Monday, December 19, 2011

WFG National Title Appoints New York State Counsel

WFG National Title Insurance Company (“WFG National Title”), Santa Barbara, Calif., has named Michael Kelly, Esq. as its new Vice President, State Counsel for its New York agency office. The company is a full service provider of title insurance and real estate settlement services for lender, commercial and residential transactions nationwide.

Kelly will help grow the insurer’s New York agent base as well as providing underwriting support for the agency operation in that state. He comes to WFG National Title with over 35 years of industry experience, most recently serving as Senior Agency Counsel, New York for one of the nation’s largest underwriters. Before that, he held similar positions with two more of the industry’s largest title insurers. He began his career in 1972 as a continuation clerk, attending law school during the evening at St. John’s University, NY (J.D. in 1978) while searching titles during the day.

Kelly was admitted to the Bar in the State of New York in 1978. He is a member of the New York State Bar Association Real Property Law Committee and also serves on the Select Committee for the Unauthorized Practice of Law. He received his bachelor’s degree from St. Lawrence University in Canton, New York. He was also a member of the U.S. Army Military Police during the Vietnam War (1969 – 1970).

“Mike understands the nuances of good, compliant title work in New York,” said Joseph Drum, Esq., Executive Vice President for WFG National Title. “More important, he knows what our New York agencies will need from their underwriter to succeed. Mike will be yet another solid resource for our New York agents as they work to differentiate themselves in that market.”

Friday, December 16, 2011

Product & Pricing Engine Enters LOS Space

PriceMyLoan, Costa Mesa, Calif., known in the industry as a provider of automated underwriting and loan pricing technology, has officially launched its LendingQB Web-based mortgage lending platform.

"With LendingQB, we believe we are doing more than just providing a ‘cloud computing’ loan origination system,” said Binh Dang, LendingQB's managing partner."We believe we are fundamentally changing the way that lenders use technology."

Since 2004, PriceMyLoan has been providing lenders with advanced technology to automate the underwriting and pricing of their loans. Over the past seven years, PriceMyLoan has had the unique opportunity to work closely with their clients and carefully observe their utilization of technology.

“Each one of our clients had a valuable LOS story to tell us,” said Gigi Campbell, national sales director for LendingQB. “What became evident is their desire for a ‘one-stop shop’ lending system, and a system that would adapt to the way they work.”

To that end, LendingQB was built to include a comprehensive list of features, such as electronic documents with e-signatures; a full complement of tools for loan processing, underwriting, secondary marketing, closing and post-closing; and specialized tools for wholesale and retail environments, such as broker website portals and online consumer loan applications. Naturally, PriceMyLoan powers the automated underwriting and loan pricing aspects of the LendingQB platform.

But the company claims that its most innovative feature is not built into its technology, but rather it's the way that they work with their clients.

"Lenders need more than just a piece of software," said Campbell. "They need a technology partner that is willing to listen and respond to their specific needs. That’s the true value of our web-based model. We can reach directly into a client's system and instantly deploy any changes they request. It creates a truly customized experience that molds to their particular workflow."

Radius Chooses MortgageFlex for Hosted LOS

MortgageFlex Systems, Inc., Jacksonville, Fla., a provider of lending and servicing software solutions since 1980, recently announced that its LoanQuest LOS has been chosen by the Radius Financial Group Inc, Norwell, MA, to serve its loan origination needs. The hosted LoanQuest system selected includes the enterprise-level loan origination system and a Web Consumer portal that allows consumers immediate access to loan status.

“Our business needs required a system that is flexible enough to conform to our origination workflow requirements, not the other way around. LoanQuest proved that it was versatile and could be adapted as needed without significant programming resources,” said Keith Polaski, principal at Radius.

“We understand radius’ business requirements and are confident we will meet and exceed their needs,” said Craig Bechtle, chief operating officer, MortgageFlex. “We’re looking forward to a long and beneficial partnership.”

According to the two companies, Radius required a cost effective system that could be tailored to their specific needs. MortgageFlex met those requirements with a hosted option that is an exception among the “cloud” offerings in that each client has a distinct instance of the application and their own unique database in a secure, SSAE16 certified facility.

The arrangement is expected to give customers the flexibility to adapt the application without restrictions. This was a core requirement of Radius’ LOS selection criteria.

“Not sharing application code gives customers the advantages of premises installation without the hard costs,” said Bill Black, chief information officer, MortgageFlex. “We focus on providing the customer a secure and highly-available platform so the customer can focus on their business.”

