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Digitized Originations


Digitized Originations

Recent mortgage technology activity

November 20, 2007


photo of Coco Salazar
One technology company aims to make it easier for originators looking to step into reverse lending while another is targeting underwriters with a product that scores the likelihood on unemployment for prospective borrowers. Also among the latest mortgage technology innovations was an integration of a loan pricing system into a popular loan originations system.

Mortgage Cadence Inc. announced the introduction of Mortgage Cadence Prelude, a point-of-sale tool designed for use by lenders moving into reverse mortgage lending. Considering a POS tool does not exist for the reverse channel, which is only about 1 percent penetrated, Mortgage Cadence decided to fulfill that need with one that is easy to use and can integrate seamlessly in a Services Oriented manner with the processing software lenders use. The offering will be provided via a transaction-based model with no cost of entry.

Brokers and loan officers using Calyx Point loan origination software can directly connect to Mortech Inc.’s Marksman Product and Pricing Engine. An integrated interface enables originators to request a product and pricing decision from Marksman and view multiple loan scenarios without leaving the loan file in Point.

PriceMyLoan said Spectra Funding implemented its automated underwriting and loan pricing technology. Being able to test a live production version of the system was a key factor to choosing PriceMyLoan due to a previous unsuccessful attempt of 18 months to deploy an end-to-end system that had inconsistent pricing and could not keep up with frequent changes to products. The testing version allows prospects to import their loan origination system files, upload live credit reports from their existing credit vendor, and compare the results obtained from PriceMyLoan directly with their investor’s results.

Fair Isaac Corp. announced it partnered with Payment Reporting Credit to deliver the PRBC Credit Report with FICO Expansion Score to ease the assessment of risk of applicants with little or no traditional credit history. As a result, the Expansion Score will incorporate rental and bill payment data from PRBC’s repository, non-traditional credit history data from third-party sources, and any available traditional tri-merge credit bureau data to calculate credit risk and create a score of 300 to 850 that aligns with the FICO credit score used today by most mortgage lenders.

January will hold the launch of OriginatorDirect, a new Web-based mortgage information application that promises to give credit reporting agencies and wholesale lenders an alternative to costly technology connections and out-of-the-box software packages, its creator Informative Research announced. The application will enable mid-sized credit reporting agencies to access and share advanced credit reporting technology and other risk reduction tools without paying licensing fees or altering workflow, while allowing lenders to connect to a larger broker audience through networks of the agencies’ users.

Scorelogix announced Job Security Score, which helps lenders determine the likelihood of continued employment for a given applicant. The risk of unemployment is determined by finding patterns and relationships between the economy, business conditions, and individual demographic and employment indicators. The company claims the service is 85 percent accurate predicting unemployment risk up to twelve months in advance.

Maximizer Software Inc. announced its Maximizer CRM 10 customer relationship management solution allows such businesses to get enterprise-level applications such as increased business intelligence, mobile CRM access via BlackBerry platform support and on-demand sales and professional coaching.

i-flex’s solutions’ FLEXCUBE Core Banking platform will integrate Wolters Kluwer Financial Services’ electronic lending, deposit and Individual Retirement Account document compliance solutions to enable financial institution customers to comply with regulatory requirements in all 51 U.S. jurisdictions, according to a news release.

MindBox announced its newly launch Management Consulting Group will advise mortgage lending executives and managers looking to evaluate their operations and processes through strategic resource allocation and improved enterprise decisioning. Among the services offered by the group, led by Chuck Pepe, are detailed analysis of origination systems and costs, project risk assessment and benefit-cost analyses, loss mitigation risk assessment, and predictive modeling utilization.

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