Business, Free News Articles, Reports and Studies

Uncertainty Due to Short-Notice FHFA Directive Amplifies Harm to Borrowers

SAN DIEGO, Calif. -- Mortgage Capital Trading, Inc. (MCT), a leading mortgage hedge advisory firm, analyzed the potential effect of Wednesday's fifty basis points worsening in prices paid by Fannie Mae and Freddie Mac for most mortgage refinances. According to data from the MCTlive! secondary marketing software platform, MCT estimates increases in borrower rates of up to 0.375%, leading to the average borrower paying as much as an additional $21,000 over the typical thirty-year loan term.

"These FHFA-directed price adjustments do more than work against the hopeful economic rebound and the original agency charters, they undermine trust and spur uncertainty at a crucial time. Who knows where the next no-warning directive will strike? Non-owner-occupied loans? High loan-to-value?" commented Phil Rasori, COO of MCT. "The only way lenders can protect themselves from these risks is to increase margins across the board, according to our analysis on the order of seventy-five to one hundred basis points in total."

The result of these margin increases, exacerbated by the twenty-day notice driven by the Federal Housing Finance Administration (FHFA), will be higher housing costs to borrowers at a time where many are in need, and a drag on the economy overall. The short notice amounts to effectively no time for lenders and borrowers to react, as the typical thirty-day rate lock and the practice of "floating" a rate hurt both respectively in this case. Beyond the issue of timing, these actions are perpendicular to the efforts of the Federal Reserve and the administration to assist consumers and stimulate the economy in the face of the COVID-19 pandemic.

MCT's analysis indicates the average $280,000 American mortgage will cost an additional $58 per month, $2,800 in the first four years, and $21,000 over a thirty-year term. For comparison, the average California mortgage of just under $400,000 would cost an additional $82 per month, $3,900 in the first four years, and almost $30,000 over the full term. Due to the current near-record low-rate environment, the typical lifespan of a mortgage can be expected to increase significantly, lengthening the borrower impact of the agency price changes and associated uncertainty. MCT calculates that these cost increases will be 34% higher than they would have been if the new Fannie Mae and Freddie Mac fees were simply passed-through to borrowers, indicating the significant effect of lender uncertainty due to the way the changes were communicated.

"Whether or not economic headwinds justify these 'adverse market' fees, their needlessly short-notice implementation introduced ongoing risks and increased negative impacts to borrowers," said Curtis Richins, President at MCT. "A more traditional 90-day notice would have minimized uncertainty and borrower cost increases with a negligible difference in the long-term capitalization of Fannie Mae and Freddie Mac."

MCT serves over three hundred lenders and manages over twenty percent of the US secondary market for mortgages. Based on this data, MCT will continue to monitor and analyze ongoing developments stemming from these FHFA-directed price changes. Further analysis and mortgage market volatility guidance is available.

About MCT:

Founded in 2001, Mortgage Capital Trading, Inc. (MCT) has grown from a boutique mortgage pipeline hedging firm into the industry's leading provider of fully integrated capital markets services and technology. MCT offers an array of best-in-class services and software covering mortgage pipeline hedging, best execution loan sales, outsourced lock desk solutions, MSR portfolio valuations, business intelligence analytics, mark to market services, and an award-winning comprehensive capital markets software platform called MCTlive! MCT supports independent mortgage bankers, depositories, credit unions, warehouse lenders, and correspondent investors of all sizes.

Headquartered in San Diego, California, MCT also has offices in Philadelphia, Santa Rosa, Los Angeles and Dallas. MCT is well known for its team of capital markets experts and senior traders who continue to provide the boutique-style hands-on engagement clients love.

For more information, visit https://mct-trading.com/ or call (619) 543-5111.

Related link: https://mct-trading.com/

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Business, Free News Articles, Software

7 Mortgage Implements OpenClose’s LOS & POS to Support Its Network of Credit Union Members

KNOXVILLE, Tenn. -- 7 Mortgage, a credit union service organization (CUSO), announced that it went live with OpenClose's end-to-end loan origination system (LOS) allowing its partner credit unions to leverage the mortgage industry's leading technology. The OpenClose solution allows 7's CUSO members to efficiently and effectively complete mortgage loans - from start to finish - via a centralized platform rated #1 by multiple independent studies.

