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Technically Compliant


Technically CompliantRecent mortgage technology innovations

May 6, 2008


Improvements to compliance services dominated mortgage technology enhancements during the past week. Other innovations included alliances, integrations and implementation of electronic imaging.

Sollen Technologies’ pricing engine has been integrated into Harland Financial Solutions’ Interlinq E3, enabling mortgage providers to more fully automate and integrate service providers into their business processes. The alliance grew from a custom integration for a mutual customer., which provides Web-based software and services solutions provider to mid-sized mortgage bankers and financial institutions, said it has extended the compliance functionality of its InHouse Mortgage enterprise lending platform to encompass the entire front to back end mortgage lending continuum. The system provides initial disclosures, data verification workflow to verify originators gather appropriate information before proceeding, state license tracking, loan program modification and ECOA tracking.

“Reporting tools are incorporated within the enterprise loan origination system to simplify the oversight of all staff including external branches and remote employees,” said. “This quickly summarizes potential compliance issues to validate the lenders policies and procedures are enforced. Additionally, integrated business logic is configured to require users to complete specific tasks such as obtaining government monitoring information for HMDA reporting prior to activities such as running credit reports.”

ConformX mortgage document software has been updated to automate and guarantee compliance with California’s new subprime lending best practices law, DocuTech announced. The new law reportedly requires lenders and brokers to provide non-traditional and subprime borrowers with RE Form 885, a disclosure that compares different loan scenarios using the borrower’s proposed loan amount.

PredProtect has been enhanced with an APR calculator for verifying the accuracy of disclosures under the federal Truth-In-Lending Act, Interthinx said in a press release. The new calculator, which is powered by Math Corporation’s zMath loan calculation engine, automatically interprets company-specific fees and enables the customization of APR and finance charge tolerances.

“In this ultra-tight market, inaccurate APR, finance charge, and payment stream calculations cost lenders money as investors look for even the smallest errors to force lenders to buy back bad loans,” Interthinx Vice President of Compliance Roger Fendelman said in the statement. “The new APR calculator option within PredProtect eliminates TILA errors before the loans are made.”

CrediSphere Mortgage was announced by Full-Service Banking Solutions. The credit-processing system consolidates the mortgage lending process and utilizes a common platform, database, user interface, and single code base. CrediSphere reduces reliance on multiple underwriting and processing systems through the internal decisioning and workflow controls, as well as the open opportunity for multi-source customer and collateral data integration.

Provident Funding recently joined Informative Research’s affiliate program, enabling mortgage brokers to reissue credit reports on a streamlined basis. Provident’s addition to the program enables originators who use subscriber credit reporting agencies to access Provident loan programs and rates.

DocumentTrac, electronic imaging platform, was implemented by American Federal Mortgage Corp., according to developer Del Mar DataTrac. The service enables lenders to utilize digital files instead of paper files, from underwriting through shipping, and share them electronically with branches, brokers, and investors. The system includes long-term file retention.

MGIC mortgage insurance can now be ordered through a fully-integrated, MISMO based, MI Request & Response interface, Mortgage Guaranty Insurance Corp. announced. The interface requires the use of MortgageFlex Systems’ LoanQuest. MGIC said it automatically updates the status on the LoanQuest system.

The Mortgage Marvel application programming interface was introduced by Mortgagebot LLC to enable mortgage comparison shopping on other Web sites, including portals, indexes, directories, and meta search sites. The service, which is being promoted as a way to boost site traffic, reportedly uses a Web service to extract live rate and fee data directly from the loan-product databases of hundreds of mortgage lenders.

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