Village Capital & Investment LLC
700 East Gate Dr, Suite 520
Mount Laurel, AZ 08054
16808 Armstrong Ave, Suite 215,
Irvine, CA 92606
W.J. Bradley Mortgage Capital, LLC
100 W Towne Ridge Parkway
Sandy, UT 84070
9 Sylvan Way,
Parsippany, NJ 07054
Phone: 800-316-9508 Apr 20, 2012
Carnegie Mortgage LLC
Carnegie Mortgage LLC, the wholly-owned subsidiary of Grand Bank NA of Hamilton, N.J., opted to replace its mortgage lending and document management technology platform. Carnegie Mortgage originates approximately $200 million in mortgages per month via their retail and wholesale channels, Ovation Home Loans and Icon Residential Lenders. Ovation Home Loans and Icon Residential respectively position Carnegie Mortgage as a retail and wholesale powerhouse with a nationwide footprint requiring a technology provider that enables both channels to meet business demands. The company opted to use Mortgage Cadence to leverage automation that will drive down the cost per loan, increase loan quality and compliance and meet the evolving and complex data security and privacy requirements that financial firms face. Rushmore Home Loans Submission
Cunningham & Company Mortgage Bankers.
With origination volumes slow to pick up momentum even with historically low rates, Cunningham & Co. realizes the importance of maintaining high-quality customer relationships. In the company's view, technology will be the key to market share moving forward. As in so many other areas of our business, C&C has embraced technology to provide the most cost-effective support in this endeavor. In particular, the company chose to employ the leading mortgage-specific CRM solution, not only to facilitate the maintenance of customer relationships, but also to identify high quality business opportunities-quickly and efficiently-then drive them to the point-of-sale, convert them into customers and maximize their value through repeat business and referrals. Together with other core strategies for maintaining a sharp customer focus, we believes that technology enables the firm to "provide a better, more transparent process for borrowers."
Envoy Mortgage, formerly known as First Houston Mortgage, was the first mortgage banking company to deliver an end-to-end paperless loan file into the secondary market. This started our journey towards a totally paperless office environment. If it were not for the dislocation in the secondary markets as well as title company reluctance to accepting e-notes, Envoy would be completely paperless at this point. As of today, the only paper generated on our loan files is the closing documents from various title agents. Envoy is a mortgage banking firm headquartered in Houston. Envoy's principal business is the origination and sale of prime credit quality home loans since 1997. The company produces our new business from Envoy's 60-plus branch retail network operating in 40 states across the nation.
Fairway Independent Mortgage
Headquartered in Sun Prairie, Wis., Fairway Independent Mortgage Corp. is a full-service mortgage broker and banker. Over the past year, Fairway has leveraged its explosive growth in loan volume-the company went from $2 billion in loan volume to a record $3.4 billion in 2009-toward building a new technological infrastructure that is quite progressive for company its size, let alone any financial services firm. Early in 2010, the company unveiled a new virtual data storage solution. The solution utilizes a storage area network that consolidates data at a remote data center, which can be accessed instantly and managed via the Internet, replacing a network of nearly 30 onsite servers. The switch enabled Fairway to instantly slash its hardware, maintenance and administration costs in half.
437 Cataract Ave, Units 1 and 2
San Dimas, CA 91773
Fifth Third Bank
For over 150 years, Fifth Third has been providing financial products and services to its customers. At present, Fifth Third continues to further complete its e-mortgage adoption. The company uses Fiserv's eLending platform and is in the process of getting certified on MERS. Fifth Third hopes to close its first electronic mortgage this year. Fifth Third traces its origins to the Bank of the Ohio Valley, which opened its doors in Cincinnati in 1858. In 1871, that bank was purchased by the Third National Bank. With the turn of the century came the union of the Third National Bank and the Fifth National Bank, and eventually the organization became known as "Fifth Third Bank."
