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Home / Residential
18Dec

Hurriquakes. Are you prepared?

December 18, 2023 lionfiregroup Residential

California is no stranger to earthquakes. It is, however, extremely rare for a 5.1 magnitude earthquake to occur in Southern California on the same day as a tropical storm. This rare event happened earlier this year.

On Sunday afternoon August 20, 2023, Hurricane Hillary, which was later downgraded to a tropical storm, made landfall in Southern California. The storm brought with it 60 mile-an-hour winds, thunderstorms, flash floods, and mud slides. This was the first tropical storm to strike Southern California in almost 84 years. One of the big questions asked after Hillary struck California is “who carries flood insurance in the desert?” To make this event even more unique, just a few hours later a 5.1 magnitude earthquake struck the Southern California city Ojai.

Clearly, two major storm events happening at the same time in the same area is very rare. In fact, the novelty of these events happening at the same time has caused the creation of a new word: “hurriquake.”

Although it is unknown if “hurriquakes” will become more common, it seems like every other day we are hearing about, earthquakes, hurricanes, floods, and other natural disasters causing damage in areas rarely seen before.

As a mortgage owner, what do you do when collateral property is damaged by a peril against which the borrower was not required to maintain insurance? What would you do if you owned mortgages on numerous properties in Houston during Hurricane Harvey, where it is estimated that 85% of the damaged homes were not insured against flood losses?

What would you do if a large portion of your mortgage portfolio was damaged by the “next big earthquake” in California, where It is estimated that only 13% of residents maintain earthquake insurance.

These questions keep many lenders up at night. The answer to all these questions is: Mortgage Impairment Insurance. Mortgage Impairment Insurance is a type of insurance sold to banks, credit unions, financial institutions, housing authorities and insurance companies (amongst other mortgage lenders and servicers) to protect the mortgage holders when mortgage property is damaged in the absence of insurance on the mortgaged property. The absence of insurance could be the result of a failure to maintain the insurance that was required of the borrower or because the peril was not required to be insured against in the loan documents. Regardless of the reason, if a lender sustains a loss to its mortgage interest due to physical damage to mortgaged property in the absence of insurance, Mortgage Impairment could pay to repair the damage or pay off the balance of the loan.

With unexpected weather events happening more often, Mortgage Impairment is becoming more and more valuable. If you are interested in obtaining a quote for coverage, please contact Bill Dieterich at: William.dietrich@bankersinsuranceservice.com

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06Aug

Amp Up Your Loan Quality Checks

August 6, 2023 lionfiregroup Residential

Blog post originally posted on the b-Logics blog

As we’ve written about before, on March 1st Fannie Mae announced two changes to their quality control requirements. Both will be effective September 1st, 2023.

These changes move quality checks up in lenders’ origination processes. Why? Because it makes sense to look at high risk loan characteristics and make sure loans in the pipeline are quality checked before they are sold. It also makes sense to find and fix defects sooner rather than later.

Recently Fannie Mae spoke about significant defects that are on the rise in the quality reviews they are completing with Lenders. While they point out that many issues are being remediated in the sample reviews – it does make you wonder if latent risk is in the production pipeline that could lead to future repurchase.  To avoid this, they also recommend that lenders understand their gross vs remediated defect rate and make changes to avoid regulatory and investor exposure.

With higher Interest rates and the shift to a purchase market, these more complex originations will likely keep defects elevated. So, now is the time to evaluate your quality control function.

  • Do you have a way of evaluating high risk loan characteristics prior to closing?
  • Can you report on and monitor changes in your gross and net defects pre and post close?
  • Are you able to validate loan file data prior to conducting post close audit reviews?
  • If you outsource QC, can you “audit the auditor” to assess audit result variances and improve audit accuracy?

