Mortgage Loan Servicing

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• Loan Servicing Software

I'm working on rating the software apps out there for mortgage, credit card, and commercial loan processing. My survey is out to 100 Mortgage Loan Originators and CFO's.

Who am I missing?

List below:

Will the ICE and BKI merger go through?

BKI layoffs changing your ability to patch problems?

 Loan Servicing Software Space 

from a customer/evaluator perspective.

Mortgage Vendors of interest include: 

ACES Audit Technology  Armco  a mortgage audit tool

Blacknight BKI

BLEND

Canopy: architecture, real-time processing and statements, retroactive processing, release cadence, highly agile engineering team, developer-first culture, faster & less expensive implementation

charge cards, neo banks, Saas platforms not for mortgage

                                                                                                                                Citco                                                                                                                                                                                                                                                                                                                                                                                                            
                                      Encino

FIS  commercial lending

Finserv

FINFLUX

ICE Encompass

LENDING PAD

LoanPro

MERIDIAN LINK

MO Technologies

MOODY'S LENDING CLOUD

MORTGAGE HIPPO/ REVVIN

Chicago

Nortridge: Auto, consumer, some commercial

Foothill Ranch CA

Peach

SIMPLE NEXUS

Mortgage application does esigning, document organizing, and reading

Scratch

SHAPE

Shaw

TurnKey Lender

TSYS merchant card services, credit cards

TRAKKER

ZOOT Enterprises

OTHER APPLICATIONS--

EPISODE SIX

Episode Six provides a financial technology platform for creating differentiated financial and payment

 products for consumers and businesses, that aims to enable financial institutions, fintech, and other companies to serve their customers better. The company was founded in 2015 and is based in Austin, Texas.

NYMBUS

Nymbus provides a secure, cloud-based, full-stack product that includes all of the mission-critical functions financial institutions need to build their businesses. The company's platform enables financial institutions to effectively respond to today's digital revolution with a holistic, pre-integrated solution that includes an entire core platform with all digital channels and payments to service their customers and members.

Mambu is a SaaS banking platform that powers digital financial services, providing flexible banking architectures that allow its clients to operate like tech companies rather than banks. Its sustainable, composable approach allows independent engines, systems, and connectors to be assembled and re-assembled in any configuration to meet business requirements and the ever-changing demands of customers. The company serves banks (both big and neo), lenders, fintechs, telcos, and retailers. Mambu was founded in 2011 and is based in Amsterdam, Netherlands.

MANTL aims to help bank or credit unions grow deposits and streamline back-office tasks with an omni-channel account opening platform that integrates with your core. The company was founded in 2016 and is based in New York, New York.

Alacriti provides financial services and payment technology solutions to companies in the financial services, healthcare, insurance and utility industries. Its unified platform, Orbipay, supports three payment-related use cases - electronic bill presentment and payments (EBPP), digital disbursements, and subscription billing. The technology enables clients to reduce costs, improve efficiency, and deliver experiences to their customers.

DSCR Debt Service Ratio Loans

Debt Service Ration Loans for Investment Properties

DSCR

Your good FICO score is used to determine the interest rate

Purchasing or refinancing a rental property 1-4 units

Market rents are determined by the USPAP appraiser

Buyer/ owner pays for the rental survey from the appraiser

The property has to cash flow.

Lenders consider the cash flow ratio differently

Lenders offer these loans at 90% loan to value BUT HOWEVER

rarely will it cash flow that way. Generally you need to put a large

down payment to make the property cash flow.

Rents vs principle interest taxes insurance and HOA

Some lenders require 12 months reserves some 24 which means 

all your bills on the credit report plus the one you are doing times 12 or 24

Generally does not work for a property that needs lots of health and safety code

violations or repairs. You need to be up and renting on day one of ownership.

Some lenders want you to be an experienced investor, some will work around 

this with twenty four months reserves cash.

Here is how your cash is counted:

checking account in same name as vesting   100%

stock account in same name                           60%

401k      "       "    "       "                                 60%

Questions from Bigger Pockets answered:

Hi Caroline, Thanks for the reply and information on investment ****s. My FICO is ~780. I still have A few questions on the information you gave on the post: "You also need reserves" - can that be bank account, stocks, etc. ? is it just to provide snapshots of those accounts? "You need a lease and deposit check cashed at closing" - what does that mean? how can I have a lease or deposit check if I don't own the property yet? Thanks again! 

You will provide bank statements, all the pages, they need to match the name of the vesting. As in:: you are buying in an LLC and the statement is in another name. Checking account is used 100% the end of month dollar balance. Stocks 60% 401k 60%

The lease is required by many lenders as the property must be ready to rent ASAP make money.

DSCR does not require taxes, w-2, 1099, lots of paperwork but it is their way or the highway

Landlord Scam Lisa Rose

 

1156 Chanticleer Ave, # B, Santa Cruz, CA 95062

Lisa Rose is a Karen. She plays with many possible tenants, 

agreed to rental agreement and cancels on move in date. 

She called references at FIVE in the morning. 

Charged application fee when she had no intention of renting.

Avoid this dishonest person. 

Apartment not for rent.

Studio not available.

New York Closing Attorneys

 

Closing attorneys for New York Co-ops

Abrams Garfinkel Margolis Bergson, LLP

2040 Victory Blvd.

Staten Island, NY 10314

2.

Law Office of Ned Neuberger

350 St. Marks Place, Ste 310

Staten Island, NY 10301

3.

Menicucci Villa Cilmi PLLC

2040 Victory Blvd.

Staten Island, NY 10314

Please address questions in these regard