heard on the street
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and home equity business and Countrywide Home Loans, which Bank of America acquired on July 1, 2008. The Countrywide brand has been retired. For more information, visit www.bankofamerica.com.
Retreat Capital Management collaborates with Ellie Mae to provide modification services
Lenders One Mortgage Cooperative, a national alliance of mortgage bankers, has announced the extension of its contract with Fannie Mae as a preferred investor. Extending this relationship ensures that cooperative members who sell to the government-sponsored enterprise (GSE) will gain access to more competitive pricing and technology, as compared to working with Fannie Mae independently. “We cultivate our preferred investor relationships so that everyone benefits,� said Scott Stern, Lenders One CEO. “Based on our recent contract renewal, our members will enjoy superior secondary market execution, while Fannie Mae can buy high quality loans from high quality lenders from across the country. As our delivery to Fannie Mae is currently at an all-time high, this contract extension comes at a fortuitous time for both parties.� This relationship provides several key advantages to Lenders One members, such as quick funding. Fannie Mae also benefits from the alliance with Lenders One, specifically in being able to expand its market share with the cooperative’s members and minimize the costs associated with originating that production. Leveraging the combined strength of its members, Lenders One is able to form these strategic alliances and negotiate preferred pricing, priority service and additional program benefits from mortgage investor partners. Fannie Mae has been working with Lenders One for seven years and is the only GSE in its network of preferred investors. “Aligning with Fannie Mae provides revenue-enhancing, cost-saving and market share-expanding opportunities and that translate into true growth strategies for our members,� Stern added. For more information, visit www.lendersone.com or www.fanniemae.com.
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StreetLinks National Appraisal Services has announced a full systems integration with Ellie Mae Inc., makers of Encompass loan origination software. This integration allows Encompass users to order appraisals and receive completed reports within their loan origination system, thus eliminating the use of separate systems and entry of duplicate information. “Through this integration, lenders
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Retreat Capital Management Inc., a third-party arbitration services company that specializes in bringing loans back to performing status in order to keep borrowers in their homes, has announced a collaboration with Ellie Mae, a software and services provider for the mortgage industry. As part of this collaboration, Ellie Mae will make Retreat Capital Management’s mortgage loan modification services available to its customer base of more than 120,000 mortgage professionals using its Encompass Mortgage Management Solution. Retreat Capital Management handles the entire mortgage modification process for its client lenders, from initial analysis to closing and MIS reporting, giving lenders the ability to have a full-fledged loss mitigation division without the costs and ramp-up times involved in hiring a permanent staff. “In this market, lenders are in dire need of loss mitigation and foreclosure prevention services, but unfortunately, there’s such an influx of activity that they don’t always have the time to develop a workable solution on their own,� says Arvin Wijay, CEO of Retreat Capital Management. “By collaborating with Ellie Mae, Retreat Capital is enabling a great number of financial services institutions to access loss mitigation solutions quickly, easily and economically.� In order for Ellie Mae users to access Retreat Capital Management’s loss mitigation solutions, they may either directly upload borrower information through their Encompass systems, or fax the information to Retreat Capital Management. Retreat Capital uses an advanced rules-based loss mitigation technology platform that interfaces with the lender’s servicing system. Once a mortgage is submitted, the technology matches that loan against all available loss mitigation options to determine the most suitable solution. At that point, one of Retreat Capital’s negotiation specialists contacts the borrower to present the available options. Once a resolution is reached, Retreat Capital handles all of the required paperwork and closing activities. For more information, visit www.retreatcapital.com or www.elliemae.com.
Lenders One announces contract renewal with Fannie Mae
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