Silverwork Solutions

The latest ACES Quality Management report sounds the alarm for lenders: critical loan defects are rising at a troubling pace, with income and employment defects surging by 58% in Q2 2024. This trend, compounded by a 14.56% increase in overall critical defects, highlights a costly challenge that lenders cannot afford to ignore. With GSEs like Freddie Mac penalizing lenders through increased repurchase demands—up 29% in Q2 to $430 million—it's clear that reactive measures are no longer sufficient. The solution lies in proactive automation. By addressing these defects early and often in the origination process, lenders can mitigate the risks of buybacks, loan cures, and operational inefficiencies. Silverwork Solutions’ Persona-Based Bots offer a comprehensive approach to tackle these challenges head-on. Income & Employment Defects Up 58% in Q2 2024. Don't let loan cures and buybacks impact your profitability. Find out how our Persona-Based Bots can help. https://lnkd.in/gEaAcWew #AI #MortgageTech

Did you see this story today from CNBC story about the rising average age of U.S. homebuyers in now 56 years old? ?? Shifting Demographics in Homeownership ?? The average age of homebuyers in the U.S. has climbed to 56, up from 49 just a year ago, as reported by NAR. This shift highlights a troubling trend: younger Americans are increasingly being priced out of the housing market due to soaring ownership costs. Wow, it's clear that the dream of homeownership is becoming less attainable for younger generations. With the average age previously sitting in the low-to-mid 40s in the early 2010s, today's data underscores the urgent need for innovative solutions to lower costs to originate for lenders. At Silverwork Solutions, we recognize the challenges facing both buyers and lenders in this evolving landscape. Our AI-powered digital workforce solutions are designed to enhance efficiency, streamline processes, dramatically reduce labor cost empowering lenders to low closing cost to better serve their clients. #AllofUs need to work together opening more pathways to homeownership that are accessible for everyone, regardless of age.?Michelle Young ?? #HousingMarket #Homeownership #RealEstate #Innovation #Fintech #SilverworkSolutions #allofus

Big News from Fannie Mae today as it announced changes to the eligibility requirements for Value Acceptance (previously known as appraisal waivers) and Value Acceptance + Property Data (also known as inspection-based appraisal waivers), two key components of the company’s valuation modernization options. The changes are part of Fannie Mae’s ongoing efforts to offer a balance of traditional appraisals and appraisal alternatives to confirm a property’s value in order to meet the needs of the market.? Beginning in Q1 2025, for purchase loans for primary residences and second homes, the eligible loan-to-value (LTV) ratios for Value Acceptance will increase from 80% to 90% and Value Acceptance + Property Data will increase from 80% to the program limits. Both options are designed to match the risk of the collateral and the loan transaction. Our Silverwork's LOA Bot is going to love this as it runs credit, pricing, Income and Dual AUS in less than 60 seconds.

?? Revolutionize Loan Verifications with Our Virtual Verification Assistant! In the fast-paced world of mortgages, every second counts. That’s why at Silverwork Solutions, we’ve designed the Virtual Verification Assistant (VVA) to take the stress out of loan verifications, helping your team work smarter, not harder. Here’s how VVA makes a difference: ?? Smart Vendor Selection? Imagine never worrying about missed verifications again! The VVA handpicks the best vendor for each borrower by reading your application, ordering the right verification based on the job type, saving you time, money, and reducing over ordering verifications while streamline underwriting time. ?? Simple, Automated Opt-Ins? Want happier borrowers? Our automated opt-in system simplifies the experience for your clients, making the process seamless for everyone—while slashing your verification costs. ?? No More Manual Work? Let automation take over the heavy lifting. VVA speeds up loan approvals and gives your team more time to focus on what really matters — delivering exceptional service. Let’s Meet at the MBA Annual Conference!? We’re excited to chat about how the Virtual Verification Assistant can change the way you do business. Join us in Denver and discover how AI-powered automation can keep you ahead of the game. Let’s make mortgage magic happen together! ?? Can’t wait to connect! #MortgageInnovation #Automation #AI #LoanVerification #MBAnnual2024

