TheMReport — News and strategies for the evolving mortgage marketplace.

Issue link:

Contents of this Issue


Page 7 of 67

6 | TH E M R EP O RT MTECH costs and shorten the time it takes to close. The new release also includes updates for 2018 HMDA collection and reporting changes, electronic document enhancement, and Correspon- dent Trade enhancements. According to Jonathan Corr, President and CEO of Ellie Mae, "HMDA readiness remains a top priority for the entire mortgage industry and Ellie Mae is commit- ted to supporting our customers as they prepare by offering solu- tions, information, training and resources well in advance." In previous Encompass releases, Ellie Mae included enabling the collecting of 2018 HMDA data for Purchased and Originated loans, ongoing support of HMDA filing years, and enabling reporting on new Repurchased Loans tab and enhancements to the Demographic Information Data Points. "This comprehensive release offers technology to ensure com- plete compliance with regulatory updates, as well as the innovative capabilities that enable our banks, credit unions and mortgage lend- ers to originate and fund more loans, lower origination costs and shorten the time to close," he said. The 17.4 update includes three main changes. The Multiple Legal Entity Identifier (LEI) Support enables lenders to establish and use a HMDA Profile for each LEI used within their organization. This addition is ideal for those required to report HMDA under multiple entities with separate reporting re- quirements. Lenders also have the option to configure which fields they use in their normal under- writing practice with the Relied Upon Factors Configuration, which include CLTV and DTI for HMDA reporting purposes. Finally, Per the Final rule, consumers don't have to identify a category for race or ethnicity prior to selecting a more spe- cific subcategory. Borrowers can report multiple ethnicity options within Encompass, as Ellie Mae is providing consistent reporting of the maximum five codes to be reported on the Loan Application Register (LAR) for loan scenarios where a consumer identifies as multiple races or ethnicities. DIMONT Launches New Technology to Assist Servicers THE NEW WEB PORTAL MANAGES THE BORROWER- FIELD CLAIMS PROCESS, WHILE ENABLING ALL PARTIES TO UPLOAD CLAIM DOCUMENTATION ELECTRONICALLY. D IMONT, a provider of insurance claims adjust- ing and collateral loss mitigation services to the resi- dential mortgage and auto lend- ing industries, has announced the launch of its online loss drafts portal with technology developed by IndiSoft, a solu- tions development firm special- izing in the financial industry. The purpose of this new web portal is to assist servicers in managing the borrower-field claims process, while enabling all parties—including borrowers, servicers, and DIMONT claims personnel—to upload claims-re- lated documentation and to share case status information electroni- cally. It also allows the servicer to use its call center to maintain direct borrower contact, according to DIMONT. "We are pleased to offer col- lateral protection assurance, coupled with hands-on management of the claims process and outstanding customer service through the loss draft portal," said President and CEO of DIMONT, Denis Brosnan. "Lenders and their customers don't have to struggle with the insur - ance claims process, as our solution allows them to tap into DIMONT's 20-plus years' experience in claims adjusting nationwide." Utilizing this new technol - ogy will provide servicers the opportunity to focus on customer relationships—rather than the complicated claims process. "IndiSoft is excited to have pro - vided DIMONT the technology for its loss/draft service to residen- tial mortgage servicers and their customers affected by the recent natural disasters," said President of IndiSoft, Cam Melchiorre, III. "The consumer-facing loss-draft portal will expedite the insurance claim process while support - ing servicers' efforts to manage the complex interaction among insurers, homeowners, adjustors, contractors, and the servicer in a transparent and efficient way." According to DIMONT, the portal is completely customiz - able, allowing servicers to design process flow and borrower inter- action based on servicer require- ments. Borrowers are provided a guided experience throughout the portal, increasing satisfaction and eliminating confusion. Quicken Rocketing Toward E-Lending Expansion A NEW DEAL WILL ALLOW THE NONBANK LENDER TO UTILIZE TECHNOLOGY PROVIDED BY EORIGINAL—A PROVIDER OF DIGITAL TRANSACTION MANAGEMENT SOLUTIONS. Q uicken Loans, the company that first made waves on the national stage for its online mortgage plat- form during the 2016 Super Bowl ad, announced that it has struck a partnership that will expand online mortgage lending. The deal will allow the non- bank lender to utilize technology provided by eOriginal—a provider of digital transaction management solutions—to incorporate an elec- tronic note into Rocket Mortgage and store it as an authoritative copy through the eVault. An au- thoritative copy is considered the electronic original copy. "Quicken Loans has worked diligently to provide clients a completely online mortgage experience from application to closing. The next step in this evolution is to digitally move the note to the industry stakehold- ers who need it," said Jay Farner, Quicken Loans CEO. "Taking the mortgage process online provides homebuyers with accuracy, clarity and transparency–in addition to speed and convenience." According to data released by NerdWallet, Quicken was recently ranked the third most commonly used mortgage lender nationwide, with Wells Fargo coming in first and Bank of America coming in third. "eOriginal's Digital Mortgage technology provides Quicken Loans the ability to create an in- dustry-leading SMARTDoc ® eNote for an eClosing, followed by eVault- ing capabilities to support servicing of the mortgage and the acceler- ated movement of the asset to the secondary market," said Original General Manager of Digital Mortgage Simon Moir. "Lenders and their customers don't have to struggle with the insurance claims process, as our solution allows them to tap into DIMONT's 20-plus years' experience in claims adjusting nationwide." — Denis Brosnan. President and CEO, DIMONT

Articles in this issue

Archives of this issue

view archives of TheMReport - MReport_December2017