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Artificial Intelligence company Quantarium announced on Thursday its partnership with Valligent Technologies to launch a condition adjusted 'Quantarium Valuation Model' for equity lending, broker price opinions and real estate owned valuations.
The latest tech, coined QVM-Insights, leverages Quantariums AI power to incorporate real-time updates of a property's condition to provide users with an automated valuation model.
In September 2013, Ellie Mae introduced the updated mortgage-management system Encompass360 to help underwriters comply with the latest federal mortgage rules in beginning in 2014. This system features debt-to-income calculators, discount assessment, and tools for evaluating a given loan's quality.
It does so by prompting the AI to run hundreds of thousands of generations to understand and optimize information on micro-markets at the neighborhood, ZIP code or county level. Coupled with Valligent's real-time streaming data and virtual inspection, the AI can then validate and learn what is most valuable in the data itself. It can also factor in the effects of local events like foreclosures and recent sales.
Ellie Mae's Encompass online self-study education classes are geared to all skill levels and allow you to progress at your own pace. Like our classroom or virtual class online offerings, these classes challenge and equip you with the knowledge you need to build and improve your Encompass skills. The integration of Loan Quality Advisor, Freddie Mac's risk and loan eligibility assessment tool, into Ellie Mae's Encompass allows its customers to originate loans within Freddie Mac. Ellie Mae's Encompass solution enables banks, credit unions and mortgage lenders to create and fund mortgages in one system of record for compliance review, quality assurance and improved. N New Access Options for AIQ -Ellie Mae AIQ buttons have been added to the Encompass Pipeline and the eFolder to enable authorized Encompass users to access the Ellie Mae AIQ service from within Encompass. New Persona settings are also now available for administrators to control user access to these buttons on a new tab called Ellie Mae AIQ.
'QVM relies on a cascade of proprietary solutions, including machine learning techniques such as evolutionary programming, neural networks and genetic modeling that mimic biological processes, to get the most accurate results,' said John Smintina, Quantarium's chief analytics officer.
For Quantarium, AI integration in the mortgage process has been a longterm goal – and something chef marketing and revenue officer, Romi Mahajan, said servicers should be prepared for.
'Servicing is very much about knowing your customer not only in the present state but being able to predict where they are going in future states, based on intelligent guessing, otherwise known as analytics,' Mahajan explained. 'AI, especially ground-up, explainable AI, is perfectly suited to this task of knowing the customer.'
A Wednesday announcement from Zest AI, formally known asZestFinance, revealed mortgage giant Freddie Mac is also planning to utilize AI for borrower solutions. According to the release, Zest's machine learning tools will partner with Freddie Macs credit decisioning models for managing risk.
Appropriately named the Zest Model Management System, the tech enables lenders to analyze large amounts of credit data that Zest says will help increase approval rates and reduce the risk of faulty credit decisions.
The platform also provides the ability to explain data modeling results to measure business impact and help comply with regulatory requirements.
'Freddie Mac is always evaluating technology solutions that meet our high standards and support our continued commitment to expanding homeownership opportunities responsibly, especially among first-time homebuyers, communities of color, and those living in underserved markets,' said Michael Bradley, Freddie Mac's senior vice president of modeling, econometrics, data science and analytics for its single-family business.
'Zest allows us to do our machine-learning modeling work more efficiently and with less operational risk,' Bradley said.
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Credit reporting agency Equifax also announced on Thursday its latest effort to expedite the borrowing process with its launch of Mortgage Duo – a platform that allows credentialed mortgage lenders to return instant verifications of employment and income for joint applicants.
The tech works through a single transaction via The Work Number database – a centralized commercial repository of income and employment information in the U.S. Users then eliminate the need for a lender to place individual orders for each borrower's report.
'We recognize that people often apply for mortgages with a co-borrower, such as a spouse,' said Joel Rickman, senior vice president of verification services for Equifax. 'The breadth of The Work Number database, with more than 111 million active records, allows us to deliver a new verification solution that helps lenders continue to build efficiency into their digital originations.