Flagstar Wholesale Lending
Mortgage originators in 2010 face a particular problem-the immense challenge of correct compliance with a host of new regulations-and Flagstar is providing an effective solution to this need with a technology tool: its Loantrac system. Flagstar has built more and more new automated compliance features into Loantrac, making it easier for originators to successfully be in compliance. These enhanced compliance features in Loantrac include giving originators the ability to create the new GFE, HUD and TIL disclosure forms within the system, new data checks and safeguards to help ensure compliance with TILA prohibitions on HPML loans, and other new programming that helps eliminate post-closing errors and omissions upstream. Further, Loantrac helps automate and ensure SAFE Act compliance by requiring that an NMLS registration number is entered on every loan transaction.
Franklin American Mortgage Co.
Franklin American Mortgage believes that its success is founded on its commitment to strategically utilize technology to fuel aggressive growth in a controlled environment that is both innovative and market leading. Franklin American Mortgage has a reputation for providing high-quality loans. The company attributes this partially to its ability to leverage the right technology support; both internally built systems, integrations and through carefully selected vendors. The company recently rolled out an internally developed national underwriting platform that accommodates all three of its lending channels; wholesale, retail and correspondent. Other recent technology initiatives to note include Franklin's mobile platform that facilitates internal and external mobile communication for company employees, customers and third-party partners. Franklin American Mortgage has also fully automated the loan file delivery to warehouse and investor relationships.
Home Lending Source
Home Lending Source of Middleburg Heights, Ohio, selected Mortgage Builder's loan origination software system to enable it to provide a top-flight experience for their customers. The Cleveland area-based lender was formed from an existing mortgage company and an investment group that included several people with extensive experience in building companies. Among them was operations and business process engineering specialist Zubin Nagpal, a principal owner, who immediately saw that the company needed reengineering to compete effectively with the big-box players in the mortgage business. Since the origination effort centers on the LOS, a new lending software system was among the first decisions to make. Home Lending Source chose Mortgage Builder's application service provider delivery model, but plans to switch to hosting the software on their own servers in the near future.
Inlanta Mortgage is an 11-state mortgage banker and an accredited member of the Better Business Bureau with an A+ rating. Inlanta Mortgage anticipated the confusion that would reign in the early months of the 2010 RESPA reform and by heading those off at the pass with a RESPA-adapted documents technology solution largely sidestepped issues that could have disrupted the loan process and borrowers' post-closing life plans. For this reason above all, according to Jean Badciong, chief operating officer of Inlanta Mortgage, there is no excuse for delivering anything less than perfection at the closing table. Further, because Inlanta understands that there is no room for error under investor's loan purchase review scrutiny, it is also in its borrower customers' best interest that loan documents meet strict compliance standards.
LeaderOne Financial, based in Overland Park, Kan., was among the first mortgage companies to employ a paperless process in its daily operations. The company's founder and CEO, A.W. Pickel III, has been an ardent proponent of paperless technology for years, speaking on the subject frequently at industry meetings around the country. As LeaderOne has grown from a regional mortgage brokerage to a multi-state mortgage banker, the company has expanded its technology for both its retail and wholesale operations. Recently, LeaderOne replaced its previous LOS with an enterprise-level system from Mortgage Builder and uses all of its features, from electronic document management to customer, branch and broker portals. The company runs its own "cloud," used by the home office and all the branches in the multistate network.
Lenders One Mortgage Cooperative
St. Louis-based Lenders One Mortgage Cooperative offers access to the latest technology to its members. From loan origination systems to fraud prevention to training, the company has developed relationships with the industry's leading providers in order to offer members the most up-to-date service available. While Lenders One is not a direct lender, the company represents more than 125 mortgage lenders. In addition to innovative technology use and business model, Lenders One has developed several programs that put members in a position to outpace their competition.
Mortgage Investors Group
Mortgage Investors Group, an independent mortgage lender in Tennessee, went live with Motivity Solutions' Movation Business Management Platform. The system automates executive insight and enables the lender to deploy vital operational components including business rules, automated workflow and imaging. The company was founded in 1989 by Chrissi Rhea and Chuck Tonkin. Since its inception, the company has been dedicated to providing cutting-edge mortgage technology and consultative services to clients. The focus on the practical use of technology has earned MIG a position of leadership in the mortgage industry.
