Overture Technologies, Bethesda, Md., has launched its Mozart Tape Cracking system, an automated program that enables secondary-market investors to convert the complex and nonstandard bulk loan data provided by primary-market lenders to their own internal formats.Primary-market sellers provide bulk loan data on "tapes," usually Excel spreadsheet files containing critical information on sets of loans offered for sale. However, because formatting and data within the spreadsheet vary from seller to seller, as well as by submission within the seller, the data must first be sorted and aligned to the investor's format before the investor can make a bid or begin to conduct due diligence, Overture said. The Mozart Tape Cracking system uses English-language rule management to speedily adapt and convert new file formats to an investor's internal database format. Overture can be found on the Web at http://www.overturetechnologies.com.
