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"Educating employees means training them-to teach them about the different types of products--and what types of customers need those products. But in order to know what type of customers need those products, employees need to be empowered with robust customer data integration at their disposal." --Bart Narter, senior analyst in the banking group at Celent LLC, Boston.

Creating a Customer-Centric Environment
McAfee, Jamie

Customer service is the heart of every business, and keeping customers happy is every business's goal. Banking executives are responding to customer care by using technology.

In a recent Webcast, "A Technology Vision for Enhanced Customer Care and Satisfaction: Leading Edge Data Integration for Today's Banking Institutions," industry participants detailed how banks can create a customer centric environment.

"Retail banks need to instill this customer-oriented sales culture in their branch. The success relies on three pillars: educating, empowering and motivating," said Bart Narter, senior analyst in the banking group at Celent LLC, Boston. "Educating employees means training them to teach them about the different types of products and what types of customers need those products. But in order to know what type of customers need those products, employees need to be empowered with robust customer data integration at their disposal."

As banks try to sell new products to customers, platform applications can provide product details and suitability analysis, Narter said. "We believe a single view of the customer is essential for effective servicing and cross-selling," Narter continued. "The bank looks stupid if they try to sell me a mortgage when they already have my mortgage. Understanding the full financial picture of the customer helps them provide better service."

"The way you are able to get a single view of the customer in a heterogeneous environment is to use service oriented architecture (SOA). Larger banks we found, with over 10 billion in assets-the larger the bank, the more heterogeneous the environment. They are faced with a real challenge-being able to tie the Bart in the credit system, with the Bart that is in the mortgage system, with the Bart in the DDA system. Services oriented architecture is able to tie these together and maintain the consistency in real time, which is also important given how quickly banking is moving," Narter said.

However, there are several challenges to getting the complete customer view. "Data is typically dispersed across any number of applications," said Amanda McIntyre, vice president of product management and integrated solutions with Fidelity Information Systems, Jacksonville, Fla. "To Bart's point, you've got customer information in a DDA system, you may have it in a card system or a CRM system. So it's difficult to get that single view because of the various components of customer information are spread out across the enterprise."

The data resides in various locations creating islands of automation. There are many point-to-point interfaces to get into the data but again there is not that overall consolidated view of the customer.

"These point-to-point interfaces cause a very brittle architecture. It makes the environment very expensive to maintain, very difficult and slow to change," McIntyre said. "One of the areas we have seen lately to escalate this problem is a lot of merger activity. As soon as banks merge, they now have an even larger number of applications in which they need to get to and integrate into their enterprise. That makes it difficult. So then, it causes problems in being able to really have a system, a set of systems that are really agile, that are able focus on process and driven solutions for the customer. It makes it difficult to leverage your existing investments and really create that heterogeneous environment."

Banks need to find which systems within the enterprise are responsible for capturing and maintaining that particular component of the customer record. It can be especially difficult if an element of data needs to be changed. "If you don't know where the customer data resides, you are not able to update that information consistently at the point of interaction with the customer," McIntyre said.

"One of the key components is a need for unified customer information. Traditionally, the customer information is really geared toward managing customer sales interaction. So there is a sales campaign to push a new type of credit card," McIntyre said. "It focuses on lead generation and attempting to manage service levels. It's not to just push a product to a customer but it's using data about that customer to drive more targeted interaction, to provide service and product offerings that are very specific to that customers current engagement with you."

The other piece to that is having this central set of data about the customer, McIntyre said. "You can drive processes that are driven by business rules and the data again about that customer. If we talk about driving these specific product interactions with the customer, they may answer a series of questions that allow you to better target that next product. Without that good customer data, the responses to those questions are really meaningless. So you really aren't able to quickly target the correct product to the customer. The other piece to this is the whole unified customer-is a cross referencing of the customer and their account set. So that at any one time you know what accounts that they have, what types of products they have and, in fact, where those products reside within the applications that you are running so it improves and increases interoperability across those applications and enables the financial supply chain."

McIntyre identifies components required to really enable that customer enhanced care and focus. "The first area is an enterprise wide view of the customer. At Fidelity, we have had to solve this problem internally because as Fidelity has continued to grow and expand the breath of products we needed to make sure our customers had a mechanism for choosing the best of our core banking applications. In fact to have the unified customer view across the applications that they have selected from our suite," McIntyre said.

