LOS Daily

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MORTGAGE EXPERT
3 · 17 · 09

Among features being touted by developers of loan origination systems are easy management of digital supporting documents, built-in disclosure compliance and cloud computing. In other LOS news, an LOS developer has been acquired and a new version of a widely used system has been released.

FHA mortgagee Lend America said last month that it built and implemented an automated paperless platform for all loan originations. The system consolidates the entire loan process — from the initial contact to closing — into a single application.

Truliant Federal Credit Union has purchased the Loan Producer system, a Feb. 17 news release from Financial Industry Computer Systems Inc. said. Truliant, which FICS said is one of the largest North Carolina credit unions, chose the LOS because FICS was the only company to also offer a servicing system.

Truliant originates loans from 25 service centers but processes them from just one location. The new system will enable field originators to view the status online.

Centurymark Home Loans has signed on as a customer of MortgageDashboard, a statement this month said. The 11-branch operation needed a Web-based LOS, which is also known as cloud computing because data is stored online instead of locally.

MortgageDashboard said its system includes a compliant documentation platform from Wolters Kluwer Financial Services.

Electronic document management has been integrated into BytePro, Byte Software announced yesterday at the Mortgage Bankers Association’s National Technology in Mortgage Banking Conference in Las Vegas. The digital documents are stored on the customer’s network, which is expected to provide “greater control over the documents, faster document access, higher system availability, low overhead and — ultimately — greater productivity.”

Byte noted that documents — including those with extensions of PDF, TIFF, JPEG, HTML or DOC — can be attached to loan files by e-mail, fax, scan or drag-and-drop.

Also unveiling a new version of its LOS at the conference was Calyx Software, which said it released Point 7.0 and Point Central 7.0. Calyx touted the new central document image storage capabilities for electronic mortgages, enhancements to banking screens and improvements to title and escrow interfaces. In addition, a new FHA statutory worksheet has been added.

Like Byte, Calyx boasted about Point’s document image storage features and drag-and-drop capabilities. An audit trail is established as each document is automatically encrypted, compressed and associated with a loan file. Calyx said its system enables remote access and is affordably priced.

In January, Calyx reported that Point 6.2b was available for download.

Reverse mortgage servicer Reverse Mortgage Solutions announced last month that it also offers an LOS. Dubbed RM Compass, the Internet-based system will help the Spring, Texas-based servicer handle an expected increase in reverse mortgage originations.

Honolulu, Hawaii-based 1003Power.com recently released new interactive applications for its Version 2.0, a press release said. The system enables all loan documents to be uploaded, while borrowers can login any time to view all loan documents and disclosures. Up to 1,000 loan officers can be managed through 1003Power.com — which also includes a modification feature.

Point-of-sale software developer Mortgagebot LLC acquired Netupdate Inc.’s LOS platform, a press release earlier this month said. Netupdate creates consumer-direct, point-of-sale LOS technology.

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Mortgage Daily Staff

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