Mortgage technology

TSS Software Corp. added a transaction-based pricing option to its TitleSphere software-as-a-service for HUD-1 and Good Faith Estimate document preparation.

Document preparation vendor DocuTech will begin offering electronic doc management services through a partnership with provider Xerox Mortgage Services.

The following is an excerpt from the June edition of Mortgage Technology magazine. To read the full story and much more, download the latest free e-edition.

Most lenders and servicers likely may pay no mind to the work of the Mortgage Industry Standards Maintenance Organization’s contingent of dedicated volunteers. They don’t care how the technology works; they just want it to work.

Servicers for Fannie Mae and Freddie Mac will redo the foreclosure process on 1,250 real estate owned properties in Michigan, the result of an appeals court ruling in April that deemed Mortgage Electronic Registration Systems Inc. ineligible to use the state’s nonjudicial foreclosure process.

NovaStar Financial Inc., Kansas City, Mo., has completed its recapitalization program as its Series C Cumulative Redeemable Preferred Stock has been exchanged for nearly 44 million newly issued shares of its common stock and $1.6 million in cash.

Mortgage and real estate industry-related firms will be active in the annual reconstitution of the Russell Investments equity indexes, taking place after the close of markets Friday.

Ellie Mae and Lenders Processing Services were the only mortgage-related stocks bucking the negative trend on Wall St. Thursday morning, as the Dow Jones Industrial Average, once down 235 points on the day, was still off 156 at 1 p.m.

The decline of mortgage brokers has had a profound affect on loan origination system provider Ellie Mae. As indicated by the Pleasanton, Calif.-based company’s disclosures to the Securities and Exchange Commission, its customer base has shifted dramatically from broker to lender since 2008.

Browser and smart client software as a service are the latest in mortgage tech—but which is better?

Gabe Minton was appointed to a two-year term on the Mortgage Industry Standards Maintenance Organization board of directors, the Mortgage Bankers Association announced Wednesday.

A pair of automated service providers said Monday they are partnering to provide more granular household-level borrower data within ethnic demographics.

CoreLogic released a tool Monday to let servicers run automated checks on pools of loans to determine if borrowers are protected from foreclosure by the Servicemembers Civil Relief Act.

More than 10 states recently made legislative and/or regulatory changes related to real estate loans and foreclosures, according to MRG Document Technologies, which regularly tracks such compliance changes.

Stonegate Mortgage Corp., Fishers, Ind., this week hired industry veteran Dan Bettenburg as its new president.

•Sig Anderman Q&A—The Ellie Mae CEO’s first interview after the IPO

Technology vendors are responding to the new single point of contact requirement for residential servicers with Web-based portals that give borrowers insight into the loss mitigation process.

Last call to nominate for the 2011 Mortgage Technology Awards. The deadline for submissions to both award programs is Friday, July 1.

A New York state appeals court overturned a ruling in favor of the Mortgage Electronic Registration Systems, finding Bank of New York did not have standing to initiate a foreclosure.

A large origination and servicing outsourcer for the UK and Ireland mortgage industry launched a private-label online self-service tool for borrowers to monitor their accounts from their lender’s websites.