TheMReport — News and strategies for the evolving mortgage marketplace.
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TH E M R EP O RT | 5 MTECH for lenders, which this integration showcases." Lenders can access RateStar pricing information in LenderAssist "at the press of a button," according to the two companies, and then view direct comparisons on various products and pricing based on individual loan risk. The pricing information is de- livered in seconds and then stored in the LOS. "We are pleased to be the first MI company to partner with OpenClose," Hovey said. "Customers will not only be able to quickly obtain RateStar quotes from within OpenClose's multi-channel LOS but also skip the cumbersome re-entry of data so that they can increase their productivity," he said. Arch MI offers mortgage insur- ance in all 50 states, the District of Columbia, and Puerto Rico. KeyBank Partners with Black Knight, Becomes Enterprise Client LOANSPHERE MSP WILL HELP KEYBANK UNLOCK A FULL SLATE OF EFFICIENCIES AND ADVANTAGES, THE COMPANIES NOTE. B lack Knight Financial Ser- vices, Inc., announced re- cently that KeyBank will be implementing Black Knight's LoanSphere MSP system and Portfolio Overview Insight solution. KeyBank will use MSP to service both first mortgages and home equity loans, as well as lines of credit on a single platform in an effort to increase efficiency and risk management. KeyBank will also use addi- tional Black Knight technology solutions, including Customer CareNet, iDisburse, LoanSphere Loan Boarding, and Web Services, as well as two Black Knight Data & Analytics solutions: Lien Alert and McDash. These are integrated with the MSP servicing system and help improve customer ser- vice and automation. "We look forward to benefiting from the advantages that Black Knight's integrated technology systems and access to data across the loan life cycle can offer to help KeyBank improve opera- tional efficiencies and gain greater insight into our performance," said Amy Brady, CIO, KeyBank. "Black Knight's ability to support KeyBank's regulatory and other compliance efforts were another important factor in our decision to expand our current relationship with Black Knight." "As an enterprise client, KeyBank will realize enhanced value across the mortgage life cycle," said Joe Nackashi, President of Black Knight's Servicing Technologies division. "KeyBank is a valued client, and we are confident our solutions will help the bank respond to regulatory requirements, achieve increased operational efficiency, and improve customer service." Freddie Mac Launches an ACE BUYERS AND BANKS, REJOICE. THE GSE'S NEW AUTOMATED COLLATERAL EVALUATION TOOL COULD DELETE DOLLARS AND DAYS FROM THE CLOSING PROCESS. I n a buying climate that's mov- ing at an incredibly fast pace, Freddie Mac has announced a way to make things run even faster. Its automated appraisal alternative could possibly save homebuyers or homeowners looking to refinance up to $500 and cut as many as seven to 10 days off of closing. That is, if Freddie Mac's new technology determines them as not needing a traditional appraisal. "By leveraging big data and advanced analytics, as well as 40- plus years of historical data, we're cutting costs and speeding up the closing process for borrow - ers," said David Lowman, EVP of Freddie Mac's Single-Family Business. "At the same time, we're providing immediate collateral representation and warranty relief to lenders. This is just one example of how we are reimagin - ing the mortgage process to create a better experience for consumers and lenders." The automated collateral evalu- ation (ACE) establishes whether consumers must use a traditional appraisal or not by "leveraging proprietary models and using data from multiple listing services and public records as well as a wealth of historical home values to deter - mine collateral risks". In order to find out if a property is eligible, lenders must submit the loan data through Loan Product Advisor, Freddie Mac's smart end-to-end technology solution that assesses credit, capacity, and collateral to help lenders validate the quality of loans they originate. If the estimated value of the home provided by the lender is acceptable to ACE, the lender can receive immediate representation and warranty relief related to the value, condition, and marketability for the property upon delivery of the loan to Freddie Mac. It be- came available to qualified home purchases on September 1 but has been available for qualified refinances since June 19. "When we launched Loan Advisor Suite in July 2016, we set out to give our customers certain- ty, usability, reliability, and effi- ciency," said Andy Higginbotham, SVP of Strategic Delivery and Operations for Freddie Mac's Single-Family Business. "ACE is our most recent capability to deliver on that vision." MCS Successfully Completes SOC 2 Examination THE A-PLUS PERFORMANCE IS PROOF POSITIVE THAT MORTGAGE CONTRACTING SERVICES IS COMMITTED TO AIR- TIGHT SECURITY, THE COMPANY STATES. M ortgage Contracting Services (MCS) an- nounced that the com- pany has completed its Service Organization Control, Type # SOC 2 examination. "We are excited to have suc- cessfully completed the SOC 2 examination process, as it enables us to build upon our customers' trust to operate securely," said Caroline Reaves, CEO of MCS. "This high standard is just the latest step in our commitment to the companies we serve." Companies must undergo a thorough review by a third party in order to complete the SOC 2 process. MSC was evaluated by three standards, including: Security–an evaluation to ensure the company's system is protected against unauthorized access, use, or modification. Availability–shows the system is operational and can be used, as agreed upon. Confidentiality–necessary pro - tection of information that should not be shared. "In a time when data security is a serious issue, it is essential to "By leveraging big data and advanced analytics, as well as 40- plus years of historical data, we're cutting costs and speeding up the closing process for borrowers." —David Lowman, EVP, Freddie Mac Single-Family Business