The latest briefs from the world of mortgage technology…
New ISGN Software Manages Escrow Accounts
Bensalem, Pa.-based ISGN launched a Web-based software for lenders to create and manage escrow accounts for borrowers.
EZEscrow has automation functions to import tax and insurance rates and calculate payments and can produced reports on open accounts.
New rules under Regulation Z—the law that dictates the federal Truth in Lending Act—took effect in April. The changes include a requirement that mortgage lenders establish escrow accounts on “higher-priced mortgages”—loans where the APR exceeds 1.5% of the prevailing prime rate at time of origination. The new rule makes escrow accounts not just a benefit that lenders can provide to their customers, but rather a federally enforced compliance issue.
RATA Launches Software to Automate HMDA Reports
RATA Associates launched a new software tool that lets lenders automate report generates to maintain compliance with the Home Mortgage Disclosure Community Reinvestment Act.
The autopilot software can automate a number of tasks including create original and backup HMDA/CRA reports, import new data files, run system calculations and geocode addresses.
The fair lending compliance software is available through Longwood, Fla.-based RATA’s Comply Suite but runs independent from the other offerings, which enables tasks to be completed during off or nonpeak hours.
Property Preservationist Adds Photo Inspections
Mortgage Contracting Services can now submit digital photos of REO properties to provide proof that property preservation work was completed.
Tampa, Fla.-based MCS said the photos are an additional tool to supplement the data used for REO valuations and property condition reports. Instead of servicers using a series of regional providers, MCS offers a national network of inspectors, making the company a one-stop shop of REO asset managers.
When a servicer wants photo verification, the MCS vendor performs the inspection and loads the photos into the MCS platform, where they are reviewed for quality and accuracy. The MCS360 platform integrates with the management platforms of is servicer clients, where the photos are forwarded.
Trepp Adds NAI Global to Online CRE and Loan Listing Service
Trepp, a mortgage security and commercial real estate information and technology provider, added NAI Global property and loan listings to TreppMLS, a Web-based listing of commercial real estate properties and securitized and nonsecuritized loans that are for sale.
Princeton, N.J.-based NAI Global is a network of independent commercial real estate firms. It will provide loan and properties listings to the TreppMLS. New York-based Trepp offers the listing service for free to its more than 2,300 institutional investor clients. The online service allows sellers to list all of their global distressed CRE assets for free, providing a single point to connect buyers and sellers.
LoanSifter Pricing Engine Integrates with eMagic LOS
The LoanSifter mortgage product and pricing engine is now integrated into the eMagic loan origination system.
The arrangements helps loan officers that use the eMagic LOS streamline the origination process and improve efficiency by using the Web-based LoanSifter software.
Included in the integration are real-time pricing, underwriting guidelines, pricing incentives and rejection details on more than 150 correspondent and wholesale investors. An upgrade of the integration provides access to auto-quoting sites, automated e-mail alerts and other features.
LoanSifter is based in Appleton, Wis. eMagic is a subsidiary of Mortgage Guaranty Insurance Corp. and is based in Milwaukee.
Elliot Bay Mortgage Picks MRG for Doc Preparation
Elliot Bay Mortgage implemented the Miracle Online mortgage document compliance software from MRG Document Technologies.
Seatac, Wash.-based Elliot Bay has is a full-service mortgage company with four locations serving the Northwestern U.S. Another lender recommended Dallas-based MRG for document compliance services.
Miracle Online is a Web-based mortgage document preparation and compliance software that integrates with a number of loan origination systems. It automates data entry and a variety of tests to ensure loans are compliant with federal and local regulations.
Mortgage Builder Passes IT Security Audit
Loan origination system developer Mortgage Builder passed its annual audit of its internal and external information technology security and processes.
The American Institute of Certified Public Accountants created the Statement on Auditing Standards 70 Type II guidelines to review whether a technology company has adequate controls and safeguards to host and process customer data. The review includes on-site physical verifications.
Its Southfield, Mich.-based Mortgage Builder’s eighth annual SAS 70 audit, which was completed by SAS 70 CPA of Palm Harbor, Fla. Mortgage Builder said next year it will undergo a more intense AICPA audit—the SSAE 16 review that is scheduled to replace the SAS 70 in June 2011.
Envoy Mortgage Gets Online Training for Loan Officers, Managers
A corporate partnership between Houston-based Envoy Mortgage and Atlanta-based Xinnix will provide Envoy’s loan officers and branch managers with Web-based sales and leadership training programs.
The online workshops are designed to help loan officers grow production and help managers develop skills in business planning, employee recruiting and retention, coaching skills and sales force management strategies.
Wolters Kluwer Wins Award for SaaS
Wolters Kluwer Financial Services was awarded for its use of data capturing and content management technology in its OneFile paperless mortgage origination platform.
Minneapolis-based Wolters Kluwer used third-party data capturing and content management from Hopkinton, Mass.-based EMC to develop the OneFile Software as a Service. EMC named the company its Original Equipment Manufacturer New Design Partner of the Year.
OneFile launched in September 2010. Wolters Kluwer said using the already-established EMC technology allowed it to develop OneFile and get it to its lender clients faster.
LenderLive Gets New Home
LenderLive moved its operations to a new facility in Denver, nearly tripling its office space to 73,000 square feet in order to accommodate the more than doubling of its workforce and to handle projected growth of its workforce.
The company provides business process outsourcing and technology to the financial sector and has experienced increased demand in its mortgage services, including contract underwriting, closing coordination, doc prep, and title and closing services.
