LoanLogics, a provider in loan-quality technology for mortgage manufacturing and loan acquisition, announced it is the technology provider behind Freddie Mac’s new tool, Freddie Automated Servicing Transfer (FAST), which streamlines the transfer of mortgage servicing rights for Freddie Mac’s Cash-Released XChange.
LoanLogics will also provide technology enhancements to expand the capabilities of FAST in support of Freddie Mac’s Co-Issue XChange.
Launched in October 2018, FAST is an online tool that enables the physical transfer of mortgage servicing rights by extracting information from imaged documents. Leveraging drag-and-drop functionality, FAST standardizes and simplifies the exchange of documents and data, freeing lenders from managing servicer-specific requirements and processes, while also eliminating multiple, time-consuming manual steps. FAST also gives mortgage servicers a more efficient method to receive documents and data from a variety of lenders, a process that has traditionally been one of the most challenging aspects of servicing transfers.
The FAST tool leverages LoanLogics IDEA (Intelligent Data Extraction and Automation) technology, which uses machine learning and other capabilities to transform digital images and scanned documents into verified and validated information for loan boarding. IDEA can be configured to support any servicer’s defined naming conventions, stacking orders and required document sets. It includes data extraction for required information found only in documents and leverages machine learning for the accurate versioning and indexing of all documents.
WFG National Title Insurance Company (WFG), a Portland-based provider of title insurance and real estate settlement services, announced that Gregg W. Christensen has been appointed Senior Business Development Officer for the company’s New York City-based national commercial services division.
Christensen comes to WFG with more than 25 years of commercial real estate and title insurance expertise. Prior to joining WFG, he worked with the national commercial services team of another large national title insurer. Before that, he served as publisher and senior vice president of sales for ALM Real Estate Media Group, where he was one of the company’s top producers.
“We’re thrilled to have Gregg on board to help us continue our national expansion here in the Northeast,” said Len Franco, WFG vice president and director of commercial services for the region. “His tremendous success in building relationships and his intense focus on the client relationship throughout all phases of the transaction are a huge benefit to both WFG and our clients. It’s an exciting time of growth for WFG, and we see this as a major step toward our goals.”
Jacksonville, Florida-headquartered technology services provider, Black Knight Inc. has announced that Gateway First Bank, one of the 10 largest banks by assets in Oklahoma now uses Black Knight’s Ernst Fee Service.
Black Knight said that this enterprise solution provides lenders and settlement agents with accurate recording fees and taxes to assist a lender with its TRID compliance efforts. Gateway First Bank will use the fee and monitoring service to help mitigate risk associated with fee cures and enhance the consumer experience.
“We needed a trusted provider that could automate our fee and closing cost data to help us more accurately disclose fees to customers,” said Whitney Barth, VP, Product Development Management for Gateway First Bank. “Fees frequently change during the loan process, and Black Knight’s Ernst Fee Service lets us provide our customers with accurate fees based on the closing date and automatically update those fees within our loan origination system.”