Kinecta Federal Credit Union’s Wholesale Division Expands to Handle Midwest Brokers
Interthinx Announces MortgageFlex Systems to Integrate FraudGUARD and PredProtect Interthinx has announced the integration of the Interthinx FraudGUARD and PredProtect products into the MortgageFlex Residential Lending System (RLS.Net). Interthinx is a provider of risk mitigation solutions in the areas of mortgage fraud, collateral valuation, regulatory compliance, audit services and loss forecasting. MortgageFlex was founded 30 years ago to simplify loan origination and servicing for lenders. The integration provides joint Interthinx and MortgageFlex customers the ability to perform fraud prevention and risk mitigation tests on loans before approval and to verify that approved loans are in compliance with hundreds of federal and state antipredatory lending requirements, including the HOEPA Section 35 and Truth-In-Lending Act (TILA) and Mortgage Disclosure Improvement Act (MDIA) tolerances.
OpenClose and QuestSoft Partner for Compliance With Multi-State Exam LEF Submission QuestSoft, a provider of mortgage compliance software and services for lenders, has integrated its Compliance EAGLE platform with OpenClose’s loan origination software (LOS), LenderAssist, to automate the preparation and submission of loan data for the new state exam procedures. As lenders begin preparing for the new multi-state lending exams, the new QuestSoft/OpenClose partnership will significantly ease the pressures upon lenders to remain compliant. Administered jointly by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR), the multistate exams for state-charted lenders began in January, with most states rolling out the exams later this year. Part of the new exam continued on page 19
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NATIONAL MORTGAGE PROFESSIONAL MAGAZINE
LenderLive Network Announces Expansion of Its Servicing Division
www.windvestcorp.com
MARCH 2011
LenderLive Network Inc. has announced its expansion into private-labeled sub-servicing and specialty servicing. To manage the expanded loan servicing division, LenderLive has
“We’re very pleased to team with MortgageFlex to provide lenders an integrated FraudGUARD solution to minimize redundant work, reduce costly errors, close loans faster, provide secure data transmission for sensitive consumer information, and minimize losses due to fraud. In addition, the integration with PredProtect provides shared clients the ability to keep pace with the surge of new laws and increased enforcement by both regulators and investors,” said Mike Zwerner, senior vice president of Interthinx. Craig Bechtle, chief operating officer for MortgageFlex, said, “Delivering FraudGUARD and PredProtect via RLS.Net requires no mapping, no programming, and no additional integration costs for MortgageFlex customers. This is a major advantage for our customers.” For more information, visit www.interthinx.com or www.mortgageflex.com.
NationalMortgageProfessional.com
Kinecta Federal Credit Union has opened a Midwest Operations Center in Rosemont, Ill. as part of the credit union’s expansion of its wholesale mortgage lending division. The Manhattan Beach, Calif.based credit union has seen steady growth in its wholesale mortgage operation and to better serve its Midwest brokers, the new 20,000-sq.-ft. operations center will provide complete loan processing, underwriting, and funding services along with customer service for mortgage brokers. “Kinecta’s wholesale mortgage lending division has been a fairly recent development and its positive results to date have added value to our asset base, which benefits all of our credit union members,” said Brian Robinett, chief credit officer. Robinett was formerly the chief operating officer/chief credit and operations officer of the wholesale lending division at Countrywide. “In a challenging market, it is critical for us to provide exceptional service that meets the unique needs of our customers located in the central United States. This new center will do just that,” said Paul Perez, Midwest regional loan production manager. Currently operating in more than 17 states across the nation, Kinecta Federal Credit Union is a direct lender providing a range of fixed- and adjustable-rate mortgage (ARMs) for purchase or refinance. “We are fully staffed with mortgage professionals dedicated to this market, which makes it a win-win situation for Kinecta, our brokers and business partners,” said Jim Wojton, vice president of mortgage lending operations. For more information, visit www.loankinection.com.
tapped David Vida as its new chief strategy officer and executive vice president of loan servicing. The company operates through five divisions: Origination services, conduit services, settlement services, document preparation and loan servicing. For the past two years LenderLive has been a provider of component servicing solutions to servicers in the fulfillment of loan modifications and short sales. Through its expanded servicing division, LenderLive will offer traditional subservicing of performing assets, endto-end specialty servicing to help optimize the resolution of distressed assets and will continue to provide component servicing for loan modifications, short sales and real estate-owned (REO) asset management. Last year, the company was involved in 25 percent of all Home Affordable Modification Program (HAMP) loans in the country. Vida brings more than 20 years of experience in the mortgage industry to LenderLive. Most recently, he was the founder and chief executive officer of Acqura Loan Servicing and Strategic Recovery Group. He was also president and co-founder of City Mortgage Services and held senior roles at H&R Block Mortgage and Option One Mortgage Corporation. “We anticipate David’s level of
expertise and vast experience in servicing will help us tremendously with our expansion into loan servicing and his broader knowledge of the mortgage industry will help us align all of our services into a cohesive service offering,” said Rick Seehausen, chief executive officer of LenderLive. “For the past 11 years, LenderLive has produced a tremendous track record and garnered great respect in the financial services industry in delivering scalable, flexible and innovative solutions through its methodologies and proprietary technology,” Vida said. “We plan to further leverage the LenderLive platform and strategically integrate servicing into the company’s offerings and corporate culture.” For more information, visit www.lenderlive.com.