TheMReport — News and strategies for the evolving mortgage marketplace.
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TH E M R EP O RT | 3 CO NTE NTS 14 THE NAIL IN THE COFFIN Will November's election put Dodd-Frank to rest? 20 BRACED FOR IMPACT The industry was primed and ready for the Fed's rate hike, but how has it fared since the increase went into effect? 24 EXPECT DELAYS Disjointed risk measurement stalls finance reform before it starts. Is it time the industry found an alternate route? 27 THE DOMINO EFFECT OF COMPLIANCE Regulatory requirements have set off a chain reaction of events in the mortgage industry, causing mortgage companies to ramp up their compliance efforts, implement innovative technology, and plan for the future. SPECIAL SECTION 31 COMLIANCE COMPANY GUIDE Take a look at some of the service providers addressing the industry's pressing compliance needs. DEPARTMENTS 7 MDWELL A Marathon or a Sprint? When it comes to loan repayment, some borrowers will find themselves in it for the long haul, while others are on the fast track 8 MCROWD Who's moving on and who's moving up in the industry 10 TAKE 5 Edward Pinto, the Co-Director of AEI's International Center on Housing Risk TH E M R EP O RT | 35 Special Advertorial Section COMPLIANCE COMPANY INDEX COMPLI KEY PERSONNEL Steve Salimbas CEO Peter Heretakis Director of Business Development STAFFING Employees: 5 CONTACT INFORMATION 625 Middle Country Road, Coram, NY 11727 Phone: 800.240.9190 Email: peter.h@complidox.com Web: CompliDox.com CompliDox.com Company Description Centralized and automated loss mitigation solution for mortgage field service and loss mitigation companies. Company History The CompliDox API was launched in 2016 to leverage existing industry processes and infrastructure to provide a centralized powerful, professional, loss mitigation communication solution that is 100 percent traceable for all field service providers and their clients. Regulatory Compliance CompliDox is the only 100 percent traceable loss mitigation solution in the field services industry and replaces traditional door hangers with an automated, cloud-based, data driven, servicer branded, professional document. This allows enhanced audit capabilities, since the service provides data that is not possible with a door hanger. CompliDox tracks data from the initial print date and time, the exact document content, and then map Proof of Service (POS) photos to provide visual audit capabilities. Mortgage servicers control the document content using the CompliDox Web portal. Via a simple API integration between CompliDox's servers and a vendor's work flow system, hired local contractors request documents, which are generated on the fly and are then ready to be printed for face-to- face delivery. Since the entire process is digitized, contractors never have to hand write anything. The platform's unique management system allows servicers to target documents to specific geographic regions, even down to a specific ZIP code, to address the fracturing compliance Loss Mitigation requirements that are now being rolled out on a local, state, and national level. Additionally, use of servicer's logo combined with injection of customer specific data into any part of the document allows for an unmatched level of customer targeting and customization that is not possible with door hangers. Central management and real time updating of document content ensures all customers are treated exactly the same and eliminates any possible mistake of delivering wrong or out dated information to a customer and violating their consumer's rights. This significantly reduces servicer risk, while ensuring both the best possible consumer experience and the highest level of in-field vendor network compliance Business Lines, Services, and Products Cloud-based loss mitigation occupant outreach solution. Key Features/Benefits • 3-In-1 Mortgagee Solution • Compliance • Loss mitigation • Property preservation • Professional Representation • Servicer branding • Data driven • No handwriting • Servicer is in Control • Real-time updates • Dynamic customization • Simplified logistics • Highest ROI • Similar cost to door hangers/high value • Reduce overhead • Seamless and rapid deployment • Loss mitigation automation • Enhanced Audit Capabilities • Addresses insurers request for more communication • 100 percent traceable • POS photo mapping Competitive Advantage CompliDox is the leading provider of digitized loss mitigation solutions for the field services space. The platform eliminates the short comings of traditional door hangers such as a lack of branding, zero tracking capabilities, and hand writing to name a few. By digitizing and centralizing loss mitigation, CompliDox created an easily repeatable process that delivers high value to the consumer and provides efficiencies by eliminating the high cost of printing and shipping of door hangers. Additionally, the local contractors delivering the documents follow the same easily repeatable process to generate the documents, regardless of vendor, servicer, or document content. Finally, CompliDox provides work order specific data that can be audited by field service companies, servicers, and examiners. With CompliDox you know the exact content of the document that was delivered, even if it was completed years in the past. And pinning POS Photos to a digital map allows multiple visual views, which provides advanced visual audit capabilities that the document was delivered to the correct property address every time. Added Value to Clients CompliDox empowers servicers and field service companies with a powerful loss mitigation tool, while keeping costs in line with their current operation. This is only possible by bringing loss mitigation out of the Stone Age and into the digital age. More importantly, CompliDox is the only