A subsidiary of ORNL Federal Credit Union (ORNL FCU), 7 Mortgage successfully launched OpenClose's LenderAssist(tm) LOS and ConsumerAssist(tm) POS in July, delivering an enriched digital mortgage experience for both partner credit unions and the members they serve. 7 Mortgage now offers an array of new features, further distinguishing itself as a premier CUSO for residential mortgage lending.

"I am excited to convert our clients from Mortgage Cadence to OpenClose because it offers versatility, a fresh, modern look and sports a user-friendly format," said Chris Boler, 7 president and CEO. "7 is dedicated to making credit unions stronger through collaboration. By offering a top-tier product like OpenClose to our partners, we are helping our members and our industry thrive."

7's credit union members have access to OpenClose's award-winning platform, which includes a robust digital mortgage point-of-sale solution; a comprehensive, 100 percent browser-based LOS; a flexible, natively built product and pricing engine (PPE); business intelligence and analytics software (BI); mobile device functionality extension; and a RESTful API suite for simple, cost effective integrations.

OpenClose offers a uniquely consolidated digital POS and LOS, along with additional capabilities - all via a single-source software provider, driving real-time member engagement and collaboration throughout the mortgage loan process.

"We are pleased to welcome 7 Mortgage as a new OpenClose partner and are confident its members will gain many benefits from our platform," said Vince Furey, CRO at OpenClose. "Our LenderAssist LOS brings new efficiencies to the table, which transforms mortgage lending for credit unions into an easier, streamlined, member centric process."

Using the new solution, 7 and its members are expected to benefit from OpenClose's #1 rated customer service, better connectivity, reduced operating costs, quicker turn times and expanded options by which to conduct business.

About 7:

Rooted in the seven principles of the credit union movement, 7 is a wholly owned credit union service organization (CUSO) of ORNL Federal Credit Union (FCU) in Oak Ridge, TN. 7 Mortgage, 7 Title, and 7 Insurance are included under the CUSO's umbrella. 7 Mortgage has 26 credit union partners and is licensed in 6 states. The mortgage company specializes in offering tailored mortgage solutions to credit unions throughout the Southeast. For more information, visit 7.coop or call (865) 564-7465.

About ORNL Federal Credit Union:

Chartered in 1948, ORNL FCU is a not-for-profit financial cooperative locally owned and operated by its members for the benefit of all who belong. ORNL FCU represents over 175,000 members and $2.5 billion in assets and serves members and businesses in 19 counties of East Tennessee. For more information, visit ornlfcu.com or call (865) 688-9555.

About OpenClose:

Founded in 1999 and headquartered in West Palm Beach, Florida, OpenClose(r) is a leading enterprise-class, multi-channel loan origination system (LOS), POS digital mortgage and fintech provider that cost effectively delivers its digital platform on a software-as-a-service (SaaS) basis. The company provides a variety of innovative, 100 percent web-based solutions for lenders, banks, credit unions, and conduit aggregators. OpenClose's core solution, LenderAssist(tm), is comprehensive loan origination software that is completely engineered by OpenClose using the same code base from the ground up. The company offers a RESTful API suite that standardizes system-to-system integrations, making them easier to develop, quicker to implement and more cost effective. OpenClose provides lending organizations with full control of their data and creates a truly seamless workflow for complete automation and compliance adherence. For more information, visit https://www.openclose.com/ or call (561) 655-6418.

Media Contacts:
Chris Boler
7, President/CEO
865-560-7499
cboler@7.coop

Joe Bowerbank
Profundity Communications, Inc. for OpenClose
949-378-9685
jbowerbank@profunditymarketing.com

Social Media:
@OpenClose_LOS @7Mortgage #CreditUnionsLOS #CreditUnionsLoanOriginationSoftware #CreditUnionsMortgageAutomation #Mortgage #TitleCompany #Insurance #CreditUnions #CUDifference #RealEstate #EastTennessee #Knoxville #KnoxRocks #KnoxvilleTN #KnoxvilleRealEstate #KnoxvilleRealtor #BuyingAHome #FirstTimeHomebuyer #HomeClosing

Related link: https://www.openclose.com/

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Business, Free News Articles

ARMCO Executive Joins QC-Focused Panel for Mortgage Bankers Association’s Virtual Risk Management Conference

DENVER, Colo. -- ACES Risk Management (ARMCO), the leading provider of enterprise quality management and control software for the financial services industry, announced that Executive Vice President of Operations, Sharon Reichhardt has been selected to speak on the topic of quality control during the MBA Live - Risk Management, QA and Fraud Prevention Forum 2020, hosted virtually September 15 - 16, 2020 by the Mortgage Bankers Association (MBA).

