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Mortgage Technology Journal

Recent mortgage technology activity and advancements

August 15, 2007


photo of Coco Salazar

A provider of mortgage company Web sites has slashed prices while a number of other mortgage technology firms have partnered up to improve their offerings.

Title insurance and claims management services provider Fidelity National Financial Inc. completed the acquisition of ATM Holdings Inc., which provides mortgage vendor management services to the loan origination industry, a news release stated.

BankUnited FSB recently implemented the Courion Enterprise Provisioning Suite solution. The lender chose the technology of Courion Corp. due to its ability to automate policy-enforcement and role-management tasks, as well as cost-effective solutions to streamline operational and business processes that achieve compliance with federal laws, including Sarbanes-Oxley and the Gramm-Leach-Bliley Act.

An eGistics executive estimated there are 20 billion pages of residential mortgage documents in the country, according to a press release today. He explained that imaging, as his company does, cannot be ignored as a way for mortgage lenders to manage the mess of documents.

"Paper has physical limitations that impact how efficiently lenders can enter, file, route, track, transport, store and retrieve mortgage documents," the executive explained in the statement. "With full adoption of eDocument solutions years if not decades away, image-enabled document management and workflow is a critical technology that streamlines lending operations now."

Servicing clients of Financial Industry Computer Systems Inc. are now able to import directly into Fannie Mae's MBS Reporting system. An interface between Mortgage Servicer and the Web-based MBS Reporting system enables the servicers to import files, edit data, generate reports, export projection and security balance data and submit MBS security balance data for processing by Fannie.

Servicers have a new automated valuation model from First American CoreLogic that delivers credible accuracy in "a fast, inexpensive valuation approach." The ValuePoint 4 Default reportedly recognizes that AVMs designed for the origination segment are prone to overvalue distressed properties and uses advanced algorithms to adjust for conditions typical to delinquency.

First American explained that servicers are experiencing increasing pressure to quickly decide between forbearance and foreclosure. Many times they base their decision on a broker price opinion, which are more expensive than traditional AVMs, But since at least 50 percent of early-stage delinquencies cure, lenders often accrue unnecessary BPO expenses that cut directly into profits.

MorSystems announced it is having a sale on all of its mortgage Web sites to help individual loan officers and mortgage companies survive and "thrive" in current environment. The sites, which come with online loan applications, have a 30-day money back guarantee and offer a 10-day free trial.

Through the end of the month, MorSystems' premier Web site package, the Gold Company site, is on sale for $799 per year or $74 per month. This package allows for a company to add unlimited loan agents, staff, office locations and each loan agent's referral partners to the site. Loan agents each get their own branded online loan applications and site. Other site packages start at $99 per year.

A partnership between Mortgage Cadence and RealEC Technologies Inc. will automate lenders' processes for ordering settlement services products. Through RealEC, users of Mortgage Cadence Orchestrator can electronically order the products, which include appraisal, AVM, flood, credit, mortgage insurance, title, escrow and closing services, from a network of more than 13,000 connected service providers. RealEC automatically submits the orders to each provider and the ordered service or data can then be returned to the lender with the appropriate information automatically populated or attached to the loan record or automatically incorporated into the loan decisioning process.

Quatrro Mortgage Solutions acquired the mortgage technology platform and onshore-offshore loan processing operations of Preferred Financial Group Inc., according to an announcement. With the merger, Quatrro plans to provide end-to-end fulfillment services to U.S. mortgage lenders at a price-point projected to be 30 percent to 50 percent lower than current processing costs in the country.

In loan origination systems, KeyBank Mortgage selected the LoanQuest Residential Lending System of MortgageFlex Systems Inc. The LoanQuest product suite reportedly supports all channels and products required to operate competitively as a national lender, allowing the sharing of information and creation of retention and marketing opportunities for loan originators, servicing personnel and marketing analysts.

Through a partnership with First Title and Escrow Inc., users of the Destiny Loan Origination System by INTEGRA Software Systems LLC are now able to receive instant and exact closing fees on a loan, prior to printing the Good Faith Estimate, according to an announcement today. First Title will import information, including abstract fees, title premiums, recording and release fees, closing fees, and city, county and state transfer taxes, from its databases to Destiny at an early stage of the loan to ultimately prevent fee inaccuracies that can result in costly RESPA violations.

A new interface makes it possible for mortgage lenders using Financial Industry's Loan Producer to send mortgage insurance applications directly to Mortgage Guaranty Insurance Corp., a news release indicated. The private mortgage insurer will automatically process the request and update the Loan Producer system as the status of the mortgage-insurance request changes, creating a more seamless and speedier mortgage insurance ordering process.

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

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