unlimited usage pricing policy and the built-in automation needed for larger scale operations. All SureDocs clients, regardless of volume, have unlimited 24x7x365 phone support from a la mode’s headquarters in Oklahoma City, Okla. access to a large training library, and free online classes. Now SureDocs enterprise customers will gain even more services, including access to a personal account representative who will assist them with integration, training, and other needs unique to larger clients. “We’re excited to provide this new level of service to SureDocs enterprise customers,” said Adam Calvery, president of the a la mode’s mortgage services division. “We’re proud of our long standing reputation for excellent service and around the clock live expert help, and this new level of service is a natural evolution for our growing base of enterprise customers.” SureDocs is the document eSigning solution designed specifically for the mortgage lending industry, both in features and in pricing policies. Unlike error-prone solutions that require manual signature tagging, SureDocs recognizes disclosure forms and automatically places signature tags. This automation eliminates the wasted time associated with resending documents for additional signatures or initials. For more information, visit www.alamode.com/suredocs.
The system serves as an important tool for lenders by delivering timely and precise income data to confirm original verification information. “As repurchase activity and instances of fraud both continue to rise, exact documentation is essential in order for lenders to avoid excessive obligations or undisclosed mortgage debt,” said Janet Ford, senior vice president of The Work Number. “Point in Time offers a ‘retro’ income verification review that lends transparency to the underwriting efforts that were performed at the time of origination.” Point in Time uses a custom, automated workflow designed to capture and reuse employer data by tracking and documenting agent progress and findings.
WE
ARE
With permissible purpose, it can also access The Work Number’s unique employer database of current and historical payroll data for more rapid delivery. Point in Time presents a cost-effective method to quickly re-verify a borrower’s income at the point of loan funding without compromising data security. For more information, visit www.equifax.com.
Wipro Gallagher Solutions introduces loan processing outsourcing tool WiproGallagherSolutions (WGS), a provider of cost-effective, endto-end loan origination technology and fulfillment services for mortgage lenders, has combined its fully host-
REMN
ed and managed origination system, NetOxygen Cirrus, with its loan processing services to form a complete end-to-end loan fulfillment and servicing platform. This new business line enables lenders to focus their efforts on generating revenue, while using WGS to perform the loan fulfillment, loan sub-servicing and vendor management tasks. WGS’ new offering was designed to be a part of a long-term strategic solution for mortgage lenders as opposed to a temporary way to cut costs. Among other benefits, the outsourcing platform: Reduces operational costs; increases speed to market; and continued on page 46
WHOLESALE
The Work Number launches Point in Time service for retro income verification
At REMN, we understand that there’s nothing ordinary about focusing on what’s important: our customers. We recognize that continued lifeblood of our business. We believe that every application is precious and treat each file with the respect – and urgency – it deserves. Even better, at REMN, same-day approvals are guaranteed. We promise extraordinary service in an ordinary world.
Learn more at www.remnwholesale.com
Real Estate Mortgage Network, Inc. is located at 499 Thornall Street, Second Floor, Edison, NJ 08837. NMLS #6521. This information is for use by mortgage professionals only and should not be distributed to or used by consumers or third parties. Information is accurate as of date of printing and is subject to change without notice.
NOVEMBER 2010
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The Work Number, a service of Equifax, has announced the company’s newest product, Point in Time, a retro income verification service that validates and documents a borrower’s employment and income at the point of loan funding. Point In Time was created to respond to market demands for loan level documentation to investigate repurchases and mortgage insurance rescissions. According to Freddie Mac, a top underwriting deficiency seen in their Q1 2010 reviews of performing and non-performing loans is income misrepresentation, resulting from inaccurate or insufficient data and calculation errors at the time of loan origination. The volume of loans being returned for some type of data deficiency is significant. Through the second quarter 2010, Fitch estimates that the four largest U.S. banks have received $10.7 billion in pending repurchase requests from Fannie Mae and Freddie Mac alone. And, government-sponsored enterprises (GSEs) are requesting that defective mortgages be repurchased at a more rapid pace, which will put greater resource strain on lenders needing to prove underwriting due diligence. The Work Number developed Point in Time to help lenders, insurers and investors manage the increasing volume of unstable loans by automating and streamlining retro income verification for the quality assurance process.
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