TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/987227
TH E M R EP O RT | 5 MTECH tors across the industry. "MERSCORP Holdings is proud to provide technology-based solu- tions that add value to our mem- bers' bottom line," said Brendon Weiss, COO of MERSCORP Holdings. "Our members identi- fied several gaps that need to be addressed to increase eNote adop- tion, and this new solution fills a significant need for originators seeking to leverage existing vendor relationships." MERSCORP Holdings, head- quartered in Reston, Virginia, is the owner and operator of the MERS eRegistry, the national mortgage registry and legal system of record for identifying the con- troller (holder) and location (custo- dian) of the authoritative copy of registered eNotes. Interest in the production of eNotes continues to grow as consumers and lenders recognize the value of mov- ing toward a more streamlined, electronic process. With more than 5,000-member organiza- tions, MERSCORP Holdings is central to the growth of digital mortgages, and the new service provides a turn-key solution to those members who are driving toward a paperless process. "This solution will enable thousands of originators to realize the benefits of a digitally executed promissory note at the closing table. The eNote is the most important document of a digital closing because it is critical for the funding of electronic mort- gages by investors," said Simon Moir, eOriginal SVP and General Manager of Digital Mortgage. "MERSCORP Holdings, as the operator of the MERS eRegistry, has been instrumental to the advancement of digital mortgage. We are proud to have eOriginal's technology power the MERS eNote Solutions." eOriginal delivers a fully digital mortgage and supports every type of digital closing strategy. By cre- ating a "digital original," eOriginal guarantees trusted transactions of digital financial assets. Major financial institutions, leading law firms and credit ratings agen- cies have validated and rely on eOriginal as a trusted partner with the greatest depth of digital transaction management expertise to navigate and advise on indus- try best practices. MERSCORP Holdings has been a trusted service provider to the mortgage industry for 21 years. Angel Oak Partners With Closepin AUTOMATED CLOSING AGENT PROMISES SAFETY, EFFICIENCY IN DIGITAL LENDING PLATFORM. C losepin, headquartered in Plymouth Meeting, Pennsylvania, has officially launched an automated closing agent compliance process for the Atlanta, Georgia-based Angel Oak Home Loans, LLC (AOHL) and their Lending Services platform. Closepin, a compliance and risk management platform for a lender's closing agent network, utilizes proprietary cloud-based software and customer support resources to remove the growing burden of compliance validation faced by many lenders in today's market. "We are ecstatic about the opportunity to reduce risk and increase efficiency surrounding the compliance data review of local closing agents for a lead- ing lender like Angel Oak," said Ryan Peterson, EVP of Westcor Specialty. "It's a great partnership because they are on the cut- ting edge of post-crisis non-QM lending, and we are on the cutting edge of creating custom products and solutions that solve real problems for clients in the real estate and mortgage lending marketplaces." Ashlei McAleer, Managing Director of Lending Services for AOHL, said of Closepin, "We were thrilled to discover Closepin and their risk management plat- form. Since Angel Oak operates primarily as purchase-driven lender, we manage a significant number of closing agents nation- ally. We have been looking for vendor management solution that would simplify the process and allow Angel Oak to customize a technology platform suitable for our needs. We are confident the partnership with Closepin will enhance Angel Oak's ability to better serve our clients and support our rapid growth as an industry leader." The Lending Services team provides supplemental opera- tional support for all of the Angel Oak lending entities (Angel Oak Mortgage Solutions LLC, Angel Oak Prime Bridge LLC, and Angel Oak Home Loans LLC) to include oversight and maintenance of the closing agent approval process. Peterson added, "Creating Closepin and bringing it to the market has been an exciting project, and it's just one of the many new initiatives we're tackling at Westcor Specialty to create solutions for a rapidly changing industry." HFG, Pavaso Collaborate on Digital Closing COMPANY COLLABORATION OFFERS TRANSPARENCY AND TECHNOLOGY TO HOMEOWNERS. H omeowners Financial Group (HFG) is one of the first Arizona-based mortgage lenders to complete an eClosing with Pavaso, a leading eClosing technology provider. "Pavaso was tasked with sup- porting HFG's National Builder Division by making the entire homebuying experience easier and more efficient," said Mark McElroy, Pavaso CEO. "In providing a superior digital closing experience, HFG is better able to attack one of the traditional pain points in the homebuying process—the closing— and transform it into the gateway to homeownership." HFG's primary goal and focus is to make dramatic improve- ments to the client experience for consumers that come to Homeowners for their mortgage needs. Potential homebuyers have seen virtual reality in use to preview their new homes, and to gain a sense of what their view will be when their house is completed. HFG and Pavaso are continuing to provide the con- sumer with a high-tech experience in the lending process as well. With Pavaso Digital Close, HFG can now continue to offer a more convenient digital process to their clients from start to finish. "Because different AVM providers have different methods of producing confidence scores and values, the mid-range requirement has presented some significant challenges for many PACE lenders." —Rob Walker, VP of Sales, Veros