Take prefunding reviews for example. If you’re trying to manage gross defects, you should be able to easily select and review loans with characteristics of higher potential risk and complexity. Across the buckets of income, asset, collateral and credit reviews, we have identified 20 component reviews that make sense and support the broadest set of lending profiles. Mix these high-risk loan reviews with pre-closing reviews and you should have a more holistic look at quality across your pipeline.

We’ve all been doing post close reviews, but now with Fannie Mae’s new requirement, we need to do them a bit quicker. If you don’t sell loans to Fannie Mae, it is still a good idea to get insights into loan quality sooner to address systemic issues and keep your closed loans sold, regardless of investor.

Through each step of closed loan file reviews, technology can save you time. Loan sampling tools can help you fine tune selections in ways that make sense for your business. Once loans are selected, automation that checks for missing documents or finds inconsistencies across documents and system data can save time and improve efficiency by using only validated data for audit reviews.

Once the audit process has begun, automation that provides dynamic access to completed files can also give you a leg up on the review and rebuttal process. During the rebuttal stage, technology that can help you manage and track all rebuttals sure beats manual back and forth emails. And let’s not forget integrating checks for fraud or compliance issues that can add depth to your post close reviews.

You may not need to increase your prefunding loan file reviews or shorten your post close audit process, but maybe the benefits those two things bring are worth it. Ramp up QC while you have time to focus on it. When the market shakes lose again, it will be worth it!

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16Jul

Top MERS QA Findings for 2022

July 16, 2023 lionfiregroup Residential

Blog post originally posted on the MetaSource Mortgage Blog

Meeting the reconciliation and reporting requirements of MERS® is never effortless, but 2022 was a year that put the best efforts of servicers to the test and then some.

With round after round of mortgage industry layoffs, relying on trained and experienced MERS quality assurance (QA) employees to manage compliance functions was no longer an option for many – and it showed.­­­­

Our annual analysis of third-party QA audits suggests that in many cases, the job was relegated to employees who weren’t necessarily less qualified but had less MERS experience. These employees struggled with a process that can be challenging even for those who have been through it many times.

This report discusses the challenges that resulted, highlights one area of improvement, and provides some best practices for ensuring MERS compliance in 2023.

Top 2022 MERS QA Audit Findings

Here are the MERS QA challenges that gave Members the most trouble in 2022:

  1. Member did not reconcile MERS system data in accordance with the requirements of the MERS System Procedures Manual
  2. Document samples submitted for review were not compliant with state-specific requirements or with requirements for identifying MERS as the nominee
  3. Member did not have adequate quality assurance processes in place to satisfy requirements

Enhanced Document Requirements Revealed Additional Errors

In previous years, MetaSource auditors focused on whether or not Members had procedures in place for meeting documentation requirements. However, a recommendation that auditors review document samples in addition to processes was recently added to the MERS review guide.

In order to provide the best third-party review services possible, we updated our own audit processes at MetaSource and now require Members to provide us with document samples.

“We ask for samples of all document types that would be prepared in MERS’ name,” MetaSource Director of MERS Services Rachel Pylant said.

Reviews of such document samples revealed errors that may not have come to light in past years. For example, there were several instances in which language identifying MERS’ role as the lender’s nominee was omitted. The MetaSource Team also saw several errors related to state-specific requirements around address listings and MERS verbiage.

“The most important thing tied to document samples and document review is paying attention to MERS requirements that are state- and document-specific. Certain states have different requirements,” MetaSource Customer Success Manager Katherine Adams said.

Staffing Challenges Led to Increased Findings

The main source of not only state-specific document challenges but also reconciliation and quality assurance process challenges was staffing, or lack thereof.

Pylant said the issue of staffing came up many times during the check-ins MetaSource conducts with clients.

“We work with clients very closely in general and also because a lot of the people we are working with are newer to the process,” she said.

The MetaSource Team found that Members who experienced a great deal of turnover this past year particularly struggled with the reconciliation process.

Download the full report to learn more about reconciliation challenges, an area of improvement, and best practices for ensuring MERS compliance in 2023.

