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Accurate Group

Enhances Platform

Accurate Group Holdings Inc., a provider of national real estate transaction services to the financial services industry, has rebranded its proprietary software platform as Archer, following a significant investment to enhance the technology.

According to Accurate, the enhancements create a rules-based client portal, vendor management and compliance software platform. It is a cloud-based platform and manages 25,000 third-party vendors, streamlining workflow and delivering data through system integrations with clients, says the company.

Archer is now also fully integrated with the ValueNet suite of products, following Accurate’s acquisition of the business in August 2013. Accurate expects to continue to actively integrate Archer with additional partners and clients throughout this year.

In addition, Accurate says it has completed a transaction with Y-Waite Solutions LLC to acquire the remaining technology, intellectual property rights and assets from the original developer of the system.

 

SmartGFE Now
CFPB Compliant

ClosingCorp, offering closing cost data and technologies for mortgage lenders, real estate professionals and consumers, recently enhanced its SmartGFE service that helped lenders prepare for implementation of the Consumer Financial Protection Bureau’s (CFPB) new rules.

As per a company press release, the SmartGFE service now allows lenders to generate reports for borrowers that include a listing of local counseling agencies approved by the U.S. Department of Housing and Urban Development. The company claims this new functionality saves lenders time, as well as keeps them in compliance.

Borrowers with certain credit histories are required to get housing counseling after applying for a mortgage under the CFPB’s new rules. This allows borrowers to get advice about whether the mortgage loan terms are a good fit for them based on their individual goals and financial situation.

“Lenders want to provide borrowers with all the information they need to make educated decisions about loan terms because it translates into solid, performing loans,” says Brian Benson, CEO of ClosingCorp, in a release. “Giving lenders the capability to run this report within the SmartGFE service provides a level of convenience and confidence that the information is accurate without having to switch between systems.”

 

Mortgage Builder

Upgrades Software

Southfield, Mich.-based Mortgage Builder Software, a provider of loan servicing software and loan origination systems (LOS), has upgraded its LoanXEngine product eligibility and pricing technology.

The company says the upgrade will help lenders become more efficient in the hedging and secondary marketing aspects of their business.

LoanXEngine’s enhancements include upgrades to pricing reports for secondary marketers to obtain financial execution in loan sales, whether on a per-loan or multiple-loan basis, says the company, and a new report created to boost hedging efficiency and results, improving profitability for users through better secondary marketing outcomes.

The product’s new Hedge/Pricing Management Report displays current best execution on a loan or searches for pricing on a specific target rate, presenting investors by name, product and all loan level pricing adjustments for transactional precision and speed, according to Mortgage Builder.

The company says a recent report from the Mortgage Bankers Association showed that the third quarter of 2013 saw a 37 basis point drop in loan production profits for its members - the fourth consecutive quarterly reduction. Mortgage Builder says it is especially alarming because it took the average profit per loan from $1,528 in the second quarter down to $743, due to skyrocketing costs for quality control and compliance.

Mortgage Builder also recently announced that it has upgraded Architect, the company’s LOS platform.

Mortgage Builder says the upgrade, the second since its release in 2012, contains enhancements to address compliance requirements from January. The upgrade includes additional screens and automation to address point and fees testing, ability-to-repay/qualified mortgage verifications, and Equal Credit Opportunity Act appraisals/valuations, according to the company.

Mortgage Builder explains it included these updates so that clients had adequate time to familiarize themselves with the new functionality and to train staff in preparation for the new regulations.

Tech Marketplace

Accurate Group Enhances Platform

 

 

 

 

 

 

 

 

 

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