Tech to the Rescue

The subprime market crisis has unavoidably affected mortgage technology by creating a growing demand for innovative responses to old problems. Such demand is generating more effective risk assessment and management tools, more accurate credit evaluation and repair options, or other products that help the industry move one more inch forward towards achieving fully paperless processes. For instance, SunTrust Mortgage re-engineered its business aiming to increase efficiency through a new tool, the Pyramid Loan expeditor. It single handedly helped increase volume by 40%. In Los Angeles, Jamison Law Group is using credit management software that helps mortgage originators offer credit repair services. Elsewhere in the country regulators are engaged in efforts to further streamline the mortgage servicing process. Lender Support Systems, Inc. maintains small to mid size lender and servicer clients are looking for new ways to analyze and understand their servicing portfolio so they can compete with the larger financially more powerful players in the market who are more resourceful. now that origination volume is slowing down. She said the company is seeing 50% more abandoned properties than at the same time last year, and about half of those are for sale. Overall demand for collateral protection and preservation tools continues to rise. In 2006 vendors reported significant business growth from existing customers alone. A trend they say will continue through 2008.(c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved.http://www.bondbuyer.com/ http://www.sourcemedia.com/