'With Mortgage Duo, they can instantly verify employment and income for both borrowers through a single automated transaction which helps decrease duplicative tasks and further reduces friction in the loan origination process,' Rickman said.
Lastly, cloud-based platform provider Ellie Mae released its latest updates to the Encompass platform on Monday. The 20.2 version arrived just over six months after the 20.1 Major Release in May, and boasts enhancements for lenders that support an omni-channel approach and the ability to design around business process terms and workflows.
The latest updates include:
- Updated functionality that provides a more flexible, lender-configurable model that can support omni-channel business models
- Offering enhanced administrative tools to manage condition templates
- Supporting more granular options for condition management controls
- Extending APIs to support external workflow engines
According to the release, a new document viewer is an added perk that utilizes cloud storage for automatic document conversion. The document viewer leverages v3 of Ellie Mae's Encompass Developer Connect eFolder Attachment APIs which are backward compatible to Encompass.
In September, Ellie Mae was officially acquired by Intercontinental Exchange. With the release of its latest Encompass enhancements, ICE President Joe Tyrrell said that ICE is constantly working to innovate and deliver more automation of digital mortgages on behalf of its lenders.
'With this major release of Encompass, we are providing new levels of automated service ordering, efficient and collaborative workflows and the foundation for our hybrid eClosing which we are launching in just a few weeks. This is mission-critical for lenders, especially when they are experiencing peak volumes, remote workforces and homebuyers seeking high tech capabilities with human touch availability,' Tyrrell said.
PLEASANTON, Calif.--(BUSINESS WIRE)--Ellie Mae® (NYSE: ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced enhanced workflows with Fannie Mae and Freddie Mac are now available through Ellie Mae's Encompass® all-in-one mortgage management solution to support the new Uniform Closing Dataset (UCD) ahead of the September 25, 2017 delivery mandate. The UCD is a common industry dataset allowing information on the CFPB's Closing Disclosure to be communicated electronically. Fannie Mae and Freddie Mac have developed the UCD at the direction of the Federal Housing Finance Agency (FHFA) as part of the Uniform Mortgage Data Program®, an ongoing initiative to enhance loan quality and consistency through uniform loan data standards for the single-family loans the GSEs purchase.
The integration with Fannie Mae's UCD collection solution through Encompass helps drive efficiency by offering flexible options for delivering the UCD file at multiple points in the business process, featuring data quality and eligibility checks. Fannie Mae has also enabled non-seller correspondent lenders to access these checks by submitting UCD files directly on behalf of their aggregators.
'Having this capability in place several months ahead of the required date means our lenders who use Encompass have transition time to incorporate the new closing data submission into their processes,' commented Henry Cason, Fannie Mae's SVP and Head of Digital Products. 'Fannie Mae appreciates Ellie Mae's collaboration on this important work to support our joint customers.'
Ellie Mae's Encompass also includes integration with Freddie Mac Loan Closing AdvisorSM to give lenders confidence that their closing data meets the UCD data quality, calculations and eligibility checks prior to loan delivery. Loan Closing Advisor provides actionable feedback messages to help Freddie Mac sellers and their correspondents identify and resolve closing data defects before they close the loan.
'Lenders can think of this as an early warning system that brings new efficiency to the closing process,' said Andy Higginbotham, Senior Vice President and head of Strategic Delivery for Freddie Mac's Single-Family Business. 'We are testing against the UCD specification for completeness, validity, data consistency, calculation accuracy and purchase eligibility. That helps lenders identify and correct errors, which gives them confidence that their closing data aligns with the UCD standards.'
Ellie Mae's Encompass solution enables banks, credit unions and mortgage lenders to create and fund mortgages in one system of record for compliance review, quality assurance and improved efficiency at every loan stage.
'As lenders prepare for the new Uniform Closing Dataset mandate this fall, Ellie Mae is providing customers with innovative solutions and seamless workflow to improve quality and compliance,' said Joe Tyrrell, executive vice president at Ellie Mae. 'By offering these capabilities well ahead of the September deadline, our lenders have time to prepare, understand new data and timing requirements and train staff on how to submit UCD files directly through our Encompass solution.'
