Eye on the Industry: Updates on NewDay USA, Ellie Mae, and More

 

Rob Posner, Founder and CEO of Maryland-based NewDay USA, a national VA mortgage lender, announced a forecast for 10% growth in VA loan volume for 2019 over last year. He said NewDay USA’s total origination volume for this year is expected to reach $2.4 billion, compared to $2.2 billion in 2018.

Posner indicated an expected increase to 11,000 residential loan originations at NewDay USA this year, with the Operation Home purchase division assisting 2,000 veteran families buy homes by the end of the year. He attributed the projected growth to the company’s national Operation Home purchase campaign, a commitment to lend to underserved veterans and first-time homebuyers and a dedicated team of professionals trained specifically to help military borrowers.

“NewDay’s fintech business model relies on analytics powered by an information-based decisioning capability that allows us to say ‘yes’ to veterans when other lenders say 'no,'” Posner said. “We understand how to effectively evaluate the credit history and background of active-duty service men and women and veteran families.  We also understand the homeownership needs of our military since serving veteran families is all we do.”

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Ellie Mae, a cloud-based platform provider for the mortgage finance industry, announced that it has launched a new release of Ellie Mae’s Encompass Digital Lending Platform. The latest release will help lenders of all sizes originate more loans across a wider variety of loan types, capitalize on the growing HELOC demand, sell and deliver loans more efficiently, provide a better loan officer experience and leverage the power of data to make better decisions faster.

“Ellie Mae is offering a true digital mortgage solution to help our customers succeed in today’s competitive marketplace,” said Jonathan Corr, President and CEO of Ellie Mae. “With this new release we’re providing lenders with enhanced support to capitalize on the growing HELOC opportunity, an expanding ecosystem of Investor Connect integrations and Loan Officer Connect updates to help lenders close loans faster while offering a best-in-class borrower experience.”

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Blue Sage, developers of the browser-based lending technology designed to provide borrowers with a digital mortgage experience, and Mortgage Guaranty Insurance Corporation (MGIC), a private mortgage insurer, announced the availability of MGIC's mortgage insurance rate quotes and delegated MI service ordering through the Blue Sage Digital Lending Platform.

Through this technology integration, loan originators can select MI products and order MGIC rate quotes or delegated MI without leaving the platform, improving the speed and accuracy of ordering MGIC MI.

This partnership with MGIC is another step forward in the Wisconsin-based Blue Sage's vision to provide an end-to-end, cloud-based digital mortgage experience capable of handling any business channel, from retail to wholesale, correspondent and even consumer direct. The integration was made possible through Blue Sage's unique application programming interfaces (APIs), which provide seamless interoperability between the platform and third-party systems.

"We're proud to partner with MGIC, which shares our vision to streamline the mortgage insurance process for lenders and consumers," said Joe Langner, CEO of Blue Sage. "Our automated integration with MGIC significantly reduces time and effort involved in ordering insurance, regardless of a lender's channel of business. Through partnerships such as these, Blue Sage continues to modernize mortgage lending in the cloud in ways that other platforms simply cannot match."