Technology providers in the field of mortgage servicing have been touting new customers and enhancements to their offerings. One firm seems to be seeing a bigger share of activity than any other.
In a recent statement, Financial Industry Computer Systems Inc. reported new customer activity with COMSTAR Federal Credit Union. The Dallas-based technology provider said its Mortgage Servicer software was implemented by the financial institution for Freddie Mac mortgages.
COMSTAR reportedly chose the FICS system because it simplified servicing of Freddie loans. Mortgage Servicer automates escrow administration, collections and investor accounting as well as payment processing and loss mitigation.
FICS previously reported that it had rewritten its LoanStat service to enhance the experience of both investors and borrowers while accessing real-time commercial loan information online. That enhancement impacted commercial mortgage servicing software.
“The upgrade to LoanStat utilizes Adobe Flex to provide a simpler interface for borrowers and investors to review loan data online and set up electronic loan payments,” FICS stated. “Navigation through the options is more user-friendly and features, such as setting up Automated Clearing House payments and viewing detailed loan data, have been simplified for the end user.”
Before that, FICS announced an upgrade to its Commercial Servicer to version 11.5 of PowerBuilder. The upgrade includes graphical upgrades.
Earlier this year, GCC Servicing Systems boasted First American International Bank as a new customer. The New York bank, which serves the Chinese-American community, will utilize GCC’s technology to service residential loans, home-equity loans and commercial loans.
Rekon Technologies’ lien release and assignment processing software has been integrated with the Simplifile e-recording system, a March 9 news release indicated. Users of Rekon’s platform will have “a complete electronic solution from document generation to recording within minutes.”
LoanCare, which services 125,000 mortgages with loan balances around $15 billion for 90 companies, was the first to utilize Rekon’s enhanced offering, the statement said.
SOURCECORP Inc. said in a recent announcement that its business process management platform can help servicers “automate business processes to support accurate decision-making, and deliver enterprise-wide collaboration tools.” The company recently touted its wares at a Mortgage Bankers Association conference.
Late last year, MortgageFlex Systems Inc. announced that its LoanQuestTM servicing platform would begin utilizing Value Creation Institute’s ValueScout product — which statistically models borrower behaviors and predicts what credit actions will likely occur. The technology was reportedly created with scientific risk analysis tools from medical devices and aerospace fields.
Prior to MortgageFlex’s announcement, xplair Technology LLC announced enhancements to its illumair Management System, including a new REO module. Illumair is an online residential mortgage portfolio management platform securely linking financial institutions and investors with servicers and other loss mitigation agents.