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03Jul

How AI Brings Trust to Loan Portfolios

July 3, 2023 lionfiregroup Residential

Blog post originally posted on the TRUE blog post

Imagine an alternate reality where trust does not exist…

In this world, everyone requires documented evidence for any assertion, any claimed fact. The administrative toil it would take to overcome relentless suspicion and doubt sounds like a dystopia fit for a movie!

If you work in the mortgage industry, this fictitious scenario might not sound so far removed from your daily reality. Lending decisions are based on information presented by borrowers, but borrower data cannot simply be trusted as fact. And so ensues a process of gathering and reviewing documentary evidence, the results of which are checked and rechecked in a complex and costly process of continual quality control (QC).

Here’s how Garth Graham, Senior Partner at mortgage industry advisory firm STRATMOR Group, characterizes the situation.

This reality is no longer one that our industry must endure. In TRUE’s version of this movie – and this really is a true story – ingenuity intervenes to save the day.

TRUE customers throughout the lending industry, from originators to funders, are integrating artificial intelligence (AI) into QC processes. Their reality is one where the toil of processing borrower documents is removed, automated verification virtually eliminates doubt about borrower data, and assessments of risk are much lower as loans are traded to the secondary market.

AI in the Post-Closing Process

Lenders using TRUE, industry proven AI that captures and verifies trusted borrower data, will typically use this technology at the start of loan manufacturing. The TRUE AI platform automates document-to-data classification and extraction tasks with levels of accuracy and completeness that greatly exceed the performance of unaided humans.

However, the most important phase of QC is arguably the post-closing process. This is a lender’s last chance to ensure the accuracy, completeness and integrity of the data that supports its loan decision. Applied here, TRUE’s AI brings a high level of automation to most post-closing QC tasks. This includes:

  • A complete audit of the accuracy and correctness of the loan application
  • The presence, correct versioning, execution (signatures) and accuracy of all underwriting documents, including re-verifying them if necessary while ensuring data integrity
  • A check of the underwriter’s decision which supported the loan application
  • Verification of the appraisal, property eligibility, project eligibility, and the mortgage insurance documentation

By integrating AI, lenders can be confident that every loan in their portfolio has been audited to the highest possible standards of accuracy and completeness before the portfolio is offered to permanent funders and servicers.

Passing Investors’ Test of Trust

Any mortgage sold in the secondary market must meet requirements set by investors, such as underwriting criteria, documentation standards, etc. Investors sample a small percentage of loans within a portfolio to identify those which fall below their standards.

For lenders, these tests are a major point of risk. Defects in the data, and a lack of supporting documentation, can be extremely costly. There may be individual loan buybacks, demands for additional testing of a broader sample, or rejection of an entire portfolio if too many loans are assessed as substandard.

The AI in the TRUE Platform reviews individual loans in minutes, which means 100 percent QC can be performed across entire mortgage portfolios in a matter of hours. This capability is offered in a product, TRUE Data Verification. It helps to ensure every loan meets the specific criteria set by the purchasing investor, with interrogation down to the level of individual documents.

When both lender and investor apply TRUE to the trading of loans, this test of trust becomes highly automated, fast and efficient. It means zero or very few defects, faster turnarounds allowing warehouse funding to be paid sooner, and ultimately improves lenders’ quality ratings which lowers the costs of funding over the long-term.

Servicing Transfer 

Lenders and loan quality are also key factors for mortgage servicers when bidding for portfolios. Accurate and complete loan data is paramount when loans are transferred to a different entity for ongoing servicing, and this is where AI can play another role in creating trust.

By reviewing loans with the support of TRUE Data Verification, lenders can be certain that they’ve provided a complete package of data and documents. Servicers can use the same technology and processes to assess loans on the way in, with greater confidence in risk scoring allowing more aggressive bidding.

