April 2016 - Tech Revolution

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 STAR TECH Necessity is the mother of invention, but much more drives innovation in the high-stakes mortgage marketplace. 18 SEEING THE GLASS HALF FULL While the industry shudders at the thought of a change to the cherished mortgage interest deduction, the future of homeownership could stand to benefit from such a change. 22 NO NEED TO BREAK THE BANK Shattering the myth that strong internal control structures are wildly costly, mortgage firms are beginning to find many of the solutions are right in front of them. 26 EAD WITH EASE 5-Step Method Gives Lenders a Map toward Successful EAD Implementation SPECIAL SECTION 29 TECHNOLOGY COMPANY INDEX The changing landscape of the mortgage market demands new solutions, and these are the firms ready to provide them. DEPARTMENTS 4 MTECH Elegant Solutions and Enhanced Offerings The industry continues to simplify processes and expand offerings with innovative technologies. 10 MCROWD Who's moving on and who's moving up in the industry 12 TAKE 5 Mark A. Calabria, Director of Financial Regulation Studies at the Cato Institute 36 | TH E M R EP O RT Special Advertorial Section TECHNOLOGY COMPANY INDEX CORPORATE PROFILE Aspen Grove Solutions (AGS) is a leading provider of enterprise-wide technology solutions for the financial and mortgage services industries. Aspen iFamily ® products are easy to use and quick to implement. Clients include: banks, servicers, investors, property inspection and preservation companies, contractors, agents/brokers, and asset managers. COMPANY HISTORY AGS was founded in Boston, Massachusetts in 1997 and is now based in Frederick, Maryland. AGS is a privately held company continuing to expand offerings through the Aspen iFamily ® suite of products. BUSINESS PRODUCTS AND SERVICES The Aspen iFamily ® platform has been uniquely developed to be configurable to seamlessly integrate with clients' existing processes, while ensuring benefits from the increased speed, flexibility, and efficiency of advanced technology. Unlike other solu- tions, this platform allows for change and expansion of their businesses through flexibility in an easy, con- figurable, cost effective, and non-disruptive manner. AGS' one technology platform delivers measurable value to companies in the businesses of: • Inspecting properties • Preserving properties • Managing properties • Selling properties • Analyzing inventory • Managing vendors/compliance • Training internal/external personnel The Aspen iFamily ® suite of products includes: Aspen iProperty ® : A robust, highly secure, customizable workflow designed to manage routine property inspections, preservation and maintenance, FHA conveyance, compliance, capital repairs, REO, short sale and hazard claims. Aspen iRecord ® : An industry standard background check compliance solution. Aspen iVendor ® : A portal that enables efficient interaction between a management company and their vendors, while optimizing key aspects of work assignment and service delivery. Aspen iAnalytics TM : A self-service business intelligence solution. Aspen iLearn ® : A 24/7 online training and education portal. Aspen iAgent ® : A portal that enables efficient interaction between a management company and their real estate agents, while optimizing key aspects of work assignment and service delivery. BUSINESS SCOPE Cloud-based technology workflow solution provider. KEY FEATURES AGS' proven methodology and business expertise are used to understand client requirements and develop technology solutions that meet those needs. Some examples include: • Enterprise solutions for the management, tracking, and execution of business processes around property inspection, preservation, maintenance, and other field services • FHA conveyance • Vendor management and compliance • Hazard insurance claims handling • REO and short sales • Broker and agent management solutions • Online listing and offer management • End-to-end integrations with mobile application providers including client specific inspection forms • Management of all HUD M&M processes in- cluding field services and asset management • Creating unique training curriculum specific to client needs • Hosting client pre-formatted training courses AGS' most recent innovation, Aspen iRecord®, was designed in conjunction with an industry-working group, for the mortgage field services sector. It offers a vendor compliance solution that enhances operational efficiencies for all stakeholders, consumer complaint management, and improves consumer safety. ADDED VALUE TO CLIENTS Aspen Grove Solutions' 19 years of industry knowl- edge, agile development approach, and easy to use and quick to implement philosophy, help the company to better understand and react to customer needs. INDUSTRY CERTIFICATIONS • Microsoft Gold Certified Partners • ISO 27001 Security Accredited • ISO 22301 Business Continuity Accredited TESTIMONIALS "Aspen Groves' technology solutions have integrated seamlessly with our field service model and has enabled us to take our business processes and third party compliance to the next level." —Dan Leader, COO, Guardian Asset Management KEY PERSONNEL Sean Ryan CEO Edmond Buckley President Ron Briggs SVP of Business Development Chuck Sockol VP of Industry Relations and Account Management