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Mortgage Technology Secrets

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December 7, 2007

By COCO SALAZAR

photo of Coco Salazar
As one mortgage company has adopted a loan origination system because of its secondary marketing capabilities, new pricing technology has been launched and automated valuation models have been enhanced. Digital improvements have also been made to licensing, compliance and servicing systems.

Newly-founded Stenton Mortgage chose Integra Software Systems LLC’s Destiny loan origination system to be the hub of its operations, scheduled to begin in early 2008. Stenton decided on Integra for its end-to-end functionality, ease of configuration and customization, price, and particularly, its Web-based broker portal, security and access controls, imaging, and interim servicing capabilities. With Integra, Stenton plans to offer a wide variety of loans, initially focusing on Federal Housing Administration and Alt A products, in at least 38 states.

LoanBook, the mortgage industry’s first pricing engine specifically designed to help lenders achieve the highest available profits on each loan they sell to secondary market investors, is now available, creator NYLX said. The Web-based subscription service does searches on its preloaded database of approved investor programs and returns pricing results within moments, eliminating the need for secondary managers to manually gather, sort, track and analyze investor pricing information.

“Transcending beyond best execution pricing at the point of origination, LoanBook continually monitors loans in process, actively compares them against loan programs currently available on the market, and automatically alerts the secondary manager of pricing improvements,” NYLX said in the announcement. “With LoanBook’s analysis, lenders are empowered to make immediate pricing decisions that can bring revenue increases of 20 to 30 percent per loan or more depending on market fluctuations.”

Lender clients of FirstClose will have access to First American CoreLogic ValuePoint4 Default automated valuation model and Property Verification Reports. These tools should help lenders more accurately and efficiently assess and verify the value of distressed properties by, among other things, reducing time and cost of verifying and valuing more than Broker Price Opinions or other methods. The default AVM and property verification reports are available through batch processing and will be available next quarter through a technology integration with FirstClose’s platform, a news release stated.

Veros Real Estate Solutions said its VeroVALUE AVM has updated AVM testing policies to ensure open communication and the transfer of transparent and accurate information between all parties involved in a validation of automated risk tools.

Starting Dec. 15, originators will be able to subscribe to LicenseTracker, a new online one-stop-shop state and federal licensing service, creator Mortgage Licensing Group Inc. announced. The service tracks and manages a company’s license process from start to finish, and gives notice of deadlines for license renewals, helping maintain licenses on company, branch office and loan officer levels. LicenseTracker gives the ability to completely outsource licensing needs or keep the process in-house.

Lending.com announced its addition of ComplianceEase’s automated compliance auditing to its underwriting reduces its conditional loan approval response times from weeks to mere minutes, and will ultimately cut overall processing time and origination costs.

Financial Industry Computer Systems Inc. said its database solutions are now compatible with Microsoft Vista and with Sybase SQL Anywhere 10, which provides data management and exchange technologies designed for database-powered applications that operate in frontline environments. With these and other upgrades, FICS customers can improve optimization, performance levels and operational speed of database structure to reduce overhead expenses and use less disk space.

FINCAD announced the release of Version 11 of its analytic software, which addresses the need for new and more accurate means to independently value and assess the risk of financial securities and derivatives. Derivatives users can expect to experience superior pricing and risk measurement capabilities, new valuation models, and faster calculations.

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