Vol. 18, No. 4 September 2011   mortgage–technology.com                                                                   ...
ContentsCOVER STORY12 The New Man at MERS         By Austin Kilgore         Mortgage industry veteran Bill Beckmann       ...
EDITOR’SNOTE                          Editorial Director   Mark Fogarty 212-803-8226                            Managing E...
MT recognizes the best                                            tech users in the business.                             ...
top tech savvy lenders                                                 Its LOS has an integrated CRM tool,        360 Mort...
top teCH savvy lenDers  Aurora, Ill.-based First Centennialsaid that incoming faxes are auto-            GooDMortGaGe.CoM ...
TOP TECH SAVVY LENDERS     Half of the loans Keller closed in                                                   The Mount ...
TOP TECH SAVVY LENDERS                                             Supreme Lending has custom PPE         SiERRA PACifiC  ...
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Mortgage Technology top tech savvy lenders

  1. 1. Vol. 18, No. 4 September 2011 mortgage–technology.com Tough QuesTions For mers Bill Beckmann seeks to tackle challenges Tech Savvy Lenders | .NET Framework | MMC Exams
  2. 2. ContentsCOVER STORY12 The New Man at MERS By Austin Kilgore Mortgage industry veteran Bill Beckmann says he can lead embattled Merscorp through its tough times.Features Columns24 Top Tech-Savvy 30 4 Path to Compliance 4 By Peter Ku Lenders Technology that promotes MT recognizes the best tech accurate and well-managed users in the business. data leads to mortgage compliance.30 Architecting Mortgage Software 8 Online Self-Servicing By Scott Kersnar By Umesh Verma The .NET framework has become Web portals can empower the foundation of many platforms borrowers to work with servicers. and the impetus for new innovation.36 Compliance Checklist By Ted Cornwell New e-exams are set to revolutionize oversight. Inside 3 Editor’s Note A sneak peak of the upcoming Mortgage Technology Conference. 36 Mortgage Technology » September 2011
  3. 3. EDITOR’SNOTE Editorial Director Mark Fogarty 212-803-8226 Managing Editor Austin Kilgore 212-803-8242 Senior Correspondent Scott Kersnar 707-869-0136 Copy Editor Reporters Glenn McCullom Bonnie Sinnock Amilda Dymi Firming Up Art Director Andy Ayala Group Editorial Director, Banking Richard Melville 212-803-8679 THE AGENDA IS STARTING TO FIRM UP VP Group Publisher Tim Murphy 212-803-8760 for our Mortgage Technology Conference Northeast Adv Director Steve Schloss 212-803-8829 Nov. 14-16 at the Doral Resort in Miami Midwest/Southeast Adv Managers John Cahill 773-519-5092 and it promises to be a really great show. West Adv Managers Mark Majors 312-282-8312 Online Adv Coordinator Justin Nathan 212-803-8671 We’re all happy here to be resuming our Marketplace Manager Steve Gallego 212-803-8822 well-respected MTC series after a couple of years away due to the downturn. Exec Director of Manufacturing Stacy Ferrara Production Manager Eugene Moccia Highlights will include a social media Marketing Director / workshop, and panels on mobile technolo- Banking Capital Markets Groups JeaNNie Nguyen Distribution Manager Michael Candemeres gy, compliance and e-warehouse lending. And, we are attempting to get Customer Service 800-221-1809 many of our Mortgage Technology advisory board members in the same Reprint Services Denise Petratos room for a keynote session. We meet with these folks a couple of times 212-803-6557 Fax 212-843-9624 a year and get excellent feedback from them. At the conference, they won’t be talking about MT, but the future and direction of mortgage technology, and you will be as impressed with them as we are. Of course, networking is a key reason people come to conferenc- es and we’ll be providing plenty of opportunity for that, through CEO Douglas J. Manoni our exhibit hall and a couple of day-end receptions. It will be good CFO Richard Antoneck to see old friends and meet new ones, and to see which of our EVP and Managing Director, Karl Elken Banking and Capital Markets friends has a new company name on his/her badge! EVP and Managing Director, Bruce Morris There is information in this issue on how to RSVP for our annual Professional Services and Technology