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OpenClose Adds AFR’s Flood Services to its LOS

15. December, 2017|MortgageOrb|No comments

OpenClose, a multi-channel loan origination system (LOS) and mortgage software solutions provider, is partnering with AFR Services (AFR) to enable customers to access the company’s complete suite of flood services.

As a result of a seamless interface, users of OpenClose’s LenderAssist LOS can order AFR’s various flood services without leaving the LenderAssist UI.

AFR is a nationwide full-service risk management company serving mortgage lenders, insurance agencies as well as consumers. The company has expertise in hazard and flood insurance solutions – tracking and notification systems, lender placed insurance, commercial flood insurance, residential flood insurance, and flood zone determination services.

AFR is also a Lloyd’s cover holder for private flood insurance.

By way of this integration, all data needed to obtain flood certificates is auto populated from AFR into LenderAssist, OpenClose says in a release.

This eliminates the need to leave the application, place orders on AFR’s website and then re-key information back into the loan file. As a result, time is saved, errors are reduced, accuracy is enhanced and the overall ordering process becomes more efficient, the company claims.

In related news, OpenClose recently announced that it has hired four senior developers to help build new products and enhance existing …read more

Rapid Appreciation, Reduced Affordability to Strain Housing Market

14. December, 2017|DS News|No comments

Homeowners in nearly a quarter of metro markets are likely to be underwater in their mortgages as rapidly appreciating prices put a strain on the housing market.

The post Rapid Appreciation, Reduced Affordability to Strain Housing Market appeared first on DSNews.

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How Could Blockchain Reshape the Industry?

14. December, 2017|DS News|No comments

Cornerstone Capital Group hosts an informative webinar exploring the nature of how blockchain shifts the burden of trust, and some of the ways it could revolutionize business interactions.

The post How Could Blockchain Reshape the Industry? appeared first on DSNews.

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Wildfires, Low Inventory to Strain Southern California Housing Market

14. December, 2017|DS News|No comments

With the Thomas Fire continuing to rage across southern California, exacerbated inventory shortages are likely to make the housing market even more complicated in the months to come.

The post Wildfires, Low Inventory to Strain Southern California Housing Market appeared first on DSNews.

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Cloudvirga Hires Jim Portner as Chief Product Officer

14. December, 2017|MortgageOrb|No comments

Jim Portner has joined Cloudvirga, developer of intelligent mortgage point-of-sale (POS) platforms, as chief product officer.

Previously, Portner was senior vice president of products and strategy for First American Financial Corp., where he oversaw strategy, management and marketing for the firm’s Database Solutions products, including Data Trace and DataTree.

Portner has also held senior management roles at Interthinx, a mortgage fraud solutions provider acquired by First American in 2014, and CoreLogic. In addition, he previously worked for the professional accounting products division of Intuit and also served as product line general manager overseeing the enterprise resource planning and accounting product lines for Sage, before making a decision to change his career focus to innovation and disruption in the financial space.

In his new role, Portner will oversee product strategy, development and marketing for Cloudvirga’s digital mortgage automation platforms.

The addition to Cloudvirga’s executive leadership team comes on the heels of the company’s recent announcement that it added five top-30 lenders to its digital mortgage platform in the last 100 days.

The post Cloudvirga Hires Jim Portner as Chief Product Officer appeared first on MortgageOrb.

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The Industry Pulse

14. December, 2017|DS News|No comments

Which companies are merging, and what professionals are moving? See some highlights in this update of the housing and mortgage industries.

The post The Industry Pulse appeared first on DSNews.

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Premium Housing Hit by Inventory Shortages

14. December, 2017|DS News|No comments

It isn’t just starter homes that are hard to find. The premium side of things is feeling the impact of both lack of available homes and the associated rising costs.

The post Premium Housing Hit by Inventory Shortages appeared first on DSNews.

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Freddie Mac: Mortgage Rates Flat; Rate Hike ‘Already Priced In’

14. December, 2017|MortgageOrb|No comments

The Fed’s rate hike that was announced on Wednesday had no immediate impact on mortgage rates, which were basically flat during the week ended Dec. 14, according to Freddie Mac’s Primary Mortgage Market Survey.

The average rate for a 30-year fixed-rate mortgage (FRM) was 3.93%, down slightly from 3.94% percent. A year ago at this time, the 30-year FRM averaged 4.16%.

The average rate for a 15-year FRM this week was 3.36% – same as last week. A year ago at this time, the 15-year FRM averaged 3.37%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.36%, up from 3.35%. A year ago at this time, the five-year ARM averaged 3.19%.

“As widely expected, the Fed increased the federal funds target rate this week for the third time in 2017,” says Len Kiefer, deputy chief economist for Freddie Mac, in a statement. “The market had already priced in the rate hike so long term interest rates, including mortgage rates hardly moved. Mortgage rates held relatively flat across the board, with the 30-year fixed mortgage rate inching down one basis point to 3.93 percent in this week’s survey. Mortgage rates have been in a …read more

Q4 Real Estate Sentiment on the Rise

13. December, 2017|DS News|No comments

The quarterly survey of independent title agents and other real estate professionals reports that optimism is up as respondents expressed confidence that transaction volume will grow in the coming year.

The post Q4 Real Estate Sentiment on the Rise appeared first on DSNews.

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Rebuilding and Rethinking

13. December, 2017|DS News|No comments

With a new year on the horizon, DS News spoke to half a dozen industry insiders to ascertain the big picture of what 2018 holds for the industry, how the landscape is changing, and what missteps are better left in the rearview as we move forward.

