News and Events
Press & Announcements
Scalable, End-To-End Cloud-Based Solution Sets Up Credit Union For Future Growth
October 25, 2021 | Progress in Lending Association
Westerra Credit Union, a Denver-based financial services community that offers mortgages and other financial products to its members, went live on the Blue Sage Solutions Digital Lending Platform. Designed with modern technology, the cloud-based Digital Lending Platform provides mortgage originators with end-to-end functionality for the entire lending and loan fulfillment process, regardless of channel.
Westerra’s goal for upgrading its lending technology was to find a strategic partner to help them meet the needs of its members for years to come. “We needed a technology platform to integrate across all our applications, but our membership keeps growing, so we also needed a solution that can scale as we expand,” said Westerra Vice President of Mortgage Lending Michelle Burke. “The Blue Sage team partnered with us to deliver a new system built on the latest technologies.”
Blue Sage’s CEO Carmine Cacciavillani Receives HouseWire’s Vanguard 2021 Award
Carmine Cacciavillani is the brainchild behind Blue Sage Solutions, a fast-growing loan origination platform in the mortgage industry and the only platform built and launched in the cloud that supports any channel of business. Thanks to Cacciavillani, the number of loans originated through Blue Sage soared by 700% in 2020 as growing numbers of lenders, banks and credit unions have adopted digital mortgage processes — many of them doubling their underwriting efficiencies in the process. Five years after its launch, Blue Sage has been so successful that Goldman Sachs Growth Equity has invested in the company to ensure Cacciavillani’s creation continues to evolve into the new gold standard for loan production in the mortgage industry.
When launching the Blue Sage Digital Lending Platform five years ago, Cacciavillani turned heads. Not just because the market for loan origination systems was dominated by a handful of entrenched players, but also because there was nothing else like it. Considering that the mortgage industry has struggled for years to successfully adopt and implement digital mortgage processes, Cacciavillani’s decision to launch Blue Sage was a daring move that has certainly paid off.
Today, Cacciavillani’s dream of empowering lenders to originate digital mortgages from the ground up has become reality. Over the past year, Blue Sage has experienced a 66% growth in clients with over 40,000 individual users. Cacciavillani continues to build out the Blue Sage platform and enhance its speed, flexibility, and value by developing integrations with companies such as FormFree, Corelogic, ClosingCorp, Optimal Blue, ComplianceEase and many other third-party service providers.
What has been the secret to your success?
“The reason for our success is our employees. We have a core group of folks who have been working together for over 30 years and who have in-depth knowledge of the mortgage business and can use their technical acumen to continuously bring new innovations to the forefront.”
CTO on the models the mortgage industry must focus on
MPA by Richard Torne, July 6, 2021
Less than three years ago, Blue Sage’s CTO Steve Octaviano was highly critical of what he believed was the mortgage industry’s reluctance to adopt more cutting-edge tech, saying lenders were originating loans on technology platforms that were developed years or – in some cases – decades ago.
When someone with more than 30 years’ experience in mortgage services technology flags up a concern of this magnitude, people tend to sit up and listen. As it turns out, the move to modernise was spurred on by something as unexpected as last year’s devastating pandemic.
Blue Sage Solutions Announces Investment from Goldman Sachs Growth Equity
Investment to Help Accelerate Vision to Advance the Lending IndustryENGLEWOOD CLIFFS, N.J. – January 19, 2021 –Blue Sage Solutions, LLC, developers of the Blue Sage Digital Lending Platform, the mortgage industry’s leading browser-based, end-to-end mortgage lending system, announced today that it has closed a financing round from Goldman Sachs Growth Equity, which focuses exclusively on investments in growth stage and technology-driven companies. The investment is Blue Sage’s first external round of funding since the company was founded by Carmine Cacciavillani, President and Chief Executive Officer.
Blue Sage has been on a rapid growth trajectory, doubling revenues in 2020 from the previous year. The company’s customers include independent mortgage bankers, credit unions, and leading banks. “We created the Digital Lending Platform to provide lenders the most modern and comprehensive solution in the market, allowing them to more efficiently close and fund thousands of loans while reducing compliance risk. We provide the only multi-channel platform in the marketplace with a combined point-of-sale and loan origination system. We developed it from the ground up in the last five years,” said Cacciavillani.
Blue Sage Partners with FormFree to Streamline Lending Process with AccountChek Automated Asset Verification Integration
ATHENS, Ga., Aug. 25, 2020 /PRNewswire/ — FormFree® today announced the availability of its AccountChek® automated asset verification service within Blue Sage‘s cloud-based digital mortgage lending platform. The integration makes it possible for borrowers to verify assets with AccountChek through the Blue Sage Borrower Portal and for loan originators to order reports through the Blue Sage Loan Officer Portal and Retail LOS.
FormFree’s AccountChek verification service makes it easy for consumers to demonstrate their ability to repay mortgage loans by electronically fetching bank statements and other asset documentation. Faster and more secure than exchanging paper documents, AccountChek’s patented technology improves the borrower experience and reduces loan processing and underwriting times for lenders.
Carmine Cacciavillani Selected as a 2020 Thought Leader Award Winner
Progress in Lending, June 16, 2020
Progress in Lending has announced the new 2020 Thought Leader Award winners as an opportunity to recognize thought leaders that are not afraid to step forward and blaze a new trail.
