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Technology news for originators, executives and servicers. Coverage of LOS systems, loan product and p r i c i n g engines and other technology offered to the mortgage industry.


LOS Providers Go Compliant

Recent LOS technology activity

Jan. 28, 2010

By SAM GARCIA


Developers of loan origination systems have loaded their offerings with technology that helps mortgage originators stay compliant with agency guidelines, government lending requirements and mortgage regulations.

A compliance requirements summary matrix is being offered by LOS provider PCLender.com Inc., the Honolulu-based company said this month. The matrix includes details on 20 compliance issues -- including the new Good Faith Estimate, the Home Valuation Code of Conduct and the Mortgage Disclosure Information Act, or MDIA.

PCLender previously indicated that it had created an interface with Leads360 and selected Mercury Network as its appraisal workflow and management solution.

Also tackling the new GFE was Mortgage Dashboard, which last month said its technology addresses the GFE as well as the new HUD-1 Settlement Statement. The Austin, Texas, firm said it was ready with the updates nearly a month before the Jan. 1 deadline.

Earlier this month, Mortgage Builder Software said that Version 3.9 of its LOS includes the new GFE and HUD-1, as well as controls to ensure compliance is maintained. Mortgage Builder also reported that it signed more new clients during 2009 than during any other year.

BytePro version 4.1 was released last month, Byte Software announced. The updated offering meets new Real Estate Settlement Procedures Act requirements that went into effect on Jan. 1. Initially disclosed fees are tracked so that originators can be alerted when a tolerance threshold has been exceeded.

New RESPA rule forms include a GFE Acknowledgement form as well as a Changed Circumstance form, a Shoppable Providers List and a Closing Cost Estimate Worksheet. Higher-priced loans, as defined by section 35 of the Truth in Lending Act, are automatically identified in BytePro 4.1. In addition, loan limits and related calculations for FHA streamlined refinances have been updated, while the 1008 Transmittal has been revised as required by Fannie Mae as of Jan. 1.

A partnership with DocuTech will give users of Wipro Gallagher Solutions' LOS complete mortgage document compliance services, a Dec. 14 announcement indicated. The integration also give users internal compliance and document services, including support for disclosures.

A network interface update to The Calyx Network enables Point users to automate data exchange with Calyx members CIC Credit's TaxReturnVerifications.com, SettlementOne and Certified Credit Reporting Inc., a news release indicated. Calyx also said nine other firms recently joined the network and appear as interfaces.

PriceMyLoan was integrated into Ellie Mae's Encompass360, an recent press release said. Through the collaboration, users can access PriceMyLoan's automated underwriting and loan pricing decisions directly from Encompass360.

The CompliancePlus data and document compliance process was integrated with ISGN's Diamond enterprise-wide LOS, a recent news release said. The integration will enable real-time regulatory updates through the LOS.

Green Bay, Wis.-based Associated Bank successfully implemented Mortgage Cadence Orchestrator, Harmony and Finale, according to a Dec. 1, 2009, statement. The combined offering includes origination, processing, underwriting, and closing through secondary marketing.

While Associated purchases mortgages from correspondent lenders in the Upper Midwest, its "strong" retail channel is supported with this implementation.

Bank of Commerce Mortgage announced last month a new loan origination platform. The San Ramon, Calif.-based lender said the paperless system utilizes a peer-to-peer technology platform.

"Loan officers can more effectively address the needs of their customers via built-in document management, online pricing, reporting, customer relationship management and marketing capabilities," Bank of Commerce said.

Revenue at Xetus soared 400 percent during 2009, a Jan. 21 news release said. The Palo Alto, Calif.-based company's LOS offering is XetusOne. The record activity was attributed to the software-as-a-service model, constantly updated regulations and a drive toward paperless originations.

"On average, our users have realized a 55 percent improvement in efficiency without having to hire additional staff," Xetus Vice President of Sales and Marketing Scott Stein said in the statement.


Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com in 2000.

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