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The Industry Pulse: Updates on Black Knight, Ginnie Mae, and More …

From new appointments to new milestones, get the latest information on the industry in this weekly update.

Florida-based Black Knight, Inc. announced that Fannie Mae has signed an agreement to continue its use of the Default Management Reporting System (DMRS). Developed by Fannie Mae and Black Knight, DMRS provides an online tool where servicers and the attorney firms they work with can report foreclosure and bankruptcy milestone events that occur on Fannie Mae loans. The tool is designed to make processes more efficient through the standardization of industry terminology, data transparency, and a reduction in investor data requests. The DMRS technology aggregates and links servicer and attorney data then evaluates it to identify process and timeline discrepancies. Servicers and attorneys are notified of any discrepancies, so they can take appropriate corrective action. This centralized data-reporting tool is used throughout the bankruptcy and foreclosure process and offers an easy-to-use interface for data submission and monitoring.

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The MPF Program recently surpassed $1 billion in mortgage-backed securities (MBS) issued. The MPF Government MBS product was the result of a partnership forged by the Federal Home Loan Bank of Chicago and Ginnie Mae to issue securities guaranteed by Ginnie Mae and backed by mortgages originated by FHLB member financial institutions. The product provides mortgage lenders, particularly smaller institutions, direct access to the secondary mortgage market, and more options when creating mortgage products for their home-buying customers. The MPF Government MBS product was initially made available only to eligible participating members of the Federal Home Loan Bank of Chicago and has now expanded to six Federal Home Loan Banks that can now offer the MPF Government MBS product to their members.

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Coppell, Texas-headquartered Caliber Home Loans, Inc. (Caliber), has announced the launch of a new mobile platform. Featuring three mobile phone apps customized for three user groups–borrowers, the Caliber sales force, and their business associates–all users receive real-time information and the ability to respond from virtually anywhere. Caliber processes data from all three apps on the back end, which enables efficient and effective communication across the loan process. “We customized each of these new mobile apps to provide user-friendly access to all touchpoints in the mortgage system,” said Sanjiv Das, CEO, Caliber. “This greatly increases the efficiency of the process and will help us close loans even faster. We’re well-aware that today’s consumers prefer to manage their finances via cell phone whenever possible.”

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A federal jury in Texas has awarded HouseCanary, a provider of real estate valuation and assessment tools, $706.2 million in its breach of contract and trade secret misappropriation case with Title Source, an affiliate of Quicken Loans, now known as AMROCK, Inc. Trial litigation firm Susman Godfrey secured the jury verdict for HouseCanary in the misappropriation of trade secret and breach of contract case related to HouseCanary’s technology for valuation, appraisal, and real estate analytics. At the conclusion of the six-week trial, a 12-person jury found unanimously in favor of HouseCanary, on counterclaims in this high-stakes legal battle.

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LenderLive Holdings Inc., a mortgage services provider based in Denver, has announced that Ian Morgan has been promoted to Chief Information Security Officer (CISO). In this role, Morgan will be responsible for the confidentiality, integrity, and availability of the company’s information assets, partnering with LenderLive’s business lines to strengthen existing security controls, setting the strategic direction of information security at LenderLive and adhering to regulatory requirements. He will report to Lorie Helms, Chief Information Officer (CIO). Morgan joined LenderLive in September 2010. Throughout his career with LenderLive, he has held positions of increasing management responsibility within the organization. Most recently, Mr. Morgan served as vice president, Technology Solutions, where he guided the build-out of the company’s workflow system, strengthened the company’s eSign, eMortgage, and document imaging platforms, and strove to secure business systems by meeting comprehensive audit requirements.

About Author: Radhika Ojha

Radhika Ojha, Online Editor at the Five Star Institute, is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Dallas, Texas. She can be reached at Radhika.Ojha@DSNews.com.
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