MEDIA
MEDIA
LOANCARE IN THE NEWS
LoanCare Leveraging DocMagic’s eVault Technology for Servicing
VIRGINIA BEACH, Va. – October 20, 2017 – LoanCare, a ServiceLink company, announced today that it has begun utilizing DocMagic, a provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, in order to add eVaulting capabilities to its process. This allows LoanCare to begin servicing loans registered with MERS® as eNotes.
LoanCare is a subservicer operating in all 50 states, servicing more than 1 million loans. Clients of LoanCare can now begin servicing loans stored electronically as eNotes, using an eVault that is secure, compliant and scalable while providing process transparency.
“By utilizing DocMagic, we have established a competitive advantage and created the opportunity to store and subservice loans housed in an eVault, making us the premier subservicer for electronically closed loans,” said Gene Ross, executive vice president of strategy and business development at LoanCare. “After performing a careful evaluation of vault providers in the marketplace, it became clear that DocMagic was the software company that could enable us to broaden our services for our clients.”
DocMagic has an existing integration with the MERS® eRegistry system that registers originated or purchased loans as eNotes. After MERS® registration, the eNote is securely transferred to DocMagic’s eVault, and then can easily and efficiently be serviced by LoanCare. Loan details that are stored in DocMagic’s eVault can be referenced and reported on, so that in the event of an audit, LoanCare can provide proof of compliance for its clients such as TRID and other rules and regulations.
For all eNotes that LoanCare services, DocMagic retains a complete electronic audit trail, tracking every event and securely storing both data and documents for the life of the loan.
“As states continue to adopt more convenient notarization for consumers to enable digital signing of mortgage documents, we anticipate greater market acceptance that will drive the ease in which loans are originated,” said Dave Worrall, president of LoanCare. “One example was North Carolina’s recent achievement of its first ever eClosing – our servicing of that electronic mortgage loan utilized DocMagic’s technology. By providing eVault services to our clients and the marketplace, we plan to continue to be a leader of technology and process innovation.”
“With eClosings starting to gain adoption among lenders, LoanCare’s use of our eVault opens up a substantial opportunity for them to capture market share while operating efficiently, cost effectively and compliantly,” said Dominic Iannitti, president and CEO of DocMagic. “Our Total eClose™ single platform solution enables lenders to close loans without any paper involved whatsoever. The industry adoption of eClosings that we are seeing is significant. LoanCare is a visionary organization that has prepared itself to start servicing eNotes by harnessing the right technology ahead of the curve.”
DocMagic’s eMortgage solutions have been thoroughly vetted and approved by Fannie Mae, Freddie Mac and MERS® to compliantly support all three eMortgage categories for eVault, eNote and eClosing. In addition to its SaaS-based eVault, DocMagic also offers an on-premise eVault solution that is available through eSignSystems, a DocMagic owned and operated company.
About LoanCare, a ServiceLink company
LoanCare, a ServiceLink company, is a leading national provider of full service subservicing and interim subservicing to the mortgage industry and has offered its expertise and best practices in providing servicing solutions for others since 1991. At the present time, LoanCare subservices approximately 1,000,000 loans with over $200 billion in loan balances. LoanCare has a seasoned loan servicing team with senior managers averaging over 28 years of experience in the mortgage and financial services industry.
About DocMagic
DocMagic, Inc. is the leading provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services for the mortgage industry. Founded in 1988 and headquartered in Torrance, Calif., DocMagic, Inc. develops software, mobile apps, processes and web-based systems for the production and delivery of compliant loan document packages. The company’s compliance experts and in-house legal staff consistently monitor legal and regulatory changes at both the federal and state levels to ensure accuracy. For more information on DocMagic, visit www.docmagic.com.
LoanCare Names Adam Saab Chief Operating Officer
VIRGINIA BEACH, VA – June 8, 2017 – LoanCare, a ServiceLink company, announced today that Adam Saab has assumed the role of executive vice president and chief operating officer, effective June 5, 2017.
In this executive leadership position, Saab is responsible for leading LoanCare’s effective and cohesive operations management team to manage business plan objectives, maximize client business opportunities and meet customer service goals and standards.
“Adam is going to take LoanCare to the next level,” said Dave Worrall, president of LoanCare. “The background Adam has developed at regulated banks and his deep experience managing large-scale servicing operations for both primary mortgages and home equity credit give LoanCare a valuable advantage as we expand to serve more customers.”
In his most previous role, Saab held the position of senior vice president at PNC Mortgage where he was responsible for core servicing for all mortgage and consumer products for the bank. In addition, he was responsible for the home lending integration as PNC combined the mortgage and home equity products onto the Black Knight MSP platform.
