Two mortgage insurance companies have integrated with two loan origination systems, while a correspondent aggregator implemented an LOS. Meanwhile, data from a reverse mortgage LOS indicates significant growth in that market.
A new SmartAPI developed by MeridianLink has made Fannie Mae’s Day 1 Certainty available to LendingQB users, an Aug. 31 news release indicated. A new verifications dashboard enables users to manage individual orders and know when they are completed.
Ventana Home Mortgage LLC, a recently formed non-QM conduit aggregator, is utilizing OpenClose’s correspondent module, an announcement indicated.
Ventana’s more than 100 lender-clients can electronically submit loans for swift review and acceptance.
“We’ve worked with OpenClose in the past and know that their correspondent module efficiently and compliantly handles the automated review, acceptance and processing of quality closed loans,” Ventana Senior Vice President of Credit and Operations Joseph Kohout said in the statement.
OpenClose is a partner with Mortgage Daily for the Mortgage Market Index.
Arch Mortgage Insurance Co. has integrated its RateStar pricing into the OpenClose LenderAssist LOS, an Aug. 22 statement said. Its the first mortgage insurance product integration for West Palm Beach, Florida-based OpenClose.
“Put simply, this integration eliminates manual steps and allows our customers to tap Arch M.I.’s RateStar solution to price mortgage insurance coverage based on loan risk, which ultimately helps originators offer eligible borrowers the best pricing for their specific loan scenario,” OpenClose Senior Vice President of Lending Solutions Vince Furey said in the statement.
Another mortgage insurer, Radian Guaranty Inc., has integrated its offerings into Calyx Technology Inc.’s PathSoftware, according to an Aug. 17 press release. The integration enables PathSoftware users can obtain rate quotes and order mortgage insurance on both a delegated and non-delegated basis. In addition, they can submit documents.
Data from the RV Exchange LOS indicate that a record number of newly licensed lenders have entered the market for home-equity conversion mortgages in 2017, ReverseVision announced. An average of three new mortgage bankers have begun offering HECMs each day this year.
San Diego-based ReverseVision claims a “substantial share” of the HECM market — including the 10-largest HECM originators.
“RVX serves as a centralized exchange that connects all participants in the life cycle of a HECM loan, allowing them to log in to a single system to share documents and information throughout the loan process,” the statement said. “The system encompasses everything from point-of-sale, processing and underwriting to funding, post-closing and secondary marketing.”
