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2020 Mortgage Technology Special Report

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2020 Mortgage Technology Special Report ABOUT US EDITOR'S NOTE Dodd Frank Update is a production of October Research, LLC specializing in business news Technology, the pandemic, and you and analysis for the financial services industry and is published 12 times a year. Dear Readers, Contact information: This year’s technology report highlights the acceleration of technology October Research, LLC ATTN: Dodd Frank Update in the industry, whether it be Quicken Loans ‘leading the pack’ in 3046 Brecksville Road, Suite D digitizing the entire mortgage process, Roostify partnering with Richfield, OH 44286 Google Cloud’s Lending DocAI to analyze and extract data from Tel: (330) 659-6101 documents, the increasing adoption of electronic promissory notes, Fax: (330) 659-6102 and the demand for remote online notarization (RON), one thing is certain: 2020 has been a leap into the future for the mortgage and CEO & Publisher housing industries. Erica Meyer Editorial & Publishing Technology is not just about the loan processes. With the increase Editorial Director Mark Lowery in demand this year, companies have also been looking for ways to streamline anything in regard to running their businesses. This gives Editors other industry-support companies a chance to show what they can Elizabeth Childers, Dodd Frank Update Andrea Golby, The Legal Description do. One company offers artificial intelligence solutions to automate Mike Holzheimer, Valuation Review employee onboarding. Capacity’s platform will learn your company’s Tracey Read, RESPA News policies, procedures and training materials to provide a self-service Seminars and Webinars resource for new employees. Tara Quinn, Director eCommerce Basically, it helps your new teammates quickly get the answers they Rick Harris, eCommerce Director need to provide the best service to your customers. For many in the Scott Honeycutt, Graphic Design industry still working from home, this would be a valuable tool when Sales & Marketing face-to-face training is difficult. Moveworks is another company Jeff Dashiell, Senior Account Manager Jake Dean, Sales Support providing similar services, though appears to have more of an IT Alissa Shively, Marketing Manager slant. Circulation / Customer Service Kathy Hurley This year has been one for the history books. We hope this year’s Mortgage Technology Report provides new ideas and information Business Offices Sam Warwar, Esq. to help improve your business practices. Though COVID-19 brought these changes, it is likely these technological innovations will be here long after the pandemic is over. TO SUBSCRIBE, PLEASE GO TO OctoberStore.com Best regards, Copyright © 1999-2020 October Research, LLC All Rights Reserved. Any copying or republication without the express written or verbal consent of the publisher is a violation of federal copyright laws and the publisher will enforce its rights in federal court. The publisher Elizabeth C. Childers, Esq. offers a $500 reward for information proving a federal Editor copyright violation with regard to this publication. To obtain permission to redistribute material, obtain reprints [email protected] or to report a violation of federal copyright laws, please call 330-659-6101, or email: [email protected]. DEFAULT SERVICES: PREPARING FOR 2O21 In today’s environment, there are many unknowns and a lot of speculation around what 2021 has in store for our industry. NTC is staying one-step ahead and is prepared to assist by continuing to expand and improve our default services. We will be ready for whatever turn the mortgage industry takes. Call us to discuss how we can help you. - TITLE POLICY CORRECTIVE, RETRIEVAL OR REPLACEMENT - DOCUMENT RETRIEVAL/COUNTY RESEARCH - CURRENT OWNER SEARCH - ASSIGNMENT VERIFICATION REPORT (AVR) - CHAIN OF TITLE BINDER FOR NOTES AND ENDORSEMENTS - ASSIGNMENTS OF MORTGAGES ® CALL FOR MORE INFO 800.346.9152 x310 CONTENTS 4 Ready, set, GO! 6 Making it work remotely with RON 8 The leader of the pack 10 The latest mortgage-technology advancements 14 Appraisal flexibilities helped sustain market momentum Ready, set, GO! Electronic closings have exploded since the beginning of extended digitization into the closing process and through the year, and the trend of digital transactions has only been the full lifecycle management of mortgage loan documents, accelerated by the current COVID-19 crisis. Thanks to these including technology-enabled digital financial asset technological advances, the housing market is experiencing creation (the eNote) and monetization, enabling faster a banner year, a juxtaposition to the rest of the economy. funding, better loan quality, and increased post-execution operational and capital efficiency.” But this technology did not