Mortgage technology firms have been touting their platforms that they say improve communication, reduce transaction turn times and increase closings. A developing yardstick appears to be the number of service providers within a given network.
LoanMarq, which was launched in December, is a Web-based community of parties involved in real estate transactions — including originators, borrowers and real estate agents, Sthenia Solutions announced. A Web 2.0 framework eliminates the need for in-house software and will “drastically change the dynamics of the process by increasing communication between all the participating entities.”
California Equity Partners President and Chief Executive Officer was quoted as saying that his company’s transaction turn time has improved with LoanMarq’s transparent system, which starts at $49 per month. In another press release, Mortgage Solutions President Marvin Peek said the offering reduced the resources required to fund loans.
Sthenia reported last week that interest in, and adoption of, LoanMarq has been “rapid and widespread.” In an announcement last month, it cited one real estate firm that only deals with lenders who are set up with LoanMarq.
Several new customers have signed on to use GATORS Settlement Services/Vendor Management, Fiserv Inc. announced last month. Among the customers were Golf Savings Bank as well as two title insurer and settlement service providers.
Business Spaces was launched by Cogent Road in November, a press release said. The document management system includes an interactive, end-to-end e-mortgage platform; document tracking; and digital signing capabilities. As the loan process progresses, the loan officer can enable interested parties such as title agents, appraisers and real estate agents to access the system and track loan progress.
Business Spaces, offered on a software-as-a-service basis, also includes state-specific disclosures that can be digitally signed by loan prospects, Cogent said.
Since November, Calyx Software has reported that eight new service providers have joined The Calyx Network, which automates data exchange and streamlines the origination process. The updates are automatically installed into the company’s loan origination system, Point — versions 5.4 and higher.
The new Calyx Network service providers include:
- Accurate Document Service
- Black, Mann & Graham, L.L.P. – JetDocs Interface
- Closing Documents
- Digital Docs
- Docprep Services
- Guardian Mortgage Documents
- MTG Processor
- Outsource Processing
During all of last year, Calyx said 35 new mortgage service providers joined the network.
“As we move into 2009, we anticipate more change and are dedicated to providing mortgage professionals with flexible, easy-to-use, affordable software that benefits both the service provider and the loan originator from lead to close,” Calyx executive Dennis Boggs said in a December statement.