On Tuesday, September 15, Reichhardt will join the panel session "Underwriting & QA: How to Make QC a Profit Center" from 3 - 3:50 p.m. ET.

The panel will be moderated by Steve Spies, a consultant with SWS Risk Advisory LLC, and Jason Emory, Senior Vice President of Quality Control at PrimeLending will join Sharon as a panelist. The session will feature a discussion on how lenders mitigate the significant revenue and personnel resources devoted to QC by leveraging enhancements in technology, real-time data validation and outsourcing strategies.

"The MBA has put together a remarkable group of industry veterans for this panel, and I am honored to participate," said Reichhardt. "The COVID pandemic has placed a greater spotlight on new ways in which lenders can alleviate costs without sacrificing quality and I look forward to exploring those options on this panel."

In addition to Reichhardt's panel, ARMCO is also serving as the sole presenting sponsor for this year's virtual event.

"The MBA's RMQA Forum has always been the industry's premier event for mortgage quality control and risk management professionals, but the current economic uncertainty lends extra weight to the purpose of this year's event," said ARMCO CEO Trevor Gauthier. "In the spirit of facilitating the exchange of ideas and best practices for maintaining loan quality, ensuring compliance and mitigating risk, ARMCO is proud to be this year's presenting sponsor for RMQA, and we look forward to yet another first-rate MBA event."

For information regarding the virtual conference, visit https://www.mba.org/conferences-and-education/event-mini-sites/mba-live.

About ARMCO

ACES Risk Management (ARMCO) is the leading provider of enterprise quality management and control software for the financial services industry. The nation's most prominent lenders, servicers and financial institutions rely on ACES Audit Technology(tm) to improve audit throughput and quality while controlling costs, including:
* 3 of the top 5 and more than 50% of the top 50 independent mortgage lenders;
* 2 of the top 5 loan servicers; and
* 2 of the top 5 depository institutions.

Unlike other quality control platforms, only ACES delivers Flexible Audit Technology, which gives independent mortgage lenders and financial institutions the ability to easily manage and customize ACES to meet their business needs without having to rely on IT or other outside resources. Using a customer-centric approach, ARMCO clients get responsive support and access to our experts to maximize their investment. For more information, visit https://www.armco.us/ or call 1-800-858-1598.

Related link: https://www.armco.us/

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Business, Free News Articles, Software

New SimpleNexus eClosing feature enables mortgage lenders to conduct speedy and convenient hybrid closings of purchase and refinance loans

LEHI, Utah -- SimpleNexus (https://simplenexus.com/), developer of the leading digital mortgage platform for loan officers, borrowers and real estate agents, today announced the release of SimpleNexus eClosing, a new feature that enables lenders to conduct hybrid closings for purchase and refinance loans.

In a hybrid closing, borrowers electronically sign (eSign) home loan documents that do not require notarization before meeting with a settlement agent or notary to finalize the closing. As a result, the closing appointment involves signing only a handful of documents and takes only a few minutes instead of an hour or more. Hybrid closings are approved throughout the United States and are available now in SimpleNexus.

Thirty-eight U.S. states also allow full eClosings in which all loan closing documents are eSigned and eNotarized. SimpleNexus will support full eClosings with the planned roll-out of remote online notarization (RON) later this year.

"Hybrid closings enable Mortgage 1 to offer unbeatable safety and convenience by keeping physical closing appointments to a minimum and making loan closings available in the same branded app our customers use to search for a home, fill out a loan application, upload documents and sign disclosures," said Mark Workens, CEO of Mortgage 1, a Michigan-based multi-state lender and early adopter of SimpleNexus eClosing. "We jumped at the opportunity to pilot this new SimpleNexus feature, and we are already closing loans faster and knocking the socks off of customers."

