MReport September 2015 - Cool Under Pressure

TheMReport — News and strategies for the evolving mortgage marketplace.

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Th e M Rep o RT | 9 on the web "The TRID rules will have a transformative effect on the mortgage origination process for consumers and industry," Olson said. "Although the rules can be dauntingly complex, they also offer a unique opportunity for lenders and service providers who can master their intricacies." Arch Capital Group's U.S. mortgage insurance operation, Arch MI is a leading provider of private insurance covering mortgage credit risk. Headquartered in Walnut Creek, California, Arch MI's mission is to protect lenders against credit risk, while extending the possibility of responsible homeownership to qualified borrowers. Arch MI's flagship mortgage insurer, Arch Mortgage Insurance Company is licensed to write mortgage insurance in all 50 states, the District of Columbia and Puerto Rico. National Appraisal Congress Launches Subcommittee to Address Valuations Workforce Shortage Among its duties, the society of young ApprAisAl professionAls will help recruit, educAte, And promote Apprentice ApprAisers. N ational Appraisal Congress (NAC) announced the formation of the Society of Young Appraisal Professionals, an NAC subcommittee focused on addressing the declining workforce in the residential valuations space. The new subcommittee's focus will be on actively recruiting, educating, and promoting apprentice appraisers and on brainstorming ideas and develop- ing solutions to help appraisers who have been in the valuation space for five years or less. "It has long been known, and of major concern, that the appraiser population is aging, retiring, or leaving the industry at a rate greater than the number of new appraisers entering the industry to replace them," noted Greg Stephens, a member of NAC and chief appraiser/SVP of compliance for Metro-West Appraisal Co. "This is not the result of a lack of interest. Many appraisers report multiple inquiries from individuals interested in locating a sponsor. The challenge has been finding an appraiser willing to be a sponsor and to take on the time-consuming and financial responsibility involved in success- fully mentoring a trainee appraiser." Effective immediately, the Society of Young Professional Appraisers will become an active part of NAC, which is a Five Star Institute membership group that collaborates on sustainable solutions for issues impacting U.S. appraisers and the residential valuations industry. One of NAC's goals is to promote the industry as an attractive option for entrepre- neurial-minded professionals. Stringent barriers for entry, combined with conflicting state guidelines, have made it difficult for experienced appraisers to invest in training the next generation, and the result has been a substantial decline in the number of apprentice appraisers nationwide. NAC is actively working to address this problem by developing a plan to foster dialogue with state and federal regulators that not only would streamline oversight of apprentice appraisers, but also cost-effective strategies to train those apprentices. "In certain states, regulations make it impossible for an appraiser trainee to serve as a force multiplier on behalf of their trainer or mentor," said Jordan Petkovski, chairman of NAC and chief appraiser for TSI Appraisal. "The end result is a timely and costly training process that discourages the mentoring of the next generation of valuations professionals. In a decade, the falling ranks of new appraisers will catch up to consumers and financial firms—all of whom will eventually be hit with longer origination timelines and higher appraisal costs due to the dwindling number of appraisers operating in this space." Editor's note: The Five Star Institute is the parent company of National Appraisal Congress, MReport, and GuardianDocs Completes Calyx Software Integration the AlliAnce will Allow cAlyx point users to seAmlessly order And complete initiAl disclosures And closing pAckAges. D ocument preparation service GuardianDocs, a division of Denver-based domestic-based end-to-end mortgage services provider LenderLive Network, is seamlessly integrated with Calyx Software, a Dallas-based mortgage solutions provider for banks, credit unions, mortgage bankers, and brokers, according to an announce- ment from LenderLive Network. The transition allows users of Calyx Point to order and complete initial disclosures and closing packages without leaving Point. GuardianDocs has created a complete interface for Calyx Point (using Calyx's DirectConnect integration portal) to streamline the ordering process and support the generation and fulfillment of application disclosures and the closing package. With the new interface, users no longer have to log out of the loan originating system (LOS) to re-key information critical to completing the document order on another website. All data is transferred to GuardianDocs when its lenders order disclosures and closing documents within Calyx Point. If no data is missing, documents come back complete and are instantly placed in Calyx's eLoan file document repository. Lenders who have used the new Guardian Docs-Calyx Point interface say the entire ordering process takes three to four minutes—a reduction of at least 60 minutes per file when compared with those using a partial interface. "Data integrity is essential to create compliant documents and to have a true system of record; the LOS should house the source data, rather than your doc provider's website. This will take on even greater importance in the new TRID environment," said Jonathan Kunkle, president of GuardianDocs. "Our partnership with Calyx has allowed us to build a DirectConnect interface that streamlines document ordering and management, removes duplicative data entry, and elimi- nates steps that can create errors. As a result, users will see significant productivity gains and have greater assurance of compliance." Using the new interface, if data required to prepare the docu- ments is missing, the lender is alerted via integrated messaging that data is missing, and it is able to enter data in the messaging utility of the Calyx system. "GuardianDocs has developed the tightest integration of any vendor using our DirectConnect platform," said Dennis Boggs, EVP of business development for Calyx. "We are pleased to work with a cutting-edge document services and technology provider like GuardianDocs to build an advanced interface that allows our lender clients to order and complete their initial disclosures and closing packages without ever having to leave our system." "It has long been known and of major concern that the appraiser population is aging, retiring, or leaving the industry at a rate greater than the number of new appraisers entering the industry to replace them." —Greg Stephens, metro-west Appraisal co.

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