Mortgage technology

Seattle-based Go Financial Solutions has launched a 100% paperless process, starting with delivering a secure electronic disclosure service to their customers using SigniaDocs technology. The technology is offered as a private-label Web service, so it is easy to get up and running in a short period, the Houston-based SigniaDocs said. SigniaDocs will date and time-stamp the delivery of the documents and keep a full audit trail of all activity such as when the borrower opens, views, and electronically signs the documents. The technology keeps track of which function still needs to be performed and which documents still need to be signed, according to SigniaDocs. In addition, the platform supports full paper delivery if the lender does not get confirmation that the documents have been received or the borrower opts out and wants to receive paper documents. SigniaDocs can be found online at http://www.signiadocs.com.

NYLX, a provider of point-of-sale product eligibility and pricing technology systems for the mortgage industry, has entered an integration partnership with Mortgage Builder, a provider of end-to-end mortgage banking software. As a result, Mortgage Builder users will have seamless access to NYLX's loan product and pricing information, accessible directly from the Mortgage Builder system. LoanDecisions, NYLX's flagship product, can be used for point-of-sale applications or secondary-market functions, and helps users identify the most profitable loan product, adapt to market conditions in real-time, and keep up to date with products and guidelines, the company said. NYLX, based in Mt. Arlington, N.J., can be found on the Web at http://www.nylx.com, and Mortgage Builder, based in Southfield, Mich., can be found at http://www.mortgagebuilder.com.

The Ford Foundation has announced a $2 million grant to the Consumer Credit Counseling Service of Greater Atlanta to support new technology that allows credit counselors to speed up mortgage loan modifications. The foundation said the grant will enable the CCCS, which has piloted the new software platform, to increase its counseling staff by 80 employees and open another counseling facility in the Atlanta area. "Preventing foreclosure is beneficial to borrowers and lenders alike, yet confusion, delay, and distrust on both sides have often stood in the ways of sensible loan modifications," said Frank DeGiovanni, director of economic development at the Ford Foundation. "This new system is finally breaking down those barriers." The foundation said the grant is the first in a series of "major investments" that will address the foreclosure crisis. The organizations can be found online at http://www.fordfound.org and http://www.cccsinc.org.

Xerox Mortgage Services has added electronic signature and electronic vaulting capabilities to help lenders embrace a hybrid e-mortgage process. The enhancements build upon Xerox's Web-based BlitzDocs Collaboration Suite, which supports paper, imaged, and electronic loan documents. Mortgage participants can now sign home loans online by simply clicking on the document's signature line, Xerox said. Electronically signed documents are then securely managed and stored in an e-vault repository. Audit tracking detects where the documents travel to keep tabs on any transactions made during the loan's life cycle. Licensed through eSign Systems, a division of Wave Systems Corp., the electronic signature capabilities will help expand the BlitzDocs' network of mