NMP - July 2018 - 81

heard on the street

PRMI CEO Zitting Honored
by the MBA

Black Knight Acquires AI
Provider HeavyWater

Black Knight has announced the
acquisition of Philadelphia-based
HeavyWater, a provider of
artificial intelligence and machine
learning (AI/ML) to the financial
services industry. Black Knight
will be integrating AIVA into its
premier solutions, while also
making the technology available
to clients who seek to deploy
AI/ML within other parts of their
organizations to help enhance
efficiency, effectiveness and
accuracy.
"With the cost of origination
and servicing at, or near, all-time
highs, AIVA is poised to help
increase efficiencies for Black
Knight clients," said Anthony
Jabbour, Black Knight's Chief
Executive Officer. "AI, machine
learning and neural network
solutions are the future of
delivering enhanced productivity
and capabilities to our clients,
and we are very excited about
the potential HeavyWater has to
offer. Now, with HeavyWater a
part of Black Knight, we'll be
able to apply this groundbreaking
technology at scale and pursue

Commerce Home
Mortgage Acquires
LoanStar Home Loans

Commerce Home Mortgage LLC
and its parent company, The
Capital Corps LLC, have
announced the acquisition of the
retail mortgage banking
company LoanStar Home Loans
LLC. Terms of the transactions
were not made public.
Headquartered in Portland,
LoanStar operates loan
production offices in Oregon,
Washington, California,
Colorado, Arizona, Texas, Utah
and Hawaii. The company will
continue to operate under the
LoanStar name as a division of
Commerce.
"I am thrilled to partner with
LoanStar and its talented
professionals for this strategic
transaction," said Steven
Sugarman, Executive Chairman
of The Capital Corps and
Commerce. "Our combined
organization will have a strong
balance sheet, meaningful scale,
and the benefits associated with
our certification as a CDFI by
the United States Department of
Treasury. As Commerce rolls out
its proprietary, non-traditional
prime mortgage products later
this year, our retail loan officers
will have a compelling
opportunity to meaningfully
grow their originations."

Impac in New Partnership
on Non-QM Securitization

Impac Mortgage Holdings Inc.
has partnered with the private
equity firm Starwood Property
Trust on the origination and
securitization of non-QM
residential mortgages.
According to the companies,
this new strategic relationship
will enable Impac to ramp up its
non-QM loan production, with
Starwood agreeing to purchase
up to $600 million of these loans
over the next 12 months.
Starwood is working on an initial
securitization that will be 100
percent backed by Impac's nonQM collateral, and Impac
expects to co-invest in these
securities and in future Starwood
securitizations.
"We are pleased to have
Starwood as a partner in the
creation of responsible
alternative loan products that
satisfy both consumer need and
capital market demand," said
George A. Mangiaracina,
President of Irvine, Calif.-based
Impac. "After having collaborated
in the non-QM space for several
years, we are excited to formalize
our existing Starwood
relationship. This arrangement
will further Impac's competitive
advantage in the non-agency
segment of the residential
mortgage market and permit the
company to participate in the
longer-term economics of the
loans we originate."
"We are excited to formalize
our partnership with Impac,
which we believe will help scale
our opportunity to provide nonQM loans to high-quality
borrowers while sourcing
investments that will continue to
deliver strong risk adjusted
returns for Starwood Property
Trust shareholders," added
Steven Ujvary, Senior Vice
President of Starwood Capital
Group, the parent company of
Starwood Property Trust.
Premier Nationwide Lending
Announces Company
Rebrand

Premier Nationwide Lending has
launched an updated logo, new
Web site, and an overall
company rebrand. The new
platforms can be viewed at
continued on page 82

81

n National Mortgage Professional Magazine n JULY 2018

The Mortgage Bankers
Association (MBA) has presented
its annual Burton C. Wood
Legislative Service Award to
Primary Residential Mortgage
Inc. (PRMI) Chief Executive
Officer David Zitting, CMB. The
Award is given annually to an
MBA member employee in
recognition of sustained superior
service to the association and the
real estate finance industry as a
whole.
Zitting currently sits on the
MBA Board of Directors and
Residential Board of Governors
(RESBOG). He is an active

participant in MORPAC and his
company has enrolled the sixth
highest number of total Mortgage
Action Alliance (MAA) members
in the country. He is actively
engaged with key policymakers
in the Utah delegation and has
helped MBA achieve positive
results on behalf of the industry
through dedicated advocacy at
both the state and federal levels.
"David has been a consistent
advocate for MBA thanks to his
tireless outreach to policymakers
and champion of key issues
affecting our industry," said Dave
Motley, CMB, President of
Colonial Savings and Chairman
of MBA. "His deep involvement in
both MAA and MORPAC
reinforce David's commitment to
advocacy."
The Award is named after the
late MBA Legislative Counsel
Burton C. Wood, who devoted
more than 30 years of service to
MBA's advocacy efforts and
passed away in 2010. Wood was
the first recipient of the award in
1990, and his lobbying skills
gained the respect and attention
of both Republicans and
Democrats alike.

our shared goal of transforming
the industry."
AIVA reads, comprehends and
draws conclusions based on
context to mimic cognitive
thinking and build expertise over
time. HeavyWater has been
providing this solution to help
lenders verify income, assets
and insurance coverage, which
are traditionally manual activities
that take hours to complete and
are prone to error. Clients
benefit from accelerated
processes and reduced
expenses as AIVA gains
experience and manual routines
are automated.
"Our focus has always been on
pioneering research in machine
learning and artificial intelligence
and applying it to the financial
services industry," said Soofi
Safavi, Chief Executive Officer of
HeavyWater. "By using
sophisticated neural networks and
'contextual knowledge' to
continuously improve AIVA's
learning and performance, we've
helped our clients save money,
increase efficiencies and reduce
turn time."

NationalMortgageProfessional.com

streamlines the origination
process while also effectively
mitigating valuation-related risk."
The VeroPRECISION Valuation
Decision Engine is available
through VeroSELECT, Veros'
vendor-agnostic, singleenterprise management platform,
which provides access to a
comprehensive suite of more
than 25 innovative collateral risk
solutions from 15-plus vendors,
helping lenders best assess
collateral values at origination
and across existing portfolios. In
addition to VeroPRECISION,
Accurate Group's ValueNet suite
and the VeroVALUE suite of
valuation products, VeroSELECT
also offers AVM Cascade
Management, VeroBPO Broker
Price Opinions, VeroPHOTO Plus:
Property Condition Reports, and
Veros' proprietary, best-in-class
valuation forecasting tool,
VeroFORECAST.
Frank Guarnera, Executive
Director of Valuations for
Accurate Group, said, "Accurate
Group is committed to delivering
our clients the fastest, most
accurate property appraisal on
every order. By partnering with
Veros to leverage
VeroPRECISION, we are able to
more quickly identify the best
appraisal approach, saving
valuable time in responding to
lender and servicer requests. Our
combined approach reduces turn
time and cost, while also
improving the quality of property
valuations."

continued from page 33


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Table of Contents for the Digital Edition of NMP - July 2018

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