Mortgage Technology Help

But first, BOK Financial has selected Corillian Corp. as its partner to enhance its consumer online banking services, Corillian announced. BOK will use the services across its seven subsidiaries to enhance its eight-state customer base’s online banking experience through better security features and ease-of-use, among other features.

Guaranty Bank entered into an agreement with Cardtronics Inc. that will allow it to place its brand on 24 Cardtronics-owned and operated ATMs located in CVS/pharmacy locations across the Minneapolis, Minn., area. Guaranty Bank customers are able to use the branded machines at no charge.

US Technology announced it nailed down a business process outsourcing deal with “one of the top 10 U.S. mortgage lenders,” though the name of the customer was not disclosed. The Aliso Viejo, Calif.-based company will help the lender manage its servicing database and utilize enhanced borrower communications.

In Carson, Calif., Document Systems Inc. announced the release of OpenPCL, the mortgage “industry’s first free electronic document viewer capable of representing documents saved in Printer Control Language,” the native language used to communicate with computer printers that it widely used because it delivers the most accurate electronic representation of what the final document will look like on the printed page.

“Because it’s impossible to make changes to a document you cannot see, lenders rely on PCL viewers to inspect documents prior to closing,” Document Systems explained. “For too long the industry has been forced to pay high fees to view these important documents. That’s no longer the case. Now, anyone in the industry, whether they are a DocMagic customer or not, can view electronic files exactly as they will appear when printed, at no cost.”

Noting that hundreds of thousands of people searched for online mortgage and loan calculators last month, Calculators4Mortgages.com announced that its site provides several types of free mortgage calculators that mortgage and real estate Web sites can now download and personalize to paste into the HTML code of their own Web sites to attract visitors.

eMortgedge Corp. announced the inaugural release of 1003 POWER Version 1, a loan origination system that speeds up the loan process to under one minute and simplifies all facets of loan processing. It reportedly offers “more benefits than its competitors, greater flexibility with its 24/7 secured interface and the added convenience of never again having to pay for expensive add-ons.” Among its features is the ability to access information from a cell phone or PDA.

“After spending years exasperated with the inadequacies associated with the industry’s software, I developed a loan origination system that caters to the daily needs of mortgage brokers and processors, eliminating the stress of lost paperwork, messy post-it notes and miscommunications,” eMortgedge CEO and founder Donna Iwane said in the statement.

In Houston, mortgage document preparation solutions provider SigniaDocs Inc. announced that it guarantees compliance for all mortgage loan documents through its partnership with real-estate-focused law firm Shanks Darby P.C. which keeps SigniaDocs up to date on any changes in compliance, HUD regulations and other relevant mortgage industry guidelines. Both companies helped implement the fourth-generation document preparation system, Signet Direct, which “seamlessly integrates all the necessary components and provides an innovative method to process all loan data at the origination stage,” and deliver loan documents in a completely digital format.

“We drew upon our collective experiences in the industry to create a product that is virtually unmatched by today’s industry standards,” said SigniaDocs in the announcement. “In addition to the latest technological components and quality enhancements … the law firm partnership gives us that final piece of the puzzle — that of guaranteed compliance in all 50 states.”

GMAC-RFC’s Propertywise automated valuation model cascade, its proprietary risk strategy for its acceptance of AVMs, was recently expanded, according to an announcement. GMAC-RFC now requires that loans sold to the company on select waived appraisal programs conform to specifications of its Propertywise AVM model, which runs on VeroSELECT, allowing lenders absolute control of collateral risk strategies.

“Investors and lenders are becoming more proactive in making their risk strategies available to clients and the market at large,” according to the announcement. “With VeroSELECT, GMAC-RFC can be confident that each client will be using AVMs in the same safe and secure manner and in accordance with their view of risk. Lender clients will get the benefit of increased transparency and lower collateral risk. It’s a win-win for all parties.”

Meanwhile, Visionet Systems launched a solution, VisiClaims, that provides lenders and servicers a mechanism for avoiding repurchases and expedite settlements through the processing of claims. Among its functions, the repurchase claims management solution allows for authorized users from different departments to submit single or bulk claims requests and for sellers to submit buy back requests, or respond to claims they have received.

“With the recent increase in foreclosures, lenders and servicers need a solution that better equips them to handle loan buy-back scenarios and settle disputes in a timely manner,” said Visionet President Arshad Masood in the announcement. “Because most lenders would prefer to avoid repurchases, we have designed VisiClaims to simplify the claims process and, in so doing, save the lender time and money.”

In an effort to help curb the growing trend of foreclosures through proactive education, CredMedic software was updated to help prospective borrowers and for financial service providers to assist borrowers to manage credit and debt. Originally developed to assist college students with managing their financial decisions, the updated CredMedic features credit score, debt and loan calculators, a credit score tracking system, a debt account system and informational resources, according to a press release.

“CredMedic is the best credit software that I have ever used,” one loan officer was quoted as saying in the announcement. “I’m in the mortgage business and the software allows me to show my clients firsthand the ins and outs of credit, how to use it, and obtain it.”

Credit-Aid announced the availability of its Credit-Aid Platinum Software, a solution designed to save mortgage brokers and loan officers “hundreds of hours cleaning up credit reports” by allowing them to improve credit scores through an automated process. The software enables fast access to clients’ credit reports and, when negative items or inaccuracies are found, it automatically generates a personalized letter written by a business attorney demanding appropriate action be taken.

Credit-Aid noted the program comes at a time when the “turmoil” in the subprime market and tighter lending standards are shutting out potential borrowers from a loan, yet research has shown that as many as 79 percent of all credit reports contain errors and that most potential buyers are three to 12 months away from being ready for loan approval or refinancing due to outstanding issues on their credit report.

Despite that the mortgage industry has been “shaken by lending company bankruptcies and trouble in the online mortgage sector,” LeadPoint said that the record number of mortgage leads received by its LeadPoint Exchange during the first quarter climbed 28 percent from the fourth quarter 2006 and a whopping 172 percent over the first quarter a year ago. The company claims to be the world’s first and largest online leads exchange.

“By purchasing only the most relevant leads through the LeadPoint platform, our branch has seen a significant increase in successfully closed loans and in the loan amount for each loan closed over the past six months,” client Family First Mortgage Corp. was quoted by LeadPoint as saying. “Additionally, our referral business has been re-ignited since we began working with LeadPoint.”