Customers have the ability to add fields as needed without programming, control and monitor workflow activities, and drive system performance using integrated business rules.

MortgageFlex offers several hosting options, including transactional and SaaS. The transactional option allows lenders to “pay-as-used” on a per loan basis and is very beneficial for lending organizations that do not have technical infrastructure and support readily available. Hosted options also give lenders high levels of security with SSAE16 certified facilities and full Disaster Recovery sites.

Radius also required a system that could integrate easily with existing Xerox Blitz Docs software being used for e-signing and e-delivery. An established system-to-system interface with Blitz Docs has been in place for LoanQuest users for some time.

Tuesday, December 13, 2011

Mortgage Cadence Brings a Sense of Humor to Mortgage Lending Best Practices

Mortgage Cadence, LLC, Denver, a leading provider of Enterprise Lending Solutions (ELS), Default Servicing Technology and Document Services for the financial services industry, is excited to present a series of short films under the guise of “The Lender Blender” to the public. This series of shorts irreverently illustrates the dangers that come with mismanaged processes in the midst of an industry overhaul.



Contrary to the light-hearted nature of these films, Mortgage Cadence is a solution-oriented system that continuously seeks to help lenders increase their return on investment and bottom line while maintaining compliance. The film portrayals of disarray and lack of compliance serve as a magnifying glass on some of the issues facing lenders today. Mortgage Cadence’s technology platform helps lenders minimize risk through the use of advanced technology. The product suite is proven to increase employee productivity through the elimination of paper and the creation of custom data-driven workflows.

Along with a modern sense of humor, the videos strive to highlight the asset Mortgage Cadence can be for companies struggling with their lending processes.

“The need for workflow automation to streamline processes and reduce risk is more important now than ever before,” said John Levonick, chief legal and compliance officer for Mortgage Cadence. “Outdated processes and lack of compliance is unsuitable for a sustainable business where the risk of buybacks has never been greater. Despite the comedic nature of The Lender Blender, I hope it inspires lenders to reevaluate their lending practices to determine how they can increase efficiency while ensuring compliance.”

By offering seamless automated workflow that is not only efficient and dynamic but also comes with a team of dedicated legal resources and subject matter experts, Mortgage Cadence can take your business from merely surviving to thriving. Staying compliant with the most recent regulations can feel like an added pressure, which is precisely why we are dedicated to focusing on the rules so you can focus on growing your business. You can find the video series located at thelenderblender.com or http://www.youtube.com/thelenderblender.

WFG National Title’s Sklamba is Louisiana Title Person of the Year

WFG National Title Insurance Company’s (“WFG National Title”) Stephen Sklamba has been awarded the Louisiana Land Title Association’s “Title Person of the Year Award.” Sklamba is Vice-President and Louisiana Underwriting Counsel for WFG National Title’s Louisiana agency group. The company is a full service provider of title insurance and real estate settlement services for lender, commercial and residential transactions nationwide.

This is the second time Sklamba has received the award, also having been honored in 2003. The Title Person of the Year is designated annually by the President and Board of Directors of the Louisiana Land Title Association. The recipient generally is someone who has gone above and beyond the norm in protecting and advancing the title profession in the state.

“Stephen has been a tireless advocate for his profession, the Louisianan attorneys at large and his clients,” said Joseph Drum, Esq., Executive Vice President for WFG National Title. “This honor is well deserved, and testifies to the passion, character and work ethic Stephen displays on a daily basis.”

A lifelong resident of New Orleans, LA, Sklamba graduated from Jesuit High School in 1966 and from Tulane Law School in 1971. His legal practice of 40 years has focused on real estate, title insurance, probate, bankruptcy, creditors' rights and consumer credit laws. Sklamba has served as Louisiana underwriting counsel for several major title insurers during the past 20 years. He has been a Director on the Board of the Louisiana Land Title Association since 1992 and is also a past LLTA President. He was a member of the Adjudicated Properties Committee of the Louisiana Law Institute and assisted with drafting a complete revision of the tax sale laws of Louisiana. He has frequently testified on behalf of the title insurance industry before the House Civil Law and Insurance Committees and the Senate Judiciary and Insurance Committees of the Louisiana Legislature. Sklamba also participated in drafting legislation creating the Louisiana Title Insurance Statistical Services Organization (LATISSO), and served as Co-Chairman of the Legislative Committee of LLTA from 2003 – 2007, and again from 2008 - 2011.