For more information, view the complimentary webinars designed to help lenders prepare for both Fannie Mae's UCD collection solution and Freddie Mac's Loan Closing Advisor.
About Ellie Mae:
Ellie Mae (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Mortgage lenders of all sizes use Ellie Mae's Encompass® all-in-one mortgage management solution, Mavent Compliance Service and AllRegs research, reference and education resources to improve compliance, loan quality and efficiency across the entire mortgage lifecycle. Visit EllieMae.com or call 877.355.4362 to learn more.
About Fannie Mae:
Fannie Mae is focused on advancing a sustainable and reliable business model that reduces risk to the housing finance system and taxpayers; providing reliable, large-scale access to affordable mortgage credit for qualified borrowers and helping struggling homeowners; and serving customer needs and improving our business efficiency. We are setting responsible standards for the mortgage industry, paying dividend payments to Treasury, and helping homeowners facing hardship keep their homes or avoid foreclosure. For more information, visit www.fanniemae.com.
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Credit reporting agency Equifax also announced on Thursday its latest effort to expedite the borrowing process with its launch of Mortgage Duo – a platform that allows credentialed mortgage lenders to return instant verifications of employment and income for joint applicants.
The tech works through a single transaction via The Work Number database – a centralized commercial repository of income and employment information in the U.S. Users then eliminate the need for a lender to place individual orders for each borrower's report.
'We recognize that people often apply for mortgages with a co-borrower, such as a spouse,' said Joel Rickman, senior vice president of verification services for Equifax. 'The breadth of The Work Number database, with more than 111 million active records, allows us to deliver a new verification solution that helps lenders continue to build efficiency into their digital originations.
'With Mortgage Duo, they can instantly verify employment and income for both borrowers through a single automated transaction which helps decrease duplicative tasks and further reduces friction in the loan origination process,' Rickman said.
Lastly, cloud-based platform provider Ellie Mae released its latest updates to the Encompass platform on Monday. The 20.2 version arrived just over six months after the 20.1 Major Release in May, and boasts enhancements for lenders that support an omni-channel approach and the ability to design around business process terms and workflows.
The latest updates include:
- Updated functionality that provides a more flexible, lender-configurable model that can support omni-channel business models
- Offering enhanced administrative tools to manage condition templates
- Supporting more granular options for condition management controls
- Extending APIs to support external workflow engines
According to the release, a new document viewer is an added perk that utilizes cloud storage for automatic document conversion. The document viewer leverages v3 of Ellie Mae's Encompass Developer Connect eFolder Attachment APIs which are backward compatible to Encompass.
In September, Ellie Mae was officially acquired by Intercontinental Exchange. With the release of its latest Encompass enhancements, ICE President Joe Tyrrell said that ICE is constantly working to innovate and deliver more automation of digital mortgages on behalf of its lenders.
'With this major release of Encompass, we are providing new levels of automated service ordering, efficient and collaborative workflows and the foundation for our hybrid eClosing which we are launching in just a few weeks. This is mission-critical for lenders, especially when they are experiencing peak volumes, remote workforces and homebuyers seeking high tech capabilities with human touch availability,' Tyrrell said.
PLEASANTON, Calif.--(BUSINESS WIRE)--Ellie Mae® (NYSE: ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced enhanced workflows with Fannie Mae and Freddie Mac are now available through Ellie Mae's Encompass® all-in-one mortgage management solution to support the new Uniform Closing Dataset (UCD) ahead of the September 25, 2017 delivery mandate. The UCD is a common industry dataset allowing information on the CFPB's Closing Disclosure to be communicated electronically. Fannie Mae and Freddie Mac have developed the UCD at the direction of the Federal Housing Finance Agency (FHFA) as part of the Uniform Mortgage Data Program®, an ongoing initiative to enhance loan quality and consistency through uniform loan data standards for the single-family loans the GSEs purchase.
