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Credit, Pricing and Underwriting Technology


Credit, Pricing and Underwriting TechnologyRecent mortgage technology activity

June 23, 2008


A new offering for loan officers helps them show prospective borrowers how to manage their credit scores while building a relationship. Other recent technology solutions focus on pricing and automated underwriting, among other things.

AVAIL has been launched by Cogent Road to help loan originators work with prospective borrowers to improve their credit scores, a press release today said. The ongoing process first educates consumers about responsibly managing their credit, then alerts originators when borrowers’ reach pre-defined credit score levels. AVAIL’s online platform utilized by customers is branded with the originator’s logo, photo, name and contact information.

Harland Financial Solutions will promote Mortgagebot’s PowerSite to the “thousands of financial institutions” that are its clients, Mortgagebot announced. More than 125 Harland clients already use the PowerSite. Mortgagebot said it has 800 lender customers, including one-third of the “top 100” U.S. commercial banks “and nearly half of America’s top 100 savings institutions and credit unions.”

Atlantic Coast Mortgage Group utilized OpenClose’s loan origination software to transition from a mortgage broker to a mortgage banking wholesale lender, OpenClose announced. The system includes support for underwriting, closing, post-closing, secondary marketing, funding, shipping and reporting. Atlantic, which said it now handles third-party originations, noted its decision was influenced by pricing that included all features.

Home Source Mortgage will utilize Sollen Technologies to provide pre-qualification and automated pricing and locking services for its growing network of branches and expansion of online operations.

Del Mar DataTrac Inc. said Wednesday that it abandoned its PriceTrac product and pricing eligibility solution and will instead integrate the PPE solutions of AllRegs, Mortech, Optimal Blue, Nylx and Sollen into its expanded open platform.

“We believe that the most effective strategy for our customers is to let them select the best pricing and decisioning platform that meets each of their business needs, and then to help those providers plug into our applications to support a seamless workflow,” the announcement said.

Calyx Software has inked an agreement for Splash Media LP to provide daily mortgage news video broadcasts and mortgage training through the newly launched Mortgage Media LLC, an announcement last week said. The new medium will be promoted to the more than 200,000 Calyx users.

The Minnesota Housing agency has adopted ILOG’s JRules to automate its interest rate commitment, loan eligibility and loan approval processes, ILOG said last week. The agency reportedly reduced the amount of time and paper in its loan commitment and loan purchase processes while instantly notifying lenders whether or not there are funds available to process loan commitments.

“The Web-based system uses business rules engines to provide the 250 lending partners — comprising of nearly 1,500 users — the ability to enter, update, and submit loans for various lending programs, view funds availability and check loan status,” the statement said. “The new system also enables the staff at Minnesota Housing to quickly access and change its business rules as program policies, legislative directives or the market demand.”

The eSign Transaction Management Suite for electronic disclosures has been approved for use by correspondent lender customers of Wells Fargo & Co., Wave Systems Corp. announced Thursday. Correspondents can gain access to the service by licensing the components directly from Wave or through platform providers that include a la mode Inc., DocuTech, Xerox Mortgage Services and SigniaDocs.

Financial Industry Computer Systems Inc. issued a statement boasting Acqura Loan Services as a new customer. The special servicer will utilize FICS’s Mortgage Servicer and Mortgage Accountant products in conjunction with its own proprietary technology and unique risk assessment and management solutions.

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