Recent technological improvements to loan origination software packages promise to help improve productivity. In banking, another institution is going mobile.
Starting next quarter, customers of Arvest Bank Group will have a mobile banking and payment option, as it has agreed to use the mortgage banking application of Firethorn Holdings LLC, which, through an exclusive partnership, uses the online banking and bill payment service of CheckFree Corp., a news release stated.
Danske Bank A/S, the largest bank in Denmark chose LogicaCMG’s CLS Manager to expand its third-party Continuous Linked Settlement capability for corporate and institutional clients, according to an announcement. CLS claims to be the world’s largest foreign exchange settlement system.
Interthinx announced it made six technological advancements to fight mortgage fraud from June through September. The company started the summer by providing proprietary pre-funding analytics that compare current loan application data to its entire database of application data compiled from thousands of lenders over the last 10 years. Other enhancements enabled better income and appraisal estimates and background reports on mortgage originators that are faster and more accurate.
BasePoint EPD was announced today. The statistical pattern recognition score helps identify early payment default risk during the underwriting process. The new offering utilized historical patterns from BasePoint’s database of 4 million loans.
“BasePoint EPD alert has been proven to provide 50 percent loan value EPD detection at only 10 percent review rate,” the statement said. “In an initial test, BasePoint EPD alert would have saved a large lender $45 million in EPD losses.”
Mortgage professionals who use WebCaster to market their business online now have 12 new site designs and four new loan calculators to choose from, WebCaster creator Calyx Software announced.
Lydian Data Services announced it became a BlitzDocs Certified Quality Control and Due Diligence Provider for Advectis Inc. As a result, it is now able to receive electronically imaged loan folders from lenders and investors on the BlitzDocs collaborative document network, and perform quality control services and due diligence reviews for them to minimize risks of buying and selling loans.
Reunion Mortgage, which specializes in paperless mortgages, chose to implement DocuTech Corp.’s ConformXR because the solution’s MISMO-approved SMART Docs deliver “accurate, real-time loan data in a flexible electronic file that streamlines the delivery-to-investor process,” DocuTech announced, adding that SMART Docs allow a loan to be underwritten and closed in 40 minutes. ConformX additionally provides a Web-based interface that allows Reunion to originate or close loans from any remote connection location.
WebClose, which enables loan closings online, was announced by Lenders First Choice.
In loan origination systems, Ellie Mae announced its Encompass Banker Edition is now available as a hosted solution, which is ideal for lenders and brokers who want to become bankers because the pay-as-you-go model lowers up-front and other costs it would take to manage and maintain the software in-house. Ellie also said this month marks the availability of the software on the Encompass Anywhere platform, which is being upgraded to offer improved streaming technology.
Raymond James Bank selected Mortgage Flex Systems Inc.’s LoanQuest Residential Lending System to upgrade to a loan origination system with more capability to manage diverse processes. LoanQuest automates the loan origination process from pre-qualification to secondary marketing, according to a news release.
The integration of Tritus Insurance Group LLC into Calyx Point enables Calyx LOS users to order homeowners insurance quotes and proof of insurance requests from Titus without leaving the application, according to an announcement.
Avista Solutions announced the number of mortgage applications processed through its Avista Agile LOS origination platform jumped 18 percent to over 107,000 between July and August, making it the leading provider of all-in-one, 100-percent Web-based, end-to-end enterprise mortgage loan origination software. Avista credited its first time to process over 100,000 applications to new customers and the continued dramatic shift to FHA, Fannie Mae and Freddie Mac product — over 41,000 of applications were submitted through Avista’s platform to Freddie’s automated underwriting system.
