MSRs and Whole Loans together in LMS

Market conditions have made the acquisition of mortgage servicing rights (MSRs) a popular trade in 2014. We've responded to client requests by adding the ability to manage MSRs and whole loans together in the same LMS platform in our upcoming 19.78.7 release, to be shipped end of January. MSR support flows from acquisition/sale through the LMS.Ops module, allowing clients to:

  • Book and settle MSR trades within the existing LMS Purchase and Sale modules
  • Conduct servicing strip reconciliation on MSR positions through LMS.Ops and auto generate monthly journal entries
  • Sell retained whole loans to create an MSR position
  • Sell servicing rights on loan position while retaining the whole loan
  • Buy back the whole loans underlying owned MSRs to re-create a retained loan position
  • Track asset-level positions of both whole loans and MSRs on a current and historical basis
  • Report on aggregate positions with breakouts of whole loan released, retained, and MSR position summaries

We believe the MSR trade will be with us for some time. Future releases of the LMS platform will contain additional MSR-specific enhancements - most notably adding flow MSR pricing and delivery to our seller-facing LMS.Connect portal. Please contact your SSI client services representative for more detailed release notes for 19.78.7. If you're not an SSI client, contact sales@streetsolutions.com for more information.


Version 19.79 preview: Key Performance Indicators

Our next major release, version 19.79.0, adds another powerful tool to dashboards - configurable key performance indicators (KPI). These widgets allow for implementation of top-level statistics, highlighting of milestones, and  efficient decision making. Here's a preview:

To find out more, please contact your client support rep, or sales@streetsolutions.com

Version 78.5 preview - improved cards

Our June 2014 release, version 78.5, features a cleaner, more readable new look for cards. A new inline widgets feature allows cards, charts, or other widgets to be embedded within grids in any dashboard, allowing detailed data to be shown to users without requiring them to leave the page they're on. Here's a preview:

To find out more, please contact your client support rep, or sales@streetsolutions.com

Street Solutions, Inc. Completes SOC 1 (SSAE 16) TYPE 2 Examination

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Jersey City, New Jersey – April 2014 Street Solutions, Inc., announced today that it has completed a SOC 1 (Statement on Standards for Attestation Engagements No. 16 (“SSAE 16”)) Type 2 examination.  The examination was performed by 360 Advanced, P.A., a full-service audit and consulting firm that specializes in integrated compliance solutions, including conducting SOC 1 examinations.  SSAE 16, developed by the American Institute of Certified Public Accountants (“AICPA”), is the most widely recognized authoritative guidance that provides service organizations a uniform method for disclosing independently assessed information about the design and operation of internal controls related to their services.  Companies who complete an annual SOC 1 examination are able to demonstrate a substantially higher level of assurance and operationally visibility than those companies who do not. 

The completion of the SOC 1 (SSAE 16) Type 2 examination typifies Street Solutions, Inc.’s continued commitment to create and maintain the most stringent controls needed to ensure the highest quality and security of services provided to their customers.  The Service Auditors’ Report issued by 360 Advanced, with an unqualified opinion, demonstrates that Street Solutions, Inc.’s control activities were effectively designed and in operation throughout the reporting period.

 “Completing our SOC 1 Type 2 audit is an important milestone in the evolution of SSI’s LMS loan platform”, said Sundeep Amrute, managing principal of Street Solutions. “The SSAE 16 gives SSI customers confidence that our products and services will continue to meet the demands of increasingly rigorous industry regulations and standards, so they can focus on building their core businesses.”

The Service Auditors’ Report includes a detailed description of Street Solutions, Inc.’s controls and an independent assessment of whether the controls are placed in operation, suitably design, and operating effectively.  To receive a copy of the Service Auditors’ Report, or for any further questions, please contact Sundeep Amrute.

About Street Solutions, Inc.

SSI is a privately owned software and services company based in Jersey City, New Jersey, that develops software for the financial sector with a focus on the secondary mortgage loan market.  The SSI client profile includes investment banks, hedge funds, mortgage companies and government entities.  SSI began operations in May of 1999 as a financial technology consulting firm and switched to pure product development in 2003. In 2008, SSI opened its first hosting facility and began hosting its solutions for clients.

LMS version 19.78 released!

The next major release of the LMS platform, Version 19.78, has been released. Version 19.78 has a host of powerful new features and improvements to our core platform which will be driving a number of key product enhancements across our entire product line in the next quarter.



