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Vaultedge newsletter: How BSI Financial automated loan/MSR boarding

Vaultedge newsletter: How BSI Financial automated loan/MSR boarding
By Murali from Vaultedge • Issue #25 • View online
Dear Friends, Colleagues & Customers:
  • First of all, Happy Independence Day. Last year it was a subdued affair. Now with about 150 Mn Americans vaccinated, the holiday looks more like it used to: fireworks, family gatherings, barbecues and more. Hope you all had a great time with your family & friends.
  • We are happy to share a wonderful success story. We released a case study on how BSI Financial, one of the fastest growing mortgage servicers in the country automated loan boarding using Vaultedge Mortgage Automation software.
  • It is not often that a customer comes out in the open and says that a piece of software is helping them board loans with more than 99% accuracy, while boarding at a pace of more than 1000 loans per day. Read the full story here.
  • At Vaultedge, we are fortunate to work with many customers like BSI Financial in helping them figure out how they can use technology to not only improve their operations but also to make life easy for their loan processors, underwriters, closers etc. We summarised our learnings from our work in this MBA NewsLink article here. Would love to hear your take on it.
  • We have been talking about the mortgages coming out of forbearance and the implications for lenders and servicers for many weeks now. CFPB has released the COVID-19 mortgage servicing final rule with an effective date of August 31, 2021, effective date. If you are a lender or a service, you will ignore this at your own risk. The final rule contains four components: a) Moratorium on new foreclosure actions through December 31, 2021; b) Exception to the anti-evasion clause for certain COVID-19 modification options; c) New early intervention communication requirements; and d) Clarification on the reasonable diligence standard for borrowers in forbearance. It is important to understand the full rule and ensure compliance.
  • 2021 is sure turning out to be very different for the mortgage industry compared to 2020. If you needed any more evidence that you already had, you got it now. Mortgage application volume neared a 18-month low last week. High time for you to look at your operation / cost metrics more closely.
  • Banks have been losing market share to nonbanks for a long time. Nonbanks issued more than two-thirds of mortgages in 2020, their highest market share on record. If you are in the mortgage division of a bank and this doesn’t worry you, then well.. :)
  • Blend Labs filed for a $100M placeholder IPO with Goldman Sachs leading the offering. It is a placeholder IPO, which means the actual money raised could be much higher than $100 Mn. Blend raised private money in January this year at a $3.3 Bn valuation and the IPO is expected to value the company at 2X to 3X that value i.e. $6.6 to $10 Bn. To put that in perspective, Blackknight is valued at $12.4 Bn and Rocket (Quicken) is valued at $37 Bn.
  • Finally, in this week’s episode of Mortgage Vault Podcast, we spoke to Patty Arvielo, Co-Founder & President of New American Funding. Patty’s inspiring journey in the mortgage industry started when she was just sixteen. She worked in various capacities from underwriting to processing before co-founding & growing New American Funding. Being a Latina herself, Patty took a hands-on, bottom up approach in understanding & solving the homeownership problems for the Hispanic community members in the country. Listen to the full podcast here.
Happy Independence Day!

BSI Financial Services partners with Vaultedge to automate MSR boarding
How BSI Financial used automation to gain Speed and Accuracy
Reducing Loan Defect Risks with Mortgage Document Automation - MBA Newslink
Detailed Breakdown of the CFPB’s COVID-19 Mortgage Servicing Final Rule
Mortgage servicers brace for fallout as Covid bailout comes to an end
Mortgage Application Volume Nears 18-Month Low
Nonbank Lenders Are Dominating the Mortgage Market - WSJ
‎Mortgage Vault Podcast: Driving impact in minority lending, women empowerment & culture of mentorship: with Patty Arvielo, Co-Founder & President at New American Funding on Apple Podcasts
In pictures: Americans celebrate the Fourth of July
Happy Independence Day. Image credit - Getty Images.
Happy Independence Day. Image credit - Getty Images.
Did you enjoy this issue?
Murali from Vaultedge

I write about the future of mortgages, real estate and automation.

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