"Borrowers want a hassle-free way to close a home loan that works in or out of quarantine, and lenders want to keep costs in check by closing loans as quickly as possible," said SimpleNexus Senior Product Manager Tyler Prows. "SimpleNexus eClosing delivers on both fronts. Our direct LOS integrations, push notifications and instant chat keep borrowers, settlement agents, closing teams and post-closers engaged at every step for optimal workflow efficiency."

About SimpleNexus, LLC:

SimpleNexus is the digital mortgage platform that enables lenders to originate and process loans from anywhere. The company's best-in-class, easy-to-use app connects loan officers to their borrowers and real estate agents to easily communicate and exchange data in a single location throughout the entire loan life cycle. Loan officers can manage their loan pipelines, order credit, run pricing, send pre-approvals and sign disclosures - all on the go.

Twitter: @SimpleNexus #digitalmortgage #mortgagelending #eclosing @MortgageOneHQ

*LOGO link for media: https://www.Send2Press.com/300dpi/19-0724s2p-simplenexus-300dpi.jpg

Related link: https://simplenexus.com/

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Business, Free News Articles, Software

MCT Fortifies Its Team of Mortgage Industry Leaders Before 2020 Market Volatility

SAN DIEGO, Calif. -- Mortgage Capital Trading, Inc. (MCT), a leading mortgage hedge advisory and secondary marketing software firm, announced that it appointed two mortgage industry veterans in early 2020 which strengthen its support to the capital markets community during the worldwide pandemic and associated financial turbulence. In each of their roles, Page Woodall, Senior Regional Sales Director, and Dave Bricker, Chief Financial Officer, offer their own mortgage expertise to meet the growing demand for expert leadership during these volatile times.

Through perseverance and the support of the staff at MCT, each of these new hires succeeded in their roles and beyond, despite considerable uncertainty in the capital markets industry and global economy during their first months.

Page Woodall is MCT's Senior Sales Director who has almost twenty years of industry experience. During his time at Nationstar Mortgage (now known as Mr. Cooper), Mr. Woodall had the unique opportunity to start a new Correspondent channel and successfully grow his territory into one of the largest producing territories. He brings a tenacity to MCT to proactively serve his clients and keep them informed through periods of market volatility.

"I was a fan of MCT prior to coming on board, as I had seen all the good work they had done with several of my clients over the years. I am a bigger fan now seeing the total commitment to the client, open communication, and help provided to navigate accounts out of harm's way. I also was moved by Curtis's concern during this crisis for all the employees and the safety of them and their families," said Mr. Woodall.

He is joined by Dave Bricker, who comes on board as MCT's Chief Financial Officer. He has a successful history of varied senior financial roles including CFO, Chief Accounting Officer, SVP of Finance and Chief Auditor. He had previously consulted with MCT prior to coming onboard and was well versed with MCT's customized processes. Mr. Bricker is focused on leveraging his outside expertise to build on the current financial foundation at MCT. In doing so, he hopes to provide senior leaders with better financial information for well-informed decisions. Despite the uncertainty and financial challenges associated with the pandemic, Mr. Bricker was able to have an immediate positive and stabilizing impact on MCT.

"The support that I've received so far has been great from all areas of the company. I've been extremely impressed by the company's ability to pivot to a Work-from-Home workforce so quickly and without negative impact to our clients," Mr. Bricker remarks, "It's as if the company has always operated in this manner."

MCT is grateful that these newest players were able to hit the ground running to keep up with the huge demand by the capital markets industry for market volatility guidance. With their combined experiences and knowledge, they will continue to provide support to MCT and clients, mitigating risk and increasing outcomes during this challenging time.

About MCT:

Founded in 2001, Mortgage Capital Trading, Inc. (MCT) has grown from a boutique mortgage pipeline hedging firm into the industry's leading provider of fully integrated capital markets services and technology. MCT offers an array of best-in-class services and software covering mortgage pipeline hedging, best execution loan sales, outsourced lock desk solutions, MSR portfolio valuations, business intelligence analytics, mark to market services, and an award-winning comprehensive capital markets software platform called MCTlive! MCT supports independent mortgage bankers, depositories, credit unions, warehouse lenders, and correspondent investors of all sizes. Headquartered in San Diego, California, MCT also has offices in Philadelphia, Santa Rosa, Los Angeles and Dallas. MCT is well known for its team of capital markets experts and senior traders who continue to provide the boutique-style hands-on engagement clients love.