Carmine Cacciavillani believes the mortgage lending space has traditionally been relatively slow to embrace new innovations and technologies compared to other industries. The process of originating and closing a mortgage loan remains one of the most fragmented and laborious processes in the entire business world. Carmine also believes systems and processes have been engrained into the fabric of both banks and mortgage companies with little to no impetus to change unless there is some economic or regulatory driver.
As we’ve all experienced over the last few months with the pandemic altering our work habits, many lenders are embracing a number of technologies in order to not only remain relevant, but to also position themselves for any potential impacts that result from this unprecedented time. As a result, Carmine sees lenders embracing solutions that provide an end-to-end experience, from borrower and broker engagement to closing and even cross-selling after the transaction is complete. Instead of maintaining costly legacy solutions across channels, lenders are finally consolidating systems to take advantage of solutions where specific functional areas can be shared across channels.
As Carmine sees it, this cohesive approach to the mortgage process requires a single source of real time data optimized to be used across systems and applications. This should apply no matter who is accessing the loan, or where the data is being reviewed or updated. And, having this available in a secure, scalable, cloud-based environment provides for “always-on” productivity and efficiency for workers, whether they are remote or in the office.
According to Carmine, solutions built on modern technologies using an API-centric approach are now emerging that can take advantage of additional data sources to reduce approval and closing times considerably, using “just-in-time” data to decision the loan. Leveraging automation and automated tasking are further enhancing the combination of both man and machine, empowering lenders to handle cyclical changes while also being prepared for various purchase and refinance booms in the future.
Carmine believes that in today’s world, lenders must leverage technology in order to remain viable. Gone are the days of responding to loan volumes in a linear fashion by adding more personnel. Manual verifications and “stare and compare” processes are becoming extinct as well. In what used to take between two to three weeks of manual investigation, review, phone calls, faxes, and emails, can all be done within minutes with no human intervention.
Carmine thinks lenders must evaluate technologies based on their ability to provide the ultimate customer experience while also driving efficiencies and reducing time to close times. He says one of the key productivity metrics that should be used is the number of closed loans per month per employee. To achieve a higher number of closed loans per person, lenders should let systems and automation drive the process, while allowing employees to focus on delighting customers and handing exceptions. That’s why Carmine supports using integrated data sources across the board, which can eliminate manual keying, as well as using technologies such as workflow automation and machine learning, which can further increase productivity ratios.
Carmine also predicts lenders that provide self-serve models through mobile channels will not only be able to enhance the customer experience and get return business and referrals, but also keep their costs down since the applicant is effectively being guided via an automated, intuitive application process. Behind the scenes access to things like fees, taxes, licensing, and other key applicant details will enables further reduction in churn, because disclosures will ultimately match the data on the closing docs from the beginning. Salespeople will also get back to what they do best – generating additional leads and prospects to help build the funnel and ultimately close more loans.
Virtual Interview on COVID-19: Marie Imanaka, Market Manager, PrimeLending
Hawaii Business Magazine, May 1, 2020 – by Steve Petranik
What has been your company’s latest pivot or innovation?
In April, PrimeLending implemented a new Loan Origination System, Blue Sage, an industry-leading platform that enables our loan officers to deliver homeowners a seamless, secure and superior mortgage experience. With Blue Sage, our loan officers are empowered to manage every aspect of the home loan process remotely through superior digital tools – a feature that was quickly put to the test with stay-in-home mandates. In fact, Hawai‘i was the first market in the West region for PrimeLending to close loans using Blue Sage, and has been successfully working remotely as needed ever since.
Blue Sage Solutions Names David Aach as Chief Operating Officer
Former Docutech executive will focus on building client relationships
Englewood Cliffs, NJ – January 29, 2020 – Blue Sage Solutions, developers of the Blue Sage Digital Lending Platform, the mortgage industry’s leading browser-based, end-to-end mortgage platform, announced today that David Aach has joined the company as chief operating officer. In this role he will focus on increasing the company’s relationships with industry partners, clients and prospects.
Prior to Blue Sage, Aach led the sales and marketing team as executive vice president of Docutech, helping the company more than double its revenue and become an industry leader in its field. Before Docutech, Aach worked for 10 years at IBM Corp. as director and industry expert in its mortgage practice. He previously served as chief operating officer at Palisades Technology Partners, which was acquired by IBM in 2006. At Palisades he worked with its founder and president, Carmine Cacciavillani, who later then founded Blue Sage Solutions.
Blue Sage CEO and Founder, Carmine Cacciavillani receives 2019 Lending Luminary Award.
Progress in Lending Association, October 27, 2019
Carmine Cacciavillani is revolutionizing the LOS market with the Blue Sage Digital Lending Platform, a cloud-based origination technology that is used by all parties involved in the mortgage process, including borrowers. But it’s only been during the past 12 months that Carmine’s company has emerged as a breakout star amid a heavily entrenched LOS market. In fact, it was one year ago that Prime Lending, a $14.5 billion nationwide mortgage lender, left its previous LOS vendor – one of the industry’s oldest and largest – to adopt the Blue Sage platform. Since then, other organizations have followed suit, including Member First Mortgage, a Credit Union Service Organization (CUSO) that provides technology to more than 200 credit unions nationwide.
5 Trends Driving Mortgage Technology in 2020
Mortgage Bankers Association, October 29, 2019 – by Joe Langner
American technologist, artist and set designer Bran Ferren has been quoted describing technology as “something that doesn’t work yet.” I think a lot of us in the mortgage industry can relate to his description. We use technology all the time, yet technology often fails to solve our most critical problems.
