new to market
Olrich, DRI’s founder and chief executive officer. “Fortunately, these technology tools servicers require have evolved greatly, culminating with this release of DRI Office.”
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more complicated for servicers,” said Fred Melgaard, DRI’s executive vice president. “DRI Office takes a huge burden off servicers by accelerating processes and keeping their most experienced people from getting bogged down.” DRI Office is the result of 25-plus years of experience with default management technology, and was engineered to solve real-world problems being faced every day by mortgage loan servicers. To achieve this next-generation level of productivity, workflow processes had to be built based on solid
domain expertise and with robust capabilities for servicer customization. Userdefined business rules and task automation had to be easily crafted to reflect preferred business practices among each servicer, whether handling primary loan service functions or highly niched ones such as those performed by specialty servicers. “Main servicing platforms were never designed to provide specialized default processes, and servicers need sophisticated capabilities to deal with defaults more than ever before,” said Duke
Essent Guaranty Announces New Clarity of Coverage Transparency Program Essent Guaranty Inc. has announced that its mortgage insurance (MI) coverage will be enhanced by Clarity of Coverage. Clarity of Coverage is an endorsement to the company’s new master policy that gives insured lenders and policy beneficiaries unprecedented confidence that mortgage insurance
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claims will be processed in a transparent manner and evaluated fairly. Clarity of Coverage reduces lenders’ exposure to MI claims being unfairly denied for immaterial misrepresentations, underwriting errors, and missing documents. Essent’s Clarity of Coverage is applicable to every loan the company insures for the life of the coverage. Fannie Mae and Freddie Mac have approved the Essent Master Policy with Clarity of Coverage endorsements for use in connection with loans sold to them. “We’ve listened to lenders’ concerns that they want to be confident that their mortgage insurance claims will be handled fairly and paid timely by Essent. Our fresh approach to doing business includes early identification of risk issues, an exceptionally strong capital base to stand behind our policies, and now Clarity of Coverage,” said Mark Casale, president and chief executive officer of Essent Guaranty. “By offering Clarity of Coverage as an endorsement to our master policy, we have made a binding commitment to fair practices in mortgage insurance. With Clarity of Coverage, lenders can be confident that the benefits of Essent insurance will be there when needed.”
United Mortgage Services Expands Its Offerings With New Collateral Valuation Report
APRIL 2011
VIRGINIA MORTGAGE PROFESSIONAL MAGAZINE
NationalMortgageProfessional.com
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United Mortgage Services (UMS) has announced that it will be offering its clients the new Collateral Valuation Report (CVR). The CVR, developed by Bradford Technologies, is a unique valuation product that is as accurate as a traditional appraisal, but can be produced quicker and at a lower cost. Expanding its service offerings to include the CVR allows United Mortgage Services’ franchise affiliates to further expand and diversify their client base, in addition to better meeting their existing clients’ on going needs of reducing risk and expediting overall process times. “Lenders are beginning to realize the financial risks of using real estate agents and brokers to provide property valuations,” said Mark Megehee, chief executive officer of UMS. “The CVR doesn’t carry those risks because it is performed by rigorously trained, independent, state-approved appraisers with thousands of hours of local experience. This product will be a big risk reducer for the lending community.” The CVR is a statistically supported property appraisal report that incorporates regression analytics. Up to 500 sales with a three-year sales history may be analyzed during this process. The report may only be completed by a licensed and trained appraiser using Bradford Technologies’ new computeraided appraisal software. The most recent version of the CVR, to be released in March, now includes an interior inspection option. It is a fully compliant with the Uniform Standards continued on page 39