Modern look and feel

19.78 sports a clean and uncluttered look designed to improve readability and usability:

  • Consistent visual used for all dashboards and editors
  • Slimmer application menu that takes up less screen space
  • Icons for common actions such as export, print, edit
  • More responsive layout that looks good on both small and large screens
  • Much faster page loading

New exporting options

  • Dashboard Export - entire dashboards can now be exported to Excel using the download icon at the top of any dashboard:  
  • Redesigned export wizard - the export wizard has been completely redesigned for ease of use. Any grid can now be exported in .xlsx format as well as .csv. Long-running exports can be kicked off and then downloaded from the Activity Center whenever they are done, without tying up the user's browser session.
  • Export maps can now be created through a wizard which can take in a sample export format. The wizard works in a similar fashion to the tape cracking wizard map-by-example used for import maps

Excel format support

MS-Excel .xslx format is now supported (in addition to .csv) for importing and exporting. This format is available both from the user interface and from LoanTalk automation

Dashboard selector wizard

Prior to 19.78, dashboards could only be run if they were in the app menu or exposed as a specific drilldown option in the a dashboard widget. In .78, a new Dashboard Selector Wizard can be made available in any grid or card widget. This allows the the user to choose from a list of available dashboards, and allows dashboards to replace the Reports functionality from cycle 18.

Document Management

Document image management has been completely redesigned for greater scalability and usability. 19.78's doc management features include:

  • New doc viewer widget that make it easy to navigate and view docs from anywhere in LMS.
  • Drag-and-drop uploading of multiple docs at a time
  • Built to handle high volumes and render even huge docs onscreen with ease
  • Store docs at the loan, pool, trade, or company level
  • Docs saved in the LMS database with no insecure files on the LAN
  • Easy bulk export: download docs for one or hundreds of loans in a zip file for delivery to investors or ratings agencies. Downloads can be organized in any structure desired using familiar data mapping tools
  • System integration: documents are fully integrated with LoanTalk integration. Images can uploaded in bulk or one at a time from diligence providers and seller feeds.

Cycle 78 preview: document management

In our upcoming c78 release, we've completely overhauled our document management capabilities, with a host of new user features, scalability improvements, and integration capabilities centered around managing loan docs:

  • New widgets that make it easy to navigate and view docs from anywhere in LMS.

  • Drag-and-drop uploading of multiple docs at a time

  • Built to handle high volumes and render even huge docs onscreen with ease

  • Store docs at the loan, pool, trade, or company level

  • Docs saved in the LMS database with no insecure files on the LAN

  • Easy bulk export: download docs for one or hundreds of loans in a zip file for delivery to investors or ratings agencies. Downloads can be organized in any structure desired using familiar data mapping tools

  • System integration: documents are fully integrated with LoanTalk integration. Images can uploaded in bulk or one at a time from diligence providers and seller feeds.

Check out the new features below!

The new doc management features will be available in the upcoming c78 platform release. Contact your client services representative or sales@streetsolutions.com for more details.

Clayton Holdings integrates eCLAS into SSI's LMS.Connect Portal

Street Solutions, Inc. (“SSI”) is pleased to announce the immediate availability of real-time transparency for sellers and investors using its Loan Management System seller portal  “LMS.Connect”.  SSI has successfully integrated with Clayton Holdings LLC's (“Clayton”) loan review and due diligence system, eCLAS, to offer seamless, automated delivery of pre-funding activity.

Available in release 77.6 of the LMS platform, the integration allows SSI clients to automatically send delivered flow loans to Clayton for pre-purchase credit, compliance, and collateral review.  Conditions and findings are pulled from Clayton's eCLAS system into LMS through SSI's LoanTalk integration hub, providing both the seller and the investor dynamic insight into all pre-funding activity in the pipeline.

"Next-generation platforms need to go beyond price and lock, and provide investors with management of loan acquisition from end-to-end.  Clayton pioneered loan review and due diligence services 25 years ago and has remained an industry leader. We are proud to have them as our first fully integrated vendor to go live in LMS.Connect", said Sundeep Amrute, Principal of Street Solutions, Inc.

In the coming weeks, SSI and Clayton expect to add a number of additional integration features, including the ability for LMS.Connect sellers to upload imaged documents for secure delivery into Clayton's collateral review system, as well as other specialized workflows.

The diligence integration with Clayton is available starting with the c77.6 release of LMS.Connect, and runs in both hosted and client-installed implementations.  Please contact your client services representative, or sales@streetsolutions.com, for more information and/or to find out how to enable the integration in your instance.

 

About Street Solutions, Inc.

Street Solutions, Inc. has been developing, markets and supports technology platforms for secondary loan businesses since 1999. Our systems address the full matrix of mortgage products, with products reaching from loan acquisition and financing through servicer surveillance, securitization, and loan accounting.

