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Modern-day redlining persists, and it’s costing lenders millions in legal fees. By shifting to a modern mindset and making diversity central to all lending initiatives, lenders can build strategies that are inherently anti-redlining. Last October, Ameris Bank had to pay $9 million to settle a redlining case. Create internal alignment.
The industry is buzzing with conversations around appraisal modernization — for good reason. Appraisal modernization reduces origination cycle time, bolsters appraiser capacity and helps lenders deliver a more seamless and transparent borrower experience. Here’s a quick rundown of how this modernization can support your success.
However, a year after the GSEs announced new appraisal modernization solutions, as they’re more widely adopted, questions arise. And as a loanofficer (LO), why should I care? A look into GSE appraisal modernization efforts The GSEs have each offered appraisal waivers on eligible loans for several years.
With first hand knowledge of how complex and time consuming appraisals can be, Reggora is motivated to streamline and modernize the process, benefiting appraisers, lenders and buyers themselves. As appraisal modernization continues to take shape, Reggora is uniquely positioned to lead its customers through the ever changing landscape.
LoanOfficer Freedom. Host Carl White, founder of The Mortgage Marketing Animals loanofficer coaching program, shares insights for loanofficers on how to close more while working less. LoanOfficer Leadership. 10 Loans a Month. 10 Loans a Month. The LoanOfficer Podcast.
Insellerate Modern CRM, Engagement & Customer Intelligence Platform Insellerate helps loanofficers close more loans with our award-winning modern CRM, Lead Management, and Engagement platform, which handles all your lending channels, retail, wholesale, TPO, Consumer Direct, and Reverse.
The move allows the lender to have “modernized its mortgage operational processes, boosted productivity and delivered an enhanced borrower experience for its customers,” the company said in a news release. FCM originated $2 billion in home loans last year through its wholesale and retail divisions, the company reported.
Most loanofficers lose 70% of their past customers because they don’t have the process or tools to manage the relationship forward. By utilizing automation and digital tools, modern mortgage lenders are freed up to deliver the most value to their customers. Managing the experience beyond the transaction.
One of our key initiatives has been to revitalize The Money Store brand, giving it a fresh, modern appeal. We’ve also implemented project management technologies and streamlined processes to improve workflow and turnaround times for loanofficer requests, effectively halving the time it takes to fulfill them.
Insightful borrower data and enhanced tech solutions are paramount to success in today’s modern mortgage industry. HousingWire recently spoke with Dan Catinella, chief lending officer at Total Expert, about how Customer Intelligence technology is improving deal flow and pushing the customer experience into the 21st century. .
By deploying customer intelligence from Total Expert — a customer engagement platform for financial institutions — Mountain West Financial will provide automated alerts that notify its loanofficers in real-time when a customer’s behavior or financial situation signals they’re a good candidate for a home loan, Total Expert said.
Reggora is facing the issues surrounding modern appraisals head-on with its industry-leading Reggora Appraisal Management Platform. According to STRATMOR research, 1 in 8 closings is delayed due to the appraisal, and issues with the appraisal are cited in nearly 6% of cases when the borrower walks away from a loan.
I’m going to start by making Rate the absolutely best place for every single loanofficer to work at figuring out ways in which we can develop them, give them all the skills, the coaching , the mentoring and the tools, so they can have an amazing business, but also better serve all their clients and all their partners.
In the modern mortgage industry, lenders are not just setting themselves apart on who has the best Super Bowl ad or the biggest branch footprint, but increasingly also on their approach to technology. Today, technology is driving differentiation across the customer experience, loanofficer experience, and overall operational efficiency.
The DOJ said that all of Lakeland’s branches were located in majority-white neighborhoods and that its loanofficers did not serve the credit needs of Black and Hispanic neighborhoods in and around Newark. Lakeland, a community bank, operates 68 branches in northern New Jersey and in New York’s Hudson Valley.
However, the lenders and loanofficers who will be most successful in the second half of 2022 will be those who pivot quickly, understanding both the nuances of the market and the best strategies to help solve problems for today’s homeowners, homebuyers, homesellers, Realtors and financial advisors.
Amid the landscape, Lower, according to LeBerth, “continues to invest in technology to build the most modern home finance solution for our channels, and despite the headwinds, we’ve increased market share 25% year-over-year.”. According to the mortgage data platform Modex , Lower originated a total volume of $5.66
Total Expert provides customer engagement solutions for more than 175 modern financial institutions, unifying data, marketing, sales, and compliance solutions.
Good loanofficers are what will help our business grow in a big way, and we try to support our loanofficers in a way that they can generate their own business and not become reliant on leads. said that connecting with borrowers in a substantive way begins with the salesperson they first come into contact with.
In joining Lower, he will report to chief production officer Randell Gillespie to execute plans for “transforming the modern mortgage experience for consumers and industry professionals,“ according to a company statement.
This is AI meets modern home financing and its transforming the way people buy homes, Lane Hornung , co-founder and CEO of zavvie, said in a statement. Our new platform brings unprecedented speed and certainty to home financing, helping loanofficers and their clients win more deals.
In short, their AI platform, which is built on aggregated loan data from its network, allows loanofficers, processors and underwriters to offload manual, arduous tasks. It’s a big market they’re targeting, too: community lenders represent 50% of $4 trillion U.S. mortgage market. .