For more information, visit https://mct-trading.com/ or call (619) 543-5111.

*PHOTO link for media: https://www.Send2Press.com/300dpi/20-0805s2p-bricker-and-woodall-300dpi.jpg
*Photo caption: MCT's David Bricker, Chief Financial Officer (left) and Page Woodall, Senior Sales Director (right).

Related link: https://mct-trading.com/

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Awards and Honors, Business, Free News Articles

Mid America Mortgage’s Kara Lamphere Named 2020 HW Woman of Influence

ADDISON, Texas -- Mid America Mortgage, Inc. (Mid America) announced today that Chief Operating Officer Kara Lamphere has been named a 2020 HousingWire Woman of Influence. A two-time winner (2017), Lamphere was recognized this year for her continued efforts to push the envelope regarding what is possible for lenders in today's origination environment. As COO, she has secured Mid America's position as a digital mortgage pioneer and innovator and, by virtue of that legacy, positioned Mid America to thrive where competitors faltered amidst the COVID-19 pandemic.

"Kara's recognition as a Woman of Influence is well-deserved, and everyone at Mid America is proud to share with the industry what we've all know for a while," said Mid America Owner and Chief Executive Officer Jeff Bode. "Kara has been instrumental in the continued success of our digital mortgage platform, earning recognition both for herself and Mid America along the way. We are honored to have her on our team."

"This year's Women of Influence represent leaders who have faced some of the most unprecedented challenges the housing industry has seen in years," HousingWire Magazine Editor Kelsey Ramírez said. "Their strength set an example of leadership that impacted not just their teams or companies but the industry overall. This was one of the most competitive years we have ever seen for the award, and we are proud to introduce you to the top 100 Women of Influence."

The Women of Influence are selected by HousingWire's Editorial Selection Committee based on their professional achievements within their organizations, but contributions to the overall industry, community outreach, client impact and personal success also factor into the committee's decision. The full list of HousingWire's 2020 Women of Influence can be viewed here: https://www.housingwire.com/articles/here-are-housingwires-2020-women-of-influence/.

About Mid America Mortgage, Inc.

Mid America Mortgage, Inc., Addison, Texas, is a multi-state, full-service mortgage lender serving consumers and mortgage originators through its retail, wholesale and correspondent channels. We offer a wide range of residential home loan programs to meet the needs of most home buyers and homeowners and are also the nation's leading provider of Section 184 home loans for Native Americans. Learn more at https://www.midamericamortgage.com/.

In operation since 1940, Mid America has thrived by retaining its entrepreneurial spirit and leading the market in innovation, including its adoption of eClosings and eNotes. Click n' Close is Mid America's ultra-secure, digital mortgage approval and closing process that gets home buyers from application to closing within two weeks. With just a few clicks at closing, Click n' Close puts keys in the home buyer's hand in 15 minutes or less. Apply online at https://www.midamericamortgage.com/click-n-close/.

Frequently named a top mortgage employer/workplace by industry trade magazines such as Mortgage Professional America, MReport, National Mortgage News and National Mortgage Professional, Mid America is looking for tech-savvy, service-oriented mortgage professionals to join our growing team. We are dedicated to providing our employees with industry-leading tools and technology to deliver a great package of competitive pricing, programs and knowledgeable service. Want to join our team? Visit https://www.midamericamortgage.com/careers/.

Twitter: @midamericamtge

Related link: https://www.midamericamortgage.com/

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Awards and Honors, Business, Free News Articles

SimpleNexus’ Pamela Faulkner and Anna Ratanawan Named to HousingWire’s 2020 Women of Influence List

LEHI, Utah -- SimpleNexus (https://simplenexus.com/), developer of the leading digital mortgage platform for loan officers, borrowers and real estate agents, today announced that Director of Mortgage Solutions Pam Faulkner and Vice President of People Operations Anna Ratanawan have been named 2020 HousingWire (HW) Women of Influence honorees. Now in its tenth year, the Women of Influence awards program recognizes high-achieving women across the mortgage, real estate and fintech industries.