No bigger piece of evidence for this exists than the fact that, in spite of the many mortgage platforms and software products lenders use every day, loan production costs are continuing to rise. It’s a frustrating scenario, to say the least—especially at a time when origination volumes have flattened. But it’s also a situation that is driving five significant trends in mortgage technology which, I believe, will start to yield significant results in the coming year.
Shift the way you think about artificial intelligence
Mortgage Professional America, August 22, 2019 by Kimberley Greene
Joe Langner, CEO of cloud-based digital lending platform Blue Sage, says that lenders especially need to think of AI in terms of advances in workflow. It goes beyond writing rules and process automation.
“There’s a lot of buzz about AI, but a lot of confusion too,” Langner said. “Where I see the future of software is augmenting AI to help the lenders directly assist in helping the customer get the best product for their needs. Rather than just filling out a form, having the software prompt the end customer, asking if they have this and that.”
The Fintech Revolution
Mortgage Media, August 8, 2019
Much of fintech is about using modern technology to solve today’s lending challenges more effectively. What most people associate with fintech are consumer-facing tools that let borrowers apply for loans, sign disclosures and drive much of the process of getting a mortgage themselves. Most early fintech adopters are creating their own platforms to effectively automate that process.
“But too often, fintech solutions are only a dressing up of what borrowers see online — they don’t have any meat behind them because nothing has improved behind the scenes. It’s like a Corvette with a lawnmower engine inside,” said Joe Langner, CEO of Blue Sage Solutions.
He noted that the biggest impact has been from cloud-built technologies, open-API architectures and workflow automation.
“The result is a much faster, more streamlined mortgage production process that saves lenders time and money. It also saves lenders from making the significant investment into building their own technology, either from scratch or by patching different solutions together,” Langner said.
Single-solution platforms the next phase in mortgage evolution
Mortgage Professional America, July 25, 2019 by Kimberly Greene
Mortgage companies are constantly trying to stay on the cutting edge of technology, using new trends to improve the overall experience of the end user. Modifying a system once it’s been created, however, can be more difficult than meets the eye.
The current leaders in the mortgage technology space are those who have built the systems in conjunction with changing technology, as opposed to those who have adapted and updated their existing systems.
“A lot of the loan origination processing platforms have been built 20-30 years ago,” said Joe Langner, CEO of Blue Sage, a cloud-based digital lending platform for retail, wholesale, and correspondent lenders. “They were originally designed for one type of technology and have evolved over time, but really only those software companies who have started from scratch again, and leveraged brand new technology and written it specifically for the cloud, those are the ones that we’re seeing highten the interest levels in the marketplace.”
The Missing Piece in Digital Originations
Mortgage Professional America, June 17, 2019 by Kimberly Greene
The most recent obsession in mortgage origination technology is with the borrower experience, also known as the customer journey. So many innovations in the digital loan process have been based on consumer expectations, because lenders and technology providers know that a consumer can move seamlessly to a competitor if their offerings are lackluster.
But technology is only one aspect of these consumer expectations. Joe Langner, CEO of Blue Sage, says that some lenders are missing the ability to think of the customer from a 360-degree angle when it comes to serving the customer with technology—or without.
National MI Now Integrated with Blue Sage
Lenders can now order National MI rate quotes and mortgage insurance directly from within the Blue Sage Digital Lending Platform
EMERYVILLE, CA and ENGLEWOOD CLIFFS, NJ–-June 7, 2019 – National Mortgage Insurance Corporation (National MI), a subsidiary of NMI Holdings, Inc. (NASDAQ: NMIH), is now integrated with the Blue Sage Digital Lending Platform, a browser-based, end-to-end mortgage platform built in the cloud. The integration enables lenders to obtain immediate and accurate National MI rate quotes and order delegated mortgage insurance without ever leaving Blue Sage.
BlueSage Solutions and MGIC Announce Technology Integration Partnership
MGIC Mortgage Insurance Now Available Through the BlueSage Digital Lending Platform™
MILWAUKEE (May 21, 2019) /PRNewswire/ – BlueSage Solutions, developers of the only browser-based, end-to-end lending technology designed to provide borrowers with a digital mortgage experience, and Mortgage Guaranty Insurance Corporation (MGIC), the nation’s first private mortgage insurer, jointly announced today the availability of MGIC’s mortgage insurance rate quotes and delegated MI service ordering through the BlueSage Digital Lending Platform.
Through this technology integration, loan originators can select MI products and order MGIC rate quotes or delegated MI without leaving the platform, improving the speed and accuracy of ordering MGIC MI
ClosingCorp Now Integrated with Blue Sage
Lenders using Blue Sage’s digital platform can now access accurate closing cost data through SmartFees, enabling the elimination of time-consuming manual tasks
SAN DIEGO, Calif., May 1, 2019 – ClosingCorp, a leading provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, announced its SmartFees® solution is now integrated with the Blue Sage Digital Lending Platform, the mortgage industry’s only browser-based, end-to-end mortgage platform, thereby creating process automation other platforms cannot provide.
ClosingCorp’s SmartFees delivers actual, real-time rates and fees from more than 20,000 individual service providers, including title, settlement and appraisal companies, to populate the appropriate mortgage disclosures. With this integration, lenders are able to manage rates and fees from SmartFees without ever leaving the Blue Sage Lending Platform, which handles pricing, underwriting, closing, funding and post-closing for all mortgage channels—retail, wholesale, correspondent, and consumer direct. The integration leverages Blue Sage’s unique application programming interfaces (APIs), making interoperability between third-party technology providers completely seamless.
