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Th e M Rep o RT | 3 Co nte nts 14 Cool Under PressUre Whether combating the biggest financial crisis in generations or helping shape the future of America's youth, Sheila Bair faces any challenge with unflappable grace. 18 The MorTgage Makers Dotting the country from coast to coast, the industry's top originators are harnessing high-tech components and human capital to outrank the rest. (But don't dismiss the up-and-comers just yet.) 22 on The PaTh To exTinCTion?...noT so FasT Residential Appraisers Defy the Naysayers, Fight for their Profession. 28 head in The CloUds Field services providers embrace hybrid cloud infrastructure for scalability, automation, and cost containment. sPeCial seCTion 33 originaTion gUide Dig in and read on to learn about some of today's top origination service providers. deParTMenTs 5 Take 5 John Lawrence, BSI Financial Services 6 The Millennial debT dileMMa Student Loan Debt Hinders Saving for a Down Payment, but Some Markets are Beyond Reach Without a Degree. 12 CoUnTdown To Trid With time running out until the October 3 effective date, our pros give their advice on how lenders and servicers can make this last month count. 34 | TH E M REP O RT ORIGINATION GUIDE Special Advertorial Section COMPANY DESCRIPTION: As the mortgage industry's leading provider of integrated technology, and insightful data and analytics, Black Knight Financial Services (Black Knight) offers a one-stop source for comprehensive solutions that span the entire loan lifecycle. Black Knight is focused on product excellence. Delivering innovative, seamlessly integrated products with superior capabilities, functionality and support enable clients to better manage risk, realize greater efficiencies and improve financial performance. Black Knight helps clients plan for and solve their greatest challenges, which include compliance readiness, improving loan quality, implementing standard processes, and simplifying their technology footprint. KEY FEATURES/BENEFITS Black Knight utilizes its extensive mortgage industry and technology expertise to deliver innovative products and services. Many of the company's solutions are considered "industry standard" due to their high market share. To help clients streamline operations, increase cost savings and mitigate risk, Black Knight: • Offers a suite of technology options to support any type of lending operation • Delivers technology solutions that configure to each lender's needs • Provides solutions that eliminate the errors and duplicate entries associated with using multiple systems • Allows clients to benefit from engaging a single mortgage technology business partner versus managing multiple vendor relationships • Provides comprehensive customer support Black Knight's unique, integrated approach provides enhanced value across the loan lifecycle to its clients: • Integrated platforms to allow data to move seamlessly between our origination and servicing platforms with automated processes • Integration with third-party service providers, including Black Knight's industry-leading Exchange ™ vendor network • Integration with our data and analytics products • Access to the Black Knight Data Hub, which brings together origination, servicing and public records data on a single platform to provide the most comprehensive view of mortgage data in the industry BUSINESS LINES, SERVICES AND PRODUCTS To meet the specific requirements of a lender's business channels and infrastructure, Black Knight Origination Technologies offers two distinct loan origination platforms: Empower ® and LendingSpace ® . Empower is an enterprisewide loan origination system (LOS) that supports the retail, consumer direct and wholesale origination channels. Available as both an ASP- and lender-hosted solution, Empower provides functionality for lenders to manage every facet of the loan origination process— from point-of-sale to post-closing. As part of its many features and capabilities, Empower provides access to several Web portals, so lenders can share information with third-party service providers and track any changes to fees for compliance and audits. Black Knight also offers a robust lead and customer relationship management solution called SalesEdge ® . Integrated with both Empower and MSP ® , Black Knight's loan servicing system, this Web-based solution helps retail loan officers and call center personnel obtain, track, and convert leads quickly and easily within a single user interface. Effective Oct. 3, 2015, Empower will also be integrated with Black Knight's Closing Insight ™ technology, which provides a workflow-driven online solution to streamline the closing process and the reconciliation of fees between lenders and settlement agents in support of the TILA-RESPA Integrated Disclosure (TRID) rule requirements. LendingSpace is a scalable, Web-based LOS designed specifically for the correspondent lending market. This system facilitates real-time collaboration between lenders and their correspondents, and helps ensure the lender's compliance rules are being followed throughout the process. Supporting these solutions is Driver ™ , a comprehensive reporting and analytical tool for lenders to quickly and easily create a variety of operational reports based on data from the LOS. To help reduce loan repurchase risk and drive efficiencies in the mortgage transaction, Black Knight Origination Technologies' solutions also integrate seamlessly with a suite of loan quality tools offered by RealEC ® Technologies, a division of Black Knight. Finally, Black Knight Origination Technologies provides implementation, training and consulting support for clients through its Client Services division. The Client Services team collaborates closely with lenders, and utilizes proven methodologies, effective practices, and experienced business and technical expertise to help ensure system implementations run smoothly, and that users are leveraging Black Knight's technology tools to maximize success. KEY PERSONNEL Tom Sanzone CEO, Black Knight Financial Services Jerry Halbrook President, Black Knight Origination Technologies Rich Gagliano