Daily Mortgage News & Commentary

Oct. 23: Residential third-party provider news runs the gamut; Saturday Spotlight: PacRes Mortgage; Halloween humor begins

Do you think putting together a loan is tough? How ‘bout a giant skeleton in your front yard? This dedicated individual has documented the process of his spooky creations on Instructables. This will be super helpful for when you create a giant skeleton of your own next year, or pass this along to a new home owner that recently bought a home with your company’s help. Like Halloween, which comes along every year, historically most home buyers make the choice of where to buy based on affordability, amenities, and major life events such as a new job, growing family or older kids moving out. That changed during the pandemic, however, when demand boomed in more affordable urban areas as people in larger, more expensive metros were not willing to pay premium prices for proximity to amenities that were no longer available, like restaurants, museums, and theaters. Despite some concern that a pandemic-related mass exodus from metro areas was changing U.S. cities, cities are still very much alive and the housing market in some has even grown. Inventory continues to be a problem, making for a buying market with hyper-competitive conditions.

Saturday Spotlight: PacRes Mortgage, putting people over profit

­______________________________________________________________________

In 3-5 sentences, describe your company (when was it founded and why, what it does, and recent growth & plans for near-term future growth). 

PacRes founders Matt Stashin, Melissa Stashin, and Eric Wiley joined together in 2004 and built PacRes on a foundation of deep experience in mortgage banking and a philosophy of service to others, a passionate pursuit of employee success, and a willingness to trust that good things come back to those who do good. Sustaining and growing our business amidst some of the hardest times our country has ever experienced taught us resilience, tenacity, and purpose. Values that provide the keystones to our brand promise: Keeping a guardian mindset about our clients’ financial lives, so we can not only finance their homes, but build their financial future.

 

And it’s our values that make “Dreams Approved Daily” far more than a tagline. Monday to Friday—and often on the weekends— we work tirelessly to help people achieve personal and professional aspirations. Sometimes that’s starting a career at PacRes. Other times it’s getting into a first home. In all cases, we’re there to build trust, get results, and make dreams come true.

 

Tell us about what type of volunteer work employees are encouraged to engage in, or charities your company supports, and why. 

As a company we are committed to supporting kids in all aspects of their lives with a hyper-focus on child and youth development. That’s why we actively and aggressively support the Boys & Girls clubs and other programs around the country that engage youth within their communities, schools, and families, and enable all young people to reach their full potential. At the heart of our core values, is Serve. It is our social responsibility to live our values and help those in need, by using our time and resources to improve the lives of others and make their dreams come true too.

 

What does your company do to help elevate your employees’ growth? Describe any mentoring programs, outside classes or training, in-house training. How does the company help people develop?

Because Dreams Approved Daily applies not only to our clients but also our team, that must be the starting point to helping everyone on our team achieve the success in our industry that they desire. And that starts with the on-going training and development that is baked into our culture. A highly evolved on-boarding process, weekly business development meetings, and one-on-one training, coaching and mentoring sessions all lead to the personal growth our team members crave and clients rave about as they experience the 5-Star Service that emanates from these efforts.

 

Tell us how your company maintains its culture in a work-from-home environment, or how you plan on bringing employees back into the office, if applicable.

 

As a tremendously fast-growing national brand, the challenges brought on by the pandemic were magnified for us as we had to stay focused on each individual state’s protocols. We immediately implemented a work from home program that involved a significant IT infrastructure investment. In retrospect, that investment turned out to be a blessing in disguise as it prepared us for both our hyper-speed national growth and the reality that we can now offer many of our formerly local office staffed positions as permanently remote. What started as a health safety protocol has morphed into an employee benefit for the many that choose this lifestyle.

 

Things you are most proud of that don’t have to do with sales.

The team has really pulled together while working remotely and from home. People have learned to accept technology at a much higher rate than prior to Covid. And productivity is up. Most importantly, we’ve all learned from our team’s individual efforts just how much more efficient people can be with flexible schedules, dedicated group checkpoints, video conferencing vs. the old-fashioned conference call and proliferation of instant messaging. We’ve now got remote processors, underwriters, etc. spanning different time zones and working together in numbers we not only didn’t see in the past, but we also didn’t think was possible in the past. For us, distance has taught us new and better ways to communicate, and how to work as a team, even remotely, and still cross the finish line.

