May 2016 - Rise and Fall

TheMReport — News and strategies for the evolving mortgage marketplace.

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TH E M R EP O RT | 5 MTECH agents to close mortgage loans more accurately, quickly, and compliantly to the ultimate benefit of consumers, according to Ernst and eLynx. "This is a perfect fit for both companies and delivers a huge benefit to both eLynx customers and our own," said Gregory E. Teal, President and CEO of Ernst Publishing. "We've spent the last 26 years creating software and systems that provide guaranteed accurate mortgage closing cost fees to lenders. And eLynx's eCN platform is one of the best vendor management systems for closing agents. Together, we now offer a complete solution that removes the compliance pain from the closing process at the same time it guards against fraud and improves the borrower's overall experience." The alliance creates a tighter integration between Ernst's Settlement Agent Gateway, a collaborative fee management system that guarantees TRID compliant fees for both lenders and settlement agents, and eLynx's Electronic Closing Network (eCN). eCN gives lenders transparency and control of the closing process while significantly reducing the risk of loss due to fraud and non-compliance. Both platforms were built according to Mortgage Industry Standards Maintenance Organization (MISMO) data standards. "Today, eCN gives lenders the confidence to work with over 100,000 registered closing professionals, the largest verified network of closing attorneys, partners, and agents," said Andy Crisenbery, SVP of business operations for eLynx. "By incorporating Ernst's closing cost data to eCN, lenders now have easy access to guaranteed accurate fees long before the deal approaches the closing table. This is a very strong alliance that offers significant benefits to loan originators and their partners." According to the two companies, they now provide the following benefits by linking their platforms: To Lenders: • Third-party vendor management is vastly simplified with eCN • Guaranteed accurate fees are available from the first disclosure through closing • Local business referral networks are protected from compliance concerns • Lenders can work effortlessly with tens of thousands of settlement agents across the country • Lenders can negotiate with agents and approve fees ahead of the loan estimate To Settlement Agents: • Protects their businesses by allowing them to deliver certified accurate fees to lenders • Allows them to manage fees anytime with granular geographic and loan level controls • Gives insight as to which lenders are considering your company when they pull fee data • Allows access to a huge network of originators, including the nation's largest CMG Financial Streamlines Appraisal Process with Global DMS Platform ETRAC ALLOWS SEAMLESS COLLABORATION WITH MULTIPLE AMC PROVIDERS G lobal DMS, a provider of web- based compliant valuation manage- ment software, recently announced that CMG Financial (CMG) has stream- lined the management of its appraisal process from start to finish using Global DMS' eTrac platform. CMG will now be able to work with Global DMS' AMC providers that have disparate systems through a single interface with eTrac. As a result, processors and brokers no longer have to log into each AMC's system in order to place appraisal orders. CMG users can order and assign appraisals, track them with real-time status, and review appraisals, and they are then automatically delivered to the Uniform Collateral Data Portal (UCDP) in full compliance and without errors or missing data from within eTrac. "After we implemented eTrac, our AMC assignments became automatic and thus it really simplified and sped up our orders," said Peter Gilbert, chief credit officer at CMG. "The eTrac Workflow Engine also played a significant role in the implementation by automating notifications and file delivery to the ordering parties and borrowers. eTrac has made our appraisal process very easy and efficient, and we always know that we are compliant and have quality appraisals." Global DMS' Workflow Engine eliminates manual intervention, automatically handling many intricate and disparate tasks in CMG's unique appraisal process. Custom business rules were applied to tailor CMG's appraisal management workflow to their preferences and specific internal procedures. The platform, eTrac, facilitates far-reaching compliance functionality that is proven to automatically keep lenders compliant with changing state-based rules, federal laws, the Consumer Financial Protection Bureau (CFPB), and the Dodd-Frank Act. "CMG runs numerous appraisal orders through our system each month with an elevated level of workflow-driven efficiency," said Vladimir Bien-Aime, president and CEO of Global DMS. "The fact that eTrac effectively centralized CMG's utilization of multiple AMCs and automated nearly all appraisal

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