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Digital Support for Mortgage Lending

Recent mortgage technology activity

November 29, 2007

By COCO SALAZAR

photo of Coco Salazar
Recent innovations in credit reporting technology aim to help mortgage companies maintain compliance and increase available loan prospects. Other digital advances include online authentication using wireless phones and a number of electronic alliances.

But first, Mortgage Builder Software Inc. announced its president, Keven Smith, is now part of the Mortgage Bankers Association’s Residential Technology Providers Forum, which identifies and communicates pertinent technology-related issues to the industry.

The 2007 Financial Freedom Senior Sentiment Survey found that many seniors use the Internet for researching products or managing their financial accounts. Reverse lender Financial Freedom announced its survey was based on the opinions of 1,129 individuals ages 62 through 75.

“Professionals who provide products or services to seniors can’t ignore the Internet — they need to employ a strategic Web strategy that targets seniors just as they do for other audiences,” Financial Freedom said in the written statement.

Clareity Security LLC announced the availability of its patented TEXT-pass product line, which will help the financial services sector meet new Federal Financial Institution Examination Council guidelines that require higher-level security for authenticating online customers. TEXT-pass uses a customer’s mobile phone as an authentication token and generates secure, one-time passwords and text messages them to a customer’s cell phone. The product reportedly helps meet FFIEC requirements at a substantially lower price point than having customers load software on their computers for authentication.

Users of SearchMyLoan.com now have available the mortgage rates and pricing of Chevy Chase Bank as a result of the announced alliance between the two companies.

ComplianceEase and Guardian Mortgage Documents announced an extension of a three-year strategic alliance and developed “a unique seamless interface solution” designed to help large investors enhance quality of loans by correspondents and brokers. The solution combines compliance and document production into a “one touch,” Web-based workflow system available at the investor’s Web portal. The system enables correspondents and brokers to perform loan-level compliance audits and generates closing documents only when all of the investor’s defined compliance thresholds have been met.

The Electronic Signatures and Records Association’s recent first conference illustrated that although e-signatures’ return on investment was no longer in question, challenges persists on reviewing legacy systems and developing long-term records management strategies, founding member Silanis Technology Inc. announced. Another finding was that there is no doubt e-signatures are legal, but the issue of building sufficient evidence of electronic transactions remains a concern.

Loan-Score Decisioning Systems LLC said it integrated its automated underwriting platform with Fannie Mae’s Desktop Underwriter, “given the swift shift in investor appetites for conforming and government loans.” The integration enables DU findings and the Federal Housing Administration’s automated underwriting system results to be directly incorporated into the Loan-Score pricing and automated underwriting decision.

In the world of servicing technology, Corda Technologies announced that the consumer credit group of Wells Fargo Bank is using its CenterView performance dashboard to manage its home equity loan and other consumer loan and credit accounts. Wells reportedly chose the tool to track its more than 5 million accounts because it was easy to develop and feature rich, and the company plans to develop dashboards for other departments as well.

BRT Realty Trust selected to use the REALSynergy commercial and multifamily loan servicing platform. Ocwen Financial Corp. announced its system was chosen because of its ease, of use quick implementation time and flexibility to accommodate to the full range of commercial assets in BRT’s growing portfolio.

In credit reporting technology, First Advantage Corp. selected Vontu Inc.’s Data Loss Prevention solutions specifically to meet regulatory data security compliance and its “proven ability to accurately detect sensitive data, prevent it from leaving the network and redirect it, if necessary, for secure encryption,” according to an announcement.

Experian Consumer Direct said it is providing Credit ScoreTracker to the more than 50 million card members of Discover Financial Services. The solution helps consumers better understand factors that influence their credit score and allows them to set a target credit score, as well as monitor any changes to help them make better-informed financial decisions.

First American CREDCO announced that its Anthem RMCR product is compliant with Freddie Mac’s updated guidelines for nontraditional credit. The residential mortgage credit report verifies and documents Noncredit Payment References and delivers a score to help lenders serve borrowers who lack sufficient traditional credit history. Because “most of the market has been focusing on scoring without considering whether the underlying data meets specific financial product underwriting standards,” First American believes there report delivers an “origination management solution out-of-the-box.”

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