Mortgage Daily Logo
mortgage news from industry experts

Pricing, Credit and MISMO

 

Pricing, Credit and MISMORecent mortgage technology activity

August 14, 2008

By SAM GARCIA

An enhancement to one pricing engine exponentially improves the offering, the developer claims. In other technology news, a recent improvement to credit scoring brings authorized users back, while mortgage technology standards have taken a giant step forward.

PHH Mortgage will enhance its current pricing platform with MDA MindBox Inc.’s ARTOptimize, an announcement Tuesday said. The package includes a pricing decisioning engine and provides users with increased capabilities for managing pricing rules and policies without support from IT departments.

LoanSifter Prime version 2.0. has been released, a press release Tuesday said. The enhanced loan program search offering enables simultaneous product comparison with all combinations of product terms, doc types, AUS types, employment types and prepay options. The updated version provides “significantly more thoroughness to guidelines and pricing” with new optional search criteria including cashout amount and debt-to-income ratios.

“Each search in LoanSifter Prime 2.0 is the equivalent of 1,500 searches run in the previous release,” the statement said.

Fair Isaac Corp. recently announced that its scientists have discovered a way to restore legitimate authorized user credit accounts to the calculation of FICO 08 credit scores without enabling the artificial enhancement of credit scores through piggyback schemes. Fair Isaac estimates there are around 50 million consumers who legitimately utilize authorized user accounts.

Funding Suite’s Intelligent Credit Report helps loan originators interpret tradelines, detect data errors and predict underwriting conditions for prospective borrower, Cogent Road said last week. Step-by-step debt reduction plans for potential applicants during the initial meeting help loan officers build trust with their clients.

“The tool automatically loads the applicant’s current credit card debt and allows for the manual addition of any other debt,” Cogent Road said. “Once the originator enters in the amount of money the applicant would like to commit to the plan each month, the Debt Free Wizard calculates the fastest way to repay the balances.”

Refinance.com is using Internap Network Services Corp.’s Managed Server Performance IP Networking and Security solutions to power its business expansion initiatives, an announcement Tuesday said. The Dallas-based company’s Web site is being re-launched using Internap’s hosting and network services.

ApproveIt Web Server has been authorized by Wells Fargo Funding for its correspondent lenders, Silanis Technology Inc. announced. ApproveIt facilitates the process of delivering disclosures and capturing signatures on origination paperwork online.

The Mortgage Industry Standards Maintenance Organization Inc. finalized the second iteration of demonstration examples for the MISMO residential Version 3.0 architecture, the Mortgage Bankers Association announced last week.

“The conversion from Version 2.x to Version 3.0 will create a common architecture and logical model for the real estate finance industry and will promote a centralized view of the mortgage transaction process while providing explicit context and definitions,” the statement said. “Version 3.0 will encourage broader adoption of MISMO standards across the industry.”

Jaywing reached an agreement to deliver its smartdecisions product on a software-as-a-service basis through Provenir-provided software and infrastructure. Jaywing’s smartdecisions provides access for lenders to multiple data sources, including credit bureaus. It also offers analytics and decision rules to provide real time credit decisions through a single online client link.

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION