Did you miss the NEXT Women’s Mortgage Tech conference in Dallas last week? It’s all right, we got you covered.
See what U.S. Department of Housing and Urban Development Deputy Secretary Pam Patenaude said about her experience working for the current administration when she sat down with HousingWire Editor-in-Chief Jacob Gaffney to kick off the final day of the conference.
Or check out what experts said are their greatest compliance pain points, and how to deal with them.
Ever wanted to know what really happens during an exam by the Consumer Financial Protection Bureau, and how you can be better prepared? NEXT panelists told us all about that, too.
And I had my debut at moderating panels with a talk about how mortgage lenders are reaching Hispennials. Read all about that here. Also, experts gave an update on the new single-click dual AUS system.
And in between all of these informative panels, mortgage tech companies were given the chance to demonstrate their newest products, and how they improve the mortgage lending process.
They say seeing is believing, and these companies demonstrated they are bringing revolutionary change to an industry that is known for being behind technologically.
At the conference, 11 tech companies demonstrated their products for the NEXT attendees. Here’s a recap of the technology that could soon change mortgage lending:
DocMagic introduced LoanMagic, a mobile app designed to keep borrowers engaged throughout the loan process. Borrowers have real-time access to their loan status. Loan conditions are presented as to-do items with documents provided for simplified completion and electronic signature. Throughout the process, LoanMagic’s automated notifications keep everyone focused. Communication is simple, text-based and securely logged for increased efficiency, and a much-needed reduction in lenders’ origination costs.
2. Home Captain
Home Captain is a technology-enabled purchase management platform and integrated concierge service that increases lenders' conversion rates by three to five times, provides transparency into the home buying process and improves service scores. The company allows lenders to send their customers and receive post-back updates on the customer’s buying statuses for transparency throughout the process.
Home Capitan’s concierge team acts as a liaison between the loan officers, homebuyers and agents, managing their expectations and ensuring smooth transactions to improve the overall satisfaction and service scores.
3. Informative Research
The company’s software, Txt2Qual, is a new automated, mobile-based tool that helps lenders prequalify applicants within a minute. Txt2Qual instantly shows lenders an applicant’s prequalification status and, since it posts a soft inquiry, lenders get a full credit profile and FICO scores without impacting the credit score or triggering competition. Using Txt2Qual, lenders can customize the credit and underwriting criteria to target qualified leads and easily prioritize which applicants to call first with IR’s user-friendly Txt2Qual interface.
MERS eNote Solutions supports the creation, electronic signing and vaulting of eNotes in a single platform. The company’s demo at NEXT showcased the electronic signing portion of the platform, demonstrating the borrower and settlement agent’s role, and explaining how the settlement agent doesn’t need any special software, hardware or additional training to be able to access the digital closing room that is a key component of MERS eNote Solutions.
All the settlement agent needs to complete the signing of the eNote is internet access, a laptop or tablet, and a transaction-specific access code. When using this digital closing room, the lender can say goodbye to missing signatures, as it ensures all necessary signatures are captured.
The company demonstrated that its technology offering, Nexsys Clear Path allows lenders to communicate with service providers in real time. The offering allows lenders to control the logistics of purchase orders, save time using automation tools, discover the best possible outcomes and even connect through the app.
Despite all the innovation occurring on the front-end of the mortgage process, the closing process is stuck in the Dark Ages, the company explained. However, Notarize is working to change that, and introduced its collaborative platform for lenders and title partners to prepare and manage closings. The solution prevents errors and ensures properly executed closings, is integrated with an eVault and MERS to accelerate sale into the secondary market, and holds verified eClosing, eVaulting and eNote platform with both Fannie Mae and Freddie Mac. The transaction is recorded, allowing lenders and title agents to witness the signing event.
PromonTech demonstrated their Borrower Wallet, a digital point of sale technology for borrowers and lenders to collaborate throughout the mortgage process. The company explained Borrower Wallet increases efficiency and transparency. The product dashboard allows borrowers to upload documents, chat with their loan officer, e-sign disclosures and view the status of their loan. The loan officer also has the ability to co-pilot the application with the borrower, place third party orders, and generate pre-qualification letters.
This tech company allows users to request a photo of wherever they need. Real estate professionals just enter an address, a few details about the job, and submit. The order is then instantly posted to users at the location. Within minutes, agents receive an exclusive photo. They pay the fee and save the photo to their camera roll. ProxyPics’ technology also allows users to obtain an appraisal, valuation, disaster inspection or PCR within minutes of requesting it.
Every month on Snapdocs, 50,000 loan closings are managed through more than 200 settlement partners and 67,000 signing agents across the nation. The company’s goal is to create the “perfect closing,” or one that is faster, more transparent and error-free. The company loops in all parties to the closing, and sends out reminder emails. Users are then able to add documents to the closing as one PDF, and Snapdocs does the rest, including marking where signatures were needed.
VirPack offers solutions that provide secure document transfers between borrower, originator, lender and investor. Using proven technologies, VirPack offers customers a web based virtual platform to capture, review and process documents throughout the mortgage lifecycle. Automated workflow opportunities create new efficiencies for organizations allowing users to complete tasks and checklists generated automatically based on incoming automatically recognized mortgage documents. Business rules allow for files to be automatically delivered to an investor or third-party recipient using predetermined stacking orders while offering alerts for required missing documents.
A Seattle-based SaaS company, Zipwhip is modernizing the business texting medium by enabling text messaging to existing landline, VoIP and toll-free phone numbers. Zipwhip pairs direct network connectivity with cloud-based software, so businesses of any size can give customers the choice to text or call and handle two-way text conversations at scale. Zipwhip deploys safeguards at the network level so businesses can maintain compliance and engage in human text conversations with their customers.
The tool also allows group text that reaches up to 50 people at a time with a personalized blind carbon copy text message and MMS picture messaging. Financial institutions have shortened their loan approval process by important documents being sent and received via picture message MMS, rather than scanning and emailing or customers logging into an additional application.