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Digital Delight

Recent mortgage technology innovations

September 26, 2007

By COCO SALAZAR

photo of Coco Salazar
The latest digital innovations in mortgage lending included front-end and back-end integration and collaboration. Among upgrades to origination systems was the addition of a property valuation tool.

Advanced Financial Solutions Inc., which had used Fidelity National Information Services Inc.’s Empower Client/Server loan origination system for nearly a decade, was the first client to transition to Empower for .Net, Fidelity’s upgraded LOS, a news release stated. The system offers a standardized platform with a service-oriented architecture, decreasing system development and maintenance costs associated with a customized platform.

Calyx Software announced it added an automated valuation model category to the services menu of the Calyx Point loan origination software, providing users connection to AVM services from First American CoreLogic, CBCInnovis, PLATINUMdata, and Title Source. This allows originators to order fully insured reports of a property’s current market value directly from the AVM category and automatically receive and attach the appraisal document to the loan file.

Calyx, in partnership with LoanToolbox, recently held the second seminar of their Grow your Business in a Tough Market series in Irvine, Calif., according to an announcement. One speaker illustrated how the use of Calyx Point enables him to close more loans in less time. He noted technology is among his arsenal of tools for success.

RealEC Technologies Inc. licensed Fidelity’s ClosingStream application and integrated it into the RealEC Collaborative Network Platform. The moves create a nationwide Web-based closing solution for refinance and home equity lending transactions that enables borrowers to participate in the closing from any geographic location.

SearchMyLoan.com reported it has formed alliances Statewide Credit Services, Credit Service Co., Royal Mortgage Credit Reporting and Strategic Information Resources Inc. The alliances will reportedly help the pricing and vertical search engine provide more accurate results.

TransUnion announced an expansion of its services that help lenders identify prospective borrowers who artificially boosted their credit rating by becoming an authorized user on someone else’s well-paid credit account.

Trinity Asset Management LLC selected Fidelity’s Mortgage Servicing Package to process its mortgage and home equity lines of credit. Trinity will board delinquent loans from major lenders onto the system and work with borrowers to collect payment. Fidelity’s system will provide default, escrow management and regulatory oversight for Trinity’s loan portfolio, a new release said.

Borrowers are now able to pay their mortgage bills online with their Visa, MasterCard and Discover credit cards through CardIt LLC. The new third-party payment provider processes borrowers’ payments and remits them directly to lenders through its Web-hosted platform, which also features automatic scheduling options.

Mavent Inc. announced the launch of CRAx, a secondary market execution solution that facilitates real-time measurement of Community Reinvestment Act and government sponsored enterprise affordable housing goal requirements, and identifies loans that can be pooled and sold at a premium to investors. This is achieved by integrating the solution into a lender’s or investor’s point-of-sale, LOS, automated underwriting or other front-end system.

“CRAx eliminates the need for costly end-of-year bulk purchases of Qualifying Loans and reduces expenses associated with year-end accounting and CRA reporting,” Mavent CEO Louis Pizante said in the written statement. “Equally, CRAx identifies loans which can be pooled and sold at a premium to secondary market counter parties.”

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