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Technologically Advanced

 

Technologically Advanced

Recent mortgage technology activity

September 19, 2007

By COCO SALAZAR

photo of Coco Salazar
Recent advancements in mortgage technology stretched from loan origination systems to pricing engines, though there was plenty of activity in servicing, credit and banking technology. A host of technology vendors are promising to improve lender profits and business.

GainClients Inc. combined its On Demand real estate marketing system with VueCentric Inc.’s Software as a Service loan origination system, according to a news release. The combination with an advanced LOS capable of straight through processing, and a complete customer relationship management package, all seamlessly integrated, has resulted in the “first turnkey mortgage origination platform that will create customers for life,” GainClients announced.

Financial Plus Federal Credit Union upgraded its mortgage loan origination and servicing infrastructure by implementing Financial Industry Computer Systems Inc.’s full suite of mortgage technology solutions because it is able to interface with other systems and automate crucial functions, FICS said.

The FICS solutions include an LOS, and systems for residential loan servicing, automated custodial accounting, integrated imaging and an application enabling real time access between the credit union’s core system and FICS’ servicing system.

Calyx Software said it now has a September Calyx Network Interface, which gives users of Calyx Network data exchange connections to 14 mortgage service providers.

Right Stop Mortgage LLC selected the loan origination software and wholesale broker Web site product of Mortgage Builder Software Inc. to streamline the wholesale lending process. The combination of the LOS and site allows brokers to upload a 1003, check on the status of loan cases and receive interactive online help without relying on costly, time-consuming phone calls to Right Stop staff, according to an announcement.

Irwin Home Equity implemented Lender E-Source’s guideline management systems, Loan Library and Electronic Loan Finder to expedite loan product searches and guideline management. Lender E-Source said it was chosen due to its history of providing timely guideline updates and having an easy-to-use search interface.

LoanInsights Inc. said it provides a free, Web-based search platform for mortgage prospects that is designed to search and optimize results for any and every possible loan scenario, giving them direct access to wholesale lending rates and guidelines. The Custom Mortgage Search application displays only those offers for which the borrower likely qualifies and excludes hidden fees or bait-and-switch pitches that benefit the mortgage provider.

Innovations in pricing technology include Sollen Technologies’ update to its Web-based configuration management platform for administrators of products and pricing by increasing the speed of data storage and retrieval, simplifying the implementation process and enhancing usability. Thereby, administrative product and pricing changes are expedited faster and can be deployed in seconds.

PriceMyLoan announced it was chosen by Capital Direct Financial to provide automated underwriting and loan pricing technology. PriceMyLoan handles the maintenance and labor required to update investor guidelines and pricing.

Nomis Solutions said it has opened an office in India, which will speed up development of its Price OptimizerTM Suite. Using price optimization technology, the company helps firms drive desired behaviors with profit-based pricing.

Certified Credit Reporting Inc. deployed Market Kinetix’s Deal Maker Score credit analysis solution for use by lender and broker clients to help raise credit scores for borrowers, a press release said. The solution is “the only scientific analysis tool of its kind that offers a preview of how much each borrower’s credit score can be raised, a list of the specific immediate, short term and long term actions a borrower can take to proactively raise his or her score, as well as definitive information on the point increase each action will bring.”

L2C said it launched a mortgage-industry-specific version of its Link2Credit Score that accesses up to seven alternative data sources in real time to deliver a more precise evaluation of prospective borrowers who have traditionally been unscoreable.

Credit Systems Design expanded a partnership with CreditXpert Inc. to allow users of its UltraAMPs mortgage processing system to access complete, upgraded versions of Credit Assure, CreditXpert Essentials and the CreditXpert What-If Simulator, all software solutions designed to maximize consumer credit scores, a news release stated.

FirstClose announced the development of ValueTest, a comprehensive approach to back-testing Automated Valuation Models. The program is designed to help lenders satisfy recent regulations and guidelines from Fannie Mae, Freddie Mac, the Office of the Comptroller of the Currency, and other regulatory bodies that have imposed requirements or guidelines on lenders to “back test” AVMs regarding their accuracy.

Interthinx Inc. announced it integrated advanced cascading automated valuation model technology into its FraudGUARD risk mitigation system. The combining allows requests for a Clear Value cascading AVM to be made from the FraudGUARD interface, reducing overall transaction processing time for lenders.