Saturday, December 10, 2011

MIAC Brokering Another Servicing Portfolio

New York-based MIAC (Mortgage Industry Advisory Corp.) through its Client Solutions Group, is the exclusive broker for another servicing portfolio, this time a $133 Million GNMA Multifamily Servicing Portfolio.

The portfolio is being offered by a National Commercial Real Estate lender. The underlying loans in the portfolio have the following characteristics, according to the company:
  • 100% GNMA Fixed Rate loans
  • $14.7 million Average Loan Size
  • Weighted average interest rate of 4.58%
  • 100% retail originations
  • Weighted average loan Age: 9 months
The bid date for the portfolio is December 21, 2011. Interested parties can sign up to review the portfolio details at www.MIACAnalytics.com or contact Dan Thomas, Managing Director, at (212) 233-1250 Ext. 240 or Rob Fear, Director at (212) 233-1250 Ext. 230.

Monday, December 05, 2011

Riverview Community Bank Selects Mortgage Builder

Mortgage Builder, Southfield, Mich., a leader in innovative mortgage loan origination software (LOS) systems, announces that Riverview Community Bank of Vancouver, Wash. has selected Mortgage Builder’s platform for its mortgage lending business. Riverview Community Bank is a community-oriented financial institution and mortgage lender that provides local and personal service throughout Southwest Washington and in the Portland, Oregon metropolitan area just across the state line.

After researching several LOS providers, Riverview Community Bank chose the Mortgage Builder web-based LOS platform because of the company's ability to quickly respond to regulatory changes in the mortgage industry, and also the company’s commitment to customer service, according to Chris Bell, systems coordinator with Riverview Community Bank. Mortgage Builder provides an end-to-end loan origination software platform that enables lenders to automate mortgage origination, loan closing, post closing and delivery to investors. The system offers built-in enhancements available on demand, including pricing and product eligibility, electronic document management (EDM) and electronic loan delivery.

“Mortgage Builder was the most professional of all the LOS vendors we checked out,” Bell said. “They understood the mortgage origination needs of a community lender. The main deciding factors for partnering with Mortgage Builder were its excellent support services and its ability to respond quickly to regulatory changes in the mortgage industry, such as those included in the Dodd-Frank law.”

First Guaranty Mortgage Hires Business Development Exec

First Guaranty Mortgage Corp. (“FGMC”), McLean, Vir., has appointed James Cromartie to the position of Assistant Vice President of Business Development, National Retail Production. FGMC is a national, full-service mortgage lending firm offering retail and wholesale mortgage solutions to clients of varying income and credit types.

In his new position, Cromartie will oversee and grow FGMC’s new Priority Lending Division (“PLD”), intended to provide creative mortgage solutions and specialized customer care. In that role, he will further Identify and develop strategic relationships with key industry entities.

Cromartie comes to FGMC with over 20 years of experience. He was most recently with APD Solutions, a national neighborhood revitalization firm providing services and strategies that impact community development. There, he served as the Director of Business Development. He began his career in Mortgage Operations at Fannie Mae where he created innovative programs for Mortgage Backed Securities. He went on to become a founding member of Fannie Mae’s Emerging Markets team, and served as an Account Manager there for 16 years. He received his bachelor’s degree from Howard University.

“James brings a wealth of experience to FGMC, which will suit our clients well,” said FGMC Chief Executive Officer Andrew Peters. “He has repeatedly demonstrated an innate ability to identify, build and foster a wide range of relationships. He is also adept with creative solutions for his clients, and will represent well FGMC’s core philosophy that our clients are the point of everything we do.”

Sperlonga Provides Bank with Tool to Resolve Past Due HOA Claims

Arlington, Virginia-based Sperlonga Data and Analytics is providing a solution that is now in use by a Georgia bank and a Georgia homeowners association (HOA) management company that share a common business problem. Action Community Management of Hiram, Georgia, contacted Sperlonga for help with several delinquent HOA accounts on properties that were either going through foreclosure or were already owned by banks. Sperlonga contacted the servicer on three of the properties, a Mississippi-based bank with an REO office in Georgia, only about 50 miles away from Hiram.

Sperlonga, a subsidiary of national asset firm MMREM, is a resource for HOAs, their management companies, investors and servicers that are struggling to deal with unpaid homeowners association claims.

