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Mortgage Technology Times

Survey indicates preference for online tools

June 25, 2007

By COCO SALAZAR

photo of Coco Salazar
Although a big chunk of prospective borrowers prefer self-service technology, they still want face-to-face advice about getting a mortgage, a recent survey indicated. Meanwhile, mortgage technologists are teaming up to expand product features.

Before that though, Coral8 Inc. and Lab49 have partnered for a joint solution that will dramatically simplify the implementation of algorithmic trading applications. The Coral8-Lab49 algorithmic trading framework brings together Coral8 CEP technology and Lab49 capital markets industry expertise on the Microsoft software platform for rapidly deployable solutions, according to an announcement.

To image-enable its mortgage processing functions — from loan origination to servicing, Fifth Third Bank selected the Fiserv Imagesoft Nautilus Enterprise Content Management system, according to an announcement.

“Our previous mortgage lending process was primarily manual, so it allowed only one person to work on a file at any given time,” Fifth Third’s residential mortgage head, Robert Lewis, was quoted as saying in the announcement.

The Federal Reserve Board announced that its site now has an online Mortgage Comparison Calculator that allows consumers to compare monthly mortgage payments and the amount of equity they will build for up to six types of fixed- and adjustable-rate mortgages. With the ability to look ahead on how much equity can be built and what mortgage payments might be three, five, seven or 10 years down the road with different mortgages, the Fed said more consumers should be encouraged to shop around and compare offers.

Bank of Scotland has expanded its use of SmartStream Technologies’ Transaction Lifecycle Management to automate payments for its home loans and mortgages divisions, a news release stated. The solution was already in place in the finance and treasury divisions and enables the bank to eliminate paper work and reduce re-keying of data and the subsequent opportunity for human error.

Now available on salesforece.com’s AppExchange are the financial information tools of Interactive Data Corp. Through the relationship, salesforce.com’s customers can access delayed index quotes, technical charting and Treasury bond information, according to a press release.

MortgageHub released a lite version of its The Construction Lender software for use by smaller lenders.

At its annual convention, a la mode released DaVinci, a “revolutionary prototype of a new appraisal inspection data gathering and analysis application — with built in area sketcher.” Appraisers will use the full yet-to-be-released version of DaVinci to gather data about houses they are appraising and make area sketches of the interior layout. The inspection and area sketch are the most critical parts of an appraisal and of appraisal reports sent to mortgage lenders.

In the world of loan pricing, NYLX Inc. launched BrokerToolz, “an all-in-one product-eligibility and pricing engine that allows mortgage brokers to price and make loan decisions instantly,” the company reported. The online engine avoids rate sheets that prevent from getting the best pricing from multiple lenders, according to the BrokerToolz site.

Loan closing activity had a planned integration of Kroll Factual Data’s flood certification and TruAlert identity verification service in the platform of Innovative Software Solutions, enabling credit agencies that use the ISS platform to resell Kroll’s services in a private label environment, a news release stated. Kroll, which will eventually fully integrate with ISS, also incorporated into ISS its new suite of risk assessment services, which identify misrepresentation and data integrity issues throughout the lending process.

Kroll Factual Data’s flood certification and TruAlert identity verification services will be integrated in the platform of Innovative Software Solutions, enabling credit agencies that use the ISS platform to resell Kroll’s services in a private label environment, a news release stated. Kroll, which will eventually fully integrate with ISS, also incorporated into ISS its new suite of risk assessment services, which identify misrepresentation and data integrity issues throughout the lending process.

Now available on salesforece.com’s AppExchange are the financial information tools of Interactive Data Corp. Through the relationship with Interactive, salesforce.com’s customers can access delayed stock, fund and index quotes, technical charting, portfolio tracking, economic data, currency rates, corporate and treasury bond information, market screeners and more, all within one easy-to-use application, according to a press release.

Advancements in loan origination systems included a strategic alliance where DocuTech Corp.’s compliant documents were integrated with the PCLender.com enterprise mortgage lending system, a press release said. The combined service ensures secure loan processing with documents that are compliant with all state and federal regulations.

The Coastal Bank completed the first phase of installing Mortgage Builder Software Inc.’s LOS, according to an announcement. The second and final upgrade will integrate Mortgage Builder with the bank’s BancPac core banking system later this year.

More than three out of four consumers are more likely to do business with organizations that offer self-service, a survey announced by NCR Corp. showed.

The report indicated 92 percent of the respondents valued combining mobile devices with the Internet and self-service kiosks or ATMs to improve their overall service experience. Nearly 80 percent preferred self-service for printing statements, mortgage or loan documents.

But a significant number still prefer person-to-person interaction for complex transactions such as obtaining a mortgage or investment advice, according to NCR, which says it helps businesses build stronger relationships with their customers.

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