What's the Buzz at Bizzy Labs?

  • 5/4/2021 | MCM Capital and its affiliate, Temple View Capital, Select Libretto from Bizzy Labs for Compliance Monitoring on Loan Files

    Irving, Texas 5/4/2021 – Bizzy Labs, a regtech company that uses a big data approach to perfect mortgage loan compliance during loan boarding and throughout the life of servicing, announces that MCM Capital and its affiliate, Temple View Capital, have selected Libretto from Bizzy Labs for compliance monitoring on their entire portfolio.

    Libretto, a regtech offering from Bizzy Labs, improves loan portfolio compliance by automating identification of data anomalies in loan files, enabling their timely research and remediation. Its comprehensive business rule library is curated by legal and compliance experts and can be configured by loan type. Its systematic and automated approach to loan diligence translates into fewer borrower complaints and higher loan valuations.

    “We are pleased that MCM Capital and Temple View Capital have selected Libretto as its compliance monitoring engine,” said Gagan Sharma, CEO of Bizzy Labs. “As they work with multiple servicers, Libretto provides a single consistent mechanism to monitor their portfolio.”

    “We selected Libretto for its advanced design and comprehensive business rules library,” said Mike Niccolini, MCM Capital CEO. “It is ideal for monitoring quality and detecting issues that may create compliance risk.”

  • 3/5/2021 | Startup Bizzy Labs Forms Advisory Council to Guide Development of Regtech that Mitigates Noncompliance Risk

    Irving, Texas 3/5/2021 – Bizzy Labs, a regtech company that uses a big data approach to perfect mortgage loan files during loan boarding and throughout the life of servicing, announces the formation of an Advisory Council to help guide the development of its service offerings that address regulatory compliance.

    Gagan Sharma, Bizzy Labs' president and chief executive officer, named Buckley Firm's Jeff Naimon, CrossCheck Compliance's Jim Shankle, Sagent's Matt Tully, BSI Financial's Erum Nayani, and the Codilis Family of Firms’ Mike Sullivan to be inaugural members of the Council.

    The Advisory Council will provide guidance on regulatory trends that affect mortgage loan servicing and software functionality designed to illuminate regulatory risk in loan pools and portfolios.

    "We are pleased to announce the formation of our Advisory Council at this critical stage in our industry's evolution," said Sharma. "The financial and reputational cost of noncompliance is increasing, particularly given the impact of COVID 19 and what we expect will be heightened regulatory oversight as COVID forbearance programs are lifted. The Advisory Council will enable Bizzy Labs to develop technology that shines a bright light on compliance risk."

    Libretto, Bizzy Labs' flagship application, enhances the coverage and quality of compliance through a data-driven automated approach to detect data anomalies in loan files. Libretto produces a daily checklist of loan improvement actions that can be managed using its online workflows or exported into the client’s systems. Libretto is capable of detecting more than 600 types of loan file exceptions during loan boarding, and in primary, default and FHA / Ginnie Mae servicing portfolios and MSR acquisition.

    Jeff Naimon is a Partner in the Washington, D.C., office of Buckley LLP, with more than 25 years of experience assisting bank and nonbank financial services providers (and investors in same) with regulatory, enforcement, and transactional matters.

    Jim Shankle is a Managing Director at CrossCheck Compliance, LLC with over 25 years of regulatory compliance and internal audit experience in the mortgage industry. Jim has been a frequent speaker at various national and State mortgage professional organizations.

    Matt Tully is a Senior Vice President at Sagent, serving as the Chief Compliance Officer & Head of Agency Affairs. He shared that “I am excited to be participating in Bizzy Lab’s Advisory Council. The partnership between Bizzy and Sagent is indicative of our mutual commitment to leverage technology solutions to address the compliance needs of servicers.”

    Erum Nayani is Assistant General Counsel for BSI Financial. In her current position, she is responsible for a variety of compliance and risk management areas, including regulatory compliance, litigation, licensing and audit.

    Mike Sullivan, Director of Client Relations and Marketing for the Codilis Family of Firms (IL, IN, MO, TX & WI), has more than 36 years of experience in all areas of default servicing including post-foreclosure claims and default technology initiatives.

  • 10/10/2020 | Sagent & Bizzy Labs Regtech Deal Delivers Automated Compliance & Customer Care for Mortgage Servicers

    KING OF PRUSSIA, Pa. – November 10, 2020 – Sagent, a fintech company modernizing mortgage and consumer loan servicing for America’s top banks and lenders, today announced a regtech partnership with Bizzy Labs to automate compliance, lower operational costs, and improve borrower experience for servicers.

    Sagent and Bizzy will jointly offer Libretto, an AI-powered compliance engine that ensures fast, accurate servicing onboarding, then continually scans portfolios to identify and fix data anomalies using over 600 business rules from regulators, investors, and top servicers. This reduces compliance risk, increases loan valuations, and ensures customer happiness.

    “This new automated compliance engine accelerates Sagent’s consumer-first modernization of mortgage servicing,” said David Doyle, EVP of Business Development at Sagent. “Clean onboarding and continuous portfolio surveillance mean fewer errors and happier customers. Servicer errors can erode profitability, rattle customers, and lower retention. Sagent’s Bizzy Labs partnership ensures servicers get the experience right for their customers and their bottom line.”

    Servicer profitability can further erode when compliance costs rise as COVID-caused forbearances mature into loss mitigation scenarios. Most costs are from adding audit/QC teams to monitor portfolios and adding customer service teams to handle increased error inquiries. This compounds when regulations tighten with political cycles, so AI-powered compliance is the right servicer solution at the right time as it can power an increase in loans serviced per employee (LPE) by as much as 30%.

    “We’ve been refining our AI to solve data integrity issues for the last nine years as a prominent servicer/subservicer,” said Gagan Sharma, CEO of both Bizzy Labs and servicer/subservicer BSI. “The result is Libretto, a digital approach to loan file perfection that’s reduced error rates by 80% and borrower complaints by 50%. It runs 600+ investor and regulator rules on portfolios to deliver precise, department-specific checklists for resolving customer loan issues daily.”

    After Sharma’s team refined Libretto using BSI’s own portfolio plus portfolios they service for lenders throughout the U.S., they spun off Bizzy Labs as an independent big data regtech company to serve America’s top servicers and investors.

    Partnering with Sagent makes Bizzy’s cloud-based Libretto immediately available for the millions of loans Sagent powers for servicers, and its full APIs make it easy to integrate to all platforms.

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