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Technology Alliances and Enhancements

Recent enhancements and alliances in mortgage technology promise to improve loan program searches, mortgage documents and appraisal ordering. One collaborative effort will help better identify mortgage fraud during due diligence.

An announced alliance between SearchMyLoan.com and Strategic Information Resources will integrate credit report data with SearchMyLoan.com’s search and pricing engine. Originators will be able to pull credit and re-issue credit data for loan decisioning.

A new partnership announced between Financial Crossing Inc. and mortgage outsourcer Lydian Data Services LLC will enable mutual customers of the companies to analyze thousands of lending options from financial institutions and recommend deal structures that benefit their borrowers and match their needs, time horizon and risk appetite, an announcement last week said. The alliance will enable financial firms without lending platforms, such as financial advisors and credit unions, to offer comprehensive lending solutions served by an efficient private-labeled, high quality mortgage fulfillment process.

Another alliance between Lydian and MRG Document Technologies will provide Lydian customers with MRG’s up-front and interim disclosures and closing documentation, another announcement said. The joint venture enables lenders to streamline the origination process while maintaining full compliance with state and federal regulations.

DataGlyphs has been added to Xerox Mortgage Services’ BlitzDocs Collaboration Suite, a spokesman told MortgageDaily.com. The enhancement to BlitzDocs, which enables the multiple parties involved in the loan process to review and edit shared documents, adds a level of security by embedding computer-readable data into individual documents. While they are similar to barcodes, DataGlyphs their automatic classification capabilities are flexible in shape, store hundreds of times more data and can recreate themselves when damaged or tampered.

Sophisticated analytic scoring technology used to identify suspicious mortgage loans has been added as a component of CrossCheck Compliance, a press release Thursday said. CrossCheck utilized BasePoint Analytics to re-engineer the due diligence process, beginning with advanced pattern recognition analytics.

ValuFinders Inc. said Thursday that its newly enhanced Appraisal CONCIERGE will enable lenders to comply with the proposed Home Valuation Protection Code that will go into effect Jan. 1, 2009. The enhanced appraisal outsourcing ordering service will automatically provide the borrower with the appraisal report at the lender’s request.

Residential property valuation and risk management firm Pro-Teck Services announced it will utilize Rackspace to host its ProValue platform, according to an announcement last week. Rackspace supports the large number of simultaneous connections and thousands of daily transactions required by Pro-Teck. In addition, the platform enables provides extensive archiving, retrieval and data stream capabilities.

The Federal Home Loan Bank of Pittsburgh will implement the systematic tracking of collateral management solution of Rockall Technologies, Rockall announced. The technology will automate the management, tracking and valuation of liquid and loan book collateral.

“Liquid collateral and loan assets are imported, analyzed for eligibility based on predetermined business policies, valued via multiple market sources and haircuts are applied,” Rockall said. “At FHLBank Pittsburgh, this results in a more attractive all-in cost of borrowing for customers and an enhancement to the value of FHLBank membership.”

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