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LOS Enhancements – Recent loan origination system activity

LOS Enhancements

Recent loan origination system activity

August 18, 2009 (updated 8:39


Loan Origination System News

Among recent improvements to loan origination systems are features that help loan originators maintain compliance with mortgage regulations and Federal Housing Administration requirements. Meanwhile, firms that provide pricing engines, appraisals and credit services have aligned with two LOS providers.

Calyx Software plans to announce tomorrow the release of Point 7.1. The new version addresses requirements under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 by providing fields for originator identification based on unique identifiers assigned by the Nationwide Mortgage Licensing System and Registry. The additional data includes the NMLS number and license number of the loan originator, loan origination company and branch as well as the control person.

A news standardized Good Faith Estimate required as part of the final rule for the Real Estate and Settlement Procedures Act is also included with Point 7.1. The form, dubbed “GFE 2010,” automatically populates with data from the existing GFE. Forms 4506 and 4506-T are automatically filled and can be printed out with other forms.

After this story was published, a Calyx spokeswoman indicated that the release of Point 7.1 has been pushed back to Aug. 26 because of printing delays.

Point 7.2 is slated for release in November, according to Calyx said in a statement to is sponsoring content for Calyx’s Twitter page. Calyx users can access the content for free.

Recent additions to the Calyx Network include appraisal firm ValuFinders Inc. and credit reporting firm MDA Lending Solutions Inc. The Dallas-based firm also launched a professional services division last month that links up originators and processors with “extensively experienced” technology consultants. Training for the new division’s offerings is being provided online.

Calyx-rival Ellie Mae announced last month the launch of Encompass360, a new mortgage management system. The system has been designed to better manage FHA activity. Beta users have reportedly praised the new offering as the most advanced solution available on the market today because it enables easy management of loan documents.

“Every action in Encompass360 can be completed in one to three mouse clicks or with drag-and-drop ease,” the news release said. “With Encompass360, users can not only see every level of activity that goes on within the company — from a broad pipeline view to drilled-down loan level details — but can also access literally any detail for any loan, at any stage in the mortgage chain.”

Also last month, Ellie said that pricing products from Sollen Technologies’ Lender Online and from LoanSifter were integrated into the Encompass Mortgage Management Solution. This month, the Pleasanton, Calif.-based technology firm said Mortgage Pricing Systems’ LEAP! was integrated into the management solution.

SunTrust Mortgage has successfully deployed Metavante Corp.’s online point-of-sale technology in its retail and third-party mortgage operations, according to a news release last month. The Atlanta-based lender is utilizing a Web-based origination platform that incorporates an automated decision engine that delivers immediate eligibility, pricing and underwriting information.

“Metavante’s origination technology contains pricing functionality that allows SunTrust Mortgage to provide customized, risk-adjusted pricing in an increasingly complex mortgage environment,” the statement said.

A partnership between Byte Software and CCMC enables direct interfaces to all leading core processing systems used by banks and credit unions, a recent news release said.

In a June 23 statement, Dorado Corp. announced it was named to Forrester Research’s June 2009 Hot Banking Tech Companies to Watch in 2009: Q2 Update. Dorado said it provides loan origination support in a software-as-a-service format — also know as cloud computing.

Texas Lending announced in May its decision to utilize PC Lender. Texas Lending called PC Lender’s offering the “most highly efficient mortgage software.”

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