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The Industry Pulse: Updates on Auction.com, Radian, and More

The Industry Pulse

From record sales and new partnerships to new technology, get the latest buzz on the industry in this weekly update.

Auction.com has said that their team has driven $39 billion in national sales. Over the past 10 years, Auction.com’s brand has become synonymous with digital innovation and client service in the real estate industry, the company said in a statement. Auction.com connects buyers and sellers by making it possible to transact foreclosure, CWCOT and REO sales online. "Most observers attribute Auction.com’s success to industry-leading marketing and innovative technologies, but that’s only part of our story," said Jason Allnutt, General Manager, Auction.com. "Auction.com created the foreclosure auction market in 2011. Since then we’ve invested hundreds of millions of dollars in technology and marketing support to grow the auction marketplace. But, we believe that our investment in human capital and commitment to an unmatched local footprint of highly skilled field teams is one of the reasons we are the only full-service auction provider." Today, the company covers live auctions in more than 3,100 counties with the support of over 600 skilled and dedicated Auction.com employees.

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Cloudvirga, a provider of digital mortgage point-of-sale (POS) software whose enterprise technology is powered by the Mortgage Platform, has partnered with Radian Guaranty, a subsidiary of Radian Group, to deliver instant and accurate mortgage insurance (MI) rate quotes and streamline the ordering of MI certificates for lenders. “Radian’s partnership with Cloudvirga is a testament of our commitment to making it easier for our customers to do business with us,” said Brien McMahon, CFO, Radian. “With this integration, customers can obtain accurate Radian MI rate quotes with greater speed and efficiency and continue to focus on their business.” The advanced integration with Cloudvirga delivers Radian’s MI pricing in high speed, without the need for lenders to rekey data or leaveCloudvirga’s Consumer POS or Enterprise POS systems. “Our focus is on helping lenders perfect the process of manufacturing loans, so they can turn applicants into homeowners faster and more cost-efficiently than ever before,” said Kyle Kamrooz, Co-founder of Cloudvirga.

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ALAW, a creditors’ rights law firm which provides default, litigation, collection, title, and closing services to the mortgage banking industry, has announced its merger with Cleveland, Ohio based creditors’ rights law firm Felty and Lembright Co., L.P.A. Current Felty and Lembright Partners Kriss Felty, Mark Lembright, and Antonio Scarlato, will remain as partners of the combined entity, which will serve clients as Albertelli Law Partners of Ohio, LLC. This acquisition further expands ALAW’s growing default services footprint, which will now include Alabama, Arkansas, Florida, Georgia, North Carolina, Ohio, South Carolina, Tennessee, Texas, and the U.S. Virgin Islands. “We are thrilled to welcome Felty and Lembright to the ALAW family,” said Jim Albertelli, Founding Partner at ALAW. “They have built a tremendous practice and have a tremendous industry reputation based on the highest standards of excellence and integrity.”

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Global risk and information solutions provider, TransUnion, is partnering with EXL, an operations management, and analytics company to create a turnkey current expected credit loss (CECL) solution. The new technology solution will allow lenders to seamlessly comply with the new CECL accounting rule. Through the partnership, TransUnion is creating a CECL Credit Loss CalculatorSM to provide lenders with a turnkey solution to calculate loss forecasts in compliance with CECL. The product is an intuitive, easy-to-use platform that adheres to all estimation and reporting guidelines on CECL, TransUnion said in a statement. Issued by the Financial Accounting Standards Board (FASB), CECL will change the methodology used by financial institutions in calculating the allowance for loan losses. The rule is applicable to all lenders and goes into effect in 2020 for SEC filers and 2021 for non-SEC filers.

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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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