 

Fun fact about PacRes. 

It’s such a fun feeling to know that we have been approving dreams for so long that we now have many of our employees’ children, now young adults, joining our team! It just thrills us that those young bright minds who have observed Mom and Dad go off to work every day say, “I want to start my career at PacRes!”

(For more information on having your firm, employee growth, and your charitable side featured, contact Chrisman LLC’s Anjelica Nixt.)

Vendor nibbles

­______________________________________________________

Third-party providers to residential lenders do a lot more than make up company names with letters capitalized in the middle of them. Let’s take a random look at who’s doing what, especially given the large number of vendors at the MBA conference.

SimpleNexus rounded out its Nexus Closing eMortgage solution with DocMagic’s eVault and eNote technologies, a secure repository that provides lenders with the ability to access, manage and store eNotes and other electronic mortgage records on a short- or long-term basis. The integration enables fully digital loan closings creating multiple improvements and efficiencies. Lenders delivering loans to the secondary market will experience improved accuracy, security, and speed. The integration also enables automated generation of an eNote with a tamper-evident seal and delivers the eNote to a secure eVault for delivery to the MERS® eRegistry.

StoicLane, a long-term growth platform announced that its principals led a $175M strategic investment in Interfirst Mortgage Company, a tech-enabled mortgage originator through a special purpose vehicle with funds managed by Oaktree Capital Management. Interfirst aims to eliminate the upfront fees, cut interest cost, and decrease the complexity of a traditional mortgage by utilizing technology and artificial intelligence (AI). StoicLane’s strategic partnership is designed to accelerate growth, innovation, and technology advancement.

TitleEase, a title and settlement services franchise business, provides a simplified, streamlined and fully compliant path for mortgage professionals to own and operate a title agency without the burden and expense of building a platform from scratch.  A new franchisee was announced by TitleEase, a collaboration between Northwind Financial, a direct lender for private commercial real estate transactions and residential loans and CFSI Loan Management, one of the nation’s largest providers of construction loan risk management services to lenders and private clients. The new franchise is located in Grand Rapids, MI and will initially serve customers in Michigan, Colorado, Florida, and Georgia, with additional states scheduled to come online.

Wemlo,SM the first third-party mortgage processing solution with an all-in-one digital platform, announced the upcoming launch of an innovative new technology that aims to transform the mortgage brokerage industry. The wemlo Loan Brokering System℠ (LBS℠) is unlike other mortgage loan origination systems and software on the market. It’s the first purpose-built loan software that understands the specific needs of the broker business, compliance priorities, workflows and offers a built-in processing team. Wemlo’s LBS℠ planned all-inclusive pricing removes hidden costs, giving brokers everything needed to run their brokerage smoothly and efficiently, for a flat monthly or annual fee. Sign up now for exclusive sneak peeks of wemlo’s revolutionary Loan Brokering System and be the first to know when the technology goes live in January 2022.

Providing enterprise-class vendor management technology for forward-thinking mortgage organizations for more than a decade, ClearValue Consulting launched Property VeriPix™, a photographic validation and chain of custody technology that verifies the location, date and time of subject property photos provided by third parties. Property VeriPix helps weed out fraudulent activity and engenders greater trust between property inspectors, field agents and other third parties. Property VeriPix is available at no cost to users of ClearValue Consulting’s Acuity platform and also works in tandem with ClearValue’s Sluice mobile application, a best-in-class vendor communication and data harvesting management platform.

SimpleNexus debuted Nexus Pay powered by global payment technology provider

Global Payments (NYSE: GPN). Nexus Pay makes it easy for loan applicants to submit payments via credit card or ACH within the SimpleNexus app without human assistance, accelerating delivery of payments and creating process efficiencies for mortgage lenders. In-app push notifications alert applicants when they need to complete a payment task, and lenders can use the SimpleNexus admin portal to track payment history; view payment status on the borrower’s loan details page; and edit, void or refund payments if necessary.

