|A number of mortgage technology companies are forming alliances and partnerships to boost the value of their offerings. Meanwhile, two vendors are boasting about landing Wells Fargo as a customer.
Applied Business Software Inc. and FIS Valuation Solutions announced a partnership Friday that will offer complete integration of The Mortgage Office, the loan servicing software solution product of ABS, and FIS services.
“This alliance between ABS and FIS creates a fully integrated system comparable to those offered by larger system integrators, allowing our customers to order collateral risk assessment reports in an efficient, fully automated, bi-directional electronic format,” Jerry Delgado, president of ABS, said in a press release.
eLynx, provider of electronic document communications for the financial services industry, announced Thursday that Wells Fargo Funding approved eLynx’s uSign and SwiftSign electronic signature services for use by its correspondent lenders. eLynx President and CEO Sharon Matthews said in a news release that both lenders and investors benefit from such services and are able to conduct business more effectively.
“By bringing uSign or SwiftSign into the equation, Wells Fargo Funding and its correspondent lenders gain efficiencies for electronically originated loans on top of the already significant document management capabilities of the expedite suite of services,” Matthews said in the release.
Amit Kapil Mortgage announced an agreement last Friday with Ensynctrends to implement EnsyncRep, Ensynctrend’s trend analysis management and forecasting reporting software, which gives the mortgage company Web access to tool that will minimize yield degradation and maximize returns for its investment clients. Amit Kapil, president of Amit Kapil Mortgage said in a press release that it is necessary to monitor the constant changing activity in the industry, and the new partnership will help his company to do so.
Software provider PushMX and LoanToolbox, a Web-based supplier of training and marketing solutions, announced last Wednesday a partnership where LoanToolbox will offer its inside knowledge of the lending industry to the products PushMX hopes to create for loan originators.
DocuSign, an online service for electronic signatures, announced last week that Wells Fargo Funding accepted DocuSign as an approved electronic signature vendor for documents of loan disclosure. CEO and President of DocuSign Matthew J. Schiltz said in a news release that the approval by such a big company shows just how integral the eSignature services are to the growing market.
“We have enabled our correspondent customers to double their close rates and eliminate 80 percent of the cost from their expensive paper signature processes,” Schiltz said.
Wells Fargo Funding will also accept for purchase loans originated via eDisclosures and eSign 1003 from Encomia, the eMortgage technology provider announced last Wednesday. Andrew Dubinsky, president and CEO of Encomia said in a press release that the new relationship will bring great advantages to loan originators.
Financial industry documentation services provider MRG Document Technologies announced today new improvements to its MIRACLE ONLINE, a service that allows mortgage brokers and lenders to meet new compliance requirements. Specific enhancements were made for the states of California and Maine in order to meet necessary state regulations.
Real estate online site Zillow.com announced last Thursday the launch of Zillow Mortgage Marketplace, a free lending arena in which borrowers can request custom loan quotes directly from registered lenders. Lenders also have the ability to respond to the loan quotes at no charge. Rich Barton, CEO and co-founder of Zillow.com, said in the company’s press release that there is an “obvious need” for a marketplace of this style in the mortgage industry.
“It’s clear from our customer research and from reading today’s headlines that borrowers need a better way to research and shop for home loans,” he said.