Convenience and Compliance

Two further post-closing challenges that are eased by TRUE are document retrieval and auditing for regulatory compliance.

The TRUE Platform makes it easy to for lenders to apply document retention policies that ensure regulatory compliance and minimize long-term storage costs. As TRUE processes each document, it creates a permanent association between data points and their source documents. This allows anyone from loan officers to auditors to quicky retrieve and interrogate any information, including for queries that arise during post-closing QC.

Data reviews can also be aligned with rules contained in regulations such as the Truth in Lending Act (TILA), Real Estate Settlement Procedures Act (RESPA), and relevant state and federal consumer protection laws. This helps lenders audit all loans for compliance and provides a document trail that can be provided to external assessors.

An Ending Based on Truth

A world where there is assurance of facts is one where trust flows easily. TRUE is helping both lenders and secondary market entities change the plot of the lending story to one that always has the happing ending of proven data, lower risk and easier trading of loans.

It may not have the drama of movie dystopia, but it’s a state of affairs that the mortgage has long sought and, thanks to AI, can now achieve.

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18Mar

The Continuously Improving ROI of Trusted Data

March 18, 2023 lionfiregroup Residential

Blog post originally posted on the TRUE blog post

What is the return (ROI) on your technology investments, and what role does clean and trusted data play in these investments, and across the mortgage industry?

This paper provides a thorough exploration of these questions.

Written by highly experienced analysts in the fields of ROI, data automation, and artificial intelligence (AI), and applied to the specific challenges and demands of mortgage businesses.

Many ROI assessments focus only on productivity and efficiency, but in this report we also consider:

  • The Data Flywheel: the virtuous circle and accelerating benefits from continual discovery and exploitation of more and better quality data
  • Why Clean Data is Trusted Data: why the value of data increases with use, enabling staff to be more efficient, confident, and innovative
  • Business Elasticity: how trusted data finally enables lenders to adapt to changing volumes without the costs and challenges of hiring and firing
  • Cost to Correct: how AI and automation helps to reduce costs and mitigate risk by preventing data errors or identifying them sooner
  • Exponential Potential: why intelligent automation leads to cumulative ROI impact and creates the potential to build more competitive lending businesses

AI-powered data automation is being adopted by more mortgage lenders. The aim of this paper is to provide you with questions and expert insights that will help you to evaluate the need, effects and timing of automation investments, equipping you to compete in an industry undergoing digital disruption.

Download your copy today.

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01Mar

Top 15 Mortgage QC Findings for 2022

March 1, 2023 lionfiregroup Residential

Blog post originally posted on the MetaSource Mortgage Blog

For the mortgage industry, 2022 must have felt a bit like whiplash: from the chaos of record volume and staffing shortages in 2021 to plummeting originations and layoffs just a year later. And mortgage quality control was not immune to the effects of such see-sawing industry challenges.

While “closing disclosure tolerance defects” held the first spot in the MetaSource Team’s top QC findings list – as it consistently has for years, our analysis revealed a troubling pattern in the rise of defects that most closely correlate to repurchase risk. In 2022, four such defect categories jumped in the rankings.

This findings report provides details behind those numbers, along with some tips for how you can prevent findings – and repurchase risks – in 2023.

Top QC Findings for 2022

Here is the complete list of our top 15 mortgage QC findings for 2022, including all loan types and both regulatory and agency findings:

  1. Closing Disclosure – Defective – Tolerance
  2. Product Parameter – Points and Fees
  3. Income Documentation – Aged
  4. Income Not Documented – Other
  5. Closing Disclosure Defective – Calculating Cash to Close
  6. Insufficient Assets to Close
  7. Closing Disclosure – Defective
  8. Other Application / Processing Documentation – Loan Estimate – Timing Violation
  9. Other Application / Processing Documentation – Intent to Proceed
  10. Incorrect Income Calculation – Other
  11. DU or AUS Findings Report – Missing or Defective
  12. Closing Disclosure – Timing Violation
  13. Undisclosed Liability
  14. TILA Finance Charge Violation
  15. Property Insurance Not Documented – Missing or Defective

Documentation Challenges: The Mortgage QC Equivalent of “Noise”

As the MetaSource Team predicted in our 2021 QC Findings Report, closing disclosure tolerance defects topped the list in 2022 amid a documentation-trouble streak that includes six of the last seven years.

