Mortgage Tech Rundown looks at the latest news in mortgage technology, featuring new product updates, integrations and announcements.
First Guaranty Mortgage Corporation announced a partnership with Blend, enabling the utilization of the company’s direct-to-consumer division, Goodmortgage.
First Guaranty explained in a press release that Blend’s technology not only simplifies the complexities of the mortgage process for borrowers and loan teams, but also gathers a more complete and accurate financial profile of prospective borrowers.
“Blend’s goal is to create a more intelligent, data-driven lending ecosystem where consumers can get approvals in one tap,” Blend Head of Client Operations Brian Kneafsey said. “Partnering with innovative lenders like FGMC allows us to work together to provide a best-in-class user experience that borrowers love, while driving major efficiency on the lender side.”
Global DMS has officially launched SnapVal, an automated solution that utilizes property data in order to return a guaranteed price on any residential appraisal in the country.
The solution seamlessly integrates with loan origination systems, digital mortgage point-of-sale systems, borrower-facing web portals and propriety lending or servicing platforms.
“We identified a need in the marketplace to address a common problem that lenders are regularly challenged with in providing accurate appraisal quotes and then ensuring pricing on the Loan Estimate is consistent and compliant,” Global DMS President and CEO Vladimir Bien-Aime said. “Lenders that have a digital mortgage strategy in place to receive, and in turn disclose accurate appraisal fees on the LE at first issuance will be a step ahead of competitors that haven’t reconciled their workflows in this unforgiving zero-tolerance environment.”
Tavant Technologies announced the next level of integration between Tavant VELOX, and Optimal Blue’s product eligibility and pricing engine.
This new upgraded integration creates efficiencies throughout the loan lifecycle, quickly converting leads into loans. The integration will provide consumers with immediate access to accurate and compliant product, eligibility and pricing information at the point of sale, according to the company.
“The real-time integration between Optimal Blue’s product eligibility and pricing engine and Tavant’s VELOX platform is a great example of how modern, yet disparate systems can interact as one and deliver a better user experience and new efficiencies,” Optimal Blue Vice President of Marketing and Alliances Bob Brandt said. “The partnership between our organizations will continue to grow and remain focused on creating a better loan process for our mutual clients.”
NotaryCam announced that Mid America Mortgage is now using the firm’s integration with DocMagic to conduct remote online notarizations through its Total eClose platform.
"Until recently, mortgage closings still required participants to physically congregate in a single location to complete the transaction. Today, RON enables lenders and settlement agents to eliminate the closing table without losing the personal connection of the closing ceremony,” NotaryCam Founder and CEO Rick Triola said. “The value of the convenience that RON provides cannot be overstated, and it would behoove mortgage and settlement professionals to incorporate RON into their existing closing process.”
Mortgage document preparation vendor International Document Services announced the augmentation of its flagship doc prep platform idsDoc.
The platform now includes full eClosing capabilities, made available through a new service called ClickToClose, which enables IDS clients to execute loans digitally as far as investor requirements and jurisdictional regulations allow.
Closepin launched a tool that allows mortgage lenders to conduct fully digital closings, empowering them to search for eClosing-enabled title agents.
“Lenders are looking for ways to offer digital closings to those customers that want them, but to do so requires an entire ecosystem of partners,” Closepin Creator Ryan Peterson said. “One of the biggest challenges has been finding closing agent partners who are equipped to manage these transactions. Closepin now solves that for lenders.”
In fact, Freddie Mac has now included a link to the Closepin search tool on one of its eMortgage pages, which will aid sellers as they search for eClosing-enabled closing agents.
Real estate technology company Qualia announced an integration with Ellie Mae’s Encompass digital mortgage solution.
This collaboration enhancement will streamline how mortgage lenders and title companies share and match fee information, empowering them to provide more accurate data for consumers and title companies.
“This new technical achievement allows lenders and the thousands of title and settlement agents across the country on Qualia to be one step closer to being able to offer a truly digital mortgage and home closing experience,” Qualia CEO Nate Baker said. “This is no easy task. I’m extremely proud of the Qualia team for finally engineering a solution and grateful to our community of users for their guidance along the way.”