"We have offered the universal customer system as a transactional customer-data integration hub. It is built at the middle tier within our enterprise services layer and it does facilitate a total view of the customer," McIntyre said. "In building that data model, we were very fortunate because we have so many various core banking applications. We have very strong robust customer systems that work along with a number of those applications. We were able to interrogate and look at the customer systems that we currently had in place so that we could build a data model that was truly robust, that truly reflected the types and breadth of customer information across our product line."

The customer data aggregation really provides real-time access to complete up-to-date customer information," McIntyre said. "But it does a little more than that, it actually enables deployment of our services oriented architecture, which is also key in being able to realize this customer strategy. It also enables the deployment of other enterprise applications and integration suites, it facilitates business process automation, which allows you to manage your interactions with that customer based on data, and it allows you to realize your customer relationship strategies."
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LOS Vendors Adapt to Changing Conditions
Sorohan, Mike

Part Two of a panel discussion on workflow processes that took place recently at the Mortgage Bankers Association's 92nd Annual Convention & Expo in Orlando, Fla.

Participants included:

· Kathy Pfeifer, national sales manager with Mortgage Builder, Southfield, Mich., a provider of loan origination software to mortgage bankers, brokers, credit unions and financial institutions that support both Microsoft and UNIX platforms; Mortgage Builder pioneered the development of the first Linux-based LOS. The company was founded in 1979;

· Josh Stallings, vice president of strategic initiatives with No Red Tape Mortgage, Sherman Oaks, Calif.; a jumbo-only wholesale lender, with funded volume of $841 million and 1,491 loans funded in the second quarter. The company was founded in 1998;

· Dave Black, president and CEO of Sharper Lending, Spokane, Wash, a provider of a secure Web-based platform that enables lenders to order, store and manage products and services from multiple vendors at a single point of entry. He founded the company in 1989 and oversees the overall management and day-to-day operations of the company; and

· Renee Smith Cleary, an attorney with Document Systems Inc., Carson City, Calif. Calif., a mortgage technology company that develops software, processes and Web-based systems for the production of customizable compliant loan document packages. Its flagship product is its loan document production system, DocMagic; it recently introduced eDisclosure, which enables borrowers to send and receive disclosure documents electronically. The company was founded in 1988.

The transcript has been edited for clarity.

MBA NEWSLINK: What is it going to take to get broader acceptance and implementation of electronic mortgage processes?

KATHY PFEIFER: Turnaround time and implementation time is critical. From an LOS standpoint, I'll get a call from an IT manager who is one small piece of the puzzle, who's been told they are looking for an LOS. We've had a client come on recently, a large client who needed to be up and live very quickly. But they were given the responsibility of going live with a 150-person system in 30 days. They're job was to figure out what the best solution was to meet their needs.

DAVE BLACK: As software shifts from a product to a service in the Web environment, all of our users can see that change immediately. As long as they don't have to worry about 2,000 installs on the same day, with security protocols. Everything is centralized, and it helps us on our quick response. The Web makes a difference.

I'm a computer programmer. That's how I started my company. As the PC came out, and as the pace increased, it does require someone who is focused on modeling an existing process, logical thinking, putting together other components. Programmers traditionally do that, but they don't like to talk to people.

As we've looked at the industry, we're adding loan officers-people who have lived in that world. When you put them alongside tech types, a lot of synergy is required. A lot of good input, drilling. There are so many opportunities. Everything is moving.

PFEIFER: We're striving to look for not just good sales skills. There's a difference between a good sales person and a consultive sales person. If you just go into there to sell your wares, you have to gain trust and become a consultant. And reach into your library of skills and show them how to increase their efficiencies.

JOSH STALLINGS: I was talking to a lender of our size-the technology is driving the process. It has to be the business side that is driving the project, and if you don't have those people, you're going to have a lot of cool functionality, but if you don't have a business person driving the process, anticipating the needs.

RENEE SMITH CLEARY: In developing new programs and processes, an intuitive approach works better. Instead of meeting ad nauseam with teams, we work together. There's a tremendous amount of potential but it also depends on a lot of state legislations and regulation. If there were a federal law, it could create a more efficient process.

