Mortgage technology

Banks are still digesting a full plate of mortgage and other economic woes, but that's not stopping them from adding ambitious technology projects to their diet, if the first of vendor earnings reports is an indication.

Cognizant has acquired CoreLogic’s Global Services Private Ltd., the India-based captive operations of CoreLogic, in a move that transfers some operations used for U.S. mortgage industry outsourcing to the former company.

Aklero Risk Analytics will offer discounted pricing, as well as enhanced delivery options, technology and support, to the member banks of the American Bankers Association’s Business Solutions subsidiary, under a preferred vendor agreement between Fort Washington, Pa.-based Aklero and the Washington-based ABA.

Massachusetts Attorney General Martha Coakley told the state's Register of Deeds Association that she will not sign a multistate settlement with large mortgage servicers that includes a widespread release of liability for claims against the Mortgage Electronic Registry Systems.

Mortgage technology and service provider Lender Processing Services earned $21.4 million in the second quarter, a 73% decline from the same period a year earlier, citing restructuring charges and lower revenue.

Loan origination system provider Wipro Gallagher Solutions has integrated the settlement services pricing data of Ernst Publishing, providing lenders technology to help accurately complete Good Faith Estimate and HUD-1 disclosures.

A series of integrations to third-party data and analytics providers is beefing up CoreLogic’s LoanSafe Fraud Manager, the mortgage fraud detection technology that the Santa Ana-based firm said uses pattern recognition to provide business intelligence into lenders’ risk levels.

Some federally-regulated depositories are in danger of missing a July 29 deadline to be registered in the National Mortgage License System and Registry, exposing themselves to possible sanctions from regulators.

To help lenders automate paperwork quicker, Mortgage Cadence, a compliance, content, and document creation and management business, has spun off its Finale division into a standalone entity called Finale Document Services.

Large originators and servicers have long relied on the efficiencies and cost savings of outsourcing, some going as far as building their own offshore facilities, known as “captives” among business process outsourcers. But now, outsource vendors are offering custom fulfillment services, combined with loan origination technology, to small and midsize lenders.

The loan modification process needs a reboot that uses technology to help borrowers understand the process and provide faster resolution to loan files, according to panelists speaking at the Best Practices in Loss Mitigation Conference that National Mortgage News' parent company SourceMedia sponsored this week in Dallas.

Zillow completed its initial public offering, listing its common stock on the NASDAQ exchange at $20 a share.

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DRI Management Systems has released a new portal to the DRI Office default servicing management platform aimed at providing better communication between real estate brokers and servicer asset managers in real estate owned property dispositions.

Zillow increased the expected price for common stock in its initial public offering to $16-$18, up from last week’s estimate of $12-$14, according to a new filing with the Securities and Exchange Commission.

Mortgagematch.com, the loan origination website launched late last year by Move Inc., is no longer pairing borrowers with loans and home listings.

Radian Guaranty Inc., Philadelphia, will accept Fannie Mae Desktop Underwriter Approve/Eligible and Freddie Mac Loan Prospector Accept/Eligible loans for mortgage insurance without the need for a separate underwriting decision by the company starting on July 11 as part of a series of guideline changes the company is making.

Equifax subsidiary The Work Number will begin providing mortgage lenders and other consumer credit underwriters verifications of employment and income for self-employed individuals.

Mortgagematch.com, the loan origination website launched in late 2010 by Move Inc., is no longer pairing borrowers with loans and home listings.

More technology developers are releasing new or updated software to help servicers comply with new single point of contact policies.