TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/744822
TH E M R EP O RT | 7 one digital marketing system, from one vendor, and that means only one phone call for support. Now that's an industry first." Luthra said Elm Street Technology is in the process of "rolling up" other successful technology and marketing services companies, adding, "We will be able to deliver everything a broker or agent needs from lead genera - tion, to customer-for-life retention solutions." ClosingCorp Launches New Closing Costs Calculator THE TOOL WILL PROVIDE INSTANT QUOTES, TITLE FEES, SETTLEMENT RATES, AND OTHER NUMBERS FOR LENDERS AND REALTORS. C losingCorp has announced the release of SmartCalc, a next-generation online closing costs calculator that enables title companies to provide accurate, instant online quotes, actual title and settlement rates and fees, transfer taxes, and recording fees. Lenders will be able to use SmartCalc to access accurate information about settlement services 24 hours a day, seven days a week. The tool will also help realtors by providing their sellers with the information they need to understand potential proceeds from the sale of a property—including a breakdown of buyer and seller fees. SmartCalc includes a personal - ized Seller Net Sheet, which shows all of the title, settlement services, transfer tax, recording fees, and commission that are included in the closing process, according to the announcement. The new tool is designed to not only make operations more efficient for title companies, but to improve their relationships with lenders and Realtors. "Title companies, lenders and Realtors are looking for new ways to add transparency to the home buying and selling process," said Kerry Stockel, product manager of ClosingCorp. "They want to help their clients—both buyers and sellers—understand the costs associated with the transactions and do this as quickly as possible to eliminate surprises at the closing table. SmartCalc will be able to significantly boost productivity, increase efficiency and provide a sustainable solution to clients." Fiserv and CoreLogic Partner INTEGRATION WILL ALLOW FOR FASTER MODIFICATION PROCESS. W isconsin-based Fiserv, Inc., a global provider of financial services technology solutions, has an- nounced an agreement with analytics and data-enabled services provider CoreLogic to integrate CoreLogic's IntelliMods loan modification decisioning tool with Fiserv's comprehensive servicing platform, LoanServ. The integration is expected to reduce default risk and improve the time and cost of servicing loans. "Facing default is a truly distressing situation for a bor- rower," said Joe Dombrowski, director of product management, Lending Solutions, Fiserv. "The integration of LoanServ from Fiserv with CoreLogic IntelliMods enables a servicer to quickly—in real-time—and accurately evaluate borrower information and present the appropriate loan modification package, thereby reducing default risk and greatly improving borrower interaction." The integration will mean faster processing of information necessary for a rules-based analysis of workout options for distressed borrowers to ensure compliance with all federal regulations, including Fannie Mae and Freddie Mac requirements. IntelliMods can deliver a decision in seconds once the user selects a modification profile that includes term extension, rate, or principal reduction. The integration of IntelliMods into LoanServ will trim days off of the process by allowing Fiserv clients to upload, qualify, process, route to borrow - ers, and track loan modifications at an accelerated rate. The follow-up of terms can also be automated. Once the terms of the modification are approved, IntelliMods will instantly generate the appropriate modification package. The package can then be sent to the server's production house for printing, assembly, and shipping, or to FedEx for printing and overnight delivery to the borrower. A prepaid return envelope is included with the FedEx option, which allows servicers to track the package process using recordation using outbound and inbound tracking numbers which are incorporated into IntelliMods. "As a result of this integration with Fiserv, the CoreLogic IntelliMods platform enables servicers to take advantage of unique capabilities that provide real-time loan decisioning for Fiserv customers," said Sapan Bafna, VP, advanced delivery engines, CoreLogic. "IntelliMods helps reduce the workload and risk associated with the evaluation of workout options, and provides further add-on solutions for data append, property ownership reports, title reports, compliant document generation, e-delivery, e-sign and recording services." MTECH