STALLINGS: There are so many moving pieces. We're a wholesale lender, and if our brokers aren't tech savvy, we have to cater to some brokers who just don't get it. They love paper, and they love to fax things. But the MISMO standard is new; I'm excited about it because we have standardization now. When I mentioned recording-county recorders are archaic. There are so many moving pieces and so many aspects that are independent of each other.

We have a long way to go, and it's frustrating, but we're moving in the right direction with MISMO and technology. You have to have that stamp of approval that says we're MISMO-compliant. Some companies claim they are, but they can't match it.

CLEARY: We still have one division that deals with brokers that fax in orders.

STALLINGS: It's a little head-butting to a degree. We had to make a decision to not work with brokers who don't use email.

PFEIFER: We deal with such a wide range of brokers-one who did not have a PC for the CEO. But we have some lenders who embrace the technology and get into the nitty-gritty, and we've found that they are the most successful. Because we're end-to-end we find that some will use paper, and they don't want to move off of their broker systems. So we have an Instant Message capability so they can use that. Or we can be as flexible as they need.

BLACK: It's a complex industry that is going to move slowly and is going to be tied to county requirements. As far as moving to the electronic, it's going to be tough to get every county to agree to that standard. A MISMO standard or data exchange eliminates a lot of re-keying and error rates. If you start electronic, you can end electronic more easily.

Where we used to have a lot of interfaces, we now have a standard in which we can make minor modifications. The adoption rate is increasing in pace because of the need to be competitive, as well as the fact that we have bright young people who think differently.

Additionally, I think concerns about fraud are going to drive some of the concerns about technology. The process is still touchy electronically. As Gramm-Leach-Bliley looks at our industry, we can do better-centralizing the documents and keeping it off of the desktop.

STALLINGS: One thing I did not mention is that process improvement is not necessarily adding technology. BPO is how it relates to the business side. I think the focus will continue to focus on BPO.

I think there will be an eMortgage in the future. I can't set a date on it. A lot of the younger and inexperienced brokers will fall by the wayside once the market gets more competitive, and that will be good for the industry-it will mature and be more savvy. We will see an end-to-end electronic transfer, where the customer will watch their loan get funded right on the spot, in a mater of minutes.

PFEIFER: There are some LOS people who are leaders, and some who lag behind, and we're somewhere in the middle. We're very customer-focused-we've never lost a customer to a competitor.  We watch what our competitors are doing and see if they make mistakes and learn from it.

CLEARY: There's a certain portion of our business that is focused on the day to day operations. Looking forward, we see projects that could be done immediately, others that require six months…

BLACK: I think typically, when we look at technology changes, we dramatically overstate what happens in the next year, and understate what happens in the next five years. The approach we take is looking at parallel industries-such as the travel industry, that has adopted a high level of automation, and we look at how those industries tend to match. In travel, stock brokerage, or banking, we map out where we thinking the endgame will be-other trends that they do, ad look at what might change today. We see the whole picture and fill out how it might work. Sometimes we're filling them out-they're relatively defined.

We design what we feel the endgame will be and then timeline the rest. I think we'll see more of that end-to-end process. We thought the eMortgage would get a lot of traction in the last six months. Other areas are creeping in more quickly.

PFEIFER: You just can't make promises that you can't deliver. It leaves a sour taste.

STALLINGS: We're hearing a lot of hybrid eMortgages.

BLACK: All of the processes are done electronically. We have a MISMO standard, so it's gaining some ground. As the rest of the process moves and we quit printing paper, it will be the last mile.

CLEARY: The eDisclosure we've used-we have customers who say, oh, you're doing it already! We have a complete electronic record. If the email to the customer isn't read, then we have a paper process in place.
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Technology Briefs
McAfee, Jamie

COMPASS, a commercial risk management tool developed by Boston-based Property & Portfolio Research Inc. (PPR) and Toronto-based Algorithmics Inc., a member of the Fitch Group, is available through Trepp.com.

COMPASS allows lenders and commercial mortgage-backed securities (CMBS) investors to assess and manage commercial mortgage risk. COMPASS is calibrated using a proprietary database of defaulted and non-defaulted loans, and measures probability of default, loss given default, and expected loss for a loan, portfolio, or securitized pool.