Managing Director, Origination Solutions, Black Knight Origination Technologies Ken Benkeser Managing Director, Correspondent Solutions, Black Knight Origination Technologies CONTACT INFORMATION 601 Riverside Ave. Jacksonville, FL 32204 Phone: 844.474.2537 Email: askblackknight@bkfs.com Web: BKFSOT.com Black Knight Origination Technologies A division of Black Knight Financial Services TH E M REP O RT | 35 ORIGINATION GUIDE Special Advertorial Section COMPANY DESCRIPTION Digital Risk is one of the nation's largest independent providers of risk management services, compliance, quality control, due diligence, valuations, and origination services for the complex and dynamic financial services market. The individual talents of their thousands of employees, combined with the company's proprietary technology and advanced analytics performed using the Making Mortgages Safe™ solutions suite, support every facet of the mortgage life cycle while also extending expertise into other areas of the financial services industry. Digital Risk offers actionable intelligence by providing context around today's complex and shifting financial services market. Having completed more than $125 billion in total value in loan reviews, they supply one of the largest experience sets in the industry to ascertain quality, mitigate fraud, identify collateral risk, and ensure regulatory and underwriting compliance. Their diversified solutions help reduce the cost to originate, improve loan performance, and expand operational capacity. Full or component-based turnkey services include processing, underwriting, and closing functions structured to create efficiencies, cement customer relationships, and deliver compliant, quality loans to the market. COMPANY HISTORY Digital Risk started in 2005 and has grown from five employees to today's 1,500+ U.S.-based employees. During the last 10 years, the company has earned a reputation for providing reliable solutions to mission critical, high-profile initiatives. Digital Risk maintains state-of-the-art operating centers in Maitland, Florida (headquarters); Lake Mary, Florida; Jacksonville, Florida; Boca Raton, Florida; Denver, Colorado; and Bangalore, India. In December 2012, Digital Risk was acquired by Mphasis, a Hewlett Packard subsidiary. Mphasis is the global leader in the BPO and KPO markets, employing more than 27,000 people worldwide. BUSINESS LINES, SERVICES, AND PRODUCTS • Origination services • Governance, risk, and compliance (GRC) • Due diligence and quality control • Valuations • Big data analytics and visualization • Customer experience management • Application services KEY FEATURES Since its founding in 2005, Digital Risk has had one major focus; making the financial services industry safe–with a focus on mortgages up until now. The company succeeds in this through their commitment to innovative solutions, superior service. and flawless execution. COMPETITIVE ADVANTAGE With more than $8 billion in monthly loan reviews, Digital Risk has developed one of the most customized platforms and largest experience sets directly resulting in faster turn times, pristine quality, and transparent visibility across the entire loan life cycle. • More than 27,000 global employees • 1,500+ U.S. W-2 employees • Operating in 19 countries with 53 sales and delivery centers • Integrated solutions that blend operations and technology • 40,000 loans reviewed monthly • $125 billion loan reviews completed • S.A.F.E. Act licensed in 49 States • Extensive experience working with GSEs on all aspects of performing and non-performing loans • Approved by all rating agencies • Making Mortgages Safe Solutions Suite • TÉGO™ & LUSY 3.0 and predictive analytics platform • Industry leading expertise in their field ADDED VALUE TO CLIENTS Through their superior analytics and advanced technology, Digital Risk provides clients with completely customized solutions tailored to meet their specific guidelines, rules, workflow, and tracking functionality needs. Their extensive experience working with the GSEs, as well as their successful completion of more than $1.7 trillion in due diligence quality control reviews, has given them the insight needed to ensure quality loans. KEYS TO YOUR SUCCESS Digital Risk's LUSY platform, combined with the company's business intelligence technology and dashboards, enable Digital Risk to completely customize their solution offerings for each client and to provide them with the capability of making informed decisions in real-time. The LUSY platform "wraps" industry LOS technology to improve work products and efficiencies, and provides for exchange of information across systems with limited detailed system integration. The company's BI reporting platform allows for customizable, loan level, and interactive analysis for any aspect of the business. These advantages offer clients informed, real-time decision-making capabilities. GOALS AND STRATEGIES FOR 2016 The company's goal is to help clients bring mortgages to the future by providing groundbreaking and efficient solutions for the entire loan life cycle that ensures smooth regulation compliance and faster turn times, without sacrificing quality. KEY PERSONNEL Jeffrey C. Taylor Co-Founder and Managing Partner Sesha Dhanyamraju CEO and Managing Partner STAFFING 1,500+ employees in U.S. CONTACT INFORMATION 2301 Maitland Center Parkway, Suite 165 Maitland, FL 32751 Phone: 855.848.9924 Web: DigitalRisk.com Digital Risk P R E S E N T S TH E M REP O RT | 33 Origination Guide In today's high-tech lending environment, the nation's top originators are looking for processes, tools, and partners to streamline the origination process. Responding to this need, MReport dedicated this issue to highlighting the top companies who manage mortgage origination procedures. No matter what your main business concerns are— cutting down on timelines, adhering to regulatory requirements, or upping customer satisfaction—these companies are ready to provide solutions tailored to your mortgage origination business and provide a path of sustainability for the industry. So dig in and read on to learn about some of today's top origination service providers.