The Impact of Today’s Mortgage Market on Digital Investment

This month, Falcon Managing Director Jim Voth moderated a HousingWire webinar titled Digital Lending in the Real World. Jim was joined by Kevin Wilzbach of Wolters Kluwer, Shane Hartzler of Stavvy, Teri Pansing of Fairway Independent Mortgage Corporation, and Josh Silber of Lennar Mortgage in discussing how the current state of the market is impacting the mortgage industry’s overall investment in technology.

Despite origination volumes being down and the undertaking by many organizations of a variety of cost-saving measures like reductions to staffing, digital transformation continues to be a priority for much of the mortgage industry. In a poll of webinar attendees, 53% of respondents indicated their organizations have recently accelerated, not stalled, their digital initiatives.

As noted during the webinar, a common motivator for organizations to digitize their mortgage processes is the desire to provide a better customer experience. But each organization’s digital transformation path is a unique one and is as much, or more, about reengineering operations and developing business solutions as it is about investing in technology. Yes, technology is an important enabler, but it takes introspection, a plan, commitment, and follow-through to be successful.

-Armando


DocMagic, Finastra Partner on Mortgage Closings

DocMagic integrates its total eClose platform with Finastra’s Mortgagebot LOS solutions, enhancing the customer experience for mortgage borrowers. Finastra users can now access DocMagic’s eClosing tools, including compliant document generation, RON, and eSignatures

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Simplifile by ICE Mortgage Technology Announces its Integration with The Closing Exchange (TCX)

Simplifile eSign events have integrated with The Closing Exchange, a mobile notary service provider. Simplifile customers can now leverage TCX’s extensive network of notaries and their expertise to conduct eSign transactions.

 

 


Wire and Title Fraud Risk Surges

In Q2 2023, wire and title fraud risk surged, impacting over half of analyzed real estate transactions with a 50.2% error rate. Digital mortgage technology offers a potential solution to rising wire and title fraud rates by implementing robust security measures and real-time verification processes.

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FirstClose™ Equity Settlement Services Order Management Module Now Integrated with Calyx Point®

FirstClose™ has integrated its home equity settlement services ordering module with Calyx Software’s Point® loan origination system, enabling  Point users to streamline the origination of HELOCs and home equity loans.

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Figure Expands Reach of HELOC Product Through Four New Partnerships

Figure Technologies Inc., a leader in blockchain-powered financial services has partnered with four top 20 independent mortgage banks, CMG Financial, CrossCountry Mortgage, Fairway

Independent Mortgage, and The Loan Store to offer HELOC to more customers. These partnerships will enable customers to apply and get approved in as little as five minutes through a digital application process.

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Vendor Selection

Choosing the right technology partner is critical to a successful digital transformation or modernization initiative. A technology vendor that doesn’t align with an organization’s objectives, functional needs, and internal systems can make implementation and scale difficult and cause an initiative to fail.

Falcon is vendor agnostic, has intimate knowledge of the major players in mortgage technology, and has a best-in-class vendor selection methodology to help you make the right decision.

Vendor Selection Services

  • Program objective and technical requirements RFP and scoring methodology development
  • Vendor demo  facilitation Vendor shortlist and evaluation
  • Negotiating software licenses and service contracts Implementation planning
  • Program objective and technical requirements RFP and scoring methodology development
  • Vendor demo facilitation Vendor shortlist and evaluation
  • Negotiating software licenses and service contracts
  • Implementation planning

Contact Jim Voth at [email protected] to learn more.


Have an eMortgage-related news item you want to share? Want to make sure you and your team are on our distribution list? Have a question about Falcon’s digital mortgage advisory services? Send us a note at [email protected]


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10.26.21 – Update: New Date for HUD-Held Vacant Loan Sale 2022-1 (“HVLS 2022-1”) – Now December 1, 2021.

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The U.S. Department of Housing and Urban Development (“HUD”) has announced an update to the date for the upcoming HUD-Held Vacant Loan Sale (“HVLS 2022-1”). The new date for this sale is now December 1, 2021, which replaces the previous sale date of November 10, 2021.

The sale will consist of due and payable Secretary-Held loans. The loans are first liens secured by 1 to 4-unit, vacant residential properties where the last surviving borrower is deceased. This sale will include increased bidding opportunities for non-profit and state & local government purchasers.

Entities interested in participating can contact the Office of Asset Sales Single Family Transaction Specialist at 1-844-709-0763 or email [email protected] for more information.

For prospective bidders to this sale, please refer to the section on this webpage entitled, For Prospective HUD Asset Sale Bidders, to become a qualified bidder and receive the Bidder Information Package for HVLS 2022-1.

Falcon Digital Mortgage May 2023 Newsletter

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This month in Washington, DC, Ginnie Mae held its Summit on Digital Innovation in the Mortgage Industry. The event brought together a diverse group of leaders and innovators from both the private and public sectors of the mortgage industry, including housing agencies, the GSEs, investors, originators, technology providers, industry associations, document custodians, and warehouse banks. […]