In today’s mortgage industry, there’s a lot of excitement and belief around Generative AI (GenAI) as the quick fix for profitability. However, while GenAI has its merits, it’s not the silver bullet many anticipate. The true path to reducing costs and enhancing efficiency lies in Applied AI, which targets the most significant expense in loan manufacturing: labor, accounting for nearly 70% of the overall cost. As we approach the MBA Annual Conference in Denver from October 27-30, my goal is to demystify these technologies and demonstrate how Applied AI can revolutionize mortgage operations. Today’s mortgage production and operational executives can gain the critical insights needed to prepare for the market rebound and scale effectively in 2025. Get more insight in Denver and meet with us. Directly across the street from the famous Big Blue Bear. #MBAAnnual24 #MBAConference #mortgagebanking #mortgagewomen #empowerment #operationsexcellence #businessTransformation

Zillow's Upcoming Release: Enhancing Listings with Climate Risk Data As the Managing Director of Strategy at Silverwork Solutions and a former member of the Zillow Advisory Board, I'm excited about Zillow's addition of climate risk data to property listings by the end of this year. This marks a significant shift in how homebuyers assess properties in an increasingly climate-conscious market. These past two years have seen insurance premiums rise and its more than just a century high in inflation cause by government over spending. With 80% of homebuyers considering climate risk, Zillow's new feature will provide scores on a property's vulnerability to flood, wildfire, wind, heat, and air quality risks. This transparency is essential, as many buyers have had "astonishingly low" access to climate-threat information. Recent stats reveal that nearly 17% of new home listings in August 2024 are at major risk of wildfire, while 13% face significant flooding. As insurance premiums rise, potential homeowners must navigate an unpredictable landscape and not to mention rising Insurance premiums of which you have no control over. I hope this will empower buyers to make informed decisions and weigh environmental impacts alongside other property features. This initiative represents a vital step toward a more transparent purchase decision. As mortgage industry leaders we should embrace this change and work towards a sustainable future for homebuyers! #Zillow #ClimateRisk #RealEstate #Sustainability #HomeBuying #Transparency

?? Introducing LPA Choice by Freddie Mac ?? Freddie Mac's new LPA Choice feedback messages are designed to help mortgage lenders turn 'Caution' risk classifications into 'Accept' approvals. By offering detailed, actionable insights on loan characteristics like Debt-to-Income, Loan-to-Value, and Reserves, loan officers can quickly identify opportunities to move loans forward. This enhancement is big for our clients leveraging our AI Persona-based bots to make faster, data-driven decisions to improve outcomes for borrowers. The best is that it does all of this in less than 60 seconds. Learn more: Freddie Mac LPA Choice #MortgageTech #LendingInnovation #LPASolutions #FreddieMac

?? Mortgage Activity with PMI on the Rise in Q3 2024: How Our LOA Bot is Leading the Charge! The latest analysis by Inside Mortgage Trends shows a 13.6% increase in home loans with PMI in agency mortgage-backed securities during Q3 2024, reaching $189.08 billion! This growth includes a 9.7% rise in purchase mortgages and a remarkable 40.2% spike in refinance volume. At Silverwork Solutions, we are committed to optimizing this growth for lenders. Our LOA Bot automatically pulls the latest Mortgage Insurance quotes from all 6 major MI firms in under 30 seconds, ensuring the best offer for borrowers—saving both time and money! Our Persona-Based Bots?, like the LOA Bot, work seamlessly with loan officers to automate the entire pre-approval process, providing fast, accurate decisions. With the increasing volume of PMI-backed mortgages, lenders need reliable, efficient technology to stay ahead while reducing cost of hiring additional staff. It's just better to be digital. Let us help streamline your mortgage originations and operations with AI-driven automation and ensure your borrowers receive the best possible deals. ?? #MortgageIndustry #PMI #Automation #SilverworkSolutions #DigitalWorkforce #MortgageTechnology #LOABot #AI

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?? Discover the Future of Mortgage Lending at ACUMA 2024! ?? Excited about what’s next in mortgage lending? So are we! At Silverwork Solutions, we're redefining the industry with our AI-powered Persona-Based Bots that are transforming the future of lending. Visit us at Booth #27 (right next to Fannie Mae) to see firsthand how our cutting-edge technology can streamline your processes, enhance efficiency, and drive innovation. Ready to dive deeper? Let’s schedule a one-on-one meeting during the conference to explore how we can elevate your lending operations. ?? Schedule a Meeting Today: https://lnkd.in/gfejwEeg Don’t miss out on the chance to be at the forefront of the next wave in mortgage lending. We look forward to meeting you. ACUMA (American Credit Union Mortgage Association) #ACUMA2024 #MortgageLending #AI #Innovation #FutureOfLending #SilverworkSolutions