Mortgage Daily

Published On: March 6, 2008


LOS, Documentation EnhancementsRecent mortgage technology activity

March 6, 2008


Dominant among recent mortgage technology innovations were enhancements to loan documentation, though advances were also made in loan origination systems. In addition, technological improvements were made to wholesale loan search and pricing, mortgage fraud prevention and refinance marketing.

F&M Bank has become a customer of Mortgage Builder Software Inc., an announcement Tuesday said. F&M cited ease of use, administrative control and responsive, high quality customer support in its decision to choose Mortgage Builder’s LOS.

The system reportedly includes pre-qualification tools and tracking of loans from processing to secondary marketing to interim servicing. The system can support more than 1,000 users and be used for both wholesale and retail production.

“Mortgage Builder has the ability to create custom documents and reports within the system as well as a complete document imaging system creating a paperless environment,” Mortgage Builder stated. “The system seamlessly interfaces to many core banking systems, the major AUSs including Fannie Mae’s DU and Freddie Mac’s LP, as well as numerous vendors for ordering credit, flood, title, mortgage insurance, as well as accounting and servicing systems.”

Intellidyn Corp. announced it has developed new market sizing and predictive marketing models that help loan originators identify borrowers who qualify for the temporary higher loan limits for conforming and Federal Housing Administration-insured mortgages enabled by the recently enacted economic stimulus bill. The legislation raises the cap on conforming and FHA loans to $729,250 through Dec. 31, 2008.

Citizens Home Loan, which offers jumbo, Alt-A, prime and nontraditional loan programs, has joined, the two companies announced. Citizens provides wholesale programs to mortgage brokers in 29 states, while SearchMyLoan provides loan search and pricing services to mortgage brokers.

INTEGRA Software Systems has integrated Interthinx Inc.’s FraudGUARD, a validated loan-level fraud detection system, and PredProtect, an automated regulatory compliance, into its Destiny LOS, according to an announcement yesterday. Once analysis is complete, Destiny displays the Interthinx reports which streamlines workflow.

INTEGRA separately announced it is integrating Compliance Systems Inc.’s IntelleDoc Solutions into its system. The mortgage documentation system can be used for commercial and residential documents and compliance and includes compliance components incorporating static and dynamic document libraries, automated document selection, customized disclosures, a document customization tool, and compliance support for all states.

eLynx announced the release of a newly-enhanced SwiftPublish document capture application. SwiftPublish is a server-based application that standardizes document capturing, viewing, printing and converting. It creates print-ready PCL or archive-ready TIFF or PDF files from native files produced by any Windows application.

IntelliScan SDS, a mixed document scanner, was launched by BancTec Tuesday, a press release said. The latest offering, designed for mid-volume customers, operates at speeds of up to 200 pages per minute, supports optical resolution of 300 DPI and reduces recovery time from paper jams.

BancTec said its latest offering — which handles mixed document processing for sizes up to 12″x14″, has document skew detection and correction and a 500-page document feeder — should be available in June for around $83,000.

One-time close construction-permanent closing documentation for both conventional and FHA residential loans has been developed for all 50 states by MRG Document Technologies, the company said Tuesday. The documents can be used for traditional construction properties and manufactured housing construction.

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