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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 8 June 2024 M T E C H vation, and customer-centric automation technology, Infrrd has launched a new platform designed to streamline pre-close and post-close auditing processes. Key functionalities of Infrrd's QC tool include: » Process loan packages for mortgage QC process » Classification, stacking, and extraction of key data points from the loan package » Config-driven detection and tracking of missing loan documents » Automated detection of data discrep- ancies across all loan documents and electronic files » CD Balancer for comparing data be- tween Lender CD, Title CD, and loan origination system (LOS) » Complete audit trail of user and im- ported data updates "We are eager to collaborate with ACES to deliver AI-powered solutions that address critical challenges in mortgage document processing and help deliver first-mover advantage for all AI trailblaz- ers in the mortgage industry," said Amit Jnagal, CEO of Infrrd. "Our new QC solution offers unparalleled capabilities to streamline auditing processes and ensure compliance, enabling mortgage compa- nies to enhance operational efficiency and mitigate compliance risks." DOWN PAYMENT RESOURCE JOINS ICE MORTGAGE TECHNOLOGY TO EMBED DOWN PAYMENT ASSISTANCE PROGRAM SUPPORT D own Payment Resource (DPR) announced a new integration using the latest API framework from Intercontinental Exchange (ICE) for mortgage technology. Available via the Encompass Partner Connect API Platform, the integration makes it easier for lenders to support homebuyers with the nation's 2,300-plus down payment assistance (DPA) programs. DPR's integration with Encompass embeds support for DPA programs directly into core loan production systems, arming lending staff with the information they need to confidently deliver DPA. Borrowers are automatically matched with eligible company approved DPA programs based on declarations and loan applica- tion data. LOs are presented with program information, such as benefit amounts and eligibility requirements, so they can advise borrowers on their DPA options and guide them through program-specific processes. DPA program selection is automatically communicated downstream to underwrit- ers by translating program requirements into importable loan conditions, making them easier to manage. According to DPR's Q1 2024 HPI report, there are 2,373 homebuyer assis- tance programs available nationwide. All 3,143 U.S. counties have at least one DPA program, more than 2,000 counties have 10 or more programs, and the average DPA benefit is $17,000. Using DPA can lower the loan amount for a more favorable debt-to-income ratio or provide cash to meet the necessary cash-to-close, helping more low-to-mod- erate income (LMI) borrowers qualify for a mortgage. A study conducted by Down Payment Resource and the Urban Insti- tute that examined the impact DPA could have had on buyers in the top 10 United States metropolitan statistical areas found that almost half (43.6%) of originated pur- chase mortgages were eligible for DPA. As far as loan types, 79.8% of FHA loans and 81.9% of USDA loans could have been eligible for DPA. Moreover, the study found that DPA could have potentially salvaged 30.7% of denied applicants—a gap that affects a significant portion of LMI and minority applicants. Increasing pull-through not "Unfortunately, most loan officers don't pursue DPA on behalf of their clients because they don't know about existing programs or are hesitant to try something unfamiliar." —Rob Chrane, Founder and CEO, Down Payment Resource