The post Rebuilding and Rethinking appeared first on DSNews.

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FormFree Partnering with Envestnet | Yodlee Risk Insight Solutions

13. December, 2017|MortgageOrb|No comments

In a move that will expand the capabilities of its AccountChek automated verification platform, FormFree has announced partnership with Envestnet | Yodlee Risk Insight Solutions, which offers reports designed to provide insight into a consumer’s holistic financial picture.

Envestnet | Yodlee’s reports use aggregated data from more than 16,000 sources, including banking, investment, loan and credit card information.

This comprehensive data allows FormFree to enhance its AccountChek reports with bank statement copies that meet Federal Housing Administration (FHA) requirements, the company says in a press release.

The data will also enable FormFree to fine-tune its analysis of borrower ability to pay with thousands of new rules.

“We believe the breadth of Envestnet | Yodlee’s financial data across banking and wealth management from tens of millions of consumers far surpasses the competition,” says Brent Chandler, founder and CEO of FormFree. “By combining Envestnet | Yodlee’s track record of secure and accurate financial account aggregation with FormFree’s decade of mortgage industry experience, we are bringing lenders unparalleled insight into their borrowers’ ability to pay. Based on the research we conducted, the other options in the marketplace don’t even compare.”

The post FormFree Partnering with Envestnet | Yodlee Risk Insight …read more

Docutech Compliance Tool Linked with Cloudvirga

13. December, 2017|MortgageOrb|No comments

Cloudvirga‘s mortgage automation platform is now integrated with Docutech‘s document compliance solution, enabling fast and compliant delivery of disclosures.

By integrating Docutech’s flagship ConformX dynamic document generation engine with Cloudvirga’s digital mortgage platform, data can be pulled directly from the POS. From there, rules-based intelligence is applied to automate the creation of accurate and compliant loan disclosures for all 50 states.

As such, this integration enables fast and compliant delivery of disclosures. The combination of Cloudvirga’s comprehensive loan data and Docutech’s built-in compliance checks will give loan officers confidence that loan packages are accurate and compliant from the start, the companies say in a release.

As part of the partnership agreement between the companies, Cloudvirga will also offer Docutech’s Solex e-sign and e-delivery functionality by way of the Cloudvirga platform.

Solex enables borrowers to compliantly review and sign documents using any web-enabled device. When paper delivery of the loan package is required, the ConformX print and mail fulfillment service ensures documents are delivered in the required time frames.

“By seamlessly combining Cloudvirga’s automated workflow, comprehensive guidelines and calculations for all loan products with Docutech’s comprehensive suite of document and compliance solutions, we’re empowering loan officers to generate disclosures with …read more

Cloudvirga Now Integrated with Docutech

13. December, 2017|MortgageOrb|No comments

Cloudvirga‘s mortgage automation platform is now integrated with Docutech‘s document compliance solution, enabling fast and compliant delivery of disclosures.

By integrating Docutech’s flagship ConformX dynamic document generation engine with Cloudvirga’s digital mortgage platform, data can be pulled directly from the POS. From there, rules-based intelligence is applied to automate the creation of accurate and compliant loan disclosures for all 50 states.

As such, this integration enables fast and compliant delivery of disclosures.
The combination of Cloudvirga’s comprehensive loan data and Docutech’s built-in compliance checks will give loan officers confidence that loan packages are accurate and compliant from the start, the companies say in a release.

As part of the partnership agreement between the companies, Cloudvirga will also offer Docutech’s Solex e-sign and e-delivery functionality by way of the Cloudvirga platform.

Solex enables borrowers to compliantly review and sign documents using any web-enabled device. When paper delivery of the loan package is required, the ConformX print and mail fulfillment service ensures documents are delivered in the required timeframes.

“By seamlessly combining Cloudvirga’s automated workflow, comprehensive guidelines and calculations for all loan products with Docutech’s comprehensive suite of document and compliance solutions, we’re empowering loan officers to generate disclosures with ease — …read more

Fed Raises Rates 0.25%, Longer Term Policy Unchanged

13. December, 2017|MortgageOrb|No comments

Citing that the “labor market has continued to strengthen” and that “economic activity has been rising at a solid rate,” the Federal Open Market Committee (FOMC) on Wednesday voted to increase the Fed Funds Rate by 0.25%, to a range of 1.25% to 1.50%, thus setting the stage for potential increases in mortgage interest rates in the months to come.

It was the third rate hike of the year.

In its statement, the FOMC says despite some economic headwinds caused by hurricanes Harvey, Irma and Maria, which struck in Texas, Florida and Puerto Rico, respectively, “job gains have been solid and the unemployment rate declined further” in the third quarter.

“Household spending has been expanding at a moderate rate and growth in business fixed investment has picked up in recent quarters,” the committee says in its statement. “On a 12-month basis, both overall inflation and inflation for items other than food and energy have declined this year and are running below two percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed, on balance.”

FOMC members Charles L. Evans and Neel Kashkari voted to maintain the existing target range for the fed funds rate, …read more

SFR Boom Leads to Less Affordable Inventory

13. December, 2017|DS News|No comments

Is the single-family rental market a major contributor to the low inventory the housing market is experiencing? According to a new analysis released Wednesday, this market could be limiting options for lower- and middle-income buyers.

The post SFR Boom Leads to Less Affordable Inventory appeared first on DSNews.

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