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Digital Expansion in Lending, Servicing

 


Digital Expansion in Lending, ServicingRecent mortgage technology activity

April 22, 2008

By SAM GARCIA

A mid-sized mortgage banker will spend 16 months developing an end-to-end software system. Other mortgage technology activity includes PDF loan closing documents that can now be ordered from a popular loan origination system and new services to ensure compliance with loan modification requirements and new appraisal rules.

Assurity Financial Services LLC will move its off-the-shelf software and co-develop and end-to-end system with Motivity Solutions, according to an announcement. The project will take an estimated 16 months and will include modules for wholesale and retail LOS, loan products and pricing and customer relationship marketing. In addition, modules will be developed for business intelligence, imaging and content management and compliance and quality control.

Assurity, with more than 500 employees, reportedly originated $0.5 billion last year and projects more than $1 billion in production this year. The Colorado-based company focuses on government programs.

Lenders looking for help complying with the terms of a recent appraisal-process agreement between the New York Attorney General, Fannie Mae, Freddie Mac and the Office of Federal Housing Enterprise Oversight will find help with ValuNet xsp software, an announcement from ValuAmerica today said. The software automatically selects appraisers for each assignment, based on licensing, skill levels, location, price, workload and past performance. It also enables compliance with current valuation requirements of the Federal Reserve, Federal Deposit Insurance Corporation, Office of The Comptroller of the Currency and Office of Thrift Supervision.

“Despite repeated warnings from these regulators, very little has been done in retail lending channels to create a firewall between loan officers and appraisers,” said ValuAmerica Chairman and Chief Executive Officer Robert Murphy in the statement. “It’s the industry’s worst-kept secret: some lenders apparently would rather face a fine from their regulators than risk alienating their commission-based loan officers by preventing them from meddling in the appraisal selection and review process.”

Users of Calyx Point can generate closing documents in PDF format with MISMO XML-native ProClose Platinum Web Service, a new service developed with MBS ProClose, a press release said.

“ProClose Platinum accommodates any MISMO XML transfer without a ‘data integration procedure,’ eliminating tedious mapping exercises, discrepancies between program selections and incomplete pass-through of data from LOS to doc prep,” the announcement stated. “Platinum’s built-in intelligence partners with the end-user LOS to enhance loan file data yielding ‘perfect’ final XML data that will populate a perfect set of compliant closing documents.”

An alliance announced between Wolters Kluwer Financial Services and Fidelity National Information Services promises to provide servicers with an integrated offering that enables customized loan modification documents that are compliant with federal and state requirements. Investor and regulatory updates are rapidly implemented.

Wolters noted that the alliance will help servicers navigate a complex array of investor requirements on loan modifications that can sometimes slow progress in avoiding foreclosure.

iEmergent issued a statement indicating its new suite of Market Manager reports help improve mortgage lending businesses. Among data provided by the reports are mortgage forecasts in specific markets up to five years out and local refinance and purchase projections.

eLynx today announced that by April 29, its document communications network will have processed, distributed and facilitated collaboration on more than two billion pages of financial services documents. The company said it processed more than 12 financial transactions last year.

Bank of America Corp. reported in its earnings report Monday that mobile banking activations were 224,000 during the first quarter. BoA said active mobile banking customers now number 840,000.

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