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No Slump in Digital Offerings

 

No Slump in Digital Offerings

Recent mortgage technology activity

October 19, 2007

By COCO SALAZAR

photo of Coco Salazar
Technological advancements have shown no signs of abating recently and included improvements to compliance solutions, loan origination systems and secondary marketing software. One new digital offering promises to help originators boost FHA business while another automates income verification.

But first, Market Kinetix LLC announced the release of Deal Maker Score 3.0, with a credit analysis model to raise scores now reflecting adjustments repositories have made to handle authorized users, new revolving credit accounts, and credit accounts with past due balances.

Rapid Reporting announced its online income verification solution added Internal Revenue Service verification of W2 and 1099 data to its summary page. The IRS’ ability to provide such data in electronic format enables Rapid to deliver results in one to two days, compared to its previous turnaround time of seven to 10 days.

Xerox Corp. said it expanded its automated work processes for mortgages with its acquisition of Advectis Inc. — the developer of the BlitzDocs Collaboration Suite. The system helps enables the management of the process needed to underwrite, audit, collaborate, deliver and archive loan documents electronically.

Document Systems Inc. added DocuSign’s eSignature technology to its mortgage document preparation services, enabling mortgage closing documents to be sent and signed electronically, DocuSign announced.

Lenders One is now utilizing Encomia’s eMortgage Solution for providing upfront disclosure documents and enabling electronic signatures.

Meanwhile, Intellidyn Corp. announced the launch of three new marketing models aimed at helping originators target FHA-qualified borrowers and proven to boost response rates by up to 347 percent. The models are delivering direct mail response rates over 1.25 percent, compared with the industry’s overall rates of 0.35 percent to 0.5 percent.

ComplianceEase announced its Compliance Analyzer and services now have functionality that ensures lenders meet FHA loan requirements more efficiently.

To help originators satisfy investor and regulatory guidelines, Interthinx added capabilities to its automated compliance suite. A “License Administration” functionality added to PredProtect lets originators input company licenses and then selectively trigger state-level tests, an “industry first” that allows them to “choose when and how to apply the laws of each state to their business.” Also, a new module, that Interthinx says involves the “most comprehensive and detailed prepayment penalty test available in the industry,” compares individual loan data to applicable state prepayment penalty laws and returns results in a compliance worksheet to enable users to quickly identify violations.

Financial Industry Computer Systems Inc. said enhancements to the Home Mortgage Disclosure Act reporting features in its residential mortgage loan origination system eliminate extra steps required to prepare the Loan Application Register, HMDA’s required format for submission to federal financial regulatory agencies. The touch ups also make HMDA-related data available in one, more centralized location within the LOS system.

Silver Hill Financial is now in the Calyx Network, making it the first commercial lender to be integrated in the network, a news release stated.

DRI Management Systems Inc. partnered with Artemis Enterprises LLC to give default mortgage servicers single-source access to their process and information management technology solutions. The companies announced the “combination of process and cross-enterprise contact and content data management has never been offered in this industry before.”

Ellie Mae announced the release of Encompass Banker Edition 3.0, an upgraded version of its Encompass Mortgage Management System designed for mortgage bankers or brokers wanting to transition to bankers. The system also helps manage bulk sale of loans in the secondary market while tracking overall profitability on trades, and integrates to a leading product and pricing engine.

Redwood Trust deployed Overture Technologies’ Mozart Tape Cracking 2.0 to empower secondary market investors to automatically and accurately convert the complex bulk loan data submitted by primary market lenders into their own formats, according to an announcement. The updated software offers improved ability to manage multiple templates and outputs, a better auditing trail; new user interface functionality, enhanced data mapping capabilities and the ability to upload outputs to commercially available database platforms, among other enhancements.

Lydian Technology Group and Intelli-Mine partnered to empower mid-market lenders to deploy business intelligence solutions previously only accessible to large lenders. The leveraging of Intelli-Mine’s dashboards and business intelligence platforms, enables users of Lydian’s Mortgage Connectivity Hub to easily monitor their own business data.

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