National Mortgage Professional Magazine’s Q&A With Joe Langner, CEO, Blue Sage Solutions
How is dealing with Millennials different than dealing with prior generations?
Joe Langner: In some ways, it’s really night and day. Many Millennials literally grew up with computers in their pockets. As a result, they tend to trust technology much more than older generations do. They’re also more willing to share their personal information online, whether through social media, when shopping or when using mobile apps.
As a result, their expectations as consumers are much higher. They basically expect an “Apple” experience wherever they go. They want to be able to install apps in minutes and expect these apps to take care of all their needs. And yet, because financial services apps are often quite complicated, Millennials who try using them are rarely getting their expectations met.
PrimeLending chooses Blue Sage LOS in bid to boost efficiency of mortgage process
Q&A with CIO Tim Elkins and President Steve Thompson
HousingWire, April 23, 2019 by Sarah Wheeler
HousingWire sat down with two executives from PrimeLending — Tim Elkins, executive vice president and chief information officer, and Steve Thompson, president — to find out what factors went into the company’s recent decision to switch to a new LOS.
Q: Why did you choose the Blue Sage digital platform?
HeadshotTim: Choosing a provider for a new LOS was no small challenge – we required a system that would give us agility and control to respond rapidly to changing requirements. We insisted the system be reliable, fast, and secure to enable our employees to deliver the high level of service our customers demand.
We expected the new system to streamline and simplify our workflows and improve efficiency at virtually every phase of the loan origination process. And finally, we wanted a solution that was superior to any other current mortgage platform – we wanted to set the bar much higher.
After an exhaustive search that included site visits and product demonstrations with the leaders and emerging players in mortgage origination technology, we decided on Blue Sage. Offering an unmatched combination of innovative technology, mortgage industry expertise and a shared set of team-focused values, Blue Sage would give us a tremendous advantage now and in the future. It was a great fit – there is simply nothing else on the market like it.
Blue Sage Solutions Integrates with Optimal Blue’s Real-time Pricing & Locking APIs to Streamline Loan Origination Process
Robust integration brings compliant pricing to cloud-based digital mortgage lending platform.
Plano, TX (April 9, 2019) – Optimal Blue, the leading provider of secondary marketing automation and services in the mortgage industry, announced today the certification of the integration with Blue Sage Solutions’ sophisticated, multi-channel digital lending platform. Through multiple seamless integrations with Optimal Blue’s product eligibility and pricing platform, Blue Sage now enables wholesale, correspondent, and retail lenders to receive real-time, compliant pricing scenarios regardless of their business channel.
Capsilon, Blue Sage Team Up to Automate Loan Workflows with Perfected Data
Capsilon’s patented document recognition and data extraction technology will help Blue Sage’s lender clients drive down costs and deliver key competitive advantages
San Francisco, CA and Englewood Cliffs, NJ – March, 2019 – Capsilon a leading provider of digital mortgage solutions, has partnered with Blue Sage, the mortgage industry’s only browser-based, end-to-end mortgage platform, to automate key steps in the loan origination process.
As a result of the partnership, Capsilon’s patented document recognition and data extraction technologies have been integrated into the Blue Sage Digital Lending Platform to help mortgage lenders of all sizes drive down origination costs and improve customer satisfaction. The integration with Capsilon is made possible through Blue Sage’s unique application programming interfaces, or APIs, which make interoperability between third-party technology providers completely seamless.
Member First Mortgage Chooses Blue Sage Digital Mortgage Platform
CUSO with more than 200 total members says browser-based platform delivers superior technology and will help credit unions attract and serve Millennial borrowers
Englewood Cliffs, NJ and Grand Rapids, MI – February 5, 2019 – Blue Sage, developers of the mortgage industry’s only browser-based, end-to-end digital lending technology built with modern technology and designed to provide borrowers with a digital mortgage experience, announced that Member First Mortgage, a credit union service organization (CUSO), has chosen Blue Sage as its mortgage origination platform. Member First Mortgage provides a complete range of conventional and government loans and performs loan processing, fulfillment, servicing and other mortgage-related services for more than 200 credit unions nationwide.
The decision to use Blue Sage was made following an extensive search and review of competing loan origination platforms, Member First Mortgage CEO Jerry Reed said.
“Unlike most loan origination software, Blue Sage was not built with technology that was developed more than a decade ago and is continually repackaged to look new,” Reed said. “It was written in current software language and includes a rich system of APIs, making it a more fluid system that offers better connectivity than any other product on the market. And because Blue Sage is a cloud-managed system, we can add new features and capabilities for years without constantly building new bridges to third-party software and services. It’s completely superior to anything else on the market.”
From a borrower perspective, Blue Sage will be instrumental in helping credit unions attract and serve younger members, Reed added. The Blue Sage platform comes equipped with borrower facing loan application tools that enable credit union members to manage their own mortgage experience. After a borrower applies for a loan online, Blue Sage automatically calculates fees and creates electronic disclosures that are then sent to the borrower for e-signing, saving valuable time and effort. All vendor services—such as appraisals, title and flood insurance—can be automatically ordered online through Blue Sage’s workflow as well.