“One thing we see year-over-year is the constant waste of time spent chasing (missing) documents,” said MetaSource Senior Director of Mortgage Services Brady Meadows.

Many documentation issues are the mortgage QC equivalent of “noise,” Meadows said. They aren’t considered genuine business threats, but are, instead, seen as a persistent background irritation that signifies inefficiency. Nevertheless, they almost certainly come with a price tag.

And some documentation issues are much “louder” – and cause much more financial harm – than others. Take income documentation aged defects as an example. They often result in repurchase demands, making them a major problem for lenders.

Download the full 2022 QC Findings Report to learn about the top defects that result in repurchase demands and how to reduce findings and risk in 2023.

Download Full Report
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31Oct

How To Drive Even More Value into Agent-Originator Relationships

October 31, 2022 California MBA Residential

For two tumultuous years, the housing market has twisted and turned through rate environments, sellers’ markets, and equity booms. Now, as it nears the end of 2022, headwinds face both the housing and mortgage sectors. Originators must work to find every loan available. Many have wisely turned to mortgage fundamentals like strong relationships with referral partners such as real estate agents. 

Loan originators have been beholden to agents for referrals for a long time. And, aside from a free lunch and a rate sheet – as well as the promise to provide great service to an agent’s customers – originators have had less power in that relationship as a matter of practicality. Realtors usually find out first that a customer is in the market for a home.  

Now, though, advances in technology have begun to turn the tide. Originators can now help realtors by referring business to them, a shift that encourages realtors to work even more closely with originators. Loan officers’ technology has become a realtor’s opportunity to build customers for life.    

Origination Volume Dependency  

Why have lenders been so dependent on realtors for referrals and origination volume? Part of it is lenders’ abysmal retention rates. They need brand new customers each year because they are transactional and earn no repeat business from about 80% of past borrowers.  

Upon reading that, lenders might blame borrowers’ lack of loyalty on rate shopping, especially for refinances. But, before you decide that there is nothing a lender can do to improve retention, consider that loyalty also is low for purchase mortgages. Industry data from 2019, before the refinance boom, shows retention rates were dropping to below 20%, a low point not reached since before the 2008 mortgage bust.  

It is also not customer dissatisfaction with lenders’ service. Across the board, between 60% and 70% of borrowers polled say their lender provided “satisfactory” or “very satisfactory” service throughout the mortgage process. So, what keeps borrowers from returning to do more business with a lender? Consumers said their lender “never asked me to do more business with them.” And, when a lender did, the messaging was “irrelevant to their needs,” according to a recent study by Cornerstone Advisors.  

The mortgage industry has not been idle about improving its ability to engage past borrowers in ways relevant to their situation. In fact, because of new technology developed for that purpose, some lenders have become so good at relevant engagement that they are not only addressing low retention, but they are also becoming a source of referrals back to realtors.   

Becoming a Referral Source   

Realtors have enjoyed an upper hand historically because who thinks of a lender first when they want to sell a home or search for a new one? Most people begin shopping for homes online and connect with a realtor that way, or they request a search from their realtor. The realtor then refers to lenders they prefer.  

Fortunately for lenders, realtor home searches require price ranges. And buyers usually determine price range based on a mortgage payment, information best provided by a lender. What is more, borrowers also often apply for credit to learn their mortgage rate and payment, even before they list their old home. Since applying for credit is a trackable action – especially for lenders with established credit relationships with borrowers – loan officers can identify customers in the market, and they may even engage them before a realtor partner.  

