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Eye on the Industry: Updates on DocMagic, Equifax, Pavaso, and More …

Updates

From partnering for digital initiatives to appointing new teams, catch the latest buzz on the industry in this weekly update.

digital lendingDocMagic, the California-based provider of fully compliant loan document preparation, regulatory compliance, and eMortgage services and fintech-driven digital lending platform MortgageHippo have announced a seamless eSign integration between their two platforms. This integration enables MortgageHippo’s lender customers to provide borrowers with the ability to electronically sign documents at any stage of the mortgage process, from point-of-sale to closing. According to a statement released by DocMagic, eSignatures eliminate the time constraints and accessibility limitations of manual signatures, thus providing lenders with a faster mortgage process and reduced origination costs. The eSignature process that MortgageHippo provides via DocMagic is as legal and valid as a manual process using printed and wet signed documents. “We are pleased to partner with MortgageHippo and offer our mutual lender clients a strong digital mortgage point-of-sale solution that integrates tightly with our platform and LOS partners,” said Steve Ribultan, Director of Business Development at DocMagic. “Integrating with MortgageHippo is yet another step that DocMagic is taking to deliver on the promise of achieving a truly paperless digital mortgage process.”

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Rhode Island-based Embrace Home Loans, a  digitally focused mortgage lender, announced that its borrowers can now rapidly verify assets through a digital experience, eliminating the need for borrowers to print, copy, and email paper bank statements, thereby reducing the process to secure a mortgage by up to a week or more. The innovation is a result of a software integration between Finicity, a provider of real-time financial data aggregation and insights, and Embrace's loan origination system. When borrowers apply for a mortgage online, they can simply give Embrace permission to generate a verification of assets report using data directly from their bank. This process is more secure than sending printed documents or electronic documents via fax or email. The new capability also enables Embrace to take advantage of Fannie Mae's Day 1 Certainty program, as Finicity is an approved report provider. This program provides lenders faster-documented loan approvals. "This is a dramatically improved experience for Embrace and for our customers," said Embrace Home Loans CEO Dennis Hardiman.

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To reduce friction in lending, credit scores provider, and global solutions company, Equifax has introduced The Work Number Indicator, an instant alert of whether an employment and income record exists on The Work Number database. The database is the nation's largest centralized repository of payroll data managed by the Atlanta-headquartered company. According to Equifax, the alert has been introduced to support initiatives that make the mortgage industry more consumer-oriented and to help lenders and borrowers gain operational efficiencies through quicker, paperless processes similar to the digital experiences already being offered by many retailers. The Work Number Indicator, delivered along with the credit report, proactively signals to lenders whether a borrower’s income and employment information are already available within Equifax’s U.S. database, which can help eliminate a tedious documentation process for borrowers and significantly expedite the mortgage origination process for lenders.

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Fintech startup LenderClose, which provides digital platforms to transform the lending process, has announced the addition of Benjamin Dinkins as Sales Executive to its growing team of industry experts. Dinkins will focus on building relationships with credit unions and community banks, introducing them to the competitive differentiation that comes from integrating LenderClose. Dinkins has extensive contract negotiation and financial services sales experience for Fortune 100 firms. He joins LenderClose from SkySon Financial, where he served as regional sales manager. Prior to his position with SkySon Financial, Dinkins held a variety of roles, including risk management, procurement, data analytics, and relationship management with Nationwide, Syngenta, and Morelity. “Benjamin’s dedication, his passion for building strong customer relationships and his years of experience selling software in the financial services industry will be tremendous assets as we continue to grow our client base,” said Omar Jordan, CEO of LenderClose.

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California-based The Closing Exchange announced that they have partnered with Pavaso, the provider of a collaborative eClosing platform, to deliver nationwide mobile closing services through The Closing Exchange’s network of trained and certified signing agents. The two technology leaders partnered to expand Pavaso’s signing service coverage and system expertise leveraging The Closing Exchange’s training and performance management capabilities across the nation. “Our partnership with Pavaso will expand their signing agent network with our vetted, trained and tested notary network,” said Alan Frelix, CEO of The Closing Exchange. “Our mutual clients, including lenders and title agents, will benefit from our proven training capabilities to train and certify our signing agent panel on the Pavaso system.” "We are excited to partner with The Closing Exchange.” said Nancy Pratt, VP Partner Relations and Government Affairs for Pavaso. “Our focus is to provide best-in-class service on all loans closed on the Pavaso platform, as well as to ensure that the borrower has an exceptional closing experience. Their understanding of the mortgage process and workflow will ensure that borrowers, lenders, and real estate agents have the best closing experience, every time.”

 

About Author: Radhika Ojha

Radhika Ojha, Online Editor at the Five Star Institute, is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her master’s degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Dallas, Texas. You can contact her at Radhika.Ojha@theMReport.com.

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