new to market
Bonded With NAMB
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NationalMortgageProfessional.com
JUNE 2013 n Georgia Mortgage Professional Magazine n
product is not for everyone. “We are extremely cautious about who we do business with,” he said. “This product is designed to address a much needed protection that has been missing in the industry. Thus, we demanded a partner in the settlement services industry which uses best practices, has the highest quality of personnel and, quite simply, does business the right way. Equity National immediately stood out as that partner.”
Wipro Upgrades Its NetOxygen LOS
By Mason Grashot, CPA
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The bond business is similar to the mortgage business in that it all starts with access to the products. Whom the customer chooses to guide them into and through the world of surety (or mortgages as a comparison) can be the single most important piece of the puzzle that also happens to be entirely within the customer’s control. Some industry professionals consider themselves to be a “jack of all trades,” but are really a “master of none” (or at least a “master of few”). Others are specialists whose focus, experience and knowledge really add value to the customer’s buying decision. Some insurance agents can and will write any type of insurance that is needed. Surety is a type of insurance (as is life, disability, health, home/auto or commercial lines). Usually, the products that are purchased from people who truly specialize in that specific product type are either better than or less expensive than those purchased from people who handle various types of products. There are thousands of insurance agents out there (some of whom sell surety bonds, too). There are dozens of bond agents out there (some of whom sell insurance as well). Sometimes a customer can purchase a surety bond from an insurance agent and that insurance agent’s bond knowledge, application process, price and service are all no different than what the customer would have experienced by using a bond agent. But more often than not, bond customers find that the price is lower, the process is easier and the knowledge is greater when they choose to purchase their surety bond from a surety specialist. If you’ve had your bond for a while or if you think you might be paying too much because the first answer isn’t always the best answer, you should take a little time to look into something that you pay for year after year after year. Ask your association, your colleagues, or your search engine for recommendations. Find a surety specialist and find out whether your surety bond is costing you what it should be. Mason Grashot, CPA is president of The Bond Exchange, a national insurance agency focused on surety bonds with a unique specialty practice centered on the mortgage profession. As the endorsed strategic partner of NAMB—The Association of Mortgage Professionals, The Bond Exchange services thousands of surety bonds through programs designed specifically for the mortgage industry. For more information, call (501) 224-8895 or visit www.thebondexchange.com.
Sponsored Editorial
W i p r o Gallagher Solutions (WGS), a Wipro Technologies company and provider of end-to-end lending solutions for financial institutions, has announced the release of NetOxygenZip, a preconfigured version of its NetOxygen loan origination system (LOS) that simplifies lending and speeds time to market. NetOxygenZip allows lenders of all sizes to gain access to a more scalable, robust system using a fraction of the time, money and resources traditionally required. The system not only allows lenders to originate loans immediately after installation, but its inherent flexibility and intuitive user interface enables lenders to easily refine components later, based on unique business needs. “Many lenders are looking for a more powerful and compliant LOS but are reluctant to switch systems in fear of a sluggish deployment. Lenders need not compromise any more between a solution that is both robust and can be implemented rapidly,” said Narayan Bharadwaj, business head and general manager at Wipro Gallagher Solutions.
nmp newsflash
“With NetOxygenZip, lenders get a flexible LOS that deploys quickly and simplifies lending.” The system comes equipped with features and functions central to most lending operations including data, tools, reports, service provider integrations, documents and integrated imaging functionality. The system’s workflow is pre-configured based on industry best practices and its built-in products, pricing, fees, adjustments and conditions for the most common loan products enables users to easily update and maintain system functionality without IT intervention. The system seamlessly integrates with reputable external service providers to ensure single system access to critical borrower, property and loan data. Its full document imaging capabilities support paperless lending, which reduces processing inefficiencies through auto-indexing and document classification. It also improves internal communication with loan annotation capabilities.
Your turn National Mortgage Professional Magazine invites you to submit any information promoting new “niche” loan programs, new products or any other announcement related to the introduction of a new program, to the attention of: New to Market column Phone #: (516) 409-5555 E-mail: newsroom@nmpmediacorp.com Note: Submissions sent via e-mail are preferred. The deadline for submissions is the 1st of the month prior to the target issue.
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Under this program, severely delinquent FHA-insured loans are sold competitively at a market-determined price generally below the outstanding principal balance. Once the loan is purchased, foreclosure is delayed for a minimum of six additional months, during which time the new servicer can work with the borrower to find an affordable solution to avoid foreclosure. These loans are purchased at market rate, which is generally below the outstanding principal balance, giving the investor the incentive to take additional steps to help the borrower avoid foreclosure, including modifications that may include reduced principal balances. HUD expects to sell more than 40,000 distressed loans this year through quarterly sales that reduce FHA’s total claims costs and increase
recovery on losses to FHA’s Mutual Mortgage Insurance (MMI) Fund.
Your turn National Mortgage Professional Magazine invites you to submit any information on regulatory changes, legislative updates, human interest stories or any other newsworthy items pertaining to the mortgage industry to the attention of: NMP News Flash column Phone #: (516) 409-5555 E-mail: newsroom@nmpmediacorp.com Note: Submissions sent via e-mail are preferred. The deadline for submissions is the 1st of the month prior to the target issue.