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Advancements in Mortgage Technology


Advancements in Mortgage TechnologyMortgage technology activity

February 28, 2008


Recent technology offerings promise to reduce costs for originators and servicers. In addition, technology is emerging that focuses on delinquent loans and distressed portfolios.

LoanQuoter v7.02 has been released by Data-Vision Inc., a press release Monday said. The latest version enables mortgage lenders to automatically provide electronic disclosures to prospective borrowers as soon as they apply online for a loan. The technology is integrated into the lender’s Web site.

“The disclosure documents delivery functionality now available in LoanQuoter v7.02 helps originators track their compliance with RESPA requirements by providing an electronic audit trail,” Data-Vision stated.

Fannie Mae’s Desktop Originator and Desktop Underwriter have been integrated into PriceMyLoan’s Web application, developer Insight Lending Solutions announced last week. PriceMyLoan users now can automatically populate loan file information for submission to D.O. and D.U., order new credit reports or reissue new credit reports, and obtain underwriting recommendations.

“We no longer have to go through the process of exporting, saving and then manually importing files into DU,” Prince Aurora, president of Aurora Mortgage and a customer of PriceMyLoan, was quoted as saying. “The PriceMyLoan integration with DO/DU saves Aurora about fifteen to twenty minutes per file.”

Calyx Software announced its transaction platform network handled 16.6 million distinct business transactions on 12.5 million files last year. The platform enables users of the Calyx Point loan origination system to interact with or order from multiple service providers utilizing data that was already input.

Calyx said it had 1.07 million orders for credit reports in January, up 72 percent from the prior month.

Weststar Mortgage Corp. will utilize MRG Document Technologies for document preparation on its one-time close construction-to-permanent transactions, MRG announced. Westar chose MRG because the system interfaces with its existing LOS and can be utilized in all 50 states.

On Feb. 1, Superior Savings Credit Union began using FirstClose’s bundled mortgage settlement platform to obtain credit reports, flood zone determinations, automated valuation models and alternative title reports for home equity and second mortgage transactions, FirstClose announced.

“We went from closing loans in 30 days to closing loans in 5 days — with a savings of approximately $350 per loan,” Superior manager Lorie Jackson was quoted as saying.

In an announcement this week, Wolters Kluwer Financial Services touted how Clark County Credit Union has been a customer since 2005. Clark County utilizes Wolters’ Rembrandt Lending System to document commercial loans.

Wolters reports that over 500 U.S. credit unions utilize its services.

Financial Industry Computer Systems Inc. announced it will roll out the BusinessObjects Enterprise Professional and Crystal Reports XI to users of its loan servicing systems in three phases. BusinessObjects enables users to manage and deploy tools for reporting, query and analysis, and performance management. Crystal Reports reportedly delivers easy report design, simple report maintenance and data access.

The Department of Veterans Affairs launched a Web-based reporting application for mortgage servicers, according to an announcement from Fidelity National Information Services Inc. — which developed the application. Dubbed Veterans Affairs’ Loan Electronic Reporting Interface, or VALERI, the new offering enables mortgage servicers to report significant events — such as the sale of servicing rights, modifications or approved repayment plans — through an automated process.

“VALERI is built upon the FIS Desktop, a highly efficient workflow, imaging, expense and communication management system that provides real-time connectivity among lenders, service providers, vendors and portfolio investors,” Fidelity said in the statement. “This regulatory revision transformed VA’s role from supplemental servicer to servicing oversight, resulting in increased reporting requirements for mortgage clients.”

Response Analytics announced this week what it touts as “the industry’s first distressed portfolio management solution.” The new service is designed to increase cash flows on distressed mortgage portfolios using “optimization-based technology to provide continuous portfolio valuations and optimal recovery rate recommendations matched to appropriate collection channels.”

XSell and SigniaDocs Inc. announced Monday an alliance that will enable quick loan modification for mortgage lenders. The companies are offering new Web-based tool that integrates into existing systems helps servicers identify borrowers who qualify for modifications or refinances then complete the transaction online. The system can reportedly be operational in just weeks.

Bank Of Scotland International has chosen BancTec Inc. for multi-currency offshore mortgage application operations, BancTec announced. BancTec said its eFIRST Origin solution will help Bank of Scotland manage applications for offshore mortgage products in less time.

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