Technology

The mortgage industry’s leading provider of document production announced how it plans on having the majority of its clients fully prepared to meet upcoming GSE requirements for both phases this year.

The technology-driven digitalization of notarization means maximum efficiency, cost-effectiveness, and convenience for the otherwise paper-heavy mortgage industry, but at what cost? This story was originally featured in the June edition of MReport.

Purdy Enterprise has selected FotoNotes as its technology solution for managing property inspections, maintenance work orders and other field service activities. FotoNotes’ mobile app and cloud platform solution provides companies full visibility and control of HUD FSM inspections, work orders, and field service operations. FotoNotes also provides solutions for a wide variety of other use cases, including estimating, construction, renovations, and turns.

Calyx Software announced that Portfolio Underwrite is now available to Point and PointCentral clients. Portfolio Underwriter allows portfolio lenders to customize credit decisioning and safely originate non-agency loans that they intend to put on their balance sheets. It captures a portfolio lender’s program guidelines within its engine and delivers a rules-based underwriting decision in seconds and results of the decision are documented into a findings report.

The digital evolution continues, as not one but three major financial players make moves toward a more FinTech-driven future. In a two-day span, Morgan Stanley, Misys, and D+H all announced initiatives that could shape the trajectory of the industry. At its Tuesday's Financials Conference, Morgan Stanley, a financial services and wealth management firm, announced it will launch a digital mortgage platform in 2018. Meanwhile, Misys, a financial software provider, and D+H, a financial technology distributor, announced the two firms will merge to form Finastra. Finastra will be the third-largest FinTech company in the world.

International Document Services, Inc., a Mortgage document preparation vendor, announced it has incorporated a new document preview feature into its integration with LendingQB’s cloud-based loan origination solution. The feature allows LendingQB users to preview mortgage documents, such as the Loan Estimate or Closing Disclosure, before they are submitted to fulfillment. This enables lenders to spot and correct errors before the creation of the final document.

Perfect Practice, an Orlando, Florida-based provider of legal management services technology, announced this week a partnership with Affinity Consulting Group, which offers technology and management solutions for law firms and legal departments. “The partnership will create a streamlined array of services,” according to Perfect Practice.

HouseCanary has integrated their appraisal software into a mobile application. HouseCanary Appraiser now allows appraisers to use the software without relying on web browsers. Appraisers can write reports from start-to-finish on site and cut down on time and costs.

As the technology conversation in the mortgage industry heats up, many companies are attempting to meet industry demands and adopt streamlined industry processes. Today’s companies are driven by creativity and innovation and are fostered by client success. MReport spoke to James Vinci, VP and Chief Technology Officer at Equator, about what mortgage professionals can learn from other industries and what technology trends are having the most impact today.

Though many of today’s homebuyers are looking for a more automated, high-tech mortgage process, that doesn’t mean they want to be left to their own devices. Most buyers—even the tech-savvy millennials—still want a good amount of handholding throughout the process. Striking a balance between those high-tech and high-touch demands can make lenders stand out in today’s marketplace.