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Associated Software Consultants Inc. (ASC), Middleburg Heights, Ohio, announced New York-based Apple Bank for Savings upgraded to PowerLender, ASC's Java-based loan origination system (LOS).

PowerLender allows the bank to make customizations, extending the life of the system and generates long-term cost savings by simplifying future upgrades. The bank can also choose to run PowerLender from a wide variety of operating platforms currently available, including Windows or Linux, should the need arise.

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Mavent Inc., Irvine, Calif., began reviewing mortgage loans for Cleveland, Ohio-based Ohio Savings Bank. Under the agreement, Mavent is reviewing loans processed by Ohio Savings for compliance with all local, state and federal high cost laws, portions of the Truth in Lending Act, and Fannie Mae's points and fees threshold test.

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Loan Protector Insurance Services, Solon, Ohio, launched a new Web site, www.checkmyinsurance.com.  The Web site allows borrowers and insurance agents to submit their insurance information online in a secure and timely manner. 

The Web site provides the borrowers with an easy method to submit the necessary information on policies, halting further lender-placed insurance action. Notification letters are sent under one of several circumstances: if the current property or flood insurance policy is missing, if the information on file is incomplete, or if the policy on file does not list the mortgage company's name and address as a "mortgagee." This information is required to comply with the insurance requirements specified in the mortgage contract.
 
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TrueClose LLC, Canonsburg, Pa., partnered with SharperLending LLC, Spokane, Wash., to offer TrueClose users access to credit reports, title and closing services and property valuation services through SharperLending's bundled services platform.

The partnership between TrueClose and SharperLending allows brokers using the TrueClose Loan Origination Platform access to the SharperLending bundled services platform that has a complete suite of settlement services, including credit reports, flood certifications, property valuation services, document preparation, title and closing services.

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Dallas-based Digital Risk LLC and MortgageFlex Inc., Jacksonville, Fla., announced a joint agreement to integrate Digital Risk's Integrity Verification Enterprise (DRIVE) system with LoanQuest. The result will provide a next generation, one-stop risk mitigation product to the mortgage lending industry.
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CampusMBA eMortgage Workshop Dec. 7-9
Sabol, Krista
CampusMBA's eMortgage Workshop is a staple of CampusMBA's eMortgage and technology education programs, combining the basics of eMortgage implementation with latest industry trends. Topics include eVaulting implementation, eSignatures, SMART Doc™ concepts, legal infrastructure, SPeRS, eRecording and eNotarization. The next Workshop takes place December 7-9 in Las Vegas.

Tess De Guzman, vice president and manager with Washington Mutual in Seattle, attended the June workshop. "What I found to be beneficial for me was learning where the industry is today as it relates to eMortgages," she said. "Also, sharing the experiences from other companies who are ahead of the game in this space is very informative. Overall, the curriculum is very good and the instructors communicated the basic principles of eMortgage in the three-day program."

The program is split into two tracks: technical and business. The business track better defines the high level view of how the pieces of the eMortgage puzzle fit together. The technical track explains the eMortgage process flow, specifically how industry standards and eMortgage technologies come together to operate and to form an end to end solution. Case studies provide the students with an opportunity to ask questions of each other and the instructors.

"This program presents the most effective opportunity for professionals to come up to speed quickly on the fundamentals of eMortgages, as well as the latest developments in eMortgage technology and business processes in the industry," said Harry Gardner, MBA senior director of industry technology.

Gardner said the growth curve for eMortgage adoption is accelerating; in five years, he expects to see eMortgages as a mainstream aspect of the overall mortgage industry. To support mainstream growth, technical solutions for eClosing, eRecording and eNotarization are being adopted by lenders, title companies and county recorders nationwide.

"There is more implementation work and behind-the-scenes activity surrounding eMortgages now than ever before," Gardner said. "There is a greater awareness in our industry on the importance of eMortgage implementation, and the pieces of the puzzle are falling into place. Fannie Mae is accepting eNotes for production delivery and recently released Version 2.0 of its eMortgage Guide, while Freddie Mac is actively incorporating eNotes into its infrastructure and working to release its eMortgage Delivery guidelines by the end of this year. The MERS® eRegistry is in production operation and many lenders and investors are actively integrating with it now (if not already online), as they build SMART Doc™ capability into their eMortgage infrastructure."

