Prominent mortgage executives gathered digitally to see who the Executive Team of PROGRESS in Lending named the top industry innovations of the past year at the 12th Annual Innovations Awards Event. This honor is the Gold Seal when it comes to recognizing true industry innovation. All applications were scored on a weighted scale. We looked for the innovation’s overall industry significance, the originality of the innovation, the positive change the innovation made possible, the intangible efficiencies gained as a result of the innovation, and the hard cost and time savings that the innovation enables industry participants to achieve. The innovations award winners in alphabetical order are:
PROGRESS in Lending is proud to give Awesome Technologies Inc. (ATI) our Innovations Award. ATI is highly sought after for software development, data insights, integrations, managed services and operational excellence in mortgage lending. ATI’s state-of-the-art automation framework streamlines operations and maximizes capacity while reducing costs. Specifically, mortgage companies will get multiple advantages by using ATI’s automation technology, which was created just for the mortgage industry. ATI’s automation solutions are being used by small to mid-level mortgage companies alike. As soon as the ATI solutions is implemented it automatically improves the process on which it is implemented by adding efficiency, requiring no human interaction, increasing accuracy and furthering process improvement.
PROGRESS in Lending is proud to give Brimma our Innovations Award. This innovation could have a monumental impact on the industry as end-to-end task management is facilitated and monitored in real time. Imagine midsized lenders being able to compete against Guild, Quicken or United Wholesale. Imagine top 50 lenders being able to reduce loan manufacturing costs by 50% as productivity doubles and triples, manual error rates shrink and overtime capacity becomes null and void. The Brimma solution delivers a “Workflow Wrapper” that acts as the connective tissue creating seamless bi-directional communication and real time transaction execution and management. As a lender connects more systems to this “Workflow Wrapper” a Process Autobahn is created that facilitates, monitors and meters all loan manufacturing tasks across a lender’s enterprise.
PROGRESS in Lending is proud to give Candor our Innovations Award. Candor Technology’s Loan Engineering System is in a category all its own called Mortgage Decision Sciences Technology. What does that mean you might ask? It’s the first of its kind machine to automate the costliest and most time-consuming portion of origination: the credit and information risk assessment conducted by underwriters. With the power to automate the intellect and judgement required to make underwriting decisions, lenders can consistently originate high-quality, high-margin mortgage loans. With Candor Technology, lenders get the velocity to scale to meet any market cycle demand with no change in personnel. Candor is the only mortgage technology solution that offers Autonomous Intelligence, which most closely aligns with people’s perception of AI.
PROGRESS in Lending is proud to give CreditXpert our Innovations Award. CreditXpert’s Credit Potential Index is the mortgage industry’s first monthly measure of the addressable mortgage market from a credit perspective. Through the Index, lenders get a picture of what the broader applicant pool would look like if consumers took 30 days to focus on their credit score, either before starting their mortgage application or while their mortgage application works its way through the origination cycle. The Index is grounded in data from more than 26 million credit reports CreditXpert analyzes each year. In analyzing a credit report, the company’s proprietary predictive analytics platform accurately identifies the 30-day improvement potential and generates a detailed plan for achieving the target score.
PROGRESS in Lending is proud to give Global DMS our Innovations Award. EVO®, from Global DMS, is a state-of-the-art appraisal management technology for residential and commercial real estate lenders. EVO was designed to streamline the appraisal experience with a configurable workflow design that automates 100% of routine tasks, alerts you along the way, and gives you powerful reports to make timely decisions. EVO is the only platform on the market with total customizations, out of the box, without IT development intervention. Additionally, it’s the only platform on the market that includes voice-control technology via Amazon’s Alexa, allowing mortgage lenders, AMCs, and appraisers to securely access key functionality and up-to-the-minute information of their entire appraisal pipeline with nothing more than their voice!
PROGRESS in Lending is proud to give Insellerate our Innovations Award. Having a consistent digital experience for consumers is no longer a nice to have, but a business imperative moving forward. Lenders need to rethink their current tech stack (outdated tools) to make that a reality. To address these market conditions, Insellerate introduced its Data IE and Customer for Life solutions to assist lenders. This groundbreaking solution radically transforms the borrower experience by delivering the right message at the right time during the borrower journey by leveraging data insights. This powerful and much needed solution allows lenders to better serve their prospective and current customers by turning their borrower data into actionable insights and intelligent engagement. This significantly lowers customer acquisition costs, enhances borrower experiences and creates customers for life.
PROGRESS in Lending is proud to give LoanLogics our Innovations Award. To enable greater speed, efficiency and accuracy in mortgage servicing rights (MSR) transfers, LoanLogics in April launched Loan Logics IDEA for MSR Transfer, which creates a standardized, repeatable process for ingesting portfolios of loans at scale. Using the company’s unique machine learning-based automated document recognition (ADR) technology and automated data extraction (ADE) tools, LoanLogics IDEA (Intelligent Data Extraction and Automation) for MSR Transfer validates the presence of critical documents that are most common in MSR exchanges, extracts critical data, manages document versioning and classification, configures documents into a predefined stacking order and naming convention, and packages everything into a standard output file.