Mortgage Cadence announced a new look and feel to its brand, paving the way for its New Platform and reflecting how its growing and evolving as its platform evolves. This new branding includes a new, more user-friendly website. Mortgage Cadence “delivers the industry’s most modern, complete, cloud based digital lending platform. Uniquely positioned to bring a full end-to-end single system, while still working at scale with a customizable and configurable, open architecture, the Mortgage Cadence Platform delivers an exceptional user experience throughout the entire lending lifecycle across all channels and products.”

Redwood Trust announced an investment in Canopy Financial Technology Partners, completed through Redwood’s RWT Horizons venture investment arm, which targets early and mid-stage companies transforming financial and real-estate technology. Canopy is a consumer finance due diligence and third-party review firm that leverages emerging technology to deliver services and solutions for the Residential and Business Purpose mortgage lending markets.

First American Docutech®, provider of document, eSign, eClose and print fulfillment technology for the mortgage industry, and member of the First American family of companies, announced that lenders using First American Docutech’s Solex® eClosing solution can now provide their customers the convenience and speed of digitally notarizing closing documents from anywhere through a direct integration with Notarize, an innovative leader in remote online notarization (RON). Find the full press release here.

Created to simplify and accelerate loan funding and disbursement, WFG Enterprise Solutions MyHome Funder Dashboard gives loan funders and closing personnel real-time insight into loan status as it progresses through closing funding. Access to a loan’s history, current status, and remaining milestones provides efficiency. Additionally, MyHome Funder Dashboard makes vital information available instantly, including notary name, location and signing time; access to the executed loan package and conditions immediately after the borrower signs; a balance figure (including all fees escrow believes the lender is withholding); and even recording information.

Rate Reset’s digital retention and acquisition platform called KNOCK KNOCK provides an automated process using patented technology that allows a borrower to Reset their loan in less than 90 seconds. Reset Mortgage is the pioneer solution used by some of the largest banks and credit unions for over 10 years, helping banks and credit unions retain over $47.8 billion in mortgages in 12 months. “Reset Mortgage has an 75% retention rate and does not require any back-office departments.”

On the outskirts of a small town, there was a big old pecan tree just inside the cemetery fence. One day, two boys filled up a bucketful of nuts and sat down by the tree, out of sight, and began dividing the nuts. “One for you, one for me, one for you, one for me,” said one boy.

Several dropped and rolled down toward the fence. Another boy came riding along the road on his bicycle. As he passed, he thought he heard voices from inside the cemetery, so he slowed down to investigate. Sure enough, he heard, “One for you, one for me, one for you, one for me…” He just knew what it was. He jumped back on his bike and rode off. Just around the bend he met an old man with a cane, hobbling along.

“Come here quick,” said the boy. “You won’t believe what I heard! Satan and the Lord are down at the cemetery dividing up the souls!”

The man replied, “Beat it kid, can’t you see it’s hard for me to walk.”

When the boy insisted though, the man hobbled slowly to the cemetery. Standing by the fence they heard, “One for you, one for me. One for you, one for me.”

The old man whispered, “Boy, you’ve been tellin’ me the truth. Let’s see if we can see the Lord!” Shaking with fear, they peered through the fence, yet were still unable to see anything. The old man and the boy gripped the wrought iron bars of the fence tighter and tighter as they tried to get a glimpse of the Lord. At last they heard, “One for you, one for me. That’s all. Now let’s go get those nuts by the fence and we’ll be done!”

They say the old man had the lead for a good half-mile before the kid on the bike passed him.

Visit www.robchrisman.com for more information on our industry partners, access archived commentaries, or to subscribe to the Daily Mortgage News and Commentary. If you’re interested, visit my periodic blog at the STRATMOR Group web site. The current blog is, “Grow Your Business But Don’t Step Over a Dollar to Save a Dime.” The Commentary’s podcast is live and at any place you obtain your podcasts (like Apple or Spotify).

qoɹ

(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes visit LenderNews. This newsletter is for sophisticated mortgage professionals only. There are no paid endorsements by me. For up-to-date mortgage news visit Mortgage News Daily. For archived commentaries, or to subscribe, go to www.robchrisman.com. Copyright 2021 Chrisman LLC. All rights reserved. Occasional paid job & product listings do appear. This report or any portion hereof may not be reprinted, sold, or redistributed without the written consent of Rob Chrisman.)