EVP, Chief Content Officer David Longobardi Mortgage Technology Awards, which will be held Oct. 9 at the Hyatt EVP, New Business Development Adam Reinebach Regency in Chicago during the Mortgage Bankers Association’s annual SVP, Conferences John DelMauro conference. Please take a moment to let us know you’ll be coming. Our VP, Finance Jamie Brokowsky Senior Director, Human Resources Ying Wong awards nights are special occasions and you’ll want to be there. Finally, this issue has our yearly listing of tech-savvy lenders. There SourceMedia, Inc., One State Street Plaza, 27th Floor, New York, NY 10004 TEL: 212-803-8200 FAX: 212-564-8897 are more and more of these smart lenders all the time. We hope to Subscription Inquiries: 800-221-1809 or fax 212-803-1592 e-mail addresses use firstname.lastname@sourcemedia.com have many of them with us at the MT Awards presentation. See you in Chicago, and see you in Miami. Annual Subscription price $89 Canadian: $99 Foreign: $119 Mortgage Technology is available on-line through the following services: Information Access, 415-378-5000; Mead Data Central, 513-865-6800; UMI, 313-761-4700 POSTMASTER: Send address changes to MARK FOGARTYMortgage Technology/SourceMedia, Inc. P.O. Box 530 Congers, NY 10920. Mark.Fogarty@sourcemedia.comMORTGAGE TECHNOLOGY (ISSN 1098-4038). Volume 18, Number 4. Printed five (5) times a year withissues in February, March, July, September, and October by SOURCEMEDIA, INC., One State StreetPlaza, 27th Floor New York, NY 10004. Subscription price: $89 per year in the U.S.; $99 in Canada;$119 for all other countries. Periodical postage paid at New York, NY and additional U.S. mailing ADVISORY BOARDoffices. POSTMASTER: Send address changes to MORTGAGE TECHNOLOGY/ SOURCEMEDIA,INC., P.O. Box 530 Congers, NY 10920. For all subscriptions, renewals, address changes or delivery Tim Anderson Patrick Hartfordservice issues contact our Customer Service department; email custserv@sourcemedia.com; or Lender Processing Services Quicken Loans(800) 221-1809 or (212) 803-8333; fax (212) 803-1592; or send correspondence to Customer Service, Brian Boike Scott SternMORTGAGE TECHNOLOGY/SOURCEMEDIA, INC., One State Street Plaza, 27th Floor, New YorkNY 10004. Send editorial inquires to MORTGAGE TECHNOLOGY, One State Street Plaza, 26th FIS Global Lenders OneFloor, New York, NY 10004. MORTGAGE TECHNOLOGY is available online via Information Access Brenda Clem Kim Weaver(415-378-5000), Mead Data Central (513-865-6800), and UMI (313-761-4700). For permission toReprint Published Materials, call (800) 367-3989 or (212) 803-8367. Those registered with the Roger Gudobba FiservCopyright Clearance Center (222 Rosewood Drive, Danvers, MA 01923) have permission to Compliance Systems John Walshphotocopy articles. The fee is $10 per copy. Copying for other than personal use or internal DataQuickuse is prohibited without express written permission of the publisher. Michael Hammond© 2011 Mortgage Technology and SourceMedia, Inc. All rights reserved. NexLevel Advisors David Zugheri Envoy Mortgage Text is printed on 100% Recycled Paper with minimum 85% Post Consumer Waste www.mortgage-technology.com
  4. 4. MT recognizes the best tech users in the business. Mortgage Technology’s annual list of Top Tech-Savvy Lenders com- TOPTECH TECH mends lenders that use technologySAVVY to improve their processes, provide exceptional customer service and increase mortgage business. But this year’s list is different than the Tech-Savvy Lenders of years’ past.LENDERS For the first time, Mortgage Technology S A V V Y accepted nominations for the award. Many lenders nominated them- selves, eager to show off their tech LENDERS know-how and prowess. In addition, a number of vendors took the op- portunity to nominate their lender clients for recognition. The award recognizes lenders that have a commitment to using sound technology and regularly implementing new innovations to produce marked business improvements. Another new feature of this year’s list is the 2011 Top Tech-Savvy Lend- ers will be specially invited to attend the Mortgage Technology Awards Cer- emony on Oct. 9 in Chicago, where they will be recognized for their re- cent accomplishments.24 Mortgage Technology » September 2011 www.mortgage-technology.com 25
