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LOS, AU & Servicing Technology

Latest mortgage technology activity

May 8, 2007


photo of Coco Salazar

While there was plenty of activity in servicing technology, improvements to front end applications dominated mortgage technology business during the latest week.

But first, Home Technology Alliance was launched to help enable the advancement of home technology, according to a press release. Home technology installations are expected to grow to $9.6 billion this year.

Bank of Internet USA will use Solex for financing at RV dealerships. The bank reportedly said Solex eliminates manual inputs, ensures complete applications and guarantees the use of the most current documents required by lenders.

Cardinal Bank costumers can now access their accounts with their cell phones and Smartphones using Go Cardinal, a free mobile banking service enabling access to account balances, bill payments other services, the parent of George Mason Mortgage LLC announced.

DST Systems Inc. announced the launch of a data management and CRM solution this week at the ICI General Membership Conference in Washington, D.C. The solution virtually eliminates redundant data reconciliation processes, which allows brokers to manage their distributor relationships and back office teams to keep track of brokers selling their funds, DST said.

LendingTree.com Monday introduced 11 new home loan calculators, according to a press release. The calculators reportedly outperform others already out there in terms of ease of use, transparency of assumptions, and flexibility to customize, by, for example, providing details of how the calculation was made.

Thomson TradeWeb announced the launch of its multi-dealer-to-customer online market for the trading of specified pools of mortgage-backed securities, according to a press release. The tool enables mortgage insiders to research pool criteria, search multiple dealer inventory, execute and process trades in real-time on a single platform, and to send targeted inquiries to individual dealers.

Settleware Secure Services Inc.'s technology was certified by North Carolina as a viable solution for electronic notarization of documents. The validation is part of the state's effort to have more of the state's business transacted with electronic signatures, according to an announcement.

Document Processing Systems Inc. announced its eMortgage studio now enables lenders to fully sign, close, and register eNotes using the MISMO eSigned PDF Guidelines v1.0 and the draft MERS eRegistry PDF Guidelines. Users can now choose between SMART Docs or Adobe's PDF file format, which many lenders have become comfortable using due to its inherent form fields, ease of document set-up and support of intelligent workflow management systems.

Residential Credit Solutions Inc. will implement technology from Aspect Software Inc., the technology firm announced. The servicing system will route borrower calls to the appropriate collection group.

"The current mortgage environment requires increased awareness of our borrower's individual situation," a Residential Credit executive was quoted as saying in the announcement. "The ability to deliver calls to RCS specialists' trained to work with our customer in developing a solution tailored to fit their individual need is an essential component."

Residential Capital Corp. had trouble debuting Windows-based MortgageServ, the online servicing system that replaced the DOS-based disk operating system AS400, according a source inside affiliate Homecomings. While Residential was to begin using the software on Friday, as of late afternoon Monday no customer calls had been taken because the system crashed and the company had not been able to restart it.

According to Fiserv Lending Solutions' Web site, with the platform, companies can eliminate "disparate servicing technologies and streamline human resource training and utilization."

ComplianceEase and Zementis Inc. recently combined their respective risk-management and decisioning technologies and enhanced them to come up with DecisionEase, the mortgage lending industry's "first Web-enabled, enterprise-wide loan product suitability and eligibility management system with embedded regulatory compliance controls," according to an announcement today. Based on specific criteria, the system helps loan officers find products with affordable rates and fees that comply with all high-cost and anti-predatory lending regulations.

Nonprime mortgage originator First NLC Financial Services LLC announced that it deployed Zementis' ADAPA Mortgage Decision platform to implement guidelines and pricing rules for its retail and wholesale business. The deployment, branded FirstQual, provides "instant multi-product determinations and pricing options" for originators. First NLC also selected the Zementis pre-qualification user Web interface.

RSA said it enhanced its information management platform for compliance and security, RSA enVision, with new features and capabilities that will help customers accelerate their businesses by solving their most sensitive and complex security challenges in a cost-effective manner.

"Our customers know that there is an ever growing mass of compliance information putting a considerable strain on the [information technology] infrastructures we have in place, and they are looking for ways to manage that information," said an RSA executive in an announcement. "RSA offers customers collection-to-retirement management for all security information."

PushMX Software has expanded its product suite with the addition of PushMX Sales, which "focuses on all prospecting activities leading up to loan origination as well as post-closing activities, creating 360-degree points of contact with the borrower during the origination process." The product helps originators track and touch all new leads and create long-term marketing or drip campaigns to maintain contact with future loan prospects.

Financial Industry Computer Systems Inc.'s mortgage loan origination system, Loan Producer, now allows automated logic to be imbedded in the Document Bundle feature. The advancement enables the system to recognize which documents are required to meet the state investor, and loan product requirements, along with government regulations, plus allows lenders to print all of the required documents by clicking an icon.

Hyland Software Inc.'s OnBase enterprise content management software suite will be integrated with Gallagher Financial Systems Inc.'s NetOxygen loan origination system to provide additional document management options to Gallagher's customers. The partnership will allow the customers to "streamline underwriting, improve post-close and audit review processes and speed delivery of loans to the secondary market, ultimately improving loan profitability," Hyland said.

SigniaDocs Inc. said it relies on its partnership with Brooks Systems to deliver rapid online response for Truth-In-Lending calculations and High-Cost Loan Analysis. Brooks' high-cost loan calculations and APR figures, which are factored directly into SigniaDocs' system, carry an errors and omissions policy to guarantee the compliance accuracy of all calculations and allows savings for these loan calculations to be passed to users.

Freddie Mac advanced the credit functionality of its loan origination system, Loan Prospector, by reducing the number of times lenders have to reorder merged credit for a Federal Housing Administration loan for a single borrower, the Mortgage Bankers Association reported. Reorders will only be required when, during the loan process, there is a change to a borrower's critical data, the credit data for the borrower has expired past the 120 days of credit freshness, or if the lender selects to order a joint merged credit report rather than a single merged credit report and vice versa.

Coco Salazar is an associate editor and staff writer for MortgageDaily.com.

e-mail: [email protected]

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