Mortgage technology

Federal banking regulators are examining two nonbank service providers at the epicenter of the foreclosure-documentation mess – Lender Processing Services Inc. and Merscorp Inc.’s Mortgage Electronic Registration System.

Until now, the quality of services rendered by mortgage technology vendors and bank owned foreclosure management quality has been rated empirically. That reality may change.

•The Sky's the Limit — Cloud computing creates new horizons for mortgage lending.

TPG Capital's purchase of the property information division of MacDonald Dettwiler and Associates puts the California-based private equity firm squarely in the middle of the foreclosure crisis.

The latest briefs from the world of mortgage technology…The Work Number Offers Automated Verification ToolsThe Work Number released new automation tools for its employment, income and borrower financial information verification services.

A California mortgage lender says its partnership with a technology and warehouse funding provider made it the first to use a warehouse line of credit to originate a fully electronic mortgage and sell it directly to a government-sponsored enterprise. The transaction represents a unique mortgagee/warehouse lender relationship that’s rarely seen in the mortgage industry. If it catches on, it would represent a dynamic shift in how warehouse lenders operate.

There are a number of unique requirements for appraisal companies operating in the reverse mortgage space and to meet those demands valuation firms are turning to technology.

MacDonald Dettwiler and Associates agreed to a deal to sell its property information business to San Francisco-based private equity investment group TPG for $850 million.

In its first full quarter as a standalone company, CoreLogic reported a net loss of $93.4 million, the result of a $174 million impairment charge related to its employer and litigation services businesses. It took in revenue of $484.3 million.

Some final tech thoughts from last week’s MBA Annual and this week’s round up of mortgage tech briefs…Tech BuzzOne of the most widely voiced frustrations of tech providers and lenders alike is the Internal Revenue Service’s wet signature requirement on the Request for Transcript of Tax Return, commonly known as Form 4506-T.

Loan origination software developer Calyx made upgrades to two of its platforms and launched a new social media marketing outlet.The Dallas-based technology company released version 7.3 of its Point desktop LOS and PointCentral, the client server application version of the LOS.

Declines in home sales are impacting the volume and value of real estate sales for brokerages across the country. Tree.com, the online lending and real estate listing provider, is responding to drops in its home sales business with a new strategy to franchise its Web-based brokerage to local brokers.

The Work Number, a service of Equifax, and a source for employment, income and deposit verifications, has launched two new automated products: AuditChek and AccountChek.

Mortgage vendor Lender Processing Services, Jacksonville, Fla., late Thursday named Tom Schilling its executive vice president and chief financial officer.

With more borrowers filing legal challenges to foreclosure, many mortgage lenders have turned their back on using MERSCORP Inc., which operates an electronic loan registry, to bring foreclosure actions. Some lenders are even returning to the old-fashioned, paper-based system of physically recording mortgage assignments at county recorder offices to ensure an unbroken chain of title.

Changes in borrower mentality toward debt that emerged on the onset of the foreclosure crisis continue to impact the mortgage lending sector, according to a panel at the Mortgage Bankers Association’s annual convention in Atlanta this week.

The latest generation of the Mortgage Industry Standards Maintenance Organization data model brings new efficiencies and improvements to industry standards for data collection and integrity.

As the mortgage industry looks for ways to entice private investors back into the space, lenders are looking to technology to provide data verification and analysis of the loans they’re originating, according to a panel discussion at the Mortgage Bankers Association’s annual convention in Atlanta.

Valuation Providers Partner for Vacant Land ServiceKirchmeyer & Associates and Valligent have combined resources to offer a new service to provide valuations of vacant residential property lots.

The first technologies created in response to Fannie Mae’s Loan Quality Initiative are coming to the market, giving lenders the ability to access new services conveniently through loan origination systems.