  5. 5. top tech savvy lenders Its LOS has an integrated CRM tool, 360 Mortgage group which helps loan officers manage cMg Mortgage 360mtg.com leads and marketing campaigns. Bor- cmgfs.com rowers and referral partners can also The website for wholesale lender track pending loan status online. CMG Mortgage has a warehouse and mortgage bank 360 Mortgage line of credit exclusively dedicated to Group serves as a central hub for funding e-mortgages. brokers, giving them up-to-date rate Through a unique partnership information. It’s also a portal to con- cashcall Mortgage with Cooper River Financial and nect brokers with underwriters using cashcall.com Fannie Mae, loans originated on this an online chat tool. After the discus- line are electronically transferred to sion has concluded, the chat tool au- CashCall Mortgage recently imple- Cooper River prior to final delivery tomatically sends an email transcript mented new compliance technology to Fannie Mae, the first such arrange- of the communication. to conduct automated reviews of its ment in the mortgage industry. Austin, Texas-based 360 Mortgage loan files, which improves regulatory San Ramon, Calif.-based CMG is also Group said it’s website can connect compliance. The mortgage bank also migrating to a virtual desktop infra- brokers with the FHA Connection por- uses the compliance reviews as a tool structure that uses cloud technology to tal and has developed its systems to be to improve staff training. reduce hardware and upgrade costs. compatible with the Windows Mobile Anaheim, Calif.-based CashCall and Apple iOS operating systems. Mortgage also uses an electronic mortgage document management platform to keep the origination pro- envoy Mortgage cess paperless up until the loan goes envoymortgage.com BBt to closing. CashCall completes loan bbt.com applications either online or over the Envoy Mortgage takes advantage phone and is working toward adopt- of multiple technology-driven re- BBT has an online mortgage store- ing full e-mortgage implementation. porting dashboards to conduct real- front to complement its more than time status reporting of operations 1,800 branch locations through the at its 115 branches. Borrowers can Southeast. The Winston-Salem, N.C.- complete applications online. In ad- based depository provides real estate cendera Funding dition, automated alerts help loan agents with online mortgage tools that cenderafunding.com officers and managers track current help local loan officers build referral loan activity in the pipeline. business in their communities. Loan officers at Fort Worth, Texas- Houston-based Envoy also has a It is also developing proprietary based Cendera Funding each have Web-based CRM platform to keep in mortgage technology, including mo- their own website for borrowers to touch with borrowers for three years bile apps, to further automate its submit applications, use loan cal- after loan closing. processes and improve its operation. culators and pay for appraisals and other fees. The retail and correspondent mortgage banker uses Google Busi- First centennial BenchMark ness Apps for email communication, Mortgage corp. benchmark.us reducing server storage needs and gofcm.com improving communication between Plano, Texas-based Benchmark has loan officers and underwriters. First Centennial Mortgage imple- a social media staff for online promo- mented new POS and doc manage- tions, including YouTube videos. Loan ment technology, enabling its back of- officers also have personal websites. fice to go paperless up to closing. 26 Mortgage Technology » September 2011
  6. 6. top teCH savvy lenDers Aurora, Ill.-based First Centennialsaid that incoming faxes are auto- GooDMortGaGe.CoM HoMetown lenDinG/matically digitized and delivered to goodmortgage.com Dan kelleremployees’ desktops. When neces- hometownlending.ussary, outbound faxes can be sent Online lender Goodmortgage.com mymortgageguydan.comfrom computers as well. Settlement takes applications online and usesservices are ordered online. The re- an automated system for product Everett, Wash.-based mortgagetail and correspondent mortgage and pricing, customer relationship bank Hometown Lending empow-bank originates loans in eight states. management and loan officer assign- ers its loan officers to incorporate ments of new files. technology in their business, like the Charlotte, N.C.