The latest briefs from the world of mortgage technology…
Deadline Nears for MISMO Governance Committees Nominations
The deadline to nominate mortgage and technology professionals to the Mortgage Industry Standards Maintenance Organization governance committees is Friday, Nov. 19.
The Residential Governance Committee is comprised of 18 members elected from residential MISMO subscriber companies to serve two-year terms, which begin in January. The Commercial Governance Committee has six representatives from commercial MISMO subscribers from four industry classes. Members of both committees serve two-year terms, with half of the seats up for election each year.
Parties interested in nominating themselves or another individual must complete a application form and submit brief biographical information on the nominee. Committee members are limited to personnel from MISMO subscriber companies.
The governance committees provide strategic and tactical guidance to MISMO’s workgroups and standards development activities and maintain the architectural consistency of the MISMO Standards. Both report to the MISMO board of directors.
Contact MISMO Standards Director Gloria Zimmer at
CoreLogic Offers Pre-Funding QC Software
Data and technology provider CoreLogic released an automated software product that lenders can use to verify credit, application and fraud data before mortgages are closed and funded.
The FinalCheck offering is sold by Santa Ana, Calif.-based CoreLogic’s Credco subsidiary, which provides merged and specialized credit and risk reports and technology.
The software performs the three separate quality control checks. For credit, it performs a gap analysis to obtain relevant borrower credit information for the period between pre-approval and pre-funding of the mortgage. The application review searches the borrower against CoreLogic loan application databases and the Mortgage Electronic Registration System for undisclosed loans. The fraud review ensures that the borrower and loan participants are on a Department of Housing and Urban Development (HUD) or other investor exclusionary list. The results of three checks are combined into a comprehensive report.
Tech Providers to Host Dodd-Frank Webinar Series
A group of mortgage technology providers will host a four-part webinar series explaining the implications of sweeping financial reform on mortgage lenders, bankers, brokers and other industry participants, beginning next week.
The sponsors of the free webinar series include valuation and interest rate risk management technology provider Compass Analytics, and mortgage workflow software provider Del Mar DataTrac, product and pricing engine developer LoanSifter, and compliance and risk management firm Wolters Kluwer Financial Services.
Speakers will include executives from all four sponsors and James Milano, a partner with the law firm Weiner Brodsky Sidman Kider PC. Each session begins at noon and will be held twice, two weeks apart on a Tuesday or Thursday, beginning on Nov. 23 and ending on Dec. 21. More information and registration is
Fannie Pilot Website Manages REO Purchase Offers
HomePath, Fannie Mae’s real estate owned sales division, launched a new feature on its website to allow real estate agents to submit offers for properties listed for sale, receive confirmations and track the status of submitted offers, all over the Internet.
The pilot program will begin with HomePath properties in Orlando, San Diego and Wayne County, Mich., which includes the Detroit market.
The “Online Offers” initiative is meant to promote transparency and efficiency in the competitive REO market, where investors and potential owner-occupants are snatching up low-priced properties.
RoundPoint Launches Consumer Mortgage Origination Website
RoundPoint Financial Group launched its new company website with new features that lets customers search for mortgage rates, apply for a home loan online and chat online with the lender’s staff.
The site will streamline the mortgage application process, the Charlotte, N.C.-based mortgage lender and servicer said, and also allows customers to track the status of their loans in real time.
AZ Garnet Begins Listing Mortgage Data on Trepp Online Marketplace
AZ Garnet Loan Sale Advisors, a subsidiary of New York City-based AZ Garnet Capital Advisors, commercial mortgages available for sale are now listed on the TreppMLS online marketplace of distressed commercial mortgages and mortgage-backed securities.
AZ Garnet’s first listed $350 million in commercial mortgages from a combined four banks, including 21 pools of loans from Fifth Third Bank.
More than 2,300 subscribers of New York City-based Trepp’s database can access the for sale listings of distressed commercial real estate assets for free, connecting CRE debt sellers to potential buyers over the Internet.
FocusIT Acquires Mortgage Tech from Qvault
Information technology developer FocusIT, Inc. acquired Status Sweep, a Web-based collaboration management software from Qvault.
Status Sweep assists mortgage brokers and lender agents with compliance and keeps consumers, business partners and staff updated on the status of mortgage applications and interfaces with the Calyx Point origination platform.
FocusIT specializes in providing software-as-a-service technology for the mortgage and financial services industries and is based in Scottsdale, Arizona. The company said it plans to both continue supporting the platform and build on its established systems.
Mortgage Lender Signs On to Use Blueberry Production Tech
W.R. Starkey Mortgage, a Plano, Texas-based lender that originated $3.2 billion in mortgages in 2009, will implement the Relay loan production platform of Greenwood Village, Colo.-based Blueberry Systems.
W.R. Starkey has branch operations in 10 states and is licensed to lend in 13 states. By using the software, it will integrate its third party systems and applications into a single workflow to improve loan originator efficiency. The company will continue to use the Calyx Point platform, eliminating the need for the lender’s staff to learn a new point of sale software system.
Mortgage Cadence Adds EarlyCheck Integration
Mortgage Cadence, a Denver-based mortgage technology provider, has integrated Fannie Mae’s EarlyCheck software into its Orchestrator LOS.
The integration allows users to run reviews of findings validation, identity checks, property and occupancy checks as well as eligibility and calculation verification against Fannie Mae systems prior to loan closing.
EarlyCheck is one of the first implemented measures of Fannie’s Loan Quality Initiative, a series of policies and new products to promote loan data accuracy and reduce mortgage buybacks.
Ellie Mae Adds GFE, Doc Transfer Automation to LOS
A pair of software integrations to the Ellie Mae loan origination system released this week is designed to improve workflow and cut time out of the mortgage origination process.
One of the features enables users to generate Good Faith Estimate documents directly from the Encompass360 LOS environment.
The underlying platform of Ellie’s Encompass Assured GFE tool is the Closing.com SmartGFE automation service, the result of a new business partnership between Pleasanton, Calif.-based Ellie and La Jolla, Calif.-based ClosingCorp.
When it comes time for a loan officer to generate the GFE, the originator clicks the “Assured GFE” button that’s now available in Encompass360 and selects the service providers to receive fee quotes for local, state and national closing services.
ClosingCorp. backs its GFE documents with a compliance guarantee that protects lenders from costly cure violations when the difference between the GFE quote and the final price listed on the HUD-1 closing document exceed the allowed tolerances mandated in the Real Estate Settlement and Procedures Act.
Encompass360 users can also now transfer electronic loan files to the Sourcecorp Web-based electronic document repository and workflow management system through another new Ellie Mae partnership and software integration. Dallas-based Sourcecorp’s Fastrieve system is a security-enabled platform for lenders to upload loan file images to be batched and delivered to correspondent lenders and servicers.
The companies said the efficiency created by the integration can save lenders five to 15 minutes per loan file.