Lisa Moriello “Any loanofficer can run a report in their own database to calculate when someone’s date of birth hits that prime age [for a reverse mortgage],” Moriello said. But modern classes of financial planners generally seem to be more open to conversations, based on Moriello’s conversations.
Were excited to invest in Tomo and to support their mission to modernize the home buying experience, Erwin Raeth, corporate development leader at Progressive Insurance, said in a statement. and it has existing offices in Detroit and Seattle. The companys tech-driven approach to lending is proving attractive to investors.
Editor in Chief Sarah Wheeler sat down with Scot Rose , CIO at Class Valuation , to talk about innovation in the appraisal space and how the technology being deployed for appraisal modernization can actually protect appraisers. This interview has been edited for length and clarity. Everybody is affected by the appraisal process.
According to Cameron, the recent downturn has delivered the biggest and fastest rate increase in modern history — and the sharpest volume and revenue decrease the mortgage business has ever seen. Since relaunching operations, Interfirst also hired teachers and first responders to be loanofficers.
A lot was built around those foundational technologies for what we have today in the Mello system, in the stack that our loanofficers love and appreciate. You’ve got to be very rigorous about how you handle that debt and how you handle ongoing modernization of the platforms that your business depends on.
Now is the time for lenders to decide: Do I want to remain in a closed ecosystem of antiquated technology, or do I investigate the new, most modern provider that is finally doing things differently? As far as the pricing engine, loanofficers have historically been left to navigate an experience that is subpar and insufficient.
He and his team modernized Sagent’s technology by bringing its platforms to the cloud and building a single data and user experience across the servicing lifecycle. Sogorka fostered strong relationships with many large mortgage servicers, gaining an in-depth view of the home loan process from origination through servicing.
Loanofficers must understand what modern millennial and Gen Z homebuyers want from their lenders. For mortgage professionals looking to buoy their loan volume through the rest of the year and beyond, understanding the motivations, behaviors and the barriers to entry for these borrowers will only become more vital for success.
Mike is an experienced mortgage loanofficer. In 2000, Mike’s company used a CRM capable of automating the marketing for its loanofficers. Modern technology is often written to help power users get more out of the tools. Just look at modern graphic arts software. Mike Jameson doesn’t think this, however.
Meanwhile the mobile app Nexus Engagement, which connects borrowers, loanofficers and real estate agents, aims to capitalize on customers’ pre-application phase to convert more leads to closed loans. Its core features include an integrated home search, loan payments calculator and the ability to begin a loan application.
Truity Credit Union , a member-owned credit union with locations in Oklahoma, Kansas and Texas, is using Dark Matter’s Empower loan origination system to provide loanofficers and members a modern, mobile-friendly experience across home purchase, refi, home-equity and construction loan originations.
Part of the reason efficiencies from the emerging digital mortgage did not, and still have not, fully translated in the back-office is due to the trust that comes along with the wide-adoption of any new technology. Borrowers were not comfortable turning over their credentials to loanofficers or processors.
The company’s retail channel saw a 38% improvement from Q2 to Q3 as measured by production per loanofficer. October was FOA’s “largest submission and funding month of 2024,” Sieffert added. She said that the July consolidation of the FAR and AAG brands has proven successful.
By writing and maintaining all of the code along with investing heavily in putting together a world class modern IT infrastructure that efficiently leverages a mix of modern technologies like the public cloud and API based software architectures, UWM has been able to turn on a dime and stay well ahead of shifts in the market utilizing technology.
HomeSmart, like Compass , Keller Williams , eXp and other brokerages, states it has unique technology to modernize real estate. The company generated $478 million revenue in the first nine months of 2021 – a figure that includes what income is earned by their independent contractor agents, and posted a $2.3
Patelco is California’s fourth-largest credit union mortgage lender by number of loans closed annually. The credit union’s 214 loanofficers will use the Empower LOS to originate retail home loans, home-equity loans and home-equity lines of credit (HELOCs).
When it comes to origination, modernization is key to enhancing the customer experience, improving overall cycle times and increasing overall profit. The system also provides management reporting on user productivity and loan metrics derived from a beginning-to-end workflow that can reduce costs and manual tasks.
Our new name is a natural progression that aligns with our mission to simplify and modernize the mortgage process for our customers and partners.” The new name, “Rate,” is a concise, modern identity that encapsulates the company’s mission to provide efficient and straightforward financial solutions powered by best-in-class technology.
Lenders who want to move away from a frustrating, one-size-fits-all approach to origination need a modern solution that helps streamline processes while maintaining compliance. The Origence Mortgage Platform is an end-to-end lending platform that puts the power of modern technology in lenders’ hands, enabling them to close more loans, faster.
This resolution makes clear our commitment to holding banks and financial institutions accountable for modern-day redlining while ensuring access to fair lending in communities of color.” “When banks engage in redlining, they perpetuate existing patterns of segregation and widen the racial wealth gap in our country.
HousingWire recently spoke to Finance of America Mortgage President Bill Dallas about viable alternative options for homebuyers and the innovative products FAM offers to meet the unique financial needs of today’s modern borrowers. Loanofficers and brokers need to reconnect with past clients and show their value.
Community lenders were left behind when it came to tech-forward, cost-effective digital platforms, and especially among today’s millennial homebuyers, a modern, streamlined borrower experience is a necessity.
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