In support of this industry-wide growth, the Mortgage Industry Standards Maintenance Organization (MISMO) continues to grow. "We have added Doc Classification and Fraud Detection workgroups this year, and the eMortgage workgroup has experienced strong growth over the last two years," Gardner said. "The eMortgage workgroup has developed a comprehensive eMortgage Guide designed for executives and business/technology leaders in the industry."

Version 1.0 was released at MBA's 92nd Annual Convention in October. The MISMO eMortgage Guide is intended to educate the mortgage industry about the business as well as (high-level) technical aspects of eMortgage implementations and their potential benefits. This tool provides the next step of eMortgage efficiencies to the lending community. The eMortgage Guide is available at www.mismo.org.

Companies that are in the beginning phases of eMortgage implementation or thinking about implementation will benefit from attending the next offering of this workshop in Las Vegas, December 7-9. Those who have previously attended the workshop will learn about the latest developments in the industry and how they affect current business strategies.

To register or to learn more, visit the program Web site at http://www.campusmba.org/index.cfm?STRING=content.cfm?section=254 or call (800) 348-8653.
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MBA Tech NewsLink Reprint Policy
MBA Staff
Articles appearing in MBA Tech NewsLink are available as reprints for a nominal fee. Reprints are done on quality paper or can be sent electronically as a .pdf file. Reprints can be distributed to your employees, to illustrate presentations or for other communication purposes.

For reprint information on stories in MBA Tech NewsLink, contact Bob Thornton at 1-800-394-5157, extension 28.
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Earn Your CMT Designation
MBA Staff

Three letters have a significant meaning to Information Technology professionals in the mortgage industry--CMT, the Certified Mortgage Technologist.

Are you ready to earn recognition for your leadership, development, and experience in mortgage banking technology? To be eligible for designation consideration, candidates must meet rigorous standards. They must have a minimum of two years industry experience, have a technology background, and be in a technology leadership position within the residential or commercial real estate finance industry. They must acquire 75 points in the areas of industry experience, education, and participation.

After meeting the point requirements, candidates move to the next step of the process, which includes submitting a thesis on a specific initiative, implementation, or conversion in which they actively participated, and passing a two part oral presentation/exam conducted by a panel of industry experts. Designees must meet continuing education requirements every two years to remain in active status.

To get started or to learn more about the CMT designation, visit www.campusmba.org/cmt, email jridings@mortgagebankers.org, or call (800) 348-8653.
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Combating ID Theft, Mortgage Fraud Through TRVs
Johnson, Allen

(Allen "A.J." Johnson is vice president of sales and marketing with Credit Plus, Salisbury, Md.)

When your home has been under 11 feet of water for 12 days after being ravaged by a hurricane, there's not much you can salvage. Unfortunately, that was the experience of our vice president of regional sales, Don Clement.

Clement and his family owned a home in the St. Bernard Parish outside of New Orleans, when Hurricane Katrina hit. Like many others caught in the wake of Hurricanes Katrina and Wilma, he didn't have a lot of time to plan for the "worst hurricane on record to hit Louisiana." When Clement left on the Sunday before the hurricane, he thought he would be returning to his house-intact-within days. The last thing on his mind was his W-2 forms.

But when it came time to re-locate his family to Atlanta, one of the first things Clement needed was his W-2 form. His house was virtually gone. His personal CPA had lost everything as well. In retrospect, he realized there had been no "safe spot" for anything anywhere in his previous home.

Clement knew he could get a copy of his W-2 from the IRS, but he also knew the process was cumbersome and time-consuming. Fortunately, he was well aware of another option. He had been working with the Credit Plus tax return verification (TRV) program for the past three years.

TRVs speeding up mortgage process after hurricanes
As Clement experienced first-hand, and in lieu of the recent hurricanes, TRVs are a way for lenders and brokers to help many people restore their financial records. Virtually all of our clients are pulling TRVs. It just makes sense.

