TheMReport — News and strategies for the evolving mortgage marketplace.
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8 | Th e M Rep o RT on the web Launch Hour Business buildouts and software solutions are cropping up all across the servicing landscape … and the timing couldn't be better. NetDirector Expands Its Footprint into Loan Origination The daTa and documenT provider Teams wiTh morTgage machine services To ensure compliance wiTh Trid. N etDirector, LLC, a provider of cloud-based data and document exchange services for the mortgage banking industry recently signed an agree- ment with enterprise lending solutions provider Mortgage Machine Services to enable it to comply with the upcoming TILA-RESPA Integrated Disclosure (TRID) requirements, according to a recent press release. Mortgage Machine Services select- ed NetDirector because of its vendor neutral- ity and ability to swiftly build out the loan origination ecosystem, bringing together participants from loan origination systems (LOS), document management platforms, title companies, and other settlement services vendors, the release said. For more than 10 years, Mortgage Machine Services has been providing mortgage bankers with tools and solutions, NetDirector said. Over the years, it has added functions and capabilities to its flagship LOS Mortgage Machine while focusing on its core busi- ness. The Mortgage Machine is now a tool that mortgage bankers need to manage customer acquisition, marketing, pricing, underwriting, closing, funding, shipping, secondary market- ing, and business reporting. "Ensuring compliance with TRID is our top priority. In order to accomplish this, we needed to enhance our capability to communicate and collaborate with our service providers," said Jeff Bode, president of Mortgage Machine Services. "NetDirector's data exchange hub was the logical choice to connect us to all of our trading partners with their proven record in the mortgage banking industry." NetDirector has been providing innovative and secure cloud-based data exchange solutions to the default servicing sector of the mortgage banking industry since 2005. NetDirector creates value for organizations by providing speed in transaction processing, reducing partner collaboration costs, and enabling greater responsiveness in serving customers. "We are excited about the opportunity of leveraging our integration expertise within the loan origination ecosystem," said Harry Beisswenger, CEO of NetDirector. "We believe we can significantly reduce vendor integration costs by replacing the current direct interface model with a single connection hub approach. We offer a single source data mapping and interface support model that provides long-term integration reliability and portability for all network participants." Arch Mortgage Insurance Launches Online TRID Information Center lenders now will have a wealTh of informaTion and resources aT Their fingerTips To help Them ready for The impending ocTober rollouT. A rch Mortgage Insurance Company (ARCH MI), a private mortgage insurance provider and a wholly owned subsidiary of Arch Capital Group, Ltd., recently announced the launch of a new online resource that will provide information and resources to lenders to help them prepare for the expected October 3 launch of the Consumer Financial Protection Bureau's (CFPB) TILA-RESPA Integrated Disclosure (TRID) rule. "Our goal is to provide our customers with clarity on how mortgage insurance will be treated under TRID and how and where to disclose this information," said Chris Hovey, EVP and COO at Arch MI. According to the company, Arch MI's TRID Information Center is a unique repository of information for lenders including a webinar, FAQs, resources, and links. The database was created in conjunction with Benjamin K. Olson, a partner at the Buckley Sandler law firm. Olson is a former deputy assistant director of the CFPB's Office of Regulations who led the Bureau's development of the proposed rules and forms integrating TILA and RESPA disclosures. 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