The latest briefs from the world of mortgage technology…
ID Analytics Gets Patent for Fraud Tech
ID Analytics, a San Diego-based risk management software developer, received a patent for its system and method for identity-based fraud detection.
The patent covers the company’s technology that detects identity fraud by using “a plurality of historical identity records,” and is the second patent awarded to the company.
The first patent was for ID Analytics “system and method of identifying fraudulent account applications through linkages to identity-related fields” using the same historical identity records.
The patented technologies are used in ID Network, a cross-industry compilation of identity information that lenders can use to track consumer identity information. According to ID Analytics, the software captures consumers' unique identity elements like name, address, date of birth, telephone number, e-mail and IP address, and organizes the information in a way that enables granular analysis.
MISMO 3.1 Completes Public Comment
The 60-day public comment period for the Mortgage Industry Standards Maintenance Organization’s Version 3.1.1 Reference Model recently ended, paving the way for the release of Version 3.1.1 of the MISMO standards to be released.
Version 3.1.1 adds data sets for property valuation, credit reporting, mortgage insurance and new RESPA requirements that take effect in 2012 to the reference model.
In software engineering, a reference model serves as a sort of manifesto, outlining principles, definitions and goals that drive a technology standard. Public comments received on the latest incarnation of MISMO standards will be reconciled before the release of the Version 3.1.1 Candidate Recommendation, the next step in creating the final published version of the standards. MISMO said it expects to release the Candidate Recommendation by the end of 2010.
GCC Offers Payment Tracking Service as Standalone Software
GCC Servicing Systems now offers its Unapplied Payment Tracking Module as part of its Professional Services Suite, where it can be implemented as a standalone product to existing payment processing operations.
The software tracks payments, like a mortgage borrower’s monthly payment, and routes any errors to designated departments and employees for correction. The software can track both manual and electronic payments and is customized to a servicer’s specific payment policies.
Southfield, Mich.-based GCC now offers this service in a suite that includes its collateral tracking and final docs offerings. Previously, the payment tracking software was only available through G/SERV, GCC’s full-service loan servicing platform.
IndiSoft Brings Health Care Tech to Lenders
Indisoft will begin offering its Wipeout software to the U.S. financial services industry.
The software is used by health care companies in India to permanently remove sensitive data from computer hard drives when it’s no longer needed. Files can be deleted on an individual basis or in bulk. When computer operating systems delete a file, the information is usually not completely deleted. The remaining footprint is traceable and poses a threat to confidential information.
LOS Provider Adds 3 Clients
Palo Alto, Calif.-based Xetus signed three lender clients to use its XetusOne loan origination system during 3Q10.
Community First Bank of Glendive, Mont. ($45 million in assets), Cleveland Selfreliance Federal Credit Union of Parma, Ohio ($78 million), and Coloramo Federal Credit Union of Grand Junction, Colo. ($60 million), will implement the Xetus Software-as-a-Service LOS.
The platform is sold with transaction pricing, where lenders pay based on the number of loans processed.
Minnesota Bank Switches to Paperless Mortgage Processing
Winona National Bank of Winona, Minn., is bringing its mortgage origination business to the Web by implementing the OneFile Web-based mortgage processing software of Minnesota-based Wolters Kluwer Financial Services.
The bank said the move will improve productivity, lower costs, grow its portfolio and improve its borrowers’ experience by replacing its paper-based origination process with the software, which creates a single electronic loan file for each loan, allowing multiple bank employees to process the loan at once, saving time, while maintaining compliance with internal and external policies and regulations.
Wingspan Implements Loss Mitigation Software
Dallas-based specialty mortgage servicer Wingspan Portfolio Advisors implemented the RxOffice Loss Mitigation software offering from IndiSoft, a Columbia, Md.-based default servicing technology provider.
Wingspan will use the software to manage its foreclosure prevention and loss mitigation efforts for its servicer, investor and mortgage insurance company clients. The company takes a high touch approach to servicing, which requires technology to improve efficiency and allow employees to focus on processing cases.