Lenders also now can catch new home listings from their borrowers on the multiple listing service (MLS) – another technological advancement that affects how loan originators relate with realtors. Before, with a referral from an agent, lenders may never learn their customers were in the market. Knowing that a customer listed their home offers a loan officer a chance to reach out, putting the lender back in the running to provide financing.   

Knowledge of customer activity is the real game changer. Before, realtors controlled the leads and even information about those leads. Data now allows lenders both to know and to engage, and it can make them into referral sources and increase their connection with past customers.   

 Doing the Math 

Hundreds of mortgage originations await because technology allows originators to refer to realtors.  

For every 100,000 contacts monitored in a mortgage or banking database, lenders are discovering around 2,500 additional mortgages per year, according to a calculator published by Total Expert. At an average $250,000 loan amount, 2,500 additional mortgages translate to about $625 million in loan volume.  

Return business also costs much less. Mortgage leads can cost between $800 and $1,200 per loan. Consider how much it would cost to replace 2,500 loans not retained from a lender’s database. Lenders have a clear incentive to solve their retention challenges. It offers both cost savings and revenue growth.  

What if a portion of those 2,500 loan opportunities also became referrals to partner agents? Loan originators would become much more than co-marketing partners or great service providers to borrowers. They become indispensable to realtors who know that growing their franchise depends on developing customers for life.  

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28Sep

You Can Have Success With Non-QM In Five Easy Steps

September 28, 2022 California MBA Residential

Learning and utilizing non-QM is not difficult, especially when you partner with the leader in non-QM, Angel Oak Mortgage Solutions. Angel Oak goes out of their way to make closing loans with non-QM as easy as possible. In fact, they created a PDF for originators listing 5 easy steps to follow for success with non-QM.

Angel Oak Mortgage Solutions is an exclusive non-QM lender and has built a very successful company around non-QM. This is because the demand for the products is so strong in the market. They have helped a significant number of originators grow their business over the years. In today’s volatile market, they are helping many originators protect their volume and referrals. When the Agency market is down and refinance business slow, non-QM is where to look for additional business. Non-QM helps you close loans that you otherwise would not have closed. A great example is closing a loan for a self-employed borrower who can’t qualify using their tax returns due to tax deductions. That borrower can get a loan submitting bank statements instead of tax returns. Angel Oak has a Bank Statement and 1099 Income program that are their most utilized loan products. Many originators prospect just for self-employed borrowers due to the success they have had closing Bank Statement loans.

Originators that utilize non-QM have something else of value to bring to their referral partners. There is always a scenario to share when you close a non-QM loan – because you did something for a borrower that was not going to happen without your help and a non-QM loan. It is a great example to share with your clients on how you are an expert on challenging loan scenarios.

You can download a PDF that details five steps to follow for success using non-QM.

The steps include:

Staying top of mind in social media
The importance of consistent networking
Finding your niche within non-QM programs
Choosing the right non-QM lender
Establishing a personal brand

Get them now!

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18Sep

Top 10 Servicing QC Findings for 2021

September 18, 2022 MetaSource Residential

Document challenges continued to be a leading cause of QC trouble for mortgage servicers in 2021, a year in which record high mortgage levels exacerbated the effects of process shortcomings.

It was a problem that left servicers unable to substantiate a wide array of process requirements, from documenting timely follow-ups to customer inquiries to missing disclosures on service transfer letters. In fact, documentation lapses made up 9 of the top 10 findings identified in MetaSource’s annual analysis of servicing QC findings.

This findings report discusses what the top 10 findings were, why documentation remains a main source of difficulty, and how to overcome document challenges and ensure compliance.

Document Management: A “Daunting Task” for Mortgage Servicers
Our 2021 analysis shows that missing documents left servicers unable to provide proof that they met requirements. In many cases, servicers’ underlying processes were fully compliant, but the supporting records were insufficient or inaccessible at the time of the audit.