Mortgage Master Inc.
Walpole, Mass.-based Mortgage Master Inc., one of the country's largest private lenders, converted to a new loan origination system-Wipro Gallagher Solutions' NetOxygen. NetOxygen is a Web-based LOS that enables lenders to take advantage of a streamlined service to enter, monitor and maintain loans through a scalable platform. As part of the conversion, Mortgage Master also needed to find a new document and compliance system. The lender needed a system that guaranteed compliance, created more efficiencies for the lender, required minimal IT support and could be completely accessed online. The lender selected DocuTech's ConformX. At the time, DocuTech and WGS had not built an interface, but at Mortgage Master's request, the two companies decided to combine their resources and create an easy-to-use interface that met all of Mortgage Master's needs and that could then be offered to all WGS users moving forward.
Nations Direct Mortgage
Billing itself as "Brokers' No. 1 resource in FHA lending," Irvine, Calif.-based Nations Direct Mortgage has created a technology strategy in which integration, ease of use and transparency drives the purchase decision. Through the BrokerFHA.com website, Nations Direct offers its brokers the Direct Score AUS portal, powered by LoanScore, which provides pricing and underwriting decisions and allows electronic submission of loan files. Additionally, Nations Direct has tied its various line-of-business systems, such as fraud detection and underwriting due diligence, to Ellie Mae's Encompass360 platform and utilizes StreetLinks for electronic HVCC-compliant appraisals, thereby creating fully integrated electronic lending environment. Nations Direct also relies on technology to authenticate and monitor its brokers through Comergence Compliance Monitoring's TPO due diligence platform.
NetMore America Inc.
Furthering NetMore's philosophy of creating a friction-free lending process, chief strategy officer Lisa Schreiber has not only made several key changes to NetMore's technology strategy to achieve a fully integrated, electronic lending environment for its internal staff, but has also sought to further broker and retail branch partners' use of technology as well. NetMore's recent implementation of Ellie Mae's Encompass360 platform enabled NetMore to provide brokers access to the Encompass imaging system and submit documents electronically, and the lender is one of the first to launch Ellie Mae's CORE online TPO portal. Additionally, NetMore is attempting to sell brokers on the benefits of signing on to Comergence Compliance Monitoring's TPO due diligence platform, which the lender uses to inspect and monitor its brokers. According to Schreiber, the goal of all this technology investment is to make the point of contact easier for everyone involved, borrowers included.
New American Mortgage
Based in Charlotte, New American Mortgage is a full-service mortgage banker and one of the fastest-growing mortgage companies in the U.S., with over 40 offices nationwide. New American Mortgage is a strong proponent of using the Internet as an origination channel as well as using innovative marketing techniques through technology. In fact, whereas traditional mortgage lenders and banks frown on the use of social media, New American conducts social media marketing to its employees and its Realtor clients on how to use Facebook and Twitter, how to build fan pages, and what to do and not to do online. Today many New American loan officers are closing three to four loans online per month from leads generated through Facebook.
Orrstown Bank may be steeped in history, but it is thoroughly modern when it comes to banking and lending technology. Founded in 1919, the institution has weathered everything from the Great Depression to the current mortgage crisis by always taking care of its customers, right down to greeting them by name when they walk through the door. When the bank needed to upgrade its loan origination software system, it sought out Mortgage Builder Software. Orrstown Bank picked Mortgage Builder to help maintain their locally-famous customer service at levels the "big box" banks have great difficulty matching. It was important to the bank to lean on a vendor with heavty FHA experience. Orrstown Bank chose the installed software model rather than the available Web-based Software as a Service option, as they have an IT staff adept at running technology on their own servers with high security.
