As individuals make their way through the industry and companies merge, follow all the important highlights in this weeks update.
Freddie Mac is announcing a 12-month long pilot with EarnUp, a financial technology company that helps consumers make timely loan payments and manage their financial health. Freddie Mac is encouraging low and moderate income earners to participate in the program by doing it through three non-profit financial counseling organizations: HomeFree-USA, GreenPath Financial Wellness, and InCharge Debt Solutions.
According to Matthew Cooper, co-founder and CEO of EarnUp, “people are more likely to stay current on their loan payments if we make it quick and easy form them to do so. EarnUp is proud to be working with Freddie Mac to provide technology solutions that can help consumers.” EarnUp will also help customers improve their credit score and overall financial health, Cooper said.
Black Knight introduced the Servicing Analytics Suite on Thursday, which is a unique new solution that leverages three powerful Black Knight analytics products to help servicers more easily identify portfolio risk and create effective loss mitigation strategies. The solution seamlessly integrates with LoanSphere MSP, Black Knight’s comprehensive mortgage and home equity loan servicing system currently used to service more than 30 million loans in the U.S. The Servicing Analytics Suite is also available separately via batch or XML delivery.
“The integration of Black Knight’s Servicing Analytics Suite within the MSP platform is unrivaled in the market, providing a unique, powerful solution designed specifically for servicing and portfolio management,” said Julian Grey, Mortgage Market Leader at Black Knight Data & Analytics. “The solution, which leverages our vast data assets and trading-quality analytics, delivers actionable loan-level metrics, and offers an array of benefits to help servicers effectively drive improved performance.”
HouseCanary announced the release of the industry's most robust regression modeling program built directly into HouseCanary's appraisal software, empowering residential appraisers to easily make data-driven adjustments. HouseCanary's regression analysis helps appraisers work faster and with greater regulatory credibility. Now, appraisers can easily identify which property features are most important for estimating a home's value and instantly apply a suggested adjustment based on HouseCanary's rigorous statistical models.
"HouseCanary's regression modeling makes the appraisal process faster, easier, and more accurate," said Steve O'Brien, Chief Appraiser of HouseCanary. "We're supercharging an appraiser's expertise by supplying them not only with algorithmically derived adjustments but also with PDF outputs automatically included in the addendum that help justify appraisal decisions and further minimize revision requests." _______________________________________________________________________________________
CalyxSoftware announced a new partnership with Quicken Loans Mortgage Services (QLMS), a division of Quicken Loans Inc., to power its Quicken Loans Origination System (Q-L.O.S.).
This new system is an easy to implement and use loan origination software (LOS) that enables community banks, credit unions, and select brokers to originate mortgages compliantly, quickly and profitably.“Working with Calyx Software to launch Q-L.O.S. reinforces our deep-rooted commitment to providing our
“Working with Calyx Software to launch Q-L.O.S. reinforces our deep-rooted commitment to providing our partner banks and credit unions access to the most cutting-edge technology and improving the mortgage experience for their clients,” said David Schroeder, VP of Quicken Loans Mortgage Services. “Simply put, Q-L.O.S. addresses the very specific needs of today’s financial institutions in an intuitive and flexible way, allowing them to close more loans, faster.”
LoanScorecard announced on Thursday that MORE Lending has implemented Portfolio Producer as its automated underwriting system (AUS), product and pricing engine (PPE), and distribution solution. MORE Lending is the wholesale division of Synergy One Lending, a San Diego-based mortgage lender. Licensed in 42 states, MORE Lending offers a variety of non-agency loan products, including program options for foreign nationals, interest only, non-warrantable condos, and recent credit events such as deeds-in-lieu, short sales, and foreclosures.
“As wholesale lenders, like MORE Lending, look to take advantage of the growing non-agency, non-QM market, technology will be a critical factor in helping them distribute the product and pricing, as well as determine borrower eligibility,” said Ben Wu, Executive Director at LoanScorecard. “With Portfolio Producer, MORE Lending can increase broker adoption by delivering real-time product guidelines and pricing, as well as pre-qualification, and ultimately accelerate their business growth.”