Prior to joining PNC Mortgage, Saab spent 14 years at CitiFinancial Mortgage Company, where he held various positions in default servicing. At the time of his departure, he was senior vice president of the foreclosure and post default processes, overseeing 2,100 associates in both domestic and offshore sites.
Saab has held key management roles in regulatory compliance issues, such as the consent order, National Mortgage Settlement, and implementation of the Consumer Financial Protection Bureau regulations.
About LoanCare, a ServiceLink company
LoanCare, a ServiceLink company, is a leading national provider of full service subservicing and interim subservicing to the mortgage industry and has offered its expertise and best practices in providing servicing solutions for others since 1991. At the present time, LoanCare subservices approximately 1 million loans in 50 states, approximating $200 billion in loan balances. LoanCare has a seasoned loan servicing team with senior managers averaging nearly 30 years of experience in the mortgage and financial services industry.
Media Contact: Tracy Venturino, 724.407.0793, tracy.venturino@svclnk.com
LoanCare’s Rating Reaffirmed by S&P Global
VIRGINIA BEACH, VA – June 5, 2017 – LoanCare, a ServiceLink company, today announced its rating has been reaffirmed and has maintained its Above Average ranking as a residential mortgage primary servicer and as a residential mortgage special servicer from S&P Global. The outlook is stable for both rankings.
According to S&P Global, the rankings reflect, among other items, LoanCare’s “fine quantitative metrics, an improving internal control environment, satisfactory systems, and well-developed policies and procedures.”
The report states: “LoanCare has well-designed and evolving internal controls, experienced management and staff, and competitive servicing metrics that generally compare well against similar peers. The company successfully increased its portfolio over approximately the past 12 months while also implementing changes to its infrastructure to accommodate its growth. The control environment is further improving with the introduction of a company IA program. Together, these factors should keep LoanCare in an advantageous position when competing in the subservicing arena against new entrants and existing competitors.”
“We are pleased that LoanCare’s rating has been reaffirmed and has been recognized with Above Average rankings from S&P Global,” said Dave Worrall, president of LoanCare. “These positive ratings reflect our company culture that focuses on providing service that exceeds expectations through quality customer service, compliant practices and innovative technology.”
About LoanCare, a ServiceLink company
LoanCare, a ServiceLink company, is a leading national provider of full service subservicing and interim subservicing to the mortgage industry and has offered its expertise and best practices in providing servicing solutions for others since 1991. At the present time, LoanCare subservices approximately 1 million loans in 50 states, approximating $200 billion in loan balances. LoanCare has a seasoned loan servicing team with senior managers averaging nearly 30 years of experience in the mortgage and financial services industry.
Media Contact: Tracy Venturino, 724.407.0793, tracy.venturino@svclnk.com
LoanCare Names Jeff Bell Chief Information Officer
Effective March 27, 2017, Jeff Bell has assumed the role of LoanCare Chief Information Officer.
In this executive leadership position, Bell will be responsible for planning, organizing, optimizing and managing staff and overall operations of LoanCare’s IT department. He will provide strategic leadership to ensure operational services to the business are being supported in a timely and cost effective manner, as well as developing objectives and short and long term goals for the department.
“We are excited to welcome Jeff with his leadership, industry experience and strong business sense,” said Dave Worrall, president of LoanCare. “We look forward to leveraging his talent and seeing the contributions he makes to LoanCare’s goals and long-term growth. Jeff will strengthen an already strong commitment to innovative systems and technology.” Most recently, Bell was a partner with Crystal Shores Consulting where he worked with mortgage institutions as a management consultant with expertise in mortgage technology. During his time there, Bell won awards for JD Power Customer Service Recognition and number one IDS FinTech 100 at TCS. Prior to Crystal Shores, Bell was the CIO for PHH Corporation, where he served on the executive management team that took PHH from the top 20 list to number four in market share in less than three years through increased client penetration and new client integration. He was also responsible for enterprise IT audits, governance and reporting to multiple agencies perpetually. Bell attended Wright State University to earn his MBA and Anderson University to earn his bachelor’s degree in computer science. About LoanCare, a ServiceLink company LoanCare, a ServiceLink company, is a leading national provider of full service subservicing and interim subservicing to the mortgage industry and has offered its expertise and best practices in providing servicing solutions for others since 1991. At the present time, LoanCare subservices approximately 800,000 loans in 50 states, totaling $170.3 billion in loan balances. LoanCare has a seasoned loan servicing team with senior managers averaging nearly 30 years of experience in the mortgage and financial services industry. Media Contact: Tracy Venturino, 724.407.0793, tracy.venturino@svclnk.com