field service solution that can satisfy insurers call to the mortgage industry to provide more and better communication TH E M R EP O RT | 33 Special Advertorial Section COMPLIANCE COMPANY INDEX KEY PERSONNEL Walt Coats Founder & CEO Kevin Lombardo President Paul Bina SVP, Business Development STAFFING Employees: 25+ CONTACT INFORMATION 8700 Turnpike Drive, Suite 318 Westminster, CO 80031 Phone: 720.229.1990 Email: info@centricllc.com Web: CentricLLC.com Centric Technology Solutions Corporate Profile Centric Technology Solutions, LLC's valuation and appraisal management software maximizes compliance throughout the valuation process. Centric's Web-based solutions are fully-customizable and enable compliant reporting, in-depth analysis, diversified high-quality data, and risk mitigation for appraisers, lenders, quality reviewers, AMCs, and other valuation industry users. Centric's valuation platform has been shown to: • Reduce training time by 60-80 percent • Improve quality and accuracy by 30-50 percent • Reduce the number of review cycles • Improve turn times by 30-40 percent • Reduce costs for review and reconciliation, along with the maintenance of multiple software applications If you'd like to see similar results, contact Centric today to book a demo. Centric aims to be "At the Center of Solutions for Quality, Efficiency, Control and Visibility." Company History Founded in 2011 by real estate and valuation industry veteran Walt Coats, Centric was established to modernize and improve the way the industry works by leveraging technology. Since then, with the help of industry leaders and veteran valuation experts, Centric has built a suite of innovative tools for risk mitigation and compliance. Centric Product Suite Centric's valuation platforms, data integration, and tools can be rapidly customized and configured to meet any standard, regulation, requirement, or business need. Platforms & Products • Centric CVP™ for Appraisals manages the entire appraisal life cycle with integrated guidance and enforcement of standards and rules. • Centric CVP™ for BPOs offers the most intuitive and effective method of managing, producing, and delivering valuation reports. • QualityEdge™ review software and scorecards help measure rule compliance, comp quality, and reliability of values. Data & Tools • Integrated Data uses MLS data, county records and other data sources to score comps and provide an estimated "soft value" in support of the appraisal. • Business Process Management provides custom software configurations that work the way you do. • Appraisal Reports feature integrated USPAP guidance for fully-compliant 1004 reports. Key Features/Benefits: The CentricCVP™ for Appraisals and CentricCVP™ for BPOs collateral valuation platforms bring users together in unified, securely partitioned, data-aware marketplace solutions. Unified workspaces and guidance ensure that regulations and requirements are understood by users throughout the workflow, promoting consistency, quality, and compliance. The collateral valuation platforms provide these advantages in consistency and compliance: Centric CVP™ for Appraisals leverages robust data, embedded USPAP guidance, and rapid configuration of new rules and lender overlays that keep appraisers, lenders, and AMCs current and compliant with changing regulations, data standards, and variable client requirements. Centric CVP™ for BPOs provides embedded lender rules, customizable guidance, and flexible, rapid configuration of rules, forms and products that help all users stay compliant. QualityEdge™ Web-based software uses a powerful rules engine to help reviewers analyze appraisals against robust data sets and custom rules, as well as government regulations, USPAP rules and standards, client guidelines, and lender requirements. Hosting options include Software-as-a-Service (SaaS) technology and locally-hosted solutions for organizations with stringent security requirements. Centric can seamlessly integrate any full or partial solution with your existing systems. Strategic Partnership Centric has partnered with The Appraisal Foundation (TAF) to provide embedded USPAP guidance in its report preparation and review software. USPAP guidelines and UAD rules are aligned with related 1004 fields in the application allowing appraisers and quality reviewers to provide higher quality, more compliant appraisals and review products. Keys to Success Centric's mission is to change the way people do business, using technology to: • Increase quality, efficiency, control, and visibility • Mitigate risk and maximize compliance • Improve report quality and accuracy through intuitive user experiences • Help providers focus on valuation and analysis • Bring new appraisers into the industry • Eliminate inefficiencies with configurable technology Book your Demo now at CentricLLC.com or call 720.229.1990 for more information. P R E S E N T S With new rules and regulations continuing to make their way to the market, the industry continues to operate in a state of flux with professionals having to learn and adapt while continuing to meet the needs of their clients and their communities. As such, compliance remains a top concern for mortgage professionals across the industry. At the same time, the industry marches ever forward into the digital age, simplifying processes and eliminating tangible paperwork in favor of e-documents. This new territory is ripe with its own set of compliance concerns. Ever innovative and resilient, the mortgage industry has among its members some discerning companies dedicated to helping industry participants remain compliant so they can continue to focus on the needs of the market. Take a look at some of the service providers addressing the industry's pressing compliance needs. Compliance Guide TH E M R EP O RT | 31 Special Advertorial Section