As most mortgage professionals are aware, TRV provides proof of complete income using tax data authenticated through the IRS and validation of social security numbers through the Social Security Administration. These data can be obtained for any individuals or businesses that have authorized the release of the information. TRV reports compare the income reported by a borrower with the information on file at the IRS. Any variations are highlighted in an easy-to-read report.

It costs nothing to sign up for the service, and there are no additional fees until the broker or lender uses the program. They are charged per tax return, and there are no monthly minimums.

The turnaround time for W-2 and 1040 tax verification is fast and efficient, often taking less than 36 hours, which can speed up the process overall. Using tax return verification, many mortgage professionals will find they are able to close on loans fast, even without standard documentation. This, in turn, will help consumers begin to reestablish their financial identities and rebuild their lives.

Brokers and lenders who would like to begin using TRVs can sign up for the service through the Credit Plus web site, www.creditplus.com. A short Macromedia Flash media session is available on the site to provide additional information.

Combating fraud through TRVs
TRVs are typically used to verify income for business owners and to help detect fraud. With accessible technology and faster turnaround times, tax return verification has become an efficient process to protect lenders and save the mortgage industry millions of dollars in losses. Mortgage fraud is a costly problem in the lending industry. According to the Federal Bureau of Investigation (FBI), $429 million dollars were lost as a result of mortgage fraud in 2004.

Just recently, one of our clients, a loan officer, was going through the paperwork for a mortgage. He noticed the FICA taxes didn't add up. A red flag went up with the underwriter, who told the borrower that he needed to obtain a TRV. The borrower flat-out told him not to bother, that the figures wouldn't add up. The lender couldn't believe it. He was days away from closing!

In the aftermath of the devastation of Katrina and Wilma, the TRV program provides a great way for mortgage professionals to offer assistance to hurricane victims. Brokers and lenders can decrease their risk by using TRVs, while consumers will benefit from quicker, improved services.

(The views expressed in Tech Forum do not necessarily represent the views or policies of the Mortgage Bankers Association. MBA Tech NewsLink welcomes your contributions. Stories should address mortgage technology topics and should be between 600-1,000 words. For more information, contact Mike Sorohan, editor, at msorohan@mortgagebankers.org.)
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Automation Brings Necessary Cost Reductions
Murray, Michael

PHOENIX-Lowering costs to originate loans becomes essential now more than ever in the equity and non-prime market as trends show interest rates rising, margins compressing and spreads tightening.
 
Michael Sawyer, president and CEO of Saxon Capital Inc., Glen Allen, Va., said greater confidence in automated appraisals, Fannie Mae and Freddie Mac databases and less time to correct errors or make changes at the closing table are contributing to the need for technology.

"One phone call [and] the funder can change it, hit a button and out on the [desktop] at the funder's office, relay to the printer. Out comes a new set of docs with the product and the new terms," Sawyer said, speaking at Royal Media Group's Home Equity Secondary Summit. "That…cuts hours and hours out of the production process."
 
Saxon Capital, using the same vendor it had 11 years ago (Gallagher), is rolling out a new loan origination system (LOS) and making nearly a $15 million investment in the process. An information technology (IT) staff of 50 people two years ago increased to 110 but, next March, it will drop back down to 60, further reducing costs.

"Over the years, I have had to build 13 ancillary applications that have had to be maintained," Sawyer said.
 
Sawyer envisions a day when borrowers will not need to leave the home to originate and close on an equity loan or mortgage.

"These are all different steps when they were first tried. Electronic signatures…we have still not gotten over the issues of fraud that scare people about using them," Sawyer said. "You'll dial up a computer, you'll send your request in, it will automatically [get a credit] score and within 15 minutes, they will have the valuation on your property. They will send you the docs…with electronic signature and a security code, you will not even have to get them notarized. They go to MERS [Mortgage Electronic Registry System] and, electronically, they are recorded. No one ever sees a piece of paper. All you are is a blip in the database."
 
The lender can then wire funds to the borrower's account, within 24 hours, by turning on the computer. The future of the business, regardless of risk, is in using credit scoring models without the necessity of an underwriter's experience, Sawyer said.

"It's not about this individual loan," Sawyer said. "It is about predicting the behavior of a pool of large numbers over a specific period of time."
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About MBA Tech Newslink
 
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