Our client roster lists some of the largest financial institutions in the country, including investment banks, hedge funds, and mortgage companies. In addition, we have a close working relationship with over 30 service providers in the mortgage industry.

Additional information is available at www.streetsolutions.com

 

About Clayton Holdings LLC

Clayton Holdings, headquartered in Shelton, Connecticut, provides information and services that financial institutions, investors and government entities use to evaluate, acquire, securitize, service and monitor loans and asset-backed securities.  Clayton offerings include risk-based analytics, residential and commercial loan due diligence, consulting, surveillance and staffing solutions.  The company provides customized REO management, BPOs, short sales and Single Family Rental services through its Green River Capital subsidiary.  A global reach in the financial services industry is provided by the company’s European subsidiary, Clayton EuroRisk.

Additional information is available at www.clayton.com. 

 

CONTACTS

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Sundeep Amrute, Principal
Street Solutions, Inc.
2930 Plaza Five | Jersey City, NJ 07311
T: 201.763.9510 | E: sundeep@streetsolutions.com

 
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Paul Marchese, Sr. Managing Director
Clayton Holdings LLC
100 Beard Sawmill Road | Suite 200
Shelton, CT 06484     
P: 203.926.5605 | E: pmarchese@clayton.com

LMS supports the ASF Format!

SSI has recently updated its support for the ASF's loan disclosure package data formats. LMS users can import and export loan data formatted in the format standard in the American Securitization Forum's Project Restart disclosure and reporting package.  The packages were developed to provide substantial data, both at the pool- and loan-level, to investors, rating agencies and others concerning the mortgages underlying RMBS transactions, and to standardize the presentation of this data. Released July 15, 2009, the Packages provide templates for issuance and reporting that the SEC has built on as it seeks to revise Regulation AB. To find out more, click here.

To learn more about industry and service provider formats in LMS, contact your account manager, or sales@streetsolutions.com

Announcing IE10 and 11 support

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Starting with the upcoming version 19.77.01, to be available by the end of November as a hotfix release, SSI products will support Internet Explorer 10/11, in addition to Google Chrome.

"Our goal is to get our SaaS clients up and running on our apps with minimal need for IT resources", said Sundeep Amrute, managing principal, "and with most banks already supporting or planning their IE10 migrations, adding cross browser support at this time just made sense"

If you are a current SSI client, contact your client services manager to schedule release of the hotfix into your environment

Street Solutions, Inc. Completes SOC 1 (SSAE 16) TYPE 1 Examination

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Jersey City, New Jersey – October 2013 – Street Solutions, Inc., a privately owned software and services company that develops software for the financial sector with a focus on the secondary mortgage loan market, announced today that it has completed a SOC 1 (Statement on Standards for Attestation Engagements No. 16 (“SSAE 16”)) Type 1 examination. The examination was performed by 360 Advanced, P.A., a full-service audit and consulting firm that specializes in integrated compliance solutions, including conducting SOC 1 examinations. 

SSAE 16, developed by the American Institute of Certified Public Accountants (“AICPA”), is the most widely recognized authoritative guidance that provides service organizations a uniform method for disclosing independently assessed information about the design and operation of internal controls related to their services. Companies who complete an annual SOC 1 examination are able to demonstrate a substantially higher level of assurance and operationally visibility than those companies who do not. 

The completion of the SOC 1 Type 1 examination Typifies Street Solutions, Inc.’s continued commitment to create and maintain the most stringent controls needed to ensure the highest quality and security of services provided to their customers. The Service Auditors’ Report issued by 360 Advanced, with an unqualified opinion, demonstrates that Street Solutions, Inc.’s control activities were effectively placed in operation as of the report date. 

“The SSAE16 compliance designation affirms SSI’s commitment to meet the highest industry standards for security, reliability, and controls in delivering and operating our managed services”, said Sundeep Amrute, managing principal of Street Solutions.

The Service Auditors’ Report includes a detailed description of Street Solutions, Inc.’s controls and an independent assessment of whether the controls are placed in operation and suitably designed. To receive a copy of the Service Auditors’ Report, or for any further questions, please contact Sundeep Amrute.

About Street Solutions, Inc.

SSI is a privately owned software and services company based in Jersey City, New Jersey, that develops software for the financial sector with a focus on the secondary mortgage loan market. SSI’s clients include some of the biggest investment banks, mortgage companies, and hedge funds in the market. SSI began operations in May of 1999 as a financial technology consulting firm and switched to pure product development in 2003. In 2008, SSI opened its first hosting facility and began hosting its solutions for clients.