of fully-compliant loan docu- ment preparation, compliance, eSign and eDelivery solutions, DocMagic, Inc., recently announced it began allowing a group of clients to test the features and func- tionality available within its new Collabora- tive Closing Portal, SmartCLOSE, to prepare for upcoming TILA-RESPA Integrated Disclosure (TRID) regulation. In June, DocMagic made the portal avail- able to nearly 250 lenders to start working with the system and provide comments. The company said the complete product will be officially released in two planned phases with new features and enhancements continuously being added. "The idea behind releasing SmartCLOSE to a select group of clients for initial testing is that it will help us refine the feature set to ensure we provide the very best TRID closing portal," said Dominic Iannitti, president and CEO of DocMagic. "The workflow and functionality is already incredibly intuitive and every screen is designed with simplicity in mind." SmartCLOSE offers a secure, centralized, online environment for lenders, settlement providers, and other associates to share, validate, audit, track, and collaborate on documents, data, and fees, according to DocMagic. The com- pany's Audit Engine ensures compliance for any changes that may affect tolerance levels, calcula- tion reconciliation, and potential RESPA viola- tions. Users can still use eSign and eDelivery capabilities within the SmartCLOSE program. "There a lot of closing portals that have been recently announced to address TRID compliance, but we believe most fall short in adequately tracking tolerance levels, changes in circumstance, and other very complex aspects of TRID compliance," Iannitti said. "There is a great deal of work and complex problem-solving required to create a robust portal that addresses every facet of TRID compliance while providing a truly dynamic and collaborative workflow environment. Our TRID wizards have been very busy." THE INDUSTRY LEADER IN eCLOSE TECHNOLOGY. With our iSignroom TM and eSignPad TM technology, it has never been easier to electronically close your transaction anywhere, anytime! One of 5 national eClose providers selected to be part of the CFPB's eClose Pilot Program BE FULLY COMPLIANT WITH AUGUST, 2015 CHANGES TODAY! When you want the ultimate closing experience, think eClose, and think PeirsonPatterson, LLP JASON L. WRIGHT PEIRSONPATTERSON, LLP JASON.WRIGHT@PEIRSONLAW.COM 972.392.7770 ISIGNROOM.COM VISIT US AT BOOTH 423 AT 2015 FIVE STAR CONFERENCE AND EXPO SEPTEmBER 16-18, 2015 | DAllAS, TX