Top 10 Mortgage Technology Solution Companies - 2019
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AI Foundry: Transform or be Transformed: AI or Bust

Top 10 Mortgage Technology Solution Companies - 2019

Be it a commercial or a personal loan, today’s borrower has myriad options—and all that at his fingertips, thanks to technology. With rich and robust technologies, consumers can now select the best loan provider that fits their needs, goals, and financial ability. Financial institutions for their part are taking advantage of this golden age of technology to know where to be at the right time, selling which loan product to which customer. Consequently, every other aspect of the entire lending lifecycle, such as NBFC functions, ledgers, balance sheets, loan demand generation, reports for receipts, payments, profit/loss, and is jumping on the bandwagon of digitalization.

However, at present, some parts of the mortgage process are still offline, which is yet to change. While AI technology is still booming, it has already exhibited its prowess in offering consumers a new level of convenience. The technology will soon be able to tell brokers when borrowers are ready to act. Brokers will be able to proactively reach out to borrowers, rather than wait for them to approach them. With blockchain, borrowers will be able to close on mortgages in shorter periods using decentralized ledgers and more secure processes. Digital mortgage platforms with APIs will help facilitate communication between systems, including title, escrow, and more. Borrowers will be able to close on loans within a day or two, instead of weeks. Additionally, many financial institutions opted for lending management solutions (LMS) to help both bankers and the borrowers customize and streamline the process of lending, to facilitate cost reduction, and faster loan approval in order, supporting the increasing amount of loan-associated data such as banking transaction history.

Beyond cutting down on the duration of the loan application process, technology also allowed lenders to use machine learning to validate and track information, resulting in other cost savings, more affordable loan fees, and a better consumer experience altogether. Consequently, both brokers and lenders are investing in consumer-facing technology to increase their market share and mind share and leveraging RPA for its ability to improve the efficiencies of business processes. Deploying newer technology will soon enable consumers to complete their entire mortgage process without needing to step into a physical office.

There is no denying that last year mortgage lending environment saw challenges and advancements; however, the lessons learned from the challenges faced will continue to propel the mortgage industry forward. With many new developments and much to look forward to in the future, it is important for lenders to maintain their focus on consumers, who have a heavy hand in driving positive change.

To help these financial institutions navigate through the best-breed of mortgage technology solution providers, Banking CIO Outlook has compiled this edition on 10 most promising mortgage technology solution providers. Through a distinguished panel comprised of CIOs, VCs, industry analysts, Banking CIO Outlook’s editorial group, we have evaluated and shortlisted 10 mortgage technology solution providers that have significantly stood out as some of the most prominent players in the mortgage technology arena for the year 2019. The mortgage technology solution providers featured in this issue through their business knowledge and industry prowess have established their eminence in the mortgage technology sector.

We present to you Banking CIO Outlook’s “Top 10 Mortgage Technology Solution Providers -  2019.”

Top Mortgage Technology Solution Companies

AI Foundry offers a holistic, AI-powered solution stack for all-round processing of mortgages. The company’s Cognitive Business Automation Platform and the Agile Mortgages solution, which is built on top of the platform automates manual, labor-intensive mortgage processes, enabling lenders to dramatically accelerate the lending lifecycle. The offering is built with a model-driven, microservices architecture that enables rapid design, development, and operation. To further sharpen their platform’s capability of recognizing document formats, instantly and on the go, AI Foundry has built a continually updated library of document models pertaining to variations of mortgage documents

www.aifoundry.com

Altisource is the one-stop provider of services and technology for the mortgage and real estate industries. With innovation as a guiding principle and a focus on compliance and exceptional service, the company furnishes end-to-end solutions in origination and servicing and offers online real estate platforms for consumers and investors. Built on a backbone of compliance and vendor management, and the need for workflow and integration with products that the market demanded, Altisource creates customized solutions that cater to customer requirements. The company assists clients in lowering production costs and increasing profits

altisource.com

Candor offers a Loan Engineering System (LES) backed by two forms of AI and Blockchain that fully underwrites a defect free loan in seven seconds

www.candorfintech.com

Nexsys Technologies is a FinTech company focused on creating and delivering innovative solutions for smarter lending processes and improving the connection between companies and their partners or clients. The company has introduced an electronic method of closing loans that closely mimics the paper process and lowers the margin of error. With modern solutions for the mortgage industry, the company’s adaptable products create and deliver simple, personal, and relatable experiences for every step of the process. With approvals from GSEs, Fannie Mae and Freddie Mac, the Nexsys platforms have earned lender trust and been widely accepted by underwriters

www.nexsystech.com

Solidifi is the largest provider of residential real estate appraisals in America, and a top-five provider of title and closing services. Its customers include more than 60 of the country’s top 100 lenders. Solidifi’s platform combines its proprietary technology and network management capabilities with tens of thousands of independent qualified field professionals like appraisers and closing agents to create a competitive marketplace where field professionals compete for business based on performance, quality and professionalism

www.solidifi.com

LendingPad — An end-to-end, modern loan origination system through real-time collaboration between borrowers, bankers, and third-parties

www.lendingpad.com

Advanced Data

Advanced Data

As a leading service provider in the mortgage industry, Advanced Data offers enterprise-wide compliance, fraud prevention, and enhanced verification services. the company also provides employment verification, income tax verification, social security number verification, fraud report, and vendor management system verification services. For example, using Advanced Data’s eDocument solutions, employers can fill out verification of employment forms accurately, completely, and efficiently with no printing or scanning required. In this way, it speeds up turnaround time and saves money by eliminating rejections for illegible forms with eSigned 4506-T

Appraisal Firewall

Appraisal Firewall

As a real estate appraisal software provider, Appraisal Firewall helps mortgage lenders to manage their own appraisal process. Lenders can connect to their trusted, local appraisers, plus appraisal management companies and loan origination systems. This gives them the ability to gain more control, reduce costs, and increase the speed of loan production. Appraisal Firewall is secure, web-based, and helps lenders comply with all appraisal independence regulations, including Dodd Frank, ECOA Valuations Rule, Interagency Appraisal and Evaluation Guidelines, and Regulation B. Appraisal Firewall was developed in direct response to HVCC so that lenders could still work with their local appraisers without going through a management company

Black Knight

Black Knight

A leading provider of technology, data and analytics solutions, Black Knight is committed to being a premier business partner that clients rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class software, services and insights with a relentless commitment to excellence, innovation, integrity and leadership. The company's solutions are tailored toward the Mortgage and Consumer Loan, Real Estate and Capital Markets verticals. And with their PRODUCT EXCELLENCE solution, Black Knight delivers innovative, seamlessly integrated products with superior capabilities, functionality and support that enables its clients to realize greater efficiencies, drive improved financial performance, and better manage and mitigate risk

LenderHomePage

LenderHomePage

Provides a secure and compliant cloud-based digital mortgage platform that powers lender websites, mobile apps, and mortgage POS solutions