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Explosion of Technology


Explosion of TechnologyRecent mortgage technology activity

October 22, 2008


This week’s Mortgage Bankers Association Mortgage 95th Annual Conference and Expo in San Francisco prompted a plethora of mortgage technology news releases. Among announced enhancements were the integration of a loan origination system with a point-of-sale offering, improvements to automated appraisal technology and advancements in digital loan closings. One new credit offering increases the ability to forecast risk.

Salient Business Solutions released Salient Clear 2 Close so its originator customers can better monitor their loans processed by Salient on an outsourced basis, according to an announcement Monday. By uploading loan files through the new portal, loans can be processed more quickly.

LPOnline was announced Monday by Financial Industry Computer Systems Inc. The online loan application is completely embedded in the originator’s Web site and is directly connected to FICS’ back-end LOS. The borrower’s credit score is retrieved during the application process, and instant pre-approval is available utilizing automated underwriting. Up front disclosures are available for immediate review by the borrower once the application is submitted.

A new marketing alliance enables an application completed by a prospective borrower on a Mortgagebot LLC Web site to immediately be processed on Byte Software’s LOS, a press release Tuesday said. Of Mortgagebot’s 800 customers, 25 are also customers of Byte.

Version 3.1 of BytePro features an optional custom screen designer, custom field calculations and an enhanced processing log, Byte Software said Monday. Revised FHA mortgage insurance premiums are included in the latest version of the LOS. The Enterprise edition also features an enhanced processing log that allows tracking of a wide variety of items and tasks.

Mortgagebot announced Monday that its new PowerSite Advisor enables non-originators to take accurate loan applications. The online offering requires only a brief training session.

An alliance announced Monday will make AllRegs’ LoanLibrary product available to all users of the recently enhanced Lender Online. Originators will be better equipped to manage loan programs and view all investor guidelines through the alliance.

FNC announced yesterday that it recruited BancorpSouth as a new client last month. The bank will use FNC’s Collateral Headquarters to ensure regulatory compliance while streamlining its appraisal process for retail and home-equity lending.

MDA DataQuick said Monday that its automated valuation model has been renamed ValueSmart and was enhanced to utilize five modeling methods and geo-spatial techniques. In addition to value estimates, the enhanced offering includes information about recent local sales.

A press release Monday indicated LSI is in the final development and testing phase of integrating its eLenderSolutions with a la mode’s Mercury Network Vendor Management Platform. Final appraisal reports are securely delivered from the appraiser’s desktop software, through the Mercury Network, to LSI as unaltered PDFs — ensuring regulatory compliance.

LexisNexis’s RiskView solution has been endorsed by the American Bankers Association, a statement Tuesday said. In addition to traditional and non-traditional credit criteria, the service utilizes data on residential stability, asset ownership and life-stage analysis to assess risk.

Enhancements to Wave Systems Corp.’s electronic signature and vaulting software enable disclosure delivery, tracking and signing as will as the digital signing and notarization of closing documents, a press release Monday said. Users can pre-configure profiles to enable automated transactions and alerts.

Integrated Mortgage Solutions announced Monday its own online notary service. The company hopes to help servicers increase execution of loss mitigation packages.

eLynx said Monday that its expedite network has enhanced LandAmerica’s eZNetClose mortgage closing system. In addition, a statement Sunday said Stewart Lender Services’ eClosingRoom electronic closing technology has been integrated with the eLynx expedite platform.

iClose, a secure method for borrowers to close their loans in an online virtual meeting room, has been enhanced to enable up to five third parties at different locations participate in a closing, ServiceLink said Monday. iClose requires a borrower to authenticate their identity prior to joining the closing session — enabling the identification of potential fraud.

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