|A pair of mortgage companies have settled claims they were using unlicensed software. Other mortgage technology activity included the expansion of two transaction platforms and the enhancement of digital loan documentation.
American Mortgage Consultants Inc. paid $136,750 to settle claims it had unlicensed copies of Adobe and Microsoft software on its computers, the Business Software Alliance announced Tuesday. The Liberty, Ill.-based company was quoted as saying it regretted the situation and a change in the management team has been made to alleviate further problems.
Nova Star Mortgage Inc. settled for $112,000 claims that it had unlicensed copies of Adobe, Autodesk and Symantec software on its computers, the alliance said.
The group, which pays rewards for reports of software piracy, said 35 percent of software installed on PCs worldwide was illegal in 2006. Its members include Apple, McAfee and Microsoft.
Titan Lenders Corp. announced its Cerberyx closing and post-closing platform now features the DocMagic compliant document delivery solutions of Document Systems Inc. Customers and investors with Titan made specific requests for DocMagic solutions, which integrate easily into loan originators’ software and are affiliated with over 400 investors and deployed by over 15,000 loan programs, including at least 80 standard Fannie Mae and Freddie Mac programs. Amongst the ways DocMagic prevents noncompliance for lenders is issuing pre-disclosures electronically that follow up automatically with borrowers that do not view the disclosures within the required timeframe.
The Arizona Association of Realtors and Stewart Transaction Solutions have partnered to deploy SureClose across Arizona, according to a press release which also indicated the system is the most widely used transaction management.
ServiceLink, which services eight of the top 10 U.S. lenders, has fully integrated the technology and products acquired from ATM Corporation of America. As a result, ServiceLink’s centralized title, closing, default and asset management services now have point of sale, collateral valuation and home equity products and settlement service automation technology expertise.
Brokers and correspondents now have available DocVelocity, an online end-to-end paperless office solution launched by Paperless Office Solutions Inc., parent Flagstar Bancorp Inc. announced. The system automatically images, organizes and digitally stores any documents originators send to it by uploading, scanning, e-mail or fax, and also accepts documents submitted by borrowers. The data is stored in electronic files that can be viewed by everyone in the loan process.
“DocVelocity is a way for mortgage originators to go paperless with no special hardware, no special software and no up-front costs,” Flagstar said in the statement. “We call it ‘Paperless in a Day.'”
Greystone MultiUnit LLC chose the LoanQuest Residential Lending System for its commercial loan arrangement activities as it not only supported its “diverse requirements but also could be implemented in a short timeframe, with customizations ready to go,” announced LoanQuest creator MortgageFlex Systems Inc.