STAFFING 120 employees CONTACT INFORMATION 706 W. Patrick St. Frederick, MD 21701 Phone: 240.345.3430 Email: Web: Aspen Grove Solutions TH E M R EP O RT | 35 Special Advertorial Section TECHNOLOGY COMPANY INDEX KEY PERSONNEL Dominic Iannitti CEO Tim Anderson Director of eServices Susan Iannitti Director of Advertising Michael Morford Director of Product Development Steve Ribultan Director of Business Development STAFFING More than 79 employees CONTACT INFORMATION 1800 W. 213 St. Torrance, CA 90501 Phone: 800.649.1362 Web: DocMagic CORPORATE PROFILE DocMagic is the leading provider of fully compliant loan document preparation, compliance, and eDelivery solutions for the mortgage industry. COMPANY HISTORY Founded in 1988 by current CEO Dominic Iannitti, DocMagic Inc., is the largest loan document production company in the U.S. Since its introduction, DocMagic's flagship product, DocMagic, has revolutionized the mortgage document industry. The company was an early adopter of numerous technologies, creating innovative products that have resulted in its industry-leading position today. DocMagic has evolved from a local Southern California document service provider to a national phenomenon. The firm has specialized in consistently developing award-winning solutions and technology to make clients more productive, promote operational efficiency, and mitigate compliance risk. DocMagic maintains the SSAE-16 Certification. The highest level of certification available, this validates that its software and systems meet the rigorous operational controls associated with Sarbanes Oxley compliance. BUSINESS LINES, SERVICES, AND PRODUCTS DocMagic has been a leader in the management and delivery of compliant document packages for lenders for more than 25 years. The company has expanded its offerings over the years to provide a full range of compliance and eMortgage services. Today, the company offers document management, compliance, eSign, and other eMortgage services, including SmartCLOSE ™ , a collaborative closing portal for TRID compliance. In addition, the company has a complete investor delivery service. PRODUCT SOLUTIONS The company's flagship product is DocMagic, an offering that consists of the people, the systems, and the technology to answer all the lender's mortgage document needs. It offers: • Seamless integration with leading LOSs • Free predatory lending and compliance auditing • In-house legal and compliance experts • Fully compliant eDisclosure delivery • Free setup and integration services • Integrated flood zone determinations • DocMagic's revolutionary eSign technology DELIVERY PLATFORM DocMagic can deliver its service in any way the lender requires, though most users use either DocMagic Online or DocMagic Direct through their loan origination system of choice. KEY FEATURES/BENEFITS DocMagic is specifically designed to keep lenders in full compliance with all state and federal regulations. Along with access to in-house legal and compliance specialists, lenders have access to DocMagic's compliance website, Compliance-Edge, which contains a wealth of information from legal analysis to news and resources. DocMagic's sophisticated technology delivers a unique combination of speed, ease, and accuracy that saves the lender time and money, keeping originators well ahead of their competition. COMPETITIVE ADVANTAGE DocMagic's team sets it apart. Everything the company has accomplished has been the product of a dedicated group of mortgage professionals, technology experts, and compliance experts. A culture of fantastic customer service ties them all together. Many of its employees have been with the company for more than 20 years. Few firms can claim that. Any lender who has worked with a member of DocMagic's staff knows the value the company brings. It's a source of great pride within the company and a high barrier to entry for any challenger. ADDED VALUE TO CLIENTS DocMagic's guaranteed compliance solutions are likely what clients value most. Regulations at multiple levels have proven too difficult for lenders to track. The company's compliance solutions are a lifesaver for lenders. The fact that they are bundled so tightly with its document solutions makes DocMagic a one-stop shop for top originators. KEYS TO SUCCESS The foundation of the company is a fanatical focus on customer service. At DocMagic, employees take pride in their ability to answer "yes" to every customer request. INDUSTRY AWARDS, ACCOLADES, AND MILESTONES • DocMagic's SmartCLOSE TRID Solution was awarded the MISMO Software Certification for TRID Compliance. • DocMagic continually maintains SSAE-16 Certification. TH E M R EP O RT | 29 As we race into the future on unknown roads, a fog of uncertain regulatory demands before us, the industry turns to its technology providers to deliver strong systems that coast elegantly along event the bumpiest of roads. In the following pages, we'll introduce you to some of the industry's most experienced and innovative technology service providers that are helping mortgage firms stay compliant while also aiding them in efficiency and cost-effectiveness. The changing landscape of the mortgage market demands new solutions, and these are the firms ready to provide them. Tech Guide Special Advertorial Section

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