“Blue Sage is an incredibly fast, user-friendly platform that delivers the same type of online experience that Millennials get when using social media, including chat and screen sharing features. Yet it is also intuitive enough for borrowers of any age to use quickly and easily,” Reed said. “From a presentation standpoint to the way it works behind the scenes, we believe Blue Sage represents the next evolutionary step in loan origination technology.”
“Member First Mortgage shares our view that mortgage technology should be simple and always place the borrower first,” said Joe Langner, CEO of Blue Sage. “We’re excited for the opportunity to help hundreds of credit unions create a unique mortgage experience for their members by simplifying the mortgage process, eliminating paperwork and dramatically reducing the time and expense it takes to close loans.”
About Blue Sage
Blue Sage is an innovative, cloud-based digital lending platform for retail, wholesale and correspondent lenders that provides a superior lending experience for every borrower. The company’s technology is 100% browser-based and provides end-to-end functionality for the entire lending and fulfillment process, regardless of channel. All Blue Sage solutions include mobile applications and are delivered through a secure, fully managed cloud service. The company’s technology was developed over the past four years by the founders of Palisades Technology Partners, developers of Impact, the first end-to-end web-based loan platform which was used by five of the 10 largest U.S. originators. Blue Sage Solutions is headquartered in Englewood Cliffs, New Jersey. For more information, visit www.bluesageusa.com.
About Member First Mortgage
Built on the Credit Union philosophy of “People Helping People,” Member First Mortgage (MFM) is a nationwide credit union service organization (CUSO) that has served the home financing needs of more than 200 credit unions and individual borrowers since 2001. Based in Grand Rapids Michigan, Member First Mortgage offers a wide range of mortgage programs and services, from purchase, refinance and construction. For more information visit www.memberfirstmortgage.com.
### PRESS CONTACT: Mike Murray Strategic Vantage Marketing & Public Relations (240) 498-0863 MikeMurray@StrategicVantage.com
CoreLogic dropping Dorado to concentrate on appraisal management
By Brad Finkelstein and Austin Kilgor
December 21, 2018
National Mortgage News
CoreLogic is exiting its loan origination software and default management operations over the next 24 months and instead accelerated plans to transform its appraisal management company unit.
Those two noncore businesses generated approximately $40 million in revenue in the first three quarters of the year, the company said in a press release.
“CoreLogic remains focused on capitalizing on our scale and market leadership and the opportunities presented by our must-have workflow solutions in the U.S. mortgage market,” President and CEO Frank Martell said in a press release. “The actions we are announcing today should further position the company to achieve its 30% [adjusted EBITDA] margin target and enhanced organic growth rates in 2020.”
CoreLogic’s adjusted EBITDA was $128 million in the third quarter, down 7% from the year prior, driven by reduced U.S. mortgage loan unit volumes and lower appraisal revenue, among other things, the company’s third-quarter earnings release said. The adjusted EBITDA margin for the quarter was 28%; for the same period in 2017 it was 29%.
When the LOS first came to market, many considered Dorado’s cloud computing, automation and highly custom capabilities ahead of their time in the mortgage industry. But those cutting-edge features often required lengthy and costly implementations that were out of reach to all but the largest lenders, like JPMorgan Chase.
But the larger and more sophisticated institutions that could actually benefit from Dorado’s advanced features were often wary of doing business with a small startup like Dorado. CoreLogic’s outright acquisition of Dorado in 2011 was supposed to overcome that obstacle by providing the balance sheet support of a mega-vendor.
Dallas-based PrimeLending was one of the few lenders still using Dorado, but recently announced plans to implement a new LOS from Blue Sage Solutions, a New Jersey-based startup founded by Carmine Cacciavillani. The mortgage technology veteran previously founded Palisades Technology Partners, which was acquired by IBM in 2006.
CoreLogic’s more recent deals have been focused on the appraisal business. The company acquired a la mode back in April for $120 million, and that followed the 2017 purchase of Mercury Network for $153 million. Before that, it acquired FNC, bought out Wells Fargo’s interest in the RELS joint venture and acquired LandSafe Appraisal Services.
2018 HW Vanguard: Steve Smith
December 3, 2018
Finicity co-founder and CEO
Steve Smith and Finicity are helping to lead an industry-wide transformation in underwriting, away from manual and toward digital.
Smith co-founded Finicity and serves as the company’s CEO. Finicity developed and deployed a variety of products for the mortgage lending industry, Vanguard logoincluding the company’s Verification of Assets and Verification of Income solutions.
Over the past 12 months, Finicity announced integrations of its asset verification solution into the digital lending platforms of 11 key industry players: Capsilon, SimpleNexus, Lender Price, Mortgage Cadence, Blue Sage, BeSmartee, Ellie Mae, Advanced Data, MortgageHippo, Black Knight and DataVerify.
And the company expects more of these types of arrangements to come in the near future.
Finicity was also chosen to participate in Fannie Mae’s pilot for Single Source Validation, which is an enhancement to the Desktop Underwriter validation service that leverages bank account data collected via a single asset report to validate income, assets and employment.
Finicity inked direct data exchange agreements with two major banks: USAA and Capital One. Last year, the company signed similar deals with Chase and Wells Fargo.
Finicity was honored as one of the 2018 HW Tech100, an award reserved for the housing industry’s top technology companies.
What has been your secret to success?
“Truly becoming an agent for innovation and change requires that you understand market disruptions and gather data while always trusting your instincts and gut. Most times, you have to press forward and ignore the noise, naysayers and entrenched thinking, and you almost force your will on change.”
