Tuesday, July 20, 2010

MIAC broker for servicing portfolio

Mortgage Industry Advisory Corporation (MIAC), New York, reports that the company is acting as exclusive representative of the seller of a $1.66 billion FHLMC ARC bulk mortgage servicing portfolio.

MIAC provides analytical tools that investors in mortgage-related assets have used for valuation purposes for decades. In some cases, it also represents buyers or sellers of these assets, which is handy because the company is among the best in the world at putting an accurate valuation on the assets in play.

In this case, MIAC reports that the the portfolio has several attractive characteristics including:
  • $122,498 Average Loan Size
  • 96% Fixed Rate loans
  • Weighted average interest rate of 5.808%
  • Weighted average loan Age of 63 months
  • National Geographical Distribution
MIAC will provide loan level portfolio data in electronic format upon request. The Offering Memorandum is available online. The bid date is Friday, July 30, 2010. Interested parties should contact their MIAC representatives with any questions about the portfolio sale.

Friday, July 09, 2010

Motivity platform live at Tennessee lender

Motivity Solutions, Greenwood, Colo., now reports that its Movation Business Management Platform has been live with Mortgage Investors Group, an independent mortgage lender in Tennessee, since May, a feat the company says it accomplished in only 30 days.

“Movation is an incredible platform,” said Christine C. Rhea, president of Mortgage Investors Group. “Motivity Solutions’ phased approach to providing Mortgage Investors Group with valuable executive insight and then deploying vital operational components including business rules, automated workflow and imaging to further drive efficiencies and sales across our enterprise was key to our decision to select them as our technology partner going forward."

Movation is the award-winning Business Management Platform that combines a company’s existing systems to fill technology gaps, optimize the organization, and simplify how the company does business. Movation provides business intelligence and reporting, automated workflow, a business rules management system, electronic content management and distribution, and enhanced relationship management through a fully integrated CRM.

It also offers a number of industry veterans to those interested in finding out more about the company and it's products, most notably Gabe Minton (formerly of MBA and MISMO) and Lisa Springer (formerly of Mortgage Cadence, where Gabe also served for a time).

“It is challenging to find a technology partner that effectively combines mortgage-centric subject matter expertise and superior technology to address the challenges facing lenders today,” said Len Tichy, managing director of IT advisory services for Stratmor Group who advises Mortgage Investors Group on mortgage-related technology strategy. “Motivity Solutions provides this unique combination through the Movation Business Management Platform and as a result were able to quickly and easily configure Movation to utilize the innovative methods that Mortgage Investors Group needs to drive the success of their company,” Tichy said in a release.

I saw a demo of the Motivity solution earlier this year and was quite impressed. At the time, I wondered whether any lender could implement the system in a reasonable time, given its flexibility regarding the combination of multiple data sources. I commend the company on getting this client in motion on its system so quickly. Standing by for the next Motivity update.

Friday, July 02, 2010

Quicken Loans chooses workflow management software

Until the government quits changing things, lenders are going to have to deal with frequent changes in direction. While the industry is clearly getting tired of being whipped from one side of the vehicle to the other, they have to stay between the lines if they want to stay in business. For many, that means choosing new technology to help them remain in compliance. That's a breath of fresh air for technology firms, many of which have been living like lizards in the desert for the past few years.

Most recently, Quicken Loans announced that it would license software from Scottsdale, Ariz.-based Response Analytics, Inc., a self-styled financial services optimization firm.

Quicken will be using the company's Mortgage Asset Management solution, which the lender hopes will support its workflow for managing residential loans. Quicken Loans, a 50-state, direct-to-consumer retail mortgage lender with more than 3,000 employees (it calls them team members), says it is the nation’s largest online retail mortgage lender. The firm is a top 10 lender overall (possibly top 5, depending upon who's counting up the chips).

According to Response Analytics, its software will be used by Quicken Loans to provide speed, efficiency and actionable strategies in evaluating how to maximize the value of the loans it reviews for business partners.

“The selection of our solution by Quicken Loans validates the growing recognition that the new realities of today’s markets require new solutions,” said Brent Lippman, chief executive officer of Response Analytics. “New solutions that not only utilize the investments companies have made in models, data and systems, but also weave these disparate pieces together to provide business value and speed.”

M&I Bank Selects FNC for Mortgage Appraisal Processing Solution

Institutions are starting to get serious about how they handle their property valuation information. Part of that has to do with the new requirements handed down recently by Fannie Mae that are due to go into effect in September. Part of it can also be attributed to lenders being more interested in the value of assets that are coming into their portfolios as REO.

Recently, Marshall & Ilsley Bank (M&I Bank) announced that it would be using Oxford, Miss.-based FNC's solutions to electronically distribute and receive various components of M&I Bank’s mortgage business including title, appraisal, and flood orders. Best known for its Collateral Management System (CMS), FNC says its solution will also enable M&I Bank to increase productivity while utilizing its current resources, ensure continued compliance with regulatory guidelines, and automate the review of every loan in its portfolio.

“The FNC solution will further enable M&I Bank to increase operation efficiencies in our mortgage operations area, while continuing to provide our customers with the outstanding customer service they have come to expect,” said Julie Joseforsky, senior vice president, director of retail lending, M&I Bank.

Other firms that had previously offered valuation solutions are finding ways to offer fraud and non-compliance protection to lenders in the collateral valuation space. I expect to see more offerings, including some from companies that specialize in fraud detection and risk mitigation, in the days ahead.