Roostify has launched the Roostify Document Intelligence (RDI) Service for lenders to instantly process and contextualize mortgage-related documents. RDI uses machine learning, developed in partnership with Google Cloud, to instantly process documents required for mortgage underwriting and deliver relevant data as needed to streamline the rest of the lending process. The service has three main capabilities: document classification, data extraction, and data validation. RDI is currently able to process more than 25 of the most common borrower-provided documents (including pay stubs, asset statements and tax forms), and is scheduled to have “upwards of 50 mortgage document types” covered by the end of the year, according to the company.
CoreLogic has announced the completion of its acquisition of all outstanding shares of ClosingCorp. ClosingCorp will continue to be led by Bob Jennings and remain headquartered in San Diego. The ClosingCorp team will join CoreLogic’s BUY segment, which includes various solutions focused on the origination of home loans.
Rocket Pro TPO has announced several initiatives aimed at assisting independent mortgage brokers, including the launch of a new Rocket TPO Client Portal where brokers’ clients can upload and eSign mortgage documents. Brokers, according to a statement from Rocket, will be able to add and customize their own branding on the portal, which will see an onboarding program that will add more partners each week before a full-scale national launch in December. The company is also launching a customizable “marketing hub” within the portal, where brokers can create marketing materials or consult a learning center that offers marketing advice and training. Additionally, Rocket has added upgrades to its Rocket Connect tool through which brokers communicate with Rocket Pro TPO underwriters. The company has committed to a two-hour response window for Rocket Connect inquiries and has added the ability for brokers to immediately escalate inquiries to Operations leaders. Those changes are now live in the broker portal.
Wemlo has announced the upcoming launch of its new Loan Brokering System (LBS), which, according to the company, “was developed to empower mortgage loan brokers with purpose-built loan software that understands the specifics of their business, compliance priorities and workflows.” Built specifically for the broker channel, LBS includes enhanced Automated Underwriting System (AUS) feedback, which provides suggestions for resolving common loan structuring challenges; a simple borrower portal that allows borrowers to track the status of their loan in real time; and in-platform communication options to keep brokers, loan processors, title companies, real estate agents and borrowers in close contact.
ICE Mortgage Technology has announced that its subsidiary, MERSCORP Holdings, Inc., is expanding its capabilities to include secure storage of Remote Online Notarization (RON) videos for lenders, investors and servicers. The MERS RON video storage solution will provide a secure way to store, provide access to, and retrieve copies of RON video recordings for notaries, RON platform providers, and authorized parties during post-closing review, loan purchase as well as downstream events such as foreclosure. The initial release of expanded RON video storage is scheduled for the end of the year, with further upgrades, including validation and custom storage durations, planned for 2022. Additionally, the company announced that its Encompass eClose platform is expanding its capabilities to include full eNote and eVault functionality.