-based Goodmort- comprehensive social media strategy gage.com advertises its loan rates on of Tech-Savvy Lender Dan Keller. First Guaranty the Zillow and Google mortgage rate His website includes information MortGaGe Corp. shopping portals. In addition, bor- for consumers about the mortgage fgmc.com rowers can set up automated rate process, mortgage calculators, videos, watch alerts to take advantage of po- connections to his social network and McLean, Va.-based retail and tential good deals. an online mortgage application tool.wholesale mortgage lender FirstGuaranty Mortgage Corp. has spentthe past two years overhauling itstechnology capabilities and opera-tions strategy to address bottlenecksin the origination process. New LOS and PPE technology de-creases touch points in the origina-tion process to improve turn timesand broker relationships. FlaGstar Bank flagstar.com Flagstar is building on its success-ful Web-based wholesale lending op-eration with a push into the onlineretail channel. The Troy, Mich.-baseddepository has extensive homegrownsoftware applications, including itsdocument management and trackingplatform that is sold to other lendersthrough sister company DocVelocity. Flagstar also employs various SEOstrategies and advertises mortgagerates on a variety of platforms, in-cluding Google and Bankrate. www.mortgage-technology.com 27
  7. 7. TOP TECH SAVVY LENDERS Half of the loans Keller closed in The Mount Laurel, N.J.-based 2010 were e-mortgages. He builds re- lender also launched a mobile ap- ferral business with real estate agents MICHIgAN MuTuAL plication this year. With it, borrowers and homebuilders by sharing tips michiganmutual.com can monitor their loan status during and tricks for using technology to le- origination. In addition, the app lets verage time and marketing budgets. Michigan Mutual uses an electron- borrowers get relevant loan informa- ic document management platform tion once the loan is being serviced. to keep all of its loans paperless up PHH’s mobile technology develop- until the closing desk. ment is just one of the more than 200 INLANTA MORTgAgE The Southfield, Mich.-based whole- business-driven technology initia- inlanta.com sale lender said its use of technology tives the company said it has worked helped it make improvements to on in the past year. Inlanta Mortgage uses Google customer service, compliance and Business Apps, including the Google turn times in the origination process Groups forum. One feature allows for brokers and borrowers. employees to privately discuss loan PLEASANT VALLEY scenarios or other private matters, HOME MORTgAgE while another allows employees to pvhmconline.com communicate broadly on loan pro- MORTgAgE NETwORk gram information, industry news mortgagenetwork.com Pleasant Valley Home Mortgage and update staff on current under- uses an online lead generation and writing turn times. All of Danvers, Mass.-based Mort- marketing management system to The Brookfield, Wis.-based mort- gage Network’s origination technolo- track new business. gage bank also makes extensive use gy systems are Web-based, including The Moorestown, N.J.-based lender of its PPE technology and is actively its proprietary imaging system. also puts particular emphasis on its pursuing e-mortgage functionality. In 2010, Mortgage Network de- environmental impact, reducing its signed and deployed a fully inte- use of paper and using technology grated POS system and made other to improve its operations and reduce additional improvements to its sys- overhead expenses. LEADERONE tems integration, reporting capabili- FINANCIAL CORP. ties and application security. leader1.com The company said it’s currently working on a mobile application for QuICkEN LOANS The 32 locations of mortgage bank loan officers to manage their pipe- quickenloans.com and correspondent lender LeaderOne line and take new loan applications uses its website, CRM software and a from tablet devices. Quicken Loans is an online chan- PPE to generate mortgage leads. nel-only retail mortgage lender. It has The Overland Park, Kan.-based proprietary LOS and PPE technology lender recently interfaced its exist- and handles all loans electronically ing origination systems with its new PHH MORTgAgE up until closing. document management system. phhmortgagesolutions.com Detroit-based Quicken Loans also LeaderOne originated 5% of its deployed a mobile app that lets bor- 2010 volume as full e-mortgages. Its PHH Mortgage is a private-label rowers track their loan in the under- future plans include the use of on- provider of mortgage origination writing process and use their phone’s line videos to better market and con- and servicing outsourcing. It takes camera to electronically submit cer- nect with borrowers. loan applications from client web- tain application documents. sites and keeps the process paperless up until loan closing. 28 Mortgage Technology » September 2011
