New solution lowers cost of mortgage origination and investor due diligence;
enables efficient interaction between originators and loan buyers
May 12, 2016 – NEW YORK, NY – Overture Technologies and ATS Secured today announced the launch of the Settlement Coordinator Workstation, a platform which addresses originators’ and investors’ unsustainable high cost to originate and buy loans. The solution combines the industry’s leading independent automated loan underwriting system with tools to conduct compliance checks, coordinate loan settlement, distribute loan proceeds and secure loan data integrity.
“We are committed to helping our customers profitably transfer credit risk at scale,” said Kim Thompson, EVP, Overture Technologies. “The Settlement Coordinator Workstation is an innovative solution that eliminates redundant operations between originators and the buyers of their loans to ensure loan purchase, avoid assignee compliance liability under TRID and automate secondary market operations – all at a cost and speed the market demands.”
Overture and ATS created the Settlement Coordinator Workstation to address credit and regulatory compliance of loans before the loan closes – the stage in which defects can be most effectively eliminated. The solution leverages Overture’s Bid application, the only technology that enables investors to underwrite, price, onboard, and surveil mortgage assets on a single platform. ATS Secured enables the coordination of settlement services and the distribution of loan proceeds all on one secure and auditable processing platform.
The Settlement Coordinator Workstation provides invaluable tools to settlement coordinators, who are charged with providing critical due diligence and coordination functions in accordance with investor guidelines and policies to ensure loan purchase and efficient delivery of the loan asset to the investor.
“We think expansion of the use of settlement coordinators is key to more efficient interaction between originators and investors,” Thompson continued. “Today, multiple, redundant reviews, conducted pre- and post-closing, have driven the cost to originate and buy a loan to over $9,000. That’s unnecessary, unsustainable and has done nothing to provide the certainty of purchase that originators need,” she said. “By offering this solution, we’ll enable more service providers to perform settlement coordination functions, including those who are already involved at this stage.”
Overture’s Eligibility Findings Report, offered as part of the Settlement Coordinator Workstation, details the data and documentation requirements for investor loan purchase, similar to the reports originators receive on Freddie Mac and Fannie Mae loans. Once the originator submits this information on the platform, the investor reviews the loan and if acceptable, locks down the data for accurate assessment of compliance and generation of settlement documents. Then, using ATS’ functionality, settlement coordinators can arrange eClosings, electronic recording of collateral documents and disburse loan funds.
“We are energized by the opportunity to work with Overture to bring this innovative new solution to market,” said Wes Miller, CEO of ATS Secured. “Our focus has been on creating a platform that enables the transparent collaboration and interaction TRID requires at settlement – from disclosure to disbursement. So this opportunity to partner with Overture to address this acute industry need was a natural fit for us.”
About Overture Technologies
Since 2000, Overture Technologies has pioneered automated underwriting and credit risk analysis tools for the benefit of private mortgage investors. Its AUS is the industry’s only independent, commercially-available automated underwriting system that powers investor evaluation of both single loan flow and bulk purchases. Overture’s is the only solution that enables investors to underwrite, price, onboard, and surveil mortgage assets on a single platform. With its emphasis on data integrity, Overture has developed industry-leading technology that ensures accurate data exchange between sellers, buyers, diligence vendors and servicers as pools are formed, traded, securitized and serviced. As a result, the platform is an interchange, or open network that enables investors to easily interact with any party, service or vendor it chooses without spending hundreds of dollars per loan verifying data accuracy with each exchange. In sum, Overture offers its customers an end-to-end platform that fits their business – all under a software-as-a-service structure that emphasizes variable-cost usage over fixed charges.
The company is based in Bethesda, Maryland. For more information, visit www.overturecorp.com or contact John Heck, Managing Director of Business Development, at 704.255-6083 or email@example.com.
About ATS Secured
ATS Secured has created the future of mortgage closings, with software that brings together buyers, sellers, realtors, lenders, settlement agents, vendors and investors. All parties can collaborate on one digital mortgage file, resulting in the most accurate data, transparency that eliminates fraud, and faster payments. Benefits include verified end-to-end payment tracking, four-way reconciliation, real-time audit-ready files and insurance indemnification—all while complying with CFPB regulations. Unlike other software, ATS Secured verifies each account holder so all communications and transactions are secure, vendor liability is reduced, profitability and customer satisfaction are increased, and closings are streamlined.
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