appear overnight. The foundations for these tools Moir said the company have been in the works observed four key principles for years, being laid by to foster mortgage digital companies such as MERS, adoption. Its mission: to eOriginal, DocMagic, and make digital mortgages DocuTech, so that eNotes “eOriginal and other technology simple. The first principle (electronic promissory notes) providers in the industry have not was open versus closed and eVaults were able to only helped foster digital mortgage technology. build a structure likely to last adoption for originators, but for through the pandemic and “This enables mortgage beyond. the entire ecosystem: originators, originators to continue to warehouse lenders, custodians, work with their preferred One of the barriers to digital servicers and GSEs. ecosystem of mortgage and remote execution partners: borrower portals, of documents has been Simon Moir, chief product officer, eOriginal LOS [loan origination the ability to verify the system], and doc prep authenticity and chain providers, etc., as they move of custody required by ” from phase one to phase two regulations. According to its of digital mortgage adoption,” website, eOriginal “is the only he explained. company to provide Digital Asset Certainty — the assurance that digital loans meet and maintain the highest level of The second principle was to enable choice. “For example, legal enforceability and compliance.” with eOriginal, originators have the choice to leverage our fully integrated ClosingCenter solution that not only Simon Moir, chief product officer at eOriginal, said the enables paper, digital or hybrid closings, but simplifies company implemented its system in two phases. eNote creation, eNote management, and the monetization of eNote assets to the secondary market via one simplified “Phase one of digital adoption in the mortgage industry solution,” Moir said. “Or they have the ability to leverage focused on the application and approval process to improve discrete components of our solution to complement other the borrower experience,” Moir said. “Phase two has provider offerings to enable their digital mortgage strategy.” 4 OctoberResearch.com The third principle was to enable digital ecosystem liquidity. of liquidity.” These pillars are the GSEs, Ginnie Mae, commercial warehouse lenders, the Federal Home Loan “eOriginal and other technology providers in the industry Banks (FHL bank system), and private capital markets have not only helped foster digital mortgage adoption funders. Moir said the GSEs have essentially established for originators, but for the entire ecosystem: originators, the market for eNotes, but breaking into the other liquidity warehouse lenders, custodians, servicers and GSEs,” he sources is still a challenge, and is critical to continuing said. “This fuels transformational speed and capital the trend. efficiency by accelerating the rate at which digital financial assets/eNotes are created, stored, transferred and sold into “Like most aspects of the digital mortgage, eNote adoption the secondary market.” is a cyclical process: as lenders and investors use, accept and purchase eNotes, they become more standard, and as The final principle, Moir said, was making it simple to get eNotes become more standard, more lenders and investors started. “For example, eOriginal enables Rapid Deployment use, accept and purchase eNotes,” he said. Solutions (RDS) — pre-configured solutions based on industry best practices to enable quick time to value and a In an effort to bolster continued acceptance and enable technology foundation for growth and scale,” he said. Ginnie Mae and the FHL Bank system to adopt eNotes, MERS launched in 2019 the ‘secured party’ and ‘secured eOriginal has been working with MERSCORP Holdings, party delgatee’ fields in the eRegistry. MERSCORP is also the owner and operator of MERS [Mortgage Electronic working with the “five pillars” to increase liquidity for Registration System] eRegistry, to power the latter registered eNotes by establishing protocols to manage company’s eNote Solutions, which enables the creation, risk, evidence collateral positions, and collaborate with execution, registration and management of eNotes to important stakeholders to reduce transaction “friction.” mortgage originators across the industry. “To achieve a situation where eNotes serve as fungible MERS eRegistry was developed by MERCORP in evidence underpinning the mortgage loan asset, all cooperation multiple mortgage industry stakeholders five pillars of liquidity must be actively engaged in the to be the industry’s system of record for “identifying collateralized lending, funding, investing and trading of the controller (holder) and location (custodian) of the eNotes,” Moir said. “This also helps drive further adoption authoritative
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