Why was this the case? MetaSource’s QC Manager John Morales said it best. “Establishing and maintaining adequate document management processes can be a daunting task,” he said.

In some cases, Morales said, the documents required to substantiate compliance were notated in the servicer’s records, but the original document image, which can be difficult to retrieve, was not available at the loan level.

According to Morales, many servicers relied on notations and codes as proof that requirements were met. Unfortunately, this led to negative outcomes.

“Reliance on codes and notations alone to substantiate work completed can open the door to findings where a conservative interpretation of a guideline requires physical proof of the underlying document,” Morales said.

For example, customer inquiry receipt dates are considered questionable when sent without a date stamp. The same is true for electronically provided payment receipt dates and notations of sent breaches when copies aren’t available.

In other cases, mandatory documents were retrieved and stored but were purged after a liquidation or service transfer before audits were submitted for review. This, too, resulted in a lack of required documentation and, therefore, findings.

Top Servicing QC Findings for 2021

Here is the list of our top mortgage servicing QC findings for 2021:

  1. Incorrect set-up and timely premium payment of taxes, insurance, and mortgage
    insurance
  2. Failure to provide proof of payment within 24 hours of receipt due to
    inability to prove receipt date via various methods of payment acceptance (e.g.,
    online, phone, and lockbox)
  3. Missing accounting histories where initial loan set-ups are completed after the first
    payment was submitted and now second payment is due.Download the full report to see the complete list of top servicing QC findings, learn why overcoming document shortcomings is more important than ever, and discover how to ensure compliance in 2022.
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29Jul

Constellation Mortgage Solutions Appoints Technology Innovator Kendrew Peacey as CTO

July 29, 2022 California MBA Residential

Constellation Mortgage Solutions (CMS), provider of enterprise mortgage loan origination and servicing technology, recently appointed Tech Industry Veteran Kendrew Peacey as CTO. As a member of the executive team, Peacey will lead CMS in evolving and innovating lending technology to grow the product line and increase sales. Peacey and team will deliver the next generation of LOS in late 2022, equipping CMS clients with enhanced functionality and a single application suite that will elevate job performance and user experience.

“Kendrew was originally engaged as a consultant and proved himself an invaluable member of the team, with his global experience in implementing, and evolving enterprise technology, he is a great fit for CMS,” said Stephen Ryczek, CMS President and General Manager. “We’re excited to have him lead the team as we deliver the next generation of lending technology to the mortgage industry.”

Peacey brings with him over 30 years of experience developing, integrating, and implementing technology tools and software for various enterprise level companies. He has a proven record orchestrating IT and software engineering operations while managing global teams across multi-million-dollar projects. Peacey founded Ascension Technologies, a global software development company and leader of digital transformation, and previously served as CTO of U2 Logic, The Media Services Group, and in consultant roles at various companies including IBM.

“I’m excited to join Constellation Mortgage Solutions as CTO and help fill technology gaps the mortgage industry experiences today,” said Peacey. “Bringing a product to market that has not yet been seen, and doing it successfully, is fulfilling. New technology not only adds to the growth of CMS but also the lenders we support by providing a single point of entry and complete functionality for them to efficiently perform their job.”

Peacey’s contributions to CMS will continue to drive the unprecedented growth the company has experienced in the last two years.

About Constellation Mortgage Solutions
Constellation Mortgage Solutions provides industry-leading lending technology solutions through its products: Mortgage Builder LOS, Mortgage Builder LSS, and ReverseVision LOS. As the Gold Standard for mortgage solutions, CMS offers Lenders of all sizes enterprise technology empowering Lenders on the front lines with innovative solutions designed to deliver exceptional loan quality, regulatory compliance, and drive profitability. CMS has been working for more than two decades to help mortgage professionals streamline operations and close more loans faster to increase ROI. https://constellationmortgagesolutions.com/

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