Software company Hawthorn River is teaming up with fintech BeSmartee to integrate its financial spreading product, FlashSpread.
FlashSpread uses Optical Character Recognition, AI, and proprietary algorithms to transform raw data into a Debt Service Coverage Ratio with the press of a button. This allows lenders to make credit decisions quickly and with confidence.
“Hawthorn River is about creating meaningful efficiencies for community banks,” said Jon Rigsby, CEO of Hawthorn River. “Our partnership with BeSmartee and the integration of the FlashSpread product ensures these institutions can focus on their core mission – serving the banking community – by automating and simplifying the financial spreading process.”
Lenders can upload scanned tax returns, get instantaneous spreading of financial data with potential errors or…
VA mortgage company NewDay USA is bringing out its own spotlight, partnering with full-service marketing agency Moburst, the companies announced.
Moburst will work to customize NewDay’s user experience and consumers’ journey to find a product that fits their needs, as well as guide NewDay on media management, website development, and content.
“I’m excited to see how we can create a new paradigm for US veterans. Moburst is miles beyond its competitors, which is why I’m confident it is going to be very successful in running our digital marketing efforts. We have the opportunity to do something new together and create a successful digital funnel that can bring in business and help veterans along the way,” said NewDay USA CEO Rob…
The executive vice president of Rocket Pro TPO says a lack of housing inventory has been hurting mortgage professionals, but he is confident broker partners and loan officers have the tools to help homebuyers achieve their goals.
Mike Fawaz recently sat down with Editor Kimberley Haas to talk about this year’s successes and challenges.
Haas: Mike, so it’s great to have you here today as always. What have been some of the successes in this past year working with the Rocket Pro TPO team?
Fawaz: First of all, thanks for having me and I’m excited to have this conversation with you. When I think about the successes of Rocket Pro TPO this year with the broker channel, it’s been a…
Jody Mulkey has been named chief technology officer at First American Financial Corporation, the company announced in a press release.
Mulkey will oversee FirstAm’s corporate product development team, which will build and enhance enterprise products for customers across the spectrum.
“It is an honor to join such an incredible company with its unique combination of financial strength and stability built over more than 130 years, innovative technology assets, and unmatched data capabilities. Grateful to be part of the team that is leading the digital transformation of the industry,” Mulkey said in a LinkedIn post.
He noted that First American is at the “forefront of real estate innovation.” “I’m looking forward to accelerating the company’s product development efforts in ways that…
Fintech Hometap made two exec-level appointments geared towards leveraging capital markets, the company announced in a press release.
Cara Newman has joined the company as Head of Structured Finance, while Josh Gaffney has been named General Counsel.
Both will report to CEO and co-founder Jeffrey Glass.
“I’m thrilled to welcome Josh Gaffney and Cara Newman to our team,” said Hometap Cofounder and CEO Jeffrey Glass. “Drawing upon their guidance, I am confident that we will deliver even more value to our partners, investors, and stakeholders while always driving positive impact for homeowners and their families across the country.”
Newman comes to the company from Redwood Trust, Inc., a residential mortgage credit company where she served as Managing Director and Head…
NewDay USA announced it is protecting veterans from data breaches by investing in the highest level of information security.
The nation’s leading VA mortgage company has achieved ISO/IEC 27001:2013 certification after a partnership with ACTIVECYBER LLC. The certification was issued by Schellman Compliance LLC, an ANAB and UKAS-accredited certification body.
ISO 27001 is a systemic and risk-based approach to information security and the leading international standard.
“Preparing for ISO 27001 Certification was a multi-year effort that required significant dedicated resources from NewDay USA throughout a rigorous readiness process,” said Eugene Mizin, Chief Operating Officer, NewDay USA.
“Our customers and employees can be confident that NewDay USA is doing everything possible to protect their data.”
High-profile data breaches have plagued the…
Greg Vacura is joining fintech Agile as president, the company announced in a press release.
Agile, a tech company operating in the mortgage-backed securities market, hired Vacura to lead the company as it works to increase liquidity and automation in TBAs, MBS pools, and AOTs.
Agile eliminates the need for inefficient phone and email processes by bringing lenders and dealers onto the same request-for-quote platform.
“The mortgage industry has a long way to go on the path towards improving liquidity and execution through adoption of marketplace solutions,” Vacura said. “I’m excited to leverage my past experience pushing the industry forward in my new role, particularly during this time of challenging market conditions with the opportunity to help so many industry…
Reggora released a new AI solution for appraisal review, the company announced in a press release.
Reggora Appraisal Review is a new software that analyzes appraisal reports to identify key data points, inconsistencies, and potential red flags.
The product can detect bias in reports more accurately than lexicon-based tools, removing objectivity concerns for underwriters, company leaders say.
“[C]onsider a report that mentions a property located in the city of ‘Race Point Beach.’ While the term “Race” would trigger a keyword-based bias detection tool, Reggora’s AI-powered algorithm can discern the context and understand that it is simply the name of the city,” they said.
Reggora Appraisal Review also reduces repurchase risk by giving lenders the opportunity to customize rule sets and…
Direct mortgage lender Geneva Financial has launched an in-house Portfolio Lending Division.
The division is starting out with $55 million in managed funds available to assist investors, builders, and clients of their real estate agents. It will offer ground-up or Fix and Flip loans, plus bridge loans for investors of between six months and three years.
Its signature bridge loan, “Transition,” allows borrowers to buy a new home before their current home is sold.
Portfolio Lending will also offer long-term financing to owner-occupied borrowers who don’t currently fit into Geneva’s existing guidelines.
“This new division is an exciting addition to our already robust offering,” Geneva Financial CEO Aaron VanTrojen stated about the announcement. “More than that, we are delighted to…
Black Knight introduced a new app to speed up applications for home equity lines of credit, the company announced.
The app, Validate, allows borrowers to include photos of their property as part of their application. The photos are then analyzed with AI to calculate the home’s condition in real-time, speeding up the approval process.
Borrowers complete a questionnaire to verify public record data and list any necessary repairs after submitting photos, Black Knight said.
Photos are time-stamped and GPS verified to ensure current property condition and location are accurate. The address is then scored based on comparable properties to create a condition-adjusted valuation model.
Lenders receive the property value and available equity immediately via API or PDF, saving time and…
