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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 8 February 2024 M T E C H Snapdocs' open API enables a secure stream of data from Snapdocs' eClosing platform into LenderLogix. This allows lenders to receive closing updates in real-time, reducing the time and costs of these otherwise manual processes and increasing overall lender efficiency. "We believe in slick technology that gives lenders a competitive edge, regard- less of organizational size. Our partnership with Snapdocs enables lenders to better compete without the bulk of adopting an entirely new tech stack," said Patrick O'Brien, CEO of LenderLogix. "By auto- mating manual processes and providing greater control over borrower authenti- cations, lenders can offer homebuyers a simple yet amazing closing experience." DARK MATTER TECHNOLOGIES ANNOUNCES NEW WORKFLOW IN THE EMPOWER LOAN ORIGINATION SYSTEM D ark Matter Technologies (Dark Matter) has announced the availability of a new, automated workflow in the Empower® loan origi- nation system (LOS). This will make it easier for lenders to identify and qualify loan applicants who could benefit from an evaluation of their positive rent pay- ment history. Developed in partnership with Infor- mative Research utilizing the positive rent payment history enhancement in Fannie Mae's Desktop Underwriter® (DU®), the workflow in the Empower LOS is config- ured to allow lenders to improve pull- through for borrowers who have a history of consecutive rent payments. Fannie Mae's positive rent payment history enhancement was introduced to promote equitable and sustainable homeownership among renters with limited credit histories. By leveraging 12-month asset verification reports furnished by authorized providers such as Informative Research's AccountChek® and by using an integrated LOS such as Empower, lenders can harness Fannie Mae's DU® automated underwriting system to consider positive rent payment data when assessing the creditworthiness of certain first-time homebuyers. According to Fannie Mae, as of Q4 2023, 5,600 mortgage applications have benefited from the borrower's positive rent payment history by being deemed approve-eligible. Some 41% of applicants who benefitted identified as Black, Lati- no, or Hispanic. "Using positive rent payment history in credit evaluations is one of several ways Fannie Mae is improving access to afford- able homeownership that supports our commitment to our mission and strong credit underwriting standards," said Peter Skarnulis, Fannie Mae VP of Single-Fam- ily Digital Management Solutions. "This new workflow makes it more practical for lenders to take advantage of this feature, which can help more first-time homebuy- ers qualify for a home loan." The Empower LOS makes it easy for lenders to consider a borrower's positive rent payment history early in the loan process using business-friendly config- urations rather than code. Here's how it works behind the scenes: When a loan application is submit- ted to DU through Borrower Digital (or another front-end application integrated with the Empower LOS) and does not initially receive an approve-eligible recommendation, DU® will determine whether rent payment data could pro- vide a more favorable recommendation. If the DU® findings recommend evaluating the applicant's rent payment history, the automated engine within the Empower® system will suggest obtain- ing a 12-month asset verification report through AccountChek. The Empower LOS will play the role of the conductor, ensuring the consumer-permissioned asset data gathered from AccountChek is routed for resubmission to DU® in the process as identified by the originator. By automating an additional op- portunity for borrowers to receive loan approval and move forward, Dark Matter and Informative Research are contrib- uting to Fannie Mae's ongoing efforts to help more renters realize their dream of homeownership. "This is a prime use case of how busi- ness process automation can create value not only for lenders but for borrowers as well," said Rich Gagliano, CEO of Dark Matter Technologies. "Our task-based orchestration engine allows lenders to improve pull-through for borrowers with nontraditional credit references without burdening loan officers or processors." "Enhancements to lender workflow that make innovative and equitable solu- tions practicable are a huge step toward making meaningful change," said Craig Leabig, Informative Research SVP of Mar- keting and Product. "Our goal is to blend technology with business process and veri- fication products to improve outcomes." COLONIAL SAVINGS TO LAUNCH NEW SERVICING ECOSYSTEM C olonial Savings, F.A., has an- nounced plans to launch a new mortgage servicing ecosystem on March 1. Colonial will launch many enhanced, customer-focused servicing solutions, in- cluding ICE Mortgage Technology's MSP loan servicing system and its Servicing Digital and Customer Service tools. "Colonial continues to be at the fore- front of the mortgage servicing industry, integrating industry-leading technology with Colonial's commitment to excellence and award-winning customer service," said Dave Motley, President of Colonial Savings, F.A. "We are thrilled to offer our customers an enhanced mortgage servic- ing experience made possible by working with ICE Mortgage Technology." Colonial will be leveraging multiple, new technology solutions: » MSP: a comprehensive, end-to-end loan servicing system that supports the entire mortgage servicing life cycle. » Servicing Digital: gives homeown- ers convenient, interactive access to personalized information about their mortgage and home; they can manage mortgage payments, view escrow and