PROGRESS in Lending is proud to give LoanNEX our Innovations Award. LoanNEX is the next-generation engine for products, pricing, and dynamic eligibility in the residential mortgage marketplace. LoanNEX makes discovery and decisions easy for all borrower types – including the more challenging Non-QM market. LoanNEX launched its Broker Marketplace in April 2021 which is the only marketplace where you can discover product options, collaborate with lending partners, and transact all on the same platform. In short, LoanNEX has combined a robust PPE with B2B collaboration, making navigating the complexities of Non-QM products both intuitive and accurate. The combination of access to market options inside a virtual deal desk gives brokers and lenders a streamlined way to work smarter together.
PROGRESS in Lending is proud to give Loanzify powered by LenderHomePage our Innovations Award. LenderHomePage has long believed in the promise of a holistic digital transformation for mortgage – that technology can significantly enhance efficiencies and improve the relationship between the originator, the borrower, the realtor partners, and all other stakeholders. To this end, LenderHomePage sought to fill the void with an innovative solution: a digital mortgage ecosystem. This concept is best exemplified in the most recent product launch, Loanzify. Loanzify is the modern originator’s epicenter for automating, mobilizing, and consolidating his origination workflow.
PROGRESS in Lending is proud to give WFG’s MyHome Funder Dashboard our Innovations Award. MyHome Funder Dashboard builds on the success of WFG’s MyHome portal and mobile app, which coordinate the roles of all parties involved in residential real estate transactions. Streamlining the closing process is key to delivering what lenders want: to deliver a faster, more secure mortgage process. By bringing all this information together in one place, MyHome Funder Dashboard eliminates redundant touchpoints and the potential for errors that can occur when funders are working a busy pipeline. MyHome Funder Dashboard gives mortgage lenders and closers instant insight into the history and status of every loan in their pipeline, along with the steps remaining to get to the closing table.
PROGRESS in Lending is proud to give Nexval our Innovations Award. The company’s ARC platform enables all stakeholders in the mortgage process to tackle the risk management with unprecedented speed, efficiency and transparency. ARC, which stands for Audit Risk and Compliance, provides an in-depth view of all aspects of managing risk, from audits to compliance, and helps reduce enterprise risk by intervening in real-time through a risk dashboard to address areas of the organization that are trending towards higher risk. By utilizing this integrated, workflow-enabled platform, all mortgage participants are empowered to obtain a complete view of risk management processes, mitigate risk in real-time, and ensure compliance. ARC is a gamechanger for an industry that’s been slow to implement technology that can mitigate risk as it happens.
PROGRESS in Lending is proud to give Planet Home Lending our Innovations Award. Planet’s Monetization Engine grew from a simple idea: you shouldn’t have to change your servicer when you change your mind about the best execution for an asset. It’s your investment. You should have the freedom to maximize your return while minimizing effort. Investors set an initial strategy for getting the most value from their portfolio. When markets move or portfolio performance changes, those strategies need to shift — and fast. Planet’s tactics and use of its Monetization Engine allow investors to seamlessly change their asset strategy at the loan level or portfolio level without the disruptive process of changing servicers.
PROGRESS in Lending is proud to give RES.NET our Innovations Award. RES.NET’s REO portal enables users/clients to manage the entire REO liquidation process, within a single ecosystem, optimizing communication, automating workflow to centralize data. Robust user-controlled reporting tools along with system capabilities such as tasking, messaging, document sharing and unlimited storage enables the clients to maintain direct oversight of their portfolios whether they manage the portfolios in-house or outsource them. This enhanced version of RES.NET’s Platform, specifically, the REO portal, has advanced features and functionality providing a more intuitive user experience that helps users more effectively manage an existing client base, while enabling them to prepare for future growth. Now, it also includes the ability to select task-based workflow.
PROGRESS in Lending is proud to give Tavant our Innovations Award. Tavant’s AI-powered Touchless Lending is reshaping the mortgage industry by giving lenders the tools they need to accelerate their loan manufacturing process and minimize origination costs. Touchless Lending focuses on the middle and back-office and helps lenders deliver the experience borrowers want by enabling faster e-closing and open communication channels. Loan officers, processors, and underwriters can use Touchless Lending’s optimized workflows to engage with data and make decisions faster instead of relying on physical documentation and manual data entry. The Touchless Lending platform integrates effortlessly with existing core systems. Over the last 12 months, Touchless Lending has increased revenue 250% from the previous year on customer growth of 200%. Lenders have used Touchless Lending services to help underwrite over 80 thousand loans in 2021.
PROGRESS in Lending is proud to give Xactus our Innovations Award. The company has created a proprietary credit reporting platform, Avantus, which enables lenders to customize formats based on their customers’ wants and needs. Though the mortgage industry has made significant strides in terms of introducing technological advances, its quest to have a truly digital mortgage has still not been fulfilled. However, the Avantus platform is helping to make that dream more of a reality. Avantus delivers all the credit reporting, verifications and settlement services lenders need to qualify borrowers, in one space, through its integration with the GSEs and credit bureaus, as well as any LOS platform or consumer-facing portals that lenders use, making their products and those offered by third parties more easily accessible.
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