Mortgage Technology Insider

Mortgage News

Mortgage Daily Staff

                                                 May 30, 2007

Updated technology for loan closings, loan origination and automated underwriting was topped by a new lead service that promises more committed and exclusive prospects.

But first, Market Street Mortgage has implemented C2C’s Archive One to minimize the time and expense required to retrieve its archived e-mail messages, according to an announcement. The solution captures copies of every new internal and external email and archives them to a storage device that allows fast data search and retrieval.

In the world of banking technology, SunTrust chose Panini’s My Vision X check scanner as one of its Remote Check Capture solution scanner options in order for its corporate clients to be able to create and submit deposits electronically from their desktops, Panini announced.

BOK Financial Corp. is utilizing Salesforce for Financial Services to manage its banking, commercial lending and wealth management business, announced. The “highly customized” customer relationship management solution delivers a central hub of information for access to all customer account and transaction history data while custom dashboards give BOK executives instant insight into the sales pipeline, deals won, trends, top performers and adoption metrics.

Innovations in closing technology included the selection of BlitzDocs Collaboration Suite for electronic document submission, image-based underwriting and electronic loan delivery by Capstone Direct Inc., Sterling National Mortgage Company Inc., United Mortgage Corp. and Washington Financial, according to an announcement by Advectis Inc.

Wells Fargo Funding has joined the list of secondary market investors on eLynx’s extended document communications network — enabling the 500-plus lender clients of the electronic document service provider to deliver closed loans electronically.

The National Notary Association announced it will demonstrate at its annual conference next week the technology used in Pennsylvania’s first paperless home sale, or eClosing, last November. The hands-on eNotarization lab will show how the documents used for the eClosing were created, revised, signed, notarized and recorded electronically.

Accenture obtained the mortgage industry’s first-ever end-to-end post-closing business process outsourcing assignment through a two-year contract with First National Bank of Arizona, according to a press release. Accenture will perform file-room services, “including imaging to convert paper documents into electronic form, indexing to capture relevant information in digital form, workflow services to speed processing, performance metrics spanning the process, and data and document review to confirm that loans have met underwriting, servicing and secondary-market salability requirements.”

First National reportedly said that strategically outsourcing the post-closing process to Accenture will boost processing efficiency, as digitizing documentation will make its loans more attractive to mortgage investors and servicers, and shifting to a variable cost-per-loan model allows better cost management.

ATM Corporation of America reported that its Streamlined Settlement Package has established an industry benchmark by enabling the mortgage loan settlement process to occur within six days from application — four days faster than its nearest competitor. ATM touted that lenders can realize greater revenue through increased business and offer an enhanced borrower experience through its technology, which, among other features, enables lenders to guarantee all settlement costs including recording fees and mortgage tax to the borrower at the point of sale, as well as the pre-scheduling of appraisal and closing date, time and location.

Among automated underwriting updates was Optimal Blue’s recent launch of an AU engine as a new component of its product eligibility and pricing engine platform to help lenders accurately source, manage, price, lock and underwrite loans. The automated underwriting engine’s initial roll out will feature substantial and configurable pre-qualification conditions and stipulations, Optimal said, adding that the primary version which enables lenders to apply product and scenario specific conditions and stipulations to the search results of eligible loans.

Overture Technologies partnered with Tavant Technologies to offer a customizable end-to-end lending solution that will allow “conduits to foster deeper relationships with correspondent partners and dramatically improve the efficiency of loan transactions and securitization operations.” Using Overture’s Mozart Product Suite, which includes a pricing engine, automated underwriting engine, and a data normalization and validation engine, Overture and Tavant offer solutions for loan acquisition, best loan execution, securitization and portfolio management, the companies announced.

Sollen Technologies’ Investor Price Guide was adopted by Citizen’s Mortgage Corp., according to an announcement today. The service provides a table of rates from multiple investors showing adjusted pricing for loan originators.

“Using the Sollen Investor Price Guide we don’t have to download all of the rate sheets,” Citizen’s Chief Operating Officer Kari Kate Singleterry was quoted as saying in the statement. “The Sollen program downloads all of the information we need for the two regions and puts it into rate sheet format.”

In loan origination technology, Intelligroup Inc. said it won a Build Operate Transfer contract in which it will provide infrastructure and facilities to 30 people over a year to 18 months to perform the mortgage processing services of eXpertivity Mortgage Solutions Corp.

“Through this partnership, Intelligroup will provide an incubating facility to help address the challenges of developing an offshore operation,” said Vikram Gulati, President and CEO of Intelligroup, in the announcement. “By providing eXpertivity with a state-of-the-art secure offshore facilities infrastructure and back office processing teams, they will be able to focus on developing and managing their core business model.”

Reverse Mortgage Solutions, a new provider of reverse mortgage technology that aims to be the premier provider of hosted reverse mortgage loan servicing software, said that the number of reverse mortgages will triple next year to the millionth loan mark due to a combination of new, private originators, Wall Street securitizations, and specialized technology.

Originating and servicing reverse mortgages requires “unique systems and technology,” and the company’s products and services will “open the marketplace, ultimately giving seniors more access to this product,” Reverse Mortgage said in the announcement.

GainClients Inc. announced the launch of Online Loan Status Access and that a series of other new and innovative technology tools for its end-to-end Web site and loan origination platform will follow. Access enables borrowers, Realtors and referral partners to know the status of their loans online. The originator’s information is secured by built-in role-based permissions allowing the site owner to determine who gets access to what information.

A shift to conventional and government loan products has resulted in record growth for the customers of origination software provider Avista Solutions, which saw overall usage of its systems in the first quarter showing mortgage volume up 86 percent from the same period in 2006, including a 49 percent increase from February to March. Avista said its loan origination system, which connects to Freddie Mac’s and Fannie Mae’s automated underwriting systems, combined with its eligibility and pricing and other technology, enables users to create loan applications via the Internet or by import from external loan origination software.

A few days prior to announcing the volume increase, Avista Solutions said it completed integrating Interthinx’s FraudGUARD, which through an interface serves as a Web-based automated fraud protection and detection tool to screen loans for potential mortgage fraud. The product is available to users of Avista’s loan origination software who have an established relationship with Interthinx.

Among the latest lead generation advances, announced the introduction of Choice, which provides Internet leads with verified credit information on consumers to lenders, and Choice Plus, which allows lenders to verify credit, and also receive verified social security information with that lead. Within the ways these new products reportedly improve the current industry standard for credit score and Social Security mortgage leads is that no third-party affiliate relationships are used to buy leads and lenders cannot pull credit without first receiving the consumer’s consent, protecting against the negative effects of extraneous credit pulls and “trigger” leads.

“Unlike other lead companies, we are uniquely able to collect, score and lock-down consumer social security data,” said in the announcement. “Using best practices to collect social security numbers demonstrates our commitment to compliance and state licensing guidelines. Having the ability to provide a lead’s verified credit score enables our lending partners to tailor their approach and better align the appropriate product mix to the potential borrower.”

Mortgage Daily Staff

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