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LPE, AVM & LOS NewsRecent mortgage technology activity

October 16, 2008

By SAM GARCIA

Four companies reported improvements to their loan search and pricing engines, three companies announced enhancements to their automated valuation models and two companies boasted about advancements in their loan origination systems. Other mortgage technology activity included an expansion of available Web site designs and faster online income verification.

PCLender.com boasted in an announcement Wednesday that six new lenders signed on as customers during August and September. PCLender InHouse Mortgage, a fully hosted LOS, handles prequalification and origination through closing, secondary marketing, warehouse line management, loan level reconciliation and post closing. It also includes compliance oversight and imaging functions.

PCLender said last month that its InHouse Mortgage was integrated with The PMI Group Inc. and CMG Mortgage Insurance Co.

Fiserv Common Origination Platform has been expanded to include real estate lending support, a press release Tuesday said. The platform, available as licensed software or software as a service, also handles other types of consumer and commercial loans. Policies, procedures and processes can be updated without relying on technical support staff.

PriceMyLoan has been integrated with Freddie Mac’s Loan Prospector, an announcement Monday said. The integration of the automated eligibility and pricing tool eliminates the risk of error due to data or workflow issues and enables originators to obtain Loan Prospector decisions from within the PriceMyLoan system.

Optimal Blue’s product and pricing eligibility platform is now fully embedded into Del Mar DataTrac, a statement Tuesday said.

Decision Assist has been expanded into four products targeted to mortgage professionals depending on the size of their staff and lending requirements, OpenClose announced last month. The loan pricing engine and product suite works with OpenClose’s consumer-facing mortgage Web site technology and productivity tools, formerly known as LION MTS, as well as the OpenClose end-to-end loan origination and back-end banking system.

Zillow Quote API will be launched in a few weeks through five technology providers including Leads360, according to a statement today. The offering enables lenders to automate custom loan request quotes from Zillow Mortgage Marketplace for prospective borrowers.

After borrowers submit requests to Zillow’s Marketplace, lenders automatically receive details about the requests. Pricing engines instantly create custom loan quotes, which are automatically sent back to Zillow where the borrower can view it.

The latest release of WebCaster includes the addition of 12 new site designs, leaving mortgage professionals with more than 60 different template options to choose from for their Web sites, Calyx Software said Monday. In addition, the updated version includes the integration of the Consumer Handbook on Adjustable Rate Mortgages.

DataQuick’s Collateral Validation automates the valuation reconciliation process, MDA Lending Solutions announced today. The offering also includes a forecast of projected market value for the next 30, 60 or 90 days.

The Collateral Risk Management Platform has been added to a suite of collateral valuation solutions, MDA Lending Solutions said last week. The new platform speeds up the valuation of entire real estate loan portfolios — processing more than 20,000 automated valuation model values per second. The platform can be placed at a lender’s site or fully integration into the customer’s various loan servicing systems.

IntelliReal said its AVM has been added to FNC Inc.’s mortgage compliance services. IntelliReal’s AVM includes multiple listing service data — providing for better valuations with access to 77 million property records. IntelliReal’s AVM will also be available to regional and community banks that use FNC’s Collateral Headquarters.

The BasePoint Income Verification Service is now available as a fully automated hosted solution that enables quick access to the 4506-T report, a press release Tuesday said. System-generated e-mails provide immediate notification of a received transcript request and available report.

Agreement Express enables mortgage companies to fully execute contracts online or through e-mail, a statement yesterday from Recombo said. The service enables faster finalization of executed agreements, while data is seamlessly entered into databases.

Ginnie Mae said earlier this month that it will nol longer accept payments using the Electronic Funds Transfers process. All payments must now be made through Pay.gov. The secure Internet collection portal enables issuers to make payments with Automated Clearing House or by credit card. ACH payments are limited to $100 million and may take up to 48 hours to credit, while credit card payments are limited to $100,000 but are posted immediately.

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