A rundown of recent tech integrations in the mortgage lending space
By Caroline Basil
November 6, 2018
Blue Sage’s Digital Lending Platform is a completely cloud-based, scalable solution capable of supporting any mortgage channel, according to the company.
“We are laser-focused on delivering the best mortgage experience and, in our opinion, Blue Sage gives us a tremendous advantage now and in the future,” said Tim Elkins, CIO, EVP of PrimeLending.
MBA NewsLink Staff
October 19, 2018
PrimeLending Selects Blue Sage Digital Lending Platform
The Blue Sage Digital Lending Platform is a cloud-based, scalable product capable of supporting any mortgage channel, including retail, wholesale and correspondent lines of business. The platform handles pricing, underwriting and decision-making from the point-of-sale stage all the way to the closing and funding of the loan.
Top Lender Selects New LOS
Progress in Lending
October 16, 2018
PrimeLending, a PlainsCapital Company and top 10 mortgage lender that originated more than $14.5 billion in mortgage loans last year, has chosen the Blue Sage Digital Lending Platform as its new mortgage origination platform. Here’s why:
The Blue Sage Digital Lending Platform is a completely cloud-based, highly scalable solution capable of supporting any mortgage channel, including retail, wholesale and correspondent lines of business.
The Blue Sage Digital Lending Platform is event-driven. The platform handles pricing, underwriting and decision-making from the point-of-sale stage all the way to the closing and funding of the loan. Because Blue Sage can be easily integrated with third party services due to its APIs and integration options, an unlimited number of third party vendor services, such as appraisals, title and flood insurance can also be ordered online through the Blue Sage platform. Blue Sage also includes mobile applications and CRM tools geared to helping loan officers increase sales.
“We are beyond thrilled that a powerhouse lender like PrimeLending has placed its trust in the Blue Sage platform,” said Joe Langner, CEO of Blue Sage. “Based on its large origination volume, a lender the size of PrimeLending can achieve enormous savings by leveraging our digital mortgage technology. We look forward to a long and productive relationship with PrimeLending.”
PrimeLending Switches to Blue Sage’s Digital Lending Platform
By Betsy Lillian
October 15, 2018
Mortgage lender PrimeLending is now using the Blue Sage Digital Lending Platform as its origination platform.
The platform is highly scalable and capable of supporting any mortgage channel, including retail, wholesale and correspondent lines of business, Blue Sage says in a release.
Last year, PrimeLending, a PlainsCapital company, originated more than $14.5 billion in mortgage loans.
“We are laser-focused on delivering the best mortgage experience and, in our opinion, Blue Sage gives us a tremendous advantage now and in the future,” says Tim Elkins, chief information officer and executive vice president of PrimeLending. “Because of Blue Sage’s unique combination of mortgage industry expertise and open architecture capable of seamless integration and automation capabilities, we will be substantially better positioned to evolve and improve efficiencies over time.”
Built on a modern technology stack, Blue Sage’s platform is highly event-driven, handling pricing, underwriting and decision-making from the point-of-sale stage all the way to the closing and funding of the loan.
The platform sports a rich set of APIs and integration options, enabling it to be connected with a wide range of third party software and vendor services, such as appraisals, as well as title and flood insurance.
Blue Sage also includes mobile applications and CRM tools geared to helping loan officers increase sales.
Primelending Selects Blue Sage Digital Lending Platform
$14.5 B lender’s decision follows rigorous vetting process that included competing LOS products.
PrimeLending expects Blue Sage’s user-friendly process automation tools will help loan officers capture greater numbers of borrowers seeking a digital mortgage experience.
Englewood Cliffs, NJ – October 14, 2018 – Blue Sage, developers of the mortgage industry’s first browser-based, end-to-end digital lending technology, announced that PrimeLending, a PlainsCapital Company and top 10 mortgage lender1 that originated more than $14.5 billion in mortgage loans last year, has chosen the Blue Sage Digital Lending Platform as its new mortgage origination platform.
The Blue Sage Digital Lending Platform is a completely cloud-based, highly scalable solution capable of supporting any mortgage channel, including retail, wholesale and correspondent lines of business.
“We are laser-focused on delivering the best mortgage experience and, in our opinion, Blue Sage gives us a tremendous advantage now and in the future,” said Tim Elkins, CIO, EVP of PrimeLending. “Because of Blue Sage’s unique combination of mortgage industry expertise and open architecture capable of seamless integration and automation capabilities, we will be substantially better positioned to evolve and improve efficiencies over time. Blue Sage was a great fit – there is simply nothing else on the market like it.”
Docutech: Industry Spotlight: Blue Sage
Docutech’s integrations with leading technology providers in the mortgage and consumer lending industry are key to helping us deliver end-to-end solutions that enable lenders to streamline loan origination, reduce costs, and optimize the experience for the borrower. In our monthly Industry Spotlight blog series, we highlight key relationships that help us move the industry forward by delivering the most streamlined, accurate, compliant and innovative document experience possible.
What innovative services is Blue Sage providing to financial institutions?The Blue Sage Digital Lending Platform is 100% browser-based and covers the entire lending and fulfillment process, regardless of channel. It delivers everything from product pricing to underwriting and decision-making from the point-of-sale stage all the way to the closing and funding of the loan. Because it’s delivered through a secure, fully-managed cloud service, the platform enables lenders to achieve speed and compliance with fewer costs.
