heard street ON THE
Our Heard on the Street column is a chronicle of events, changes and passages in the lives of the people and companies shaping the mortgage industry.
Global DMS Integrates Its Software With DataQuick
assignment, tracking, reviews, delivery and reporting.
Maverick Funding Approved as a Ginnie Global DMS has announced that its val- Mae Lender
AUGUST 2013 n Oregon Mortgage Professional Magazine n
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uation management software is integrated with DataQuick. The integration taps DataQuick’s Collateral Validation (CV) analytics to render accurate valuations by utilizing in-depth area-based metrics, trending and other important factors that are not typically taken into account when underwriting loans. DataQuick’s CV solution enhances the confirmation of property valuations by ensuring that specific values fall within acceptable ranges, which involves the use of key data elements that provide added market intelligence. This includes analyzing and making use of public data sources such as multiple listing service (MLS) data, industry-leading automated valuation models (AVMs), neighborhood-level house price indexes (HPIs), inventory and sales trends metrics, foreclosure data, various housing analytics, and other relevant data elements. The results of the data is interpreted into meaningful information and then incorporated into Global DMS’ valuation determination, thus producing a highly accurate, quality appraisal. “As the uses for property data expand from origination to servicing, lenders and servicers are leveraging a greater number of tools to validate collateral,” said Vladimir Bien-Aime, president and CEO of Global DMS. “Incorporating DataQuick’s solution into our valuations offering such as automated review products and hybrid valuations that combine manual appraisal know-how and data analytics allows us to provide unique solutions that are immediately available to our growing customer base.” Global DMS’ valuation management eTrac Enterprise platform enables organizations to cost effectively and compliantly manage the entire appraisal management process from vendor management to appraisal ordering,
Maverick Funding Corporation has announced that it has been approved as a Ginnie Maeapproved lender. The Ginnie Mae approval comes at a pivotal time for Maverick with a newlyopened 18,000-sq. ft. operating center allowing Maverick employees to service the expected increased client base. The center is fully staffed and trained with enthusiastic employees who are excited to assist those attracted to this new platform. Maverick clients can expect to see rates drop making loan prices even more competitive, all within the company’s core guidelines. “I am excited about the prospects of this new opportunity and confident that Maverick will continue to prosper,” said Maverick CEO Ralph Vitiello. As a newly coined Ginnie Mae lender, Maverick Funding has just made housing more affordable by acquiring better prices in the secondary mortgage market further availing an increase in mortgage loans. “The Maverick team will seize this milestone to continue to make Maverick a leading force in the industry,” said President Maverick Funding Michael Petruccelli.
Flagstar to Begin Outsourcing Mortgage Servicing Flagstar Bancorp Inc. has announced its plan to shift the focus of its mortgage servicing business to performing servicing assets.
Flagstar has made the decision to outsource its non-core default servicing business, which represents less than four percent of its overall servicing book, to a recognized servicer that specializes in this area. This is part of Flagstar’s ongoing strategy to deliver improving performance while maintaining its commitment to its national mortgage business and community banking in Michigan. Part of this strategy is to diversify earnings through the growth of Flagstar’s performing mortgage servicing franchise. This transition to a recognized specialty servicer is expected to occur by the end of the third quarter. “Improving company-wide efficiency and carefully managing expenses is consistent with our plan to build longterm shareholder value,” said Sandro DiNello, president and CEO of Flagstar. “By focusing our mortgage servicing business on core, performing mortgages, we seek to enhance Flagstar’s profitability and be even better positioned to serve our clients and capitalize on value-enhancing opportunities. Further, this action will better position our servicing department for long-term growth. We remain deeply committed to our community banking in Michigan and our mortgage origination and servicing, and look forward to continuing to meet and exceed the needs of our clients and communities.” While Flagstar will work to redeploy as many employees as possible to other parts of the company, this outsourcing arrangement is expected to affect approximately 300 positions in the non-performing mortgage servicing business. Flagstar is committed to providing transition support to all employees impacted by this arrangement. By outsourcing the default servicing business, Flagstar expects to realize significant cost savings.
Mortgage Master Generates Record Volume
Mortgage Master announced it generated record production volume of $3.97 billion for the first six months of 2013, compared to $3.25 billion in the same period in 2012. In 2012, Mortgage Master increased its originations to a record $7.3 billion, from $5.5 billion in 2011. Mortgage Master, which was the leader in Massachusetts in terms of residential loan production for the full year 2012 (bank or mortgage banker), maintained the number one position in Massachusetts for the first half of 2013, according to data compiled by The Warren Group. For the first six months of 2013, Mortgage Master’s Massachusetts production was $2.17 billion. “Our model of providing the best possible pricing and service to borrowers, and the commitment of our talented employees, have been the driving force behind our success over the last 25 years,” said Paul Anastos, president of Mortgage Master. “As we expand and leverage our successful model across the U.S., we continue to hire quality loan officers looking to join a lender that is committed to helping borrowers find the right mortgage solution.”
Total Mortgage Named Official Mortgage Services Provider for Yale Athletics
Total Yale have ship
Mortgage Services LLC and the University Athletics Department announced a corporate partnerjoining the two institutions as
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