Interthinx also recently announced that integration of exclusive current and timely closed-sales data from its database to significantly increase hit rates and uniquely determine collateral risk, improves the accuracy of its proven loan scoring system and provides unmatched valuation tools for lenders and investors.

The world of servicing technology includes sessions Thursday at the Fall Regional Default Servicing Seminar of USFN where ProVest Vice Presidents Fred Zakula and Michelle Wolfe will participate in a session on how servicers can leverage technology to improve efficiencies in default servicing and will discuss technologies that can assist streamline the foreclosure process, according to a news release.

BearingPoint Inc. announced a set of tools that help lenders manage the significant and growing set of risks in their portfolios before they result in loan defaults and foreclosures. The Credit Navigation Tools utilize BearingPoint’s operational, technology and consulting capabilities across the lending spectrum.

Ocwen Financial Corp. said Tavernier Capital Partners LLC chose its REALSynergy commercial and multi-family loan servicing platform to support its growing $1.6 billion commercial loan portfolio.

Compass Analytics LLC recently announced the release of its Mortgage Servicing Rights Analytics, which will provide loan-level and aggregated modeling capabilities for mortgage servicers and servicing investors. It will include both static and option adjusted spread valuations, allow analysts to use loan-level adjustors on all models, include integration to industry-standard prepayment models, integrate accounting functionality and include speed-enhancing parallel processing.

On Nov. 13 and 14, the Electronic Signature & Records Association will hold its first public conference in Washington, D.C. The conference will analyze e-signature usage and key industry developments. ESRA previously held a series of in-depth, member-only sessions discussing important standards initiatives and business developments in e-signature and electronic records.

Lenders First Choice has adopted the voice communications infrastructure of NEC Unified Solutions Inc., according to an announcement today. The closing services provider also implemented NEC’s CallCenterWorX and four-digit dialing system.

In banking technology, Wells Fargo & Co. announced its mobile banking services now have a solution that lets small business owners access their business and personal financial information from any Web-enabled mobile device.

Commerce Bank integrated Online Banking Solutions’ Online Messenger system, which includes a new Alerts Service that automatically delivers notification of positive pay exceptions, controlled disbursement information and wire transfer advices, eliminating the need for customers to actively inquire about such online.

Lending Solutions Inc. announced it was named the largest call center provider by market share in Callahan and Associates’ 2007 Credit Union Technology Survey. With its 300 financial institution customers, the company reportedly has a whopping 37 percent market share for outsourced call center arrangement at credit unions with assets of more than $25 million.

A recent survey by Wolters Kluwer Financial Services revealed that 85 percent of community banks and credit unions that use technology as part of their Bank Secrecy Act and anti-money laundering programs are much more confident in their compliance with the act’s requirements, compared to 65 percent who rely on more manual approaches.

Callidus Software Inc. boasted that six of the top 10 banking institutions reap from its software solutions, which allow mortgage companies to access the optimum toolset for selling “healthier” loans that meet industry standards, while promoting continued business growth and expansion.

A study by comScore Inc. and Forrester Research on consumer motivations in abandoning applications for online financial products, including mortgages and home equity loans, revealed that 54 percent of applicants abandon applications prior to submitting and almost half of these had no intention of completing the application. The top reasons cited by those who did not intend to finish were that they wanted more product information, were not ready to apply and wanted to see if they qualified for the product.

MISMO recently launched its new Web site, which features updated content, search options, navigation and innovative design features. Among other things, the site provides a forum for learning more about MISMO and its guidance and specifications.

Primary Residential Mortgage Inc. announced the launch of DocumentTrac, an electronic document management solution that it says has empowered it with an integrated solution for imaging, archiving, retrieving, and distributing all documents associated with a loan file. The solution, geared for small and mid-sized mortgage lenders, is integrated with DataTrac to eliminate duplicate data entry, reduce errors and increase productivity.

Visionet Systems announced it reached a milestone of indexing 10 million mortgage documents per month with its auto indexing and data extraction solution, VisiOCR. Visionet says it takes a raw imaged mortgage file, converts it into the proper format, indexes the pages into desired categories, such as note, title, and appraisal, and uploads the newly categorized documents into a client’s imaging repository. It says productivity increases by at least 30 percent when the file’s component documents are adequately indexed rather than imaged as a single file without component pieces.

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