With Blue Sage, borrowers no longer must print, fax and mail paper documents to their lender, often repeatedly and at the last minute. For example, Blue Sage’s consumer applications offer full chat, remote assistance and automated workflows, enabling borrowers to search and apply for mortgages at their own pace or with assistance from a loan officer when needed. It also comes equipped with consumer-facing desktop and mobile applications. By putting the primary focus on customer satisfaction, we’re helping lenders increase repeat business and referrals.
How does your integration with Docutech help deliver an outstanding experience to the institutions you work with?
Blue Sage and Docutech are teaming up to provide a higher level of automation to our mutual clients. Together, we’re saving lenders from performing an enormous number of manual tasks that have led to the highest per-loan costs our industry has ever seen.
Specifically, we have built a seamless integration to Docutech’s eSignature platform, Solex, which provides borrowers with an intuitive, easy-to-use eSign experience. Once the borrower eSigns a document in Solex, the loan file in Blue Sage is automatically updated with the fact that consent has been received, which triggers the next set of automated steps, such as ordering third party services. Compared to performing these tasks manually, we are taking an incredible amount of work off the lender’s plate.
How has working with Docutech benefitted your clients? Any specific stories or anecdotes?Our relationship with Docutech enables our clients to fulfill perhaps the most critical component of a digital mortgage experience, which is allowing the borrower to digitally sign documents online. What’s unique about our relationship, however, is how fast we’re able to do this for our mutual clients.
For example, Blue Sage allows lenders to automate the loan application process so that the consumer can shop, price and apply for a loan online, with or without the lender’s assistance. After the borrow completes their digital application, a secure borrower portal is created where initial disclosures are generated and delivered to the borrower to be e-signed through Docutech. All of this automation occurs within about two to three minutes from the time the borrower submits their application. That’s an extremely short time for a borrower to get a loan commitment, and Docutech helps make it possible.
What are the most exciting developments you see happening over the next five years?I think the consumer direct technology we’re seeing take off will become commonplace five years from now, but I think we’ll also see an enormous increase in process automation working behind the scenes. For example, every task associated with producing loans will eventually be automatically assigned based on a lender’s volume and the particular skills and expertise of every staff member, including the loan officer.
Beyond a continuation of the automation trend, within five years we may see other innovations emerge such as device independence, blockchain, artificial intelligence and further advancements in communication technology. These innovations are already having an impact outside our industry in terms of how consumers access goods and services, and I believe our industry is next. But the most significant advancements for lenders will be technologies that automate human tasks so that the machinery manufactures the loan and humans sell them and advise the consumer.
How will you and Docutech be able to help financial institutions reach these goals?Blue Sage and Docutech share the mutual goal of automating everything that can be automated. We’re committed to helping lenders deliver a faster, more intuitive service to their customers while lowering production costs and increasing loan quality. And we’re both obsessed with providing borrowers with a digital mortgage experience.
There are still a few hurdles to creating completely digital loans, of course. At the same time, the traditional hurdles to digital mortgages have been peeling away in recent years, while advances such as asset verifications and remote notarizations have taken hold. With Docutech, I’m confident we can help our clients achieve a completely digital mortgage experience for every borrower that chooses it.
Finicity Partners with Blue Sage to Create a Frictionless Digital Lending Process
SALT LAKE CITY (PRWEB) MAY 30, 2018
Finicity, a leading provider of real-time financial data aggregation and insights, announced it has signed an integration agreement with Blue Sage Solutions, an innovative, cloud-based digital mortgage lending platform. Under terms of the agreement, Blue Sage will integrate Finicity’s Verification of Assets (VoA) solution into its multi-channel digital lending platform to accelerate the credit decisioning process for mortgage lenders.
“Our goal is to find top-notch partners who are also committed to creating a frictionless experience for lenders and borrowers through a digitized process,” said Steve Smith, Finicity CEO. “We’re excited to work with Blue Sage to accelerate the process of verifying a borrower’s assets, which has traditionally been a painful paper chase that takes several days or longer.”
Blue Sage’s digital lending platform allows mortgage lenders and borrowers to collaborate together in real-time to communicate, exchange required information and track progress. Since Blue Sage operates as a cloud-based platform, both parties can access VoA reports at virtually any time during the process.
“We look forward to working with Finicity as an asset verification provider,” said Joe Langner, CEO of Blue Sage. “The company’s credit solutions align well with our mission to empower mortgage lenders with best-in-class, consumer-centric tools to achieve an excellent origination performance—every time.”
Finicity is an authorized, integrated provider of asset verification reports within Fannie Mae Desktop Underwriter® (DU®). This gives lenders a certified asset report through Fannie Mae’s Day 1 Certainty™ initiative. Finicity is also part of the Single Source Validation (SSV) pilot, meaning Fannie Mae will utilize transaction data from Finicity reports to validate assets, income and employment. A broader rollout of SSV is planned later this year and will build on Fannie Mae’s Day 1 Certainty initiative.
Finicity is also an authorized Freddie Mac asset validation report provider, and Freddie Mac and Finicity are working together on new methods to validate income from payroll deposit data from bank statements.
Finicity enables a financial data-sharing ecosystem that is secure, inclusive and innovative. Through its real-time financial data aggregation and insights platform, Finicity provides solutions for financial management, payments and credit decisioning in mortgage lending, while also leading the development and promotion of industry standards. The company has developed more than 16,000 bank integrations, with the vast majority through connections that provide access to formatted bank data, improving information access and accuracy. Finicity was awarded API World’s 2016 Finance API of the Year and is a 2018 HousingWire Tech100 winner. To stay up to date on all Finicity company and product announcements, visit http://www.finicity.com.