  8. 8. TOP TECH SAVVY LENDERS Supreme Lending has custom PPE SiERRA PACifiC and accounting software. The PPE has uNiTED WHOLESALE mORTgAgE various customizable features for indi- mORTgAgE sierrapacificmortgage.com vidual loan officers and branches to uwmco.com tailor their activity to customer needs. Folsom, Calif.-based Sierra Pacific The PPE was recently expanded with United Wholesale Mortgage special-lets borrowers upload documents a mobile-optimized version. Supreme izes in FHA wholesale lending and itsand track their pending loans from Lending’s internal appraisal manage- website lets brokers take mortgage ap-its website. It’s licensed in 48 states ment company also uses proprietary plications online and from tablet devic-and has 10 regional funding centers. appraisal management technology. es. Borrowers can e-sign disclosures. Sierra Pacific has a proprietary LOS Birmingham, Mich.-based Unitedthat boasts a direct integration into Wholesale Mortgage only accepts elec-Fannie Mae’s EarlyCheck preclosing tronic loan files from brokers. Duringdata verification portal. While it does TD BANk underwriting, the paperless processnot execute e-notes, the combination tdbank.com provides automatic updates that allowof its LOS and third-party document brokers to monitor progress online.management software keep the origi- Through its mortgage moderniza-nation process paperless up to docu- tion initiative, Cherry Hill, N.J.-basedment execution. TD Bank implemented new e-disclo- sure software, which 75% to 80% of WR STARkEY mORTgAgE mortgage borrowers use. wrstarkey.com Throughout the depository’s oper- STEARNS LENDiNg ations, TD Bank puts an emphasis on WR Starkey Mortgage uses SaaS stearns.com environmentally sound business de- technology to centralize its software cisions, including purchasing alter- into off-site servers, enabling em- Stearns Lending uses custom web- native energy and building technol- ployees to use thin-client PCs that re-sites for its 34 branch locations with ogy-driven, energy efficient facilities. quire less energy. Plano, Texas-baseddirect contact portals and online WR Starkey also takes advantage ofapplication tools. Borrowers receive paperless processing to reduce its useelectronic disclosures to keep the of paper in the origination process.process paperless until closing. uNiTED fiDELiTY Santa Ana, Calif.-based Stearns fuNDiNg CORP.Lending also boasts automated in- uffwholesale.comtegrations with secondary investors WYNDHAm CAPiTALand appraisal ordering. Kansas City, Mo.-based correspon- mORTgAgE dent lender United Fidelity Funding op- wyndhamcapital.com erates in 20 states and is in the process of growing its retail channel. It uses a Wyndham has embraced paperless SuPREmE LENDiNg paperless document management sys- mortgages since 2005, and originated supremebranch.com tem and boasts customer service gains all of its 2010 volume as full, paperless by securely integrating Web-based SaaS e-mortgages. It originated mortgages Supreme Lending uses a combi- applications for its brokers with its in- across 20 states with three branchesnation of vendor-supplied and pro- ternal back-end system. and its Charlotte, N.C. headquarters.prietary mortgage technology. The In addition, UFF has an internal Borrowers securely upload docu-Dallas-based mortgage bank collects appraisal management function ments to Wyndham’s website, employ-borrower applications online and that through the use of technology, ee workstations include dual or tripleautomatically populates the infor- is managed and maintained by just displays and managers use real-timemation into internal systems. one staff member. reporting dashboards. www.mortgage-technology.com 29