"SimpleNexus applauds Pam and Anna for being recognized as Women of Influence who are shaping the future of the housing economy," said SimpleNexus Founder and CEO Matt Hansen. "Their savvy, expertise and professionalism make it possible for us to continue setting the bar for what a digital mortgage platform should be."

Faulkner was recognized for keeping SimpleNexus' fast-growing team of more than 100 technologists grounded in what really matters to frontline mortgage lenders. Her three-decade career in mortgage technology includes 13 years at cloud-based mortgage finance technology provider Ellie Mae. Faulkner also serves on the board of directors and audit committee of the Farm Credit of Western Arkansas, a unit of the Farm Credit System, America's oldest government-sponsored enterprise (GSE).

Ratanawan was recognized for building the highly passionate and productive teams that have been pivotal to SimpleNexus' emergence as a digital mortgage technology frontrunner. Notably, Ratanawan reorganized SimpleNexus' product and engineering divisions, a change that has accelerated SimpleNexus' product roadmap and enabled staff to advance their skill sets. Before joining SimpleNexus, she served as director of people operations at online fashion boutique Jane.com and senior human resource manager at global project management SaaS firm Workfront. Ratanawan is an elected member of the Utah County Executive Human Resources (HR) board of directors where she organizes meetups, education and training for HR professionals and mentors HR students.

"This year's Women of Influence represent leaders who have faced some of the most unprecedented challenges the housing industry has seen in years," HousingWire Magazine Editor Kelsey Ramírez said. "Their strength set an example of leadership that impacted not just their teams or companies but the industry overall. This was one of the most competitive years we have ever seen for the award."

The full list of 2020 HW Women of Influence honorees can be viewed at https://www.housingwire.com/articles/here-are-housingwires-2020-women-of-influence/.

About SimpleNexus, LLC:

SimpleNexus is the digital mortgage platform that enables lenders to originate and process loans from anywhere. The company's best-in-class, easy-to-use app connects loan officers to their borrowers and real estate agents to easily communicate and exchange data in a single location throughout the entire loan life cycle. Loan officers can manage their loan pipelines, order credit, run pricing, send pre-approvals and sign disclosures - all on the go.

About HousingWire:

HousingWire is the most influential source of news and information for the U.S. mortgage and housing markets. Built on a foundation of independent and original journalism, HousingWire reaches over 40,000 newsletter subscribers daily and over 4 million unique visitors each year. Our audience of mortgage, real estate, financial services and fintech professionals rely on us to Move Markets Forward. Visit https://www.housingwire.com/ or https://www.solutions.housingwire.com to learn more.

Related link: https://simplenexus.com/

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Awards and Honors, Business, Free News Articles, Software

FormFree Head of Vendor Management and Compliance Katie King Honored as HousingWire 2020 Women of Influence

ATHENS, Ga. -- FormFree® Head of Vendor Management and Compliance Katie King has been recognized by HousingWire (HW) as a 2020 Woman of Influence. In its tenth year, the Women of Influence awards program honors 100 women who are "shaping and propelling the mortgage, real estate and fintech industries forward."

King was recognized for her contributions to the housing economy during the 2008 housing market crash and for her role at FormFree, where she oversees all matters relating to compliance, audits, vendor management and enterprise risk. A 20-year veteran of the housing and finance industries, King earned her compliance and government relations bona fides as a senior leader at such organizations as Black Knight Financial Services (NYSE: BKI), Citizen's Bank (NYSE: CFG) and SunTrust Bank (now Truist, NYSE: TFC). As Director of Business Development and Client Relations at Hope LoanPort, King deployed the nation's first consumer-direct portal, which helped 750,000 distressed homeowners access the National Mortgage Settlement.

"Katie's experience has positioned FormFree to excel even in the midst of a public health pandemic," said FormFree CEO Brent Chandler. "Her swift efforts have been instrumental in helping our partners understand that we need to urgently advance industry acceptance of direct-source borrower data to streamline processes, improve security and decrease costs for lenders, servicers, investors and - most importantly - borrowers."

"This year's Women of Influence represent leaders who have faced some of the most unprecedented challenges the housing industry has seen in years," said HousingWire Magazine Editor Kelsey Ramírez. "Their strength set an example of leadership that impacted not just their teams or companies but the industry overall. This was one of the most competitive years we have ever seen for the award."