Pentagon Federal Credit Union
Pentagon Federal Credit Union's philosophy is to be the low-cost provider through use of automation and self-service opportunities. Over the past 12 months the company's lending business has grown by leaps and bounds, but they were entrenched in paper-based processes. Last year the company won this publication's Green Originator Award. PenFed also found itself struggling with workload balancing and compliance and reporting needs across its three centers. By enabling employees to gain easier and timelier access to loan documents and related information, the decision to implement a paperless lending solution across the board by leaning on their vendor, Fiserv, the company is now 100% paperless.
Despite the volume downturn, Quicken Loans continues to use technology to gain a competitive advantage. According to our statistics the lender continues to be the No. 1 online retail lender. The company touts that "94% of clients tell us they would recommend us to friends as their mortgage company." Why? Quicken says that is in part because of its openness to new technologies. Quicken goes further to use its technology edge as a selling point to borrowers. The company notes, "We actually combine industry-leading and award-winning technology with customer service to give you the absolute best of both worlds. After you are matched to the perfect loan for your situation, you can sign documents online and even monitor the progress of your loan 24/7."
Shore Mortgage is a full-service national mortgage lender that offers new mortgages, as well as refinancing services. Under its wholesale division, United Wholesale Mortgage, Shore also purchases mortgages from brokers. Headquartered in Michigan, Shore has been one of the foremost FHA lenders in the country for more than 20 years and has been No. 1 in Michigan for the last three years. Shore recognized an opportunity to drive an innovative process through integration of an online collaboration system with the company's loan origination system and three portals to consolidate various mortgage processes into one fluid workflow. As a result, the company implemented Xerox Mortgage Services' BlitzDocs into its existing processes by using a Web services layer published by BlitzDocs to create multiple integration points with its existing LOS system and three portals. The portal integrations enabled conditions and loan packages already uploaded in the portal to be pushed directly into BlitzDocs.
Sierra Pacific Mortgage
In becoming one of the top lenders in the nation, Sierra Pacific Mortgage also became one of the most widely respected mortgage banking companies in the country. Since 1986 the company has been a leader in both wholesale and retail lending offering cutting-edge technology and market-leading pricing. The company's culture is wrapped around performance automation. SPM recently adopted Motivity Solution's Movation tool in order to build its own broker scorecard internally and will leverage Motivity's Business Management Platform to automate workflow and business rules management.
Skyline Financial, an independent retail direct mortgage lender founded in 1985, selected Ellie Mae's Encompass360 Mortgage Management Solution as its technology for managing the mortgage process and expanding its origination business. Skyline Financial is acquiring several mortgage companies and empowering them to become direct lenders by providing those companies with the powerful technology, automated workflow and underwriting needed to compete in today's competitive and highly regulated capital markets. Skyline Financial can sell its loans directly to the government agencies, which saves the costs and needless underwriting overlays often incurred by correspondent lenders. The company is under the leadership of chairman and CEO Bill Dallas.
Supreme Lending was founded in 1999 with a formal commitment to leveraging the most powerful proprietary and third-party technology solutions to better serve its customers and its staff. At Supreme, technology is a fundamental component in attracting and retaining top talent, generating more and better loans, providing the highest level of customer service, and closing loans in the fastest, most compliant way possible. Supreme Lending is headquartered in Dallas.
The Provident Bank
The Provident Bank made the strategic decision to begin engaging in e-lending initiatives. The Provident Bank continues to seek new ways to provide its business and personal banking customers with the products and services they need to manage their financial resources in an increasingly complex environment. The company won this publication's Customer-Focused Award last year. In addition, the company employs a Web portal suite that provides multiple lending options such as consumer loans, personal lines of credit, second mortgages, auto loans, mortgages and small business loans.
Torrington Savings Bank
Torrington Savings made the decision to not just use technology to follow the market, but to innovate and lead the market of the future. The bank has embraced technology to address current market conditions, providing its customers with leading edge technology while leveling the playing field to successfully compete with lenders of all sizes. By implementing innovative SaaS solutions Torrington has been able to lower initial costs of technology, lower infrastructure costs, enhance compliance, reduce downtime, and do more with less staff in a secure environment. The bank believes that this will be the technology model of the future that gives lenders of any size the ability to lead the market.