Home Point deploys Sapiens’ decision management platform  

The nation’s second-largest wholesale lender and the 13th largest correspondent lender,Home Point Financial has selected Sapiens Decision for Mortgage Banking as a strategic component of its mortgage management platform.

Operated by Sapiens Americas, a wholly owned subsidiary of global insurance fintech Sapiens International Corporation, the software fits Home Point’s demand for a business management solution that leverages existing information technology (IT) to scale, and lower lending costs.

Besides easy to integrate solutions, according to a statement, the multi-channel mortgage originator and servicer wanted to introduce “a common language between the business and IT domains,” to help Home Point’s 2,000 associates service loans more efficiently.  

“The speed by which we have needed to grow and manage change in the complex mortgage environment was a major factor in our selection of Sapiens Decision for Mortgage Banking,” said Phil Miller, chief operating officer at Home Point Financial. “Decision will provide the flexibility, efficiencies, and scalability needed to meet our company’s continued rapid growth.”

Sapiens Decision provides disruptive mortgage and financial services decision management technology and a patented methodology that empowers “citizen developer” and business users, “to author, manage, test, change and deploy to code the business logic that” make sense to their existing processes and systems. Users can make changes in hours or days.

In addition, said Harold Westervelt, managing director of Sapiens Decision, “We were the only vendor that offered Home Point Financial business ownership of the solution, along with a reduction in errors via higher quality modeling and earlier testing.”

Hyland releases PII compliance solution

All businesses need to detect and discover Personally Identifiable Information (PII) to ensure regulatory compliance – especially lenders, servicers and other mortgage services providers facing continued regulation changes.    

Global content services provider Hyland announced the launch of a PII Compliance Solution designed to automate financial information redaction processes accurately, keeping lenders in compliance with ever changing mortgageregulations and redaction requirements.

The PII Compliance tool uses artificial intelligence document redaction software to expedite document upload and redaction processes. It automatically redacts personal identifying information, uploads large amounts of documents and ensures compliance.

The software is especially helpful “for lending institutions required to submit foreclosure notices to state government departments,” the company said. Lenders can select to include functionality that manages state confirmation emails, to ensure notices are in file, and to identify any exceptions.

Hyland’s document redaction application powered by Optical Character Recognition (OCR) technology automatically identifies and redacts sensitive information eliminating manual work, and the potential for human error. Once redacted, the software generates a flexible workflow quickly exporting documents and eliminates repetitions.

Finally, reporting capabilities deliver notifications with document processing times, phases and dates in which documents need sent, along with monitoring timeframes, “to ensure compliance throughout the document management lifecycle.”

The financial services industry has to remain agile, said Steve Comer, director of financial services and insurance at Hyland. By incorporating “adaptive technology to automate document redaction,” lenders can decrease manual inaccuracies and eliminate the risk and cost of compliance errors.

Through automation “built specifically for financial services,” the PII Compliance Solution enables users to quickly and efficiently respond to regulations requiring redacted personal information.

Hyland is a Cleveland, Ohio fintech that specializes in enterprise technology. The company develops software for every step in the financial information lifecycle, through Content Services Platforms (CSP) and Software-as-a-Service (SaaS) applications.

PHFA expands use of IndiSoft’s housing platform

The Pennsylvania Housing Financial Agency (PHFA) is collaborating with fintech IndiSoft LLC as PHFA expands its business automation to tackle two issues simultaneously: to accommodate both the long-term demand for remote work capabilities, and the potential growth in demand for default and foreclosure counseling from homeowners facing financial hardship due to the pandemic.

PHFA will further expand agency wide use of the IndiSoft National Housing Advocacy Platform (NHAP) loan data, workflow management system. Powered by IndiSoft’s RxOffice core framework, NHAP features a mortgage lending risk assessment tool for loan servicers, investors, insurers, law firms, state housing agencies and HUD-certified counseling agencies.

The agency said it plans to take full advantage of RxOffice Housing Counselor tool to assist staff and other professionals who now are working remotely. 

The enhancements to the PHFA portal include embedded video conferencing that helps improve interaction; Full integration with Homeowner Connect, IndiSoft’s consumer-direct portal; Secure, integrated communications among counselors, homeowners and participating mortgage servicer portals; Technology that assists counselors and homeowners to submit the required loan information and documents.

“States are expecting an increase in the volume of homeowners looking for assistance in navigating their mortgage payments when they are faced with a loss of a job or significant decrease in income,” said Camillo Melchiorre, president of IndiSoft. “They are looking to trusted advisors in the housing advocacy sector at record rates.”

Over 100 Housing and Urban Development (HUD), certified counselors who work with PHFA clients already have been using the IndiSoft HUD-certified Case Management System to provide pre-purchase, reverse mortgage, and loss mitigation counseling services.

Added collaborative technology features make the process more efficient for counselors and easier for homeowners, who have the option to input their information into the secure portal. 

Benefits to participating servicers may include added relief to their call-centers, and the right to charge loss mitigation, transaction fees, if counseling leads to a successful foreclosure alternative solution. In addition, under the Government Sponsored Enterprises guidelines when a consumer chooses to receive advice from a HUD-certified, nonprofit housing counselor, servicers earn so-called Quality Right-Party-Contact credit.

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