The integration with Fannie Mae's UCD collection solution through Encompass helps drive efficiency by offering flexible options for delivering the UCD file at multiple points in the business process, featuring data quality and eligibility checks. Fannie Mae has also enabled non-seller correspondent lenders to access these checks by submitting UCD files directly on behalf of their aggregators.
'Having this capability in place several months ahead of the required date means our lenders who use Encompass have transition time to incorporate the new closing data submission into their processes,' commented Henry Cason, Fannie Mae's SVP and Head of Digital Products. 'Fannie Mae appreciates Ellie Mae's collaboration on this important work to support our joint customers.'
Ellie Mae's Encompass also includes integration with Freddie Mac Loan Closing AdvisorSM to give lenders confidence that their closing data meets the UCD data quality, calculations and eligibility checks prior to loan delivery. Loan Closing Advisor provides actionable feedback messages to help Freddie Mac sellers and their correspondents identify and resolve closing data defects before they close the loan.
'Lenders can think of this as an early warning system that brings new efficiency to the closing process,' said Andy Higginbotham, Senior Vice President and head of Strategic Delivery for Freddie Mac's Single-Family Business. 'We are testing against the UCD specification for completeness, validity, data consistency, calculation accuracy and purchase eligibility. That helps lenders identify and correct errors, which gives them confidence that their closing data aligns with the UCD standards.'
Ellie Mae's Encompass solution enables banks, credit unions and mortgage lenders to create and fund mortgages in one system of record for compliance review, quality assurance and improved efficiency at every loan stage.
'As lenders prepare for the new Uniform Closing Dataset mandate this fall, Ellie Mae is providing customers with innovative solutions and seamless workflow to improve quality and compliance,' said Joe Tyrrell, executive vice president at Ellie Mae. 'By offering these capabilities well ahead of the September deadline, our lenders have time to prepare, understand new data and timing requirements and train staff on how to submit UCD files directly through our Encompass solution.'
For more information, view the complimentary webinars designed to help lenders prepare for both Fannie Mae's UCD collection solution and Freddie Mac's Loan Closing Advisor.
About Ellie Mae:
Ellie Mae (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Mortgage lenders of all sizes use Ellie Mae's Encompass® all-in-one mortgage management solution, Mavent Compliance Service and AllRegs research, reference and education resources to improve compliance, loan quality and efficiency across the entire mortgage lifecycle. Visit EllieMae.com or call 877.355.4362 to learn more.
About Fannie Mae:
Fannie Mae is focused on advancing a sustainable and reliable business model that reduces risk to the housing finance system and taxpayers; providing reliable, large-scale access to affordable mortgage credit for qualified borrowers and helping struggling homeowners; and serving customer needs and improving our business efficiency. We are setting responsible standards for the mortgage industry, paying dividend payments to Treasury, and helping homeowners facing hardship keep their homes or avoid foreclosure. For more information, visit www.fanniemae.com.
Fannie Mae's Integration Platform: The new business-to-business integration platform provides a simple, reliable, and efficient way to connect to Fannie Mae's technology solutions. By enabling a seamless integration process, the platform is intended to eventually centralize all direct interfaces to our applications. The UCD collection solution is the first available solution on the platform; since September 2016, lenders and technology solution providers have been able to test and deliver the UCD XML file, in preparation for the September 25, 2017 UCD mandate. Learn more on Fannie Mae's UCD page.
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About Freddie Mac:
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Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for approximately one in four home borrowers and is the largest source of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog.
Freddie Mac Loan Advisor Suite(SM): Freddie Mac Loan Advisor Suite(SM) is a new smart, end-to-end technology solution designed to provide lenders with greater certainty and insight into the purchase eligibility of their loans throughout the loan production process. By providing automation and transparency in the loan production process, Loan Advisor Suite assesses credit, capacity and collateral to help lenders validate the quality of the loans they originate. The tools cover the entire loan lifecycle from loan application to closing and beyond; they're available together in a central Web portal accessed via single sign-on or through many technology solution providers. More information is available at www.freddiemac.com/loanadvisorsuite.
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