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The Industry Pulse: Updates on ClosingCorp, Nationwide, and More

From new features and key hires to updated technology, click through to learn the latest industry buzz.

ClosingCorp, a provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, recently announced that it will provide Natural Disaster Alerts to SmartFees users.

In the event of a natural disaster, such as a hurricane, tornado or wildfire, lenders using SmartFees, will receive an alert listing all properties in the affected area with mortgage applications pending. The alert will also provide a score of “Low,” “Moderate,” or “Severe” based on proximity to the disaster to help lenders understand a property’s potential risk and the need for additional quality control reviews, such as a new inspection or appraisal, before the loan can be approved and closed. Early warning of potential problems will prevent significant delays or deals from falling through.

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John Carter has been named as the President and COO-elect of Nationwide's financial services business lines, effective immediately.

Carter succeeds Kirt Walker, who will become Nationwide's next CEO, in October. Reporting to Walker, Carter will oversee the company's retirement plans, life insurance (individual, business and corporate-owned), annuities, and mutual funds business operations.

"John brings more than 30 years of financial services industry experience to this role," Walker said. "Throughout his career, he has demonstrated outstanding leadership, both in terms of results and people. John is a strong advocate for the retirement security of America's workers—helping them prepare for and live in retirement. We look forward to achieving continued success under his guidance."

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Black Knight, Inc., a provider of integrated software, data, and analytics to the mortgage and real estate industries, announced the completion of an independent analysis of the real-world impact of the company’s artificial intelligence (AI) solution, AIVA.

Using actual findings from the operations of a top 50 lender in Q4 2018, MarketWise Advisors, LLC—a management consulting firm focused on technology in the financial services industry—found that using AIVA can significantly drive down the cost of mortgage originations.

The study identified a savings of up to $437 per originated loan, with the cost impact continuing to grow significantly as AIVA’s machine learning and unique pattern recognition capabilities mature to include more skills.

“Through the independent analysis of an unbiased third party, we have been able to show that lenders can expect to see significant savings by incorporating AIVA into their origination process,” said Anthony Jabbour, CEO of Florida-based Black Knight. “Leveraging AIVA results in significant cost savings, provides the ability to redirect tens of thousands of man hours to items more focused on satisfying customers and produces a return on investment nearing 500%.”

About Author: Seth Welborn

Seth Welborn is a Staff Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer.
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