TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/987227
6 | TH E M R EP O RT MTECH Pavaso's cutting-edge technol- ogy provides a single NPI secure portal for all parties to the trans- action—lender, title, and consum- ers, which promotes collaboration, transparency, and improved business processes. Its technology is flexible enough to apply in all environments and enables users to conduct the full breadth of digital closings ranging from hybrids to eNotes and eVault. "There are two ways to implement great technology that enhances the client experi- ence: build it yourself or trust an experienced vendor that can work with you to offer the best solution," said Patrick Lamb, President, Homeowners Financial Group. "We firmly believe that Homeowners provides the best experience to our clients by focus- ing on what we do best—offering the best service and a competi- tive price across a broad range of mortgage products. We rely on Pavaso to give us the digital process they have developed to enhance that experience because they are the experts in offer- ing the tools that make eClosing seamless." Clarifire & SoftWorks AI Partnership Provides Automation Solutions THE COMPANIES AIM TO ADDRESS CHALLENGES ARISING FROM MANUAL DATA OPERATIONS IN THE MORTGAGE INDUSTRY. C larifire, a process automa- tion company based in St. Petersburg, Florida, has partnered with SoftWorks AI, an artificial intelligence and machine-learning automation firm, to deliver solutions to clients in both the financial and healthcare industries. Through this partnership, the companies announced they will address the ever-growing challenges of man- ual data input from documents and exception management. The companies look forward to using the combined technologies to deliver a state-of-the-art automa- tion and workflow platform that will provide their clients with increased productivity while driving down process costs. "We are committed to de- livering value to our customers by providing the best possible solutions," said Jane Mason, CEO of Clarifire. "With the addition of SoftWorks AI to our platform, our clients will see a dramatic reduction in manual processing." The intersection of Clarifire's in- telligent workflows and SoftWorks AI's innovative information recognition capabilities will enable both companies to strengthen their respective automation solu- tion sets and provide clients with unmatched performance and flex- ibility, while reducing overall total cost of ownership. "Clarifire's workflow solutions are recognized as best in class, increasing productivity by as much as 400 percent" said Ari Gross, CEO of SoftWorks AI. "By joining our solutions, clients will have a powerful, optimized, workflow platform to address all their needs." DocMagic's eVault Implemented by Deutsche Bank AS THE MARKET TRENDS TOWARD DIGITAL PROCESSES OVER PAPER, EVAULT TECHNOLOGY IS BEING UTILIZED TO ENFORCE SECURITY. D ocMagic, Inc., a provider of fully compliant loan document preparation, regulatory compliance, and comprehensive eMortgage ser- vices headquartered in Torrance, California, announced that Deutsche Bank has successfully implemented and is actively utilizing its proprietary eVault technology. "Deutsche Bank has an interna- tional footprint in multiple forms of lending and servicing, and hav- ing a company of their size select our eVault to safely and securely store sensitive loan documents speaks volumes about the bank's confidence in our technology," said Dominic Iannitti, President and CEO of DocMagic, Inc. "We are very pleased to partner with Deutsche Bank on a long-term basis to help achieve its servicing goals with our eVault." Using the DocMagic eVault, Deutsche Bank's document cus- tody group is now empowered to take full possession of electroni- cally originated assets for clients as the loan market continues to transition to a paperless process. DocMagic establishes a legally compliant method to securely move original electronic files from one custodian to another while preserving unique authoritative digital ownership. Further, the eVault ensures au- thentication of original documents passing between owners, irre- spective of how many duplicate electronic files there may be of the same record. The repository system within DocMagic's eVault relies upon digital tamper-proof seals and a detailed, well-docu- mented audit trail that ensures compliance and provides detailed reporting. DocMagic also made available to Deutsche Bank the ability to leverage a unique dual-option so- lution that accesses its on-premise eVault installation to provide a gateway to seamlessly and se- curely connect to MERS via any browser, as well as by way of a direct VPN connection. As a result of partnering with DocMagic, Deutsche Bank is now well-positioned to easily, compliantly, and securely service loans housed in the eVault, creat- ing newfound efficiencies and a competitive advantage for the bank. By providing eVault services to Deutsche Bank's clients, they further cement themselves as a leader, innovator and provider of excellence in loan servicing. Of note is that DocMagic has been at the forefront of developing award- winning technology that facilitates a complete eMortgage solution for the entire supply chain that fully supports an end-to-end, com- pletely paperless digital mortgage process. This includes from the point-of-sale through eClosing, eWarehouse lending, secondary marketing and even servicing. DocMagic's eVault has been thoroughly vetted and officially approved by Fannie Mae, Freddie Mac, and MERS to compliantly support eVaulting services. Lennar Partners With Blend to Drive its Lending Arm LARGEST U.S. HOMEBUILDER SELECTS TECHNOLOGY PARTNER TO PROVIDE DIGITAL FINANCIAL OPTIONS TO NEW AGE OF CONSUMERS. B lend has announced that Lennar, the Florida- headquartered homebuilder, has selected Blend's technology to power Eagle Home Mortgage, the homebuilder's financing arm. The California-based mortgage technol- ogy provider will help streamline the mortgage application process for Lennar by reducing friction throughout the process at scale. "As the largest homebuilder in the U.S., Lennar understands how the right technology partner can meaningfully increase access to home loans by reducing origina- tion costs," Blend said on its blog. "Now that millennials comprise more than one-third of all home buyers according to the National Association of Realtors, it is more important than ever for lend- ers to provide a transparent and efficient process with a consumer- grade experience. Our work with Lennar is helping them provide this type of higher-quality experi- ence today's buyers demand." Lennar and Blend's partnership is focused on delivering a friction- less customer experience at scale. "Lenders using Blend already represent over 25 percent of the overall U.S. mortgage market, and our platform saw nearly $60 billion in mortgage applications in 2017 alone," the blog stated. "We're not only excited about empow- ering Lennar customers with a data-driven application experience, but also look forward gathering their insights as we continue to reimagine lending." With Lennar's history of inno- vation and broad reach in markets across the U.S., this collaborative effort has the opportunity to im- prove the home purchase process at the industry level.