The full list of HW's 2020 Women of Influence award honorees can be viewed at https://www.housingwire.com/articles/here-are-housingwires-2020-women-of-influence/.

About FormFree:

FormFree is a market-leading fintech company whose revolutionary products AccountChek and Passport are changing the credit decisioning landscape and encouraging lenders nationwide to incorporate a more holistic view of each borrower's financial DNA. To date, thousands of U.S. lenders and brokers have ordered millions of FormFree's patented verification reports representing over a trillion dollars in loan verifications. FormFree delights borrowers and lenders with a paperless experience, reduces origination timelines by up to 20 days and offers automated analysis and standardized delivery to lenders and investors using a secure ReIssueKey(tm). For more information, visit https://www.formfree.com/ or follow FormFree on LinkedIn.

About HousingWire:

HousingWire is the most influential source of news and information for the U.S. mortgage and housing markets. Built on a foundation of independent and original journalism, HousingWire reaches over 40,000 newsletter subscribers daily and over 4 million unique visitors each year. Our audience of mortgage, real estate, financial services and fintech professionals rely on us to Move Markets Forward. Visit https://www.housingwire.com/ or https://www.solutions.housingwire.com to learn more.

*PHOTO link for media: https://www.Send2Press.com/300dpi/20-0803s2p-katie-king-300dpi.jpg
*Photo caption: FormFree Head of Vendor Management and Compliance Katie King.

Twitter: @RealFormFree @HousingWire

Related link: https://www.formfree.com/

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Business, Free News Articles, Software

OpenClose Integration with Access Business Technologies Provides Faster Exchange of Loan Data Between LOS and Third-Party Systems

WEST PALM BEACH, Fla. -- OpenClose®, the industry-leading mortgage fintech provider and omni-channel loan origination system (LOS), announced that it integrated with Access Business Technologies' (ABT) MortgageExchange interface solution, a secure cloud-based environment that enables multiple platforms and applications to share data between disparate systems. Now, OpenClose and ABT are able to conduct business with more lending entities.

ABT's MortgageExchange extracts mortgage loan data fields and properly places all information into the connecting fields within other applications (using respective APIs when available). Each integration is customized between OpenClose and ABT to model the customer's business workflow, which eliminates data input redundancy, prevents errors, and saves time.

"Teaming with ABT allows our mutual customers to instantly access and share accurate data with different software systems both inside and outside of the mortgage industry," says Vince Furey, CRO at OpenClose. "ABT's MortgageExchange enables two-way data flow where relevant information is passed from our LenderAssist LOS to the target platform and from the target platform back to the LOS. This ability provides time savings and increased accuracy by populating client information directly from a system of record. This new integration further supports the fact that OpenClose is the best way to lend from open to close."

Organizations leveraging ABT's MortgageExchange solution do not require additional servers, software, coding, or maintenance. ABT builds fully functional interfaces using custom-configurations that follow the clients' business processes. Engagements for MortgageExchange are completed, tested, and in production within 90 days. OpenClose's RESTful API Suite enabled ABT to efficiently connect to its LenderAssist™ LOS and facilitate the secure transfer of data between advanced workflows that lenders leverage daily. As a result, it is simple for customers using ABT's MortgageExchange to connect to the OpenClose LOS and virtually any other software platform using contemporary APIs.

"Partnering with OpenClose unlocks a lot of doors for lending entities that use the MortgageExchange interface," said Justin Kirsch CEO. "At ABT, everything we design and build lives in the cloud and our teams manage all maintenance and upkeep, freeing lenders from concern or worry about any added cost and time required to maintain applications and the connecting interfaces. We firmly believe that time is money, and our clients invest the time saved building a more profitable operation."

Lenders using the OpenClose and ABT integration receive a report from MortgageExchange that provides full transparency showing what transpired with the data, identifying any issues with the loan data before it is sent to the target software platform, ensuring data accuracy.

About OpenClose:

Founded in 1999 and headquartered in West Palm Beach, Florida, OpenClose® is a leading enterprise-class, multi-channel loan origination system (LOS), POS digital mortgage and Fintech provider that cost effectively delivers its digital platform on a software-as-a-service (SaaS) basis. The company provides a variety of innovative, 100 percent web-based solutions for lenders, banks, credit unions, and conduit aggregators. OpenClose's core solution, LenderAssist™, is comprehensive loan origination software that is completely engineered by OpenClose using the same code base from the ground up.

