Mortgage technology

A recently established technology vendor says its new database of commercial mortgage information will serve as a lead generation tool for brokers looking to contact property owners who may need to refinance CRE loans.

Specialty mortgage servicer Wingspan Portfolio Advisors says it is further expanding into new residential-related sectors, including technology and insurance.

MGIC is in discussions to sell its eMagic unit as well as its Myers Internet business, a company spokeswoman confirmed. The pair contributes minimal revenue to the company and it has made a strategic business decision to try and divest them, she said.

As consumers continue to turn to the Internet to shop for virtually everything, online home hunting and property search destinations are big business. These Web properties have their strengths and weaknesses, and their owners are engaged in a battle to delineate the perceptions and realities that differentiate these portals from one another.

As credit unions seek to understand reasons for their lending problems, some need to look right in the mirror.

With the 2010 revisions to the Real Estate Settlement Procedures Act requiring lenders to provide mortgage and closing services information to consumers in an accurate and timely manner, ClosingCorp of La Jolla, Calif., has created a new pricing tool for title companies and settlement service providers to put on their own websites.

Appraisers will be following new procedures for gathering and reporting property data starting Thursday, as Fannie Mae and Freddie Mac move forward with the appraisal requirements of their Uniform Mortgage Data Program.

Radian Guaranty executive Camillo Melchiorre will leave his post as senior vice president of loss management to serve as president and CEO of mortgage technology nonprofit Hope LoanPort, effective Sept. 1.

Bank of America is hiring financial advisors, including mortgage specialists, as it expands its network of high tech "specialty stores" for customers with $50,000 to $250,000 in "investable assets."

Lender Processing Services is now marketing its hybrid valuation service to owners of distressed property portfolios as an alternative to traditional broker price opinions.

CoreLogic said recently hired financial advisory firm Greenhill & Co. will evaluate the company's financial strategy and “explore a wide range of options aimed at enhancing shareholder value,” up to and including a possible sale or merger of the Santa Ana, Calif.-based provider of mortgage and property data, analytics, technology and services.

Fresh off its initial public offering of common stock, real estate listing and mortgage rate search website company Zillow posted its first ever quarterly profit since its launch in 2006.

A new integration into the Mortgage Builder loan origination system allows users to order CoreLogic income verification services directly from the LOS.

Overture Technologies sold its mortgage division to CompuGain Corp., in a deal announced Monday.

A U.S. District Court judge in Oregon issued a pair of rulings in favor of Merscorp subsidiary Mortgage Electronic Registration Systems, Inc., but it remains unclear how those rulings will impact MERS' appeal of a third case where a second federal judge vacated an Oregon borrower's nonjudicial foreclosure.

While the technology exists to help lenders avoid GFE/HUD-1-related RESPA violations, even now, many lenders are still relying on manual processes—or no process at all—and suffer the consequences of paying cure violations.

While appraisers may fear that the GSEs technological progress will crowd out the industry’s need and respect for their critical role, those fears are most likely baseless.

The popularity of online personal financial management is influencing overall web banking design, as institutions build new portals that marry account information, balances, automated statements and recent activity with digital transaction capabilities.

Real Estate Mortgage Network Inc., River Edge, N.J., has created an online consumer-direct mortgage lending operation under the name FinanceMyHome.com.

American Home Mortgage Servicing has filed a lawsuit in District Court in Dallas County against Lender Processing Services and its affiliate DocX to recoup millions of dollars in claimed losses.