|Loan origination systems have been recently enhanced to handle reverse mortgages, loan documents and wholesale program and pricing searches. Other activity in mortgage technology included the donation of a patent for industry use.
NetOxygen now handles reverse mortgage loans, Gallagher Financial Systems Inc. announced during this week’s mortgage technology conference held in Dallas by the Mortgage Bankers Association. The LOS handles data entry and calculations for major reverse programs including FHA-insured Home Equity Conversion Mortgages. NetOxygen also populates and generates all needed reverse mortgage documents and disclosures.
Calyx Software announced Point Software Development KitTM would be available in May. The offering enables integration between internal or third-party applications with Point 6.1, Calyx’s LOS.
“Point SDK enables companies to integrate their current customer relationship management system, sales tools, lead generation software or any other back office systems with Calyx Point,” Calyx executive Dennis Boggs said in the statement.
Guardian Mortgage Documents said it is developing an interphase for the PowerLender LOS from Associated Software Consultants. The complete interphase was developed to support the MISMO 2.4 closing data set and will enable easy data transfer to Guardian, eliminating duplicate key entry.
Product search and pricing engine LoanSifter has been integrated into the MortgageDashboard Web-based LOS, according to an announcement. VueCentric Inc.’s MortgageDashboard is reportedly used by 25 net branch companies and thousands of mortgage brokers.
Fannie Mae contributed a new patent for a SMART Doc validation method to the Mortgage Industry Standards Maintenance Organization under the MISMO Intellectual Property Rights Policy, the two organizations announced. The move enabled usage by the real estate finance industry on a royalty-free basis.
MISMO originally licensed the method in 2002 then developed and released it as an open industry standard for electronic documents. In November, Fannie was granted the new patent, number US 7,299,408, which defines processes for validating the VIEW and DATA sections of a SMART document with automated systems.
Hyland Software Inc. issued a statement touting that among its OnBase document management software customers are two of the 10 biggest commercial lenders, Principal Global Investors and Capstone Realty Advisors. Hyland enables both companies electronically to capture and store their loan documents.
Capstone services $9 billion and originates $2.5 billion annually, the statement said. Principal, which scans an average of 12,000 documents daily, manages $248 million in assets.