Delinquent HOA accounts are commonplace on foreclosed properties and it is very often difficult for loan servicers to determine if a HOA is attached to a foreclosed property, leading to complications when defaulting mortgages turn into owned real estate (REO). At the same time, associations and HOA management companies have no reliable way of knowing where and how to submit their claims for payment, due to a longstanding communication gap that Sperlonga says it now bridges.

“They were close on the map but neither knew the other existed,” says Brent Stokes, senior vice president of Sperlonga. “HOA account obligations have become a premier issue for servicers. There are millions of properties out there that have HOAs attached to them, and many of the associations and their management companies are unable to connect efficiently with the corresponding loan servicer to get their claims paid.”

When HOA claims are unpaid, communities suffer, and so do investors and servicers.

“In some states, first lien positions are threatened and it becomes far more difficult for properties to be sold until HOA claims are satisfied,” Stokes said. “We work with both the servicers and the HOA community to bridge the communication gap and get these problems solved.”

“We were very pleased with how fast and simple the accounts were brought current,” said Jeff Hope of Action Community Management, Hiram, GA. “We had been trying to find the right contact for months, and Sperlonga both identified the servicer and made contact within 48 hours. A short time later, we received payment and established a billing relationship that will be maintained as long as the bank owns properties in the associations we manage."

Iley Joins Supreme Lending

Supreme Lending, a Dallas-based nationwide mortgage banker with branches throughout the U.S., has hired James E. Iley, Jr., as the company’s new senior vice president, national production manager. This appointment is a key factor in Supreme Lending’s strategic plan to grow the company and continue elevating the value of the organization.


Iley has more than 22 years of experience in the mortgage industry and retail branch production, including a strong history of recruiting and building highly productive teams and a proven track record of maintaining branch profitability.


In his new role, Iley will oversee the branch support team, production team and all branch operations across the country.
 
Prior to joining Supreme Lending, Iley spent almost 10 years as senior vice president and regional manager of the south central region at PrimeLending, a Dallas-based held firm with roughly 2,200 employees, where he managed production and business operations for branches located in several states.


“My primary goal is to ensure the highest loan quality and service levels as we pursue our long-term growth and expansion plans,” Iley said. “Supreme’s vision is to become the best mortgage banking company in America. I’m excited to work with a company that shares my values and believes that companies can continue to elevate loan quality and customer service, while implementing even the most aggressive growth plans.” 


“James has an impressive track record of developing and implementing methods that achieve company goals,” said Scott Everett, president of Supreme Lending. “We have every confidence that it won’t be long before we start reaping the benefits of the experience he’s gathered in his previous leadership positions. We’re very pleased to welcome him to the Supreme Lending family.”

Thursday, December 01, 2011

Mortgage Cadence Rolls Out HECM Configuration for its ELS

Mortgage Cadence, LLC, Denver, a leading provider of Enterprise Lending Solutions (ELS), Default Servicing Technology and Document Services for the financial services industry, has announced that an advanced rules-based configuration of its ACE® Rules Engine is now available to simplify changes to the HECM program.

As financial assessments of all reverse borrowers take hold throughout the reverse industry, executives at Mortgage Cadence expect more lenders to turn to its advanced technology to easily implement the necessary changes.

Over the past year, the company says more reverse borrowers than ever before have struggled to meet the tax and insurance obligations set forth in their HECM loan. Because of this, FHA issued a HECM Program Update on October 5, 2011 summarizing the adjustments it has made to ensure the sustainability of the program.

One noteworthy statement included in the update indicated that HUD does not prohibit additional financial capacity and credit assessment tests on HECM applicants. In addition, on October 27th, NRMLA issued its guidance on Limited Underwriting for Property Charges, which reviews an applicant’s capacity and willingness to pay property charges. Many lenders have already adopted, or are in the process of, implementing their own financial assessment tests. With quick industry adoption of financial assessments on reverse applicants, lenders must make the necessary adjustments to their underwriting process to account for the changes.

Mortgage Cadence’s rules engine is already equipped to manage NRMLA guidelines, lender guidelines and any future HUD guidelines by offering lenders a dashboard to continually modify programs as changes are made. In addition, the Mortgage Cadence Symphony loan origination solution will give lenders who sell to numerous investors the ability to support multiple guidelines.

“In order to stand the test of time, reverse lenders must be flexible to meet changing market conditions,” John Levonick, chief legal and compliance officer for Mortgage Cadence asserted. “Mortgage Cadence is not only capable of offering a flexible solution to meet those changing needs but also continuously stays ahead of industry regulations to offer our clients the guidance they need to sustain their business.”