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Digital Disclosures

Recent mortgage technology innovations

October 15, 2007

By COCO SALAZAR

photo of Coco Salazar
Mortgage technology providers are busy this week touting their wares at the annual Mortgage Bankers Association conference in Boston. Dominant among the latest offerings were advancements in loan disclosures as well as secondary marketing technology.

The Calyx Network processed a record 13.4 million transactions on more than 10 million loan files from January through September, Calyx Software announced. The transactions stemmed from over 23 million exchanges between users of Calyx’s Point loan origination system to the more than 300 lenders and service providers that participate in the network.

The MortgageBuilder LOS system now features Interthinx’s proven loan-level fraud detection system and Brooks Systems’ High Cost Loan Analysis, which eliminates the chances for a high cost loan as it interprets each state’s lending requirements to comply with anti-predatory lending laws, Mortgage Builder Software Inc. announced.

Service First Mortgage Co. implemented Sollen Technologies’ product and pricing engine, according to an announcement. Employee calls to the lender’s secondary marketing management to clarify guideline and pricing initially fell by 40 percent and ultimately declined by 80 percent after full adoption.

Ellie Mae collaborated with Optimal Blue in what both companies say will enable Ellie’s Encompass customers to receive lock confirmations and both buy and sell.

In the world of secondary marketing, Associated Software Consultants Inc. today announced the launch of PowerSeller GPS, a solution that streamlines marketing activities for small to mid-tier mortgage bankers and brokers. Its tools help originators manage existing pipeline and investor commitments, capture key data elements to verify loans are properly priced and ensure investors are funding loans correctly.

Integrated Mortgage Solutions reported it added Web Services capabilities to IMS Adapt to enable servicers to order for bulk work orders of inspections, preservation and loss mitigation, eliminating the need to request such on a loan-by-loan level and from a separate database.

Clayton Holdings Inc. announced its Clarity due diligence gives loan buyers or securitizers greater transparency for investors by scoring portfolio risk at time of purchase, predicting losses and giving new options to reduce potential losses. The new process scores individual loans and the overall portfolio for credit, compliance, collateral and estimated loss risk. Clarity incorporates Clayton’s proprietary risk-filter technology, which factors in data collected in surveillance of more than $1.5 trillion of subprime and Alt-A mortgage-backed securities.

A national insurance company implemented Mortgage Cadence Inc.’s product suite in just under 12 months through 3t Systems Inc., according to an announcement. The system allows a lead to pass all the way through the POS system to the secondary market.

Credit scoring company L2C, announced it launched Link2Credit Scores for the consumer finance industry. The system pulls data from up to seven sources relevant to the specific industry to evaluate the customer at the time of application.

CreditXpert Inc. announced it launched TheCreditXpert AU Filter, which analyzes the impact of authorized user accounts on a credit score. The company estimates one-third of credit files include up to three authorized user accounts — with more than half of the affected scores being impacted.

Among loan disclosure advancements was Lender Support Systems Inc. release of eZPrelim, a digital disclosure system with direct marketing features. The solution, which establishes proof of electronic signatures, will be available through LSSI’s new LSSIConnect Web ordering platform.

Encomia announced eDisclosures and eSign 1003, which will enable prospective borrowers to review and sign initial disclosures online in SMART Doc format. The service will be initially free, and originators can confirm online that the disclosures were executed within the three days allowed.

New Vision Residential Lending chose MRG Document Technologies to provide all mortgage disclosures and closing packages, a news release stated.

Stewart announced release of e-Disclosure can be leveraged by ordering Initial Disclosure and Closing Document packages through Online Documents Inc., which provides the compliant three-day eDisclosure packages for all 50 states within minutes of a request, provides reporting on their status and offers to print and mail packages when not electronically viewed or accepted. Silanis Technology is behind eDisclosures, a separate announcement said.

Communication Intelligence Corp. is merging its eSignature technology with the document preparation services of Guardian Mortgage Documents, a news release stated.

Flagstar Bank is using Fiserv Inc.’s eLending platform to manage its eMortgage signing, closing and post-closing processes, as well as to securely store electronic notes and other closing documents and facilitate the electronic transfer of assets into the secondary market. The system was integrated with the bank’s proprietary loan origination and imaging systems and enables management of SMART Docs by Online Documents Inc.

Closing document technology included Lenders First Choice and Guardians announcement that they are working on a system integration to create a one-stop shop for closing solutions

Users of Dynatek’s MORvision loan origination software system now have instant access to the entire suite of DocuTech’s ConformX documents, including initial disclosures, processing and closing documents that are compliant at the state and federal level, the companies announced

eLynx announced it consolidated a number of services, enabling access to electronic document management and delivery, eSignature solutions, integrated electronic faxing and print-on-demand components, and electronic filing.

In mortgage servicing technology, commercial version of the VisiRelease lien release and assignment product is now available, Visionet Systems announced. An ASP version of the software is offered for smaller volume customers and users also have the choice of completely outsourcing the commercial lien releases to Visionet.

The Mortgage Servicer solution of Financial Industry Computer Systems Inc. has an interface to QuestSoft’s Instant Geocoder, which verifies the accuracy of borrowers’ mailing addresses.

FICS also announced that it will incorporate BusinessObjects Enterprise Professional and Crystal Reports XI into its LoanWare product suite.

Laureate Capital LLC reportedly implemented Hyland Software Inc.’s OnBase enterprise content management suite in its loan administration group to store and share documents electronically.

Access Business Technologies said it upgraded its PowerCore platform to deliver enhanced hosting and managed services solutions by providing increased end-user capabilities, dynamic controls and greater ease of use.

IBM said it will launch a new set of hosted multi-channel Point of Sale offerings. IBM noted it also enhanced its electronic loan file capabilities and functionality to offer faster response times to information used to render a loan decision.

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