The company offers a RESTful API suite that standardizes system-to-system integrations, making them easier to develop, quicker to implement and more cost effective. OpenClose provides lending organizations with full control of their data and creates a truly seamless workflow for complete automation and compliance adherence. For more information, visit https://www.openclose.com/ or call (561) 655-6418.

About ABT:

Access Business Technologies (ABT) was established in 1999 by mortgage technology veterans who offered the first Infrastructure as a Service "SaaS" products designed specifically for the mortgage industry. With cybersecurity being a critical issue for financial companies, security is at the core of every product and service delivered by ABT. ABT delivers enterprise grade technologies and services to mortgage companies, banks, and credit unions. Our close partnerships with Microsoft, Mortgage Cadence, Ellie Mae, Calyx Software, OpenClose, Jack Henry, Finastra and Fiserv provide us with the unique ability to efficiently deploy mortgage specific technology to your organization regardless of size or monthly loan volume. ABT is the only Microsoft Cloud Solutions Provider "CSP" dedicated to serving only those companies who originate mortgages. Visit ABT's website for additional information https://www.myabt.com/.

Media Contact:
Joe Bowerbank
Profundity Communications, Inc.
949-378-9685
jbowerbank@profunditymarketing.com

Social Media: @OpenClose_LOS @Mortgage_Cloud #OpenClose #AccessBusinessTechnologies #LoanOriginationSoftware #FintechLOS #MortgageIntegrations #MortgageExchange

Related link: https://www.openclose.com/

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Business, Free News Articles, Software

FormFree Taps Jocelyn Crum Brooks, AMP, as National Account Manager

ATHENS, Ga. -- FormFree(R) has appointed Jocelyn Crum Brooks, AMP, as national account manager. Brooks will leverage her two decades' experience supporting lender relationships with the Federal Home Loan Mortgage Corporation (Freddie Mac) to build new customer relationships and strengthen existing customer engagement with FormFree's flagship products, AccountChek(R) and AccountChek Plus(TM).

"Jocelyn has earned her reputation as a valued partner in guiding lenders through complex pricing, credit performance and technology adoption requirements to achieve outstanding business results," said FormFree Founder and CEO Brent Chandler. "She will play an important role in our mission of empowering lenders to collect and verify borrower financial DNA - including asset, employment and income data - electronically in just minutes."

Prior to joining FormFree, Brooks spent 19 years in various account-facing positions at government sponsored entity (GSE) Freddie Mac, where she led cross-divisional teams to support credit unions', banks' and independent mortgage lenders' successful participation in Freddie Mac programs.

Brooks' work at Freddie Mac earned her numerous awards including the Technology Integration Award for driving lender adoption of technology tools, the Chairman's Award for leadership in client relationship management and the Outstanding Business Results Award for performance excellence. Brooks has earned the Mortgage Bankers Association's Accredited Mortgage Professional (AMP) designation.

"I've dedicated my career to helping drive lender success through education and technology adoption," said Brooks. "I'm thrilled to join FormFree, where I can offer lenders the industry's most trusted and forward-thinking solutions for determining a borrowers' ability to repay."

About FormFree(R)

FormFree(R) is a market-leading fintech company whose revolutionary products AccountChek(R) and Passport(TM) are changing the credit decisioning landscape and encouraging lenders nationwide to incorporate a more holistic view of each borrower's financial DNA. To date, thousands of U.S. lenders and brokers have ordered millions of FormFree's patented verification reports representing over a trillion dollars in loan verifications.

FormFree delights borrowers and lenders with a paperless experience, reduces origination timelines by up to 20 days and offers automated analysis and standardized delivery to lenders and investors using a secure ReIssueKey(TM). A HousingWire TECH100(TM) company for four consecutive years, FormFree is based in Athens, Georgia.

For more information, visit https://www.formfree.com/or follow FormFree on LinkedIn.

*PHOTO link for media: https://www.Send2Press.com/300dpi/20-0728s2p-jcbrooks-300dpi.jpg
*Photo caption: Jocelyn Crum Brooks, AMP.

Related link: https://www.formfree.com/

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