Former executives of a failed top-15 lender are hoping a different technological strategy will increase the chances of success at a new wholesale lender they’ve launched. Other digital innovations include the integration of mortgage fraud prevention technology with automated underwriting systems and an expansion of banking services on wireless devices.
FraudGUARD will be imbedded in the automated underwriting engines of “A” rated insurance carriers, Interthinx announced. The alliance between the insurers and Interthinx will enable fully automated reviews of files. A satisfactory FraudGUARD score will make loans eligible for insuring.
Guardian Mortgage Documents issued a statement touting StoneWater Mortgage Corp. as a new customer for its automated documentation preparation system. StoneWater’s own proprietary mortgage banking platform, H2OnlineSM, will utilize the Internet to deliver loan data to Guardian’s system for all disclosures and documents.
StoneWater is a new wholesale lender that plans to launch national business operations in the third quarter. The Tucson, Ariz.-based company is managed by former executives of First Magnus Financial Corp. — which was a “top-15” U.S. lender before it collapsed in August 2007.
“In this vastly different market of today, we have decided to take a different strategic approach, one where we integrate more best-of-breed solutions that are established and proven industry leaders, into our technology platform,” StoneWater President Karl F.W. Young said in the announcement.
MRG Document Technologies issued its own statement touting 1-800 East West Mortgage as a new customer for its browser-based document preparation services. East West noted MRG was selected because of its representations and warranties.
Blue Adobe Mortgage has signed on to use Lender Online, Sollen Technologies announced. The Web-based loan pricing and pipeline management tool enable the company’s originators “to search thousands of loan products within seconds.”
Wells Fargo & Co. announced that it has added wire transfer services and image positive pay functionality to its CEO Mobile service. The wire transfer function enables customers handle wires and check exceptions without being at their desks, while the image positive pay provides the ability to view exceptions, including the check image, when deciding to pay or reject check exceptions — helping to prevent fraud.
Wells cited one customer who was away from her office without her laptop computer that noted, “on my first day away from the office I realized we needed to pay a vendor to meet the contract payment terms. I initiated the wire payment on my cell phone, and since we have dual control processes a secondary approver was able to release it from the office.”
A pilot program is currently in process at Wells that allows pilot users to manage and decision potentially fraudulent ACH transactions as well as view more balance and reporting information.
Financial Industry Computer Systems Inc. said it recently replaced CA. Inc.’s EUREKA:Reporter with BusinessObjects Enterprise Professional and Crystal Reports XI. The update enables commercial mortgage servicing customers to manage and deploy tools for reporting, query and analysis, and performance management.
