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Digital Pricing, Closings and Compliance

 

Digital Pricing, Closings and ComplianceRecent advancements in mortgage technology

August 29, 2008

By SAM GARCIA

Recent mortgage technology improvements have been concentrated in loan pricing engines, closing services and mortgage compliance. But appraisal and servicing technology has also been enhanced.

Georgia-based Brand Mortgage has signed on as a customer of Sollen Technologies, according to a statement Tuesday. Brand will utilize Lender Online, a loan pricing and pipeline management tool. The move will reduce time searching through investor products, reduce errors and improve loan pricing.

Management consulting firm Mortgage Banking Solutions issued an announcement Wednesday endorsing PriceMyLoan. The ability to combine live credit, product and pricing data were cited among PriceMyLoan’s key attributes. In addition, the loan search engine increases funding ratios.

SearchMyLoan.com announced Monday that California-based CMG Mortgage Services has joined its network of wholesale lenders. In addition, CMG’s Home Ownership Accelerator — which combines checking accounts, mortgages and home-equity lines-of-credit into a single account that automatically applies all deposits to the loan daily to save mortgage interest — will be offered on SearchMyLoan.com.

Bay Docs Inc.’s reverse document preparation services have been integrated into Reverse Mortgage Solutions’ LOS, RM-Compass Loan, according to a recent statement. The alliance eliminates duplicate entry for home equity conversion mortgage transactions. RM-Compass users can also order reverse mortgage application kits through the alliance.

Flagstar Bank is utilizing electronic notes on conforming loan with Fiserv Inc.’s e-lending platform, an announcement Tuesday said. The digital document is used in signing, closing and post-closing processes. eNotes are automatically registered with the MERS eRegistry.

The newest release of ConformX has been launched by Docutech Corp., a statement Monday said. The updated version increases automation and reduces the number of screens needed to complete closing documents online. Data is pulled directly from the loan origination system and run through data integrity, high cost and predatory lending checks.

Nations Signature Closers Inc., which provides notary services, attorney signings and property information services, has implemented Encomia’s eDisclosures, a press release Tuesday indicated. The enhancement will speed up the application process and increase origination capacity.

First Close announced last week it has developed integrated technology with Appro to provide access to multiple settlement services for Arizona State credit Union. The new service digitizes the ordering of flood zone determinations, automated valuation models and junior title policies.

SignatureOne Ceremony Server software has been incorporated into some of CSC’s banking systems, an announcement last week said. The integrated offering, hosted as software-as-a-service, will enable the rapid deployment of fully paperless transactions.

RegulatorConnect and RegulatorDirect have been released by ComplianceEase, a news release last week said. The new offerings will help state-regulated mortgage lenders and banks automate the regulatory examination process. Data is electronically transferred to regulators through RegulatorConnect, while compliance audit reports are digitally delivered utilizing RegulatorDirect.

Wolters Kluwer Financial Services’ Red Flags solutions have been endorsed by the Alabama Bankers Association, California Bankers Association, Community Bankers Association of Illinois, Independent Community Bankers of America, Texas Bankers Association and Wisconsin Bankers Association, a statement Tuesday said. The services help mortgage lenders comply with the FACT Act Red Flag Rules.

iMortgage Services LLC reported last week that it released its Tier3 comprehensive collateral re-evaluation report. The offering utilizes a three-stage valuation process that includes an analysis of historical market context and appraiser input to determine a property value at a given point in time. The final analysis, which can include two separately focused field inspections, provides a critique of the original appraisal.

Appraisal management company AppraiserLoft has become the preferred appraisal management firm for TeraVendo Inc., an announcement last week indicated. A portal for AppraiserLoft has been added to TeraVendo’s free LOS, LoanAce.

Financial Industry Computer Systems Inc. said last week that Mortgage Servicer, its residential servicing system, now provides direct reporting to Ginnie Mae’s new reporting and feedback system. Ginnie’s new system is being implemented under its business process improvement initiative to streamline the monthly reporting of remaining principal balances, pool accounting data and loan level data.

An announcement last week from Cogent Economics indicated its ServicingQC.NET helps servicers monitor up to 100 processes. The new application enhances the ability of servicers to integrate with other service providers.

Lenders One Mortgage Cooperative has turned to Web.com to provide its members with Web site design, local search marketing and search engine optimization, the St. Louis-based alliance said last week. The services, which are generally too costly for small- to mid-sized mortgage bankers, also include e-mail marketing, banner advertising and paid search engine placement.

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