About Blue Sage:
Blue Sage is an innovative, cloud-based digital lending platform for retail, wholesale and correspondent lenders that provides a superior lending experience for every borrower. The company’s technology is 100% browser-based and provides end-to-end functionality for the entire lending and fulfillment process, regardless of channel. All Blue Sage solutions include mobile applications and are delivered through a secure, fully managed cloud service. The company’s technology was developed over the past four years by the founders of Palisades Technology Partners, developers of Impact, the first end-to-end web-based loan platform which was used by five of the 10 largest U.S. originators. Blue Sage Solutions is headquartered in Englewood Cliffs, New Jersey. For more information about Blue Sage’s products and services, visit http://www.bluesageusa.com.
Q/A with Joe Langner of Blue Sage
Written by MBA Insights StafF – May 29, 2018
Joe Langner is CEO of Blue Sage, Laguna Beach, Calif., developers of a browser-based, end-to-end digital lending platform. He is a mortgage technology veteran with more than 25 years of executive experience in the financial services and software industries, and former chief operations officer at Ellie Mae. He can be reached at firstname.lastname@example.org.
MBA INSIGHTS: You came to Blue Sage from Ellie Mae, where you played a role in growing its Encompass loan origination system. What opportunities do you see at Blue Sage?
With Ellie Mae, we had the benefit of leveraging our other product offerings, Contour and Genesis, to help increase our speed to market with Encompass. At Blue Sage, our advantage is being able to leverage the more than 30 years of our team’s expertise building loan origination systems for five of the 10 top U.S. mortgage lenders. However, we built Blue Sage from the ground up this time, using our past experiences to include the best features for an LOS and re-thinking ones that should be designed better with newer, modern technology. We also built the solution to be 100% browser based, allowing our customers to realize our features on both desktops and mobile devices. When it comes to functionality, scalability, performance and security, Blue Sage is far superior to other systems–plus it was designed from the ground up to support retail, correspondent, and wholesale lending, including consumer direct all in one platform.
Joe Langner: To Deliver a True All-Digital Mortgage, LOS Providers Must Re-Invent
Written by Patrick Barnard -April 30, 2018
PERSON OF THE WEEK: The loan origination system (LOS) is the central “workhorse” of any mortgage operation. It is the “system of record,” or central repository of all critical mortgage data.
And with mortgage lenders increasingly adopting the e-mortgage, or all-digital mortgage process, the role of the LOS and the demands placed upon it have changed and expanded. Today’s LOSs sport vastly more features and functionality than the ones of the not-too-distant past. As such, it can be argued that the LOS plays an even bigger role in lenders’ operations than before.
Blue Sage Solutions launches a new Digital Lending Platform.
Englewood Cliffs, NJ – October 20, 2017 – Blue Sage Solutions, whose founders created the mortgage industry’s first browser-based, end-to-end loan origination system, has launched a new Digital Lending Platform that now serves retail lending and wholesale businesses channels in addition to its existing correspondent lending capabilities. Available immediately, retail and wholesale lenders will be able to sell, manufacture and close loans online while offering borrowers a fast, efficient and user-friendly digital mortgage experience.
“Unlike most platforms, Blue Sage was completely built and delivered through the cloud and designed to support any mortgage channel or line of business,” said Blue Sage CEO Joe Langner. “Retail and wholesale lenders no longer need to bolt-on third party add-on solutions through complex integrations, such as borrower websites or pricing engines into their existing LOS. Our platform provides lenders everything in one cohesive solution, so borrowers receive a simpler, more efficient experience from start to finish.”
Blue Sage’s consumer applications streamline the user experience by offering full chat and remote assistance and automated workflows. After a borrower fills out an application, Blue Sage verifies pricing and compliance and delivers to the borrower a personalized portal to track their loan progress and receive access to the initial disclosure package ready for an electronic signature.
The Blue Sage Digital Lending Platform also includes an Originator Portal and Mobile App that provides key point-of-sale and CRM functionality to set up contact strategies, interact with borrowers, set goals and manage pipelines and performance. With Blue Sage, lenders can increase capture rates, react more quickly to market changes, ensure compliance, and meet borrower demands for a completely digital mortgage experience all on one seamless platform.
Langner added that the Blue Sage Digital Lending Platform can be easily updated with new products at no additional investment to lenders. “Blue Sage offers unparalleled flexibility through an ecosystem of API (application programming interface) services, which allows us to offer new products rapidly, such as our mobile Loan Officer Portal,” Langner said. “There’s tremendous value for lenders in having a complete solution designed from the beginning to bring all the pieces of the mortgage process together while reducing total costs of ownership.”
Blue Sage Solutions a winner in HousingWire Tech100 awards.
HousingWire reveals the winners of its fifth annual HW Tech100 awards, recognizing the most innovative technology companies in the U.S. housing economy, spanning real estate, mortgage lending, mortgage servicing and investments.
The number of applicants for the 2018 awards increased from previous years and the final list of 100 companies demonstrates the depth and range of technology solutions that are available for those operating in the housing economy.
“These companies provide innovative solutions and are moving the housing finance industry forward as technology rapidly changes how the landscape operates,” said HousingWire Online Editor Caroline Basile.
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