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e-Activity Advances

The latest mortgage technology advancements included fraud prevention tools for originators and fraud detection tools for wholesalers. Among other innovations were two digitally closed loans which were sold to Fannie Mae.

CIMCON Software Inc. said its new Enterprise-to-Cell technology, a part of its SOX-XL Spreadsheet Controls solution, is the first to provide to spreadsheet users highly visual, context-sensitive and multi-dimensional views of spreadsheet processes from the enterprise level right down to the cell level. The tool enables companies to accelerate their financial close processes by providing an instantaneous and real-time snap shot of current enterprise status with deep drill-down capabilities. The technology is expected to lead to quick user adoption amid increasing pressure to implement End User Computing controls for spreadsheets and databases in response to regulatory requirements such as Sarbanes-Oxley, Basel II and MiFID.

Information technology services provider Hexaware Technologies and Pemtrad International Ltd. recently formed joint venture Risk Technology International to offer comprehensive technology-intensive solutions in the domain of enterprise risk and compliance management, primarily for financial institutions worldwide. RiskTech’s solutions can support in the areas of value-based Enterprise Risk Management, including Basel II and Pillar III based services, regulatory compliance and treasury risk management. RiskTech, which will have offices in the United States, India and the United Kingdom, is expected to achieve revenue of over $20 million in the third year, according to an announcement.

Wells Fargo & Co. teamed up with Visa USA to launch an extensive mobile pilot to test consumer mobile payments and services, including secure, over-the-air delivery of payment account information to the mobile device; mobile payments in stores and restaurants accepting Visa payWave technology; receiving and redeeming mobile coupons; and account management services. The pilot has three phases to determine how consumers will use mobile payment and service options on mobile devices equipped with Near Field Communication technology.

Microsoft featured Remend OnDemand as a case study for software-as-a-service innovation based on Microsoft technology, according to Remend Inc., which says it offers the first Web-based software that integrates and streamlines all the steps in the mortgage servicing cycle for mortgage companies. Hosted service Remend OnDemand can replace three or four existing software applications and consolidate multiple sources of data. Remend hosts, manages and deploys the software, which users access online and through secure portals for vendors, outsourcers and third-party providers who can work together and collaborate on the same data in real time.

Loan closing advancements included Advectis Inc.’s announcement that its BlitzDocs online, collaborative document network solution recently received its one millionth electronic loan folder entry, which also translates to more than 25 individual loan documents submitted since the network’s launch in 2001. Each e-loan folder mirrors the traditional loan folder used by originators, brokers, underwriters and lenders to process a loan through its life cycle.

Century Bank completed its first electronic home loan document signing, which was also the first in the Dallas, Texas, area to “flow seamlessly from closing and funding to end investor, Fannie Mae,” the bank said in a news release. The electronic signing, conducted by American Title, was executed by having borrowers electronically sign their loan documents through a familiar stylus pad similar to those used by retail outlets. The method allows closings that may have lasted one hour to decrease to 10 minutes as borrowers are able to view documents online prior to the scheduled signings.

A California couple were the first borrowers to have their electronic mortgage note registered with the MERS, Settleware Secure Services Inc. announced Monday. The loan was originated by American First Credit Union — which electronically delivered the loan to Fannie.

Fannie reportedly received and validated the e-Note in 1 minute 36 seconds.

As for pre-funding innovations, Pro-Teck introduced CollateralPoint, a desk-top valuation service that delivers an Appraiser Assisted model focused on objectivity while streamlining the collateral due diligence process. The tool utilizes an AVM cascade, satellite imagery, numerous data sets, and a model driven value conclusion. The tool integrates three key elements in the valuation process: Objective valuation “engine,” a valuation professional and subject & market data, with an end result of a “complete value and risk picture with the supporting detail needed for credibility and defense in today’s market,” Pro-Teck announced.

Meanwhile, Verification Bureau launched a new electronic solution allows mortgage bankers to validate a borrower’s employment, phone, address and employer tax ID number within 24 hours. The solution, SUPRA, will verify borrower data submitted to lenders with the intention of spotting false employment and misrepresentation prior to funding of the loan — some of the most common ways to defraud lenders.

LION Inc. announced it launched LION Broker, a new mortgage broker portal that is the next generation of its 10-year-old lioninc.com, which featured a wholesale loan search product and pricing engine. The updated service features a “vastly improved” loan search pricing engine and introduces a new suite of tools and services for further effectiveness in today’s market. A loan pipeline management tool organizes and tracks current borrower leads, runs different pricing scenarios for the leads and ultimately finds a loan program to fit a borrower’s needs.

Wholesalers have a new service that automates the license and background checks of third-party originators or brokers. Interthinx’s automated Third Party Review solutions validates broker submitted data with same day results. With the automation, lenders are almost immediately alerted of issues pertaining to license information and status, licensee derogatory information, social security number, bankruptcy filings, address and phone number and the broker’s inclusion on the Office of Foreign Asset Control list, industry and client submitted watch lists and Interthinx’s National Fraud Protection Database on mortgage brokers.

“Interthinx’s ability to provide same day reports on the status of broker licensing cannot only arm today’s lenders with crucial data on business partners, but may help prevent more undesirable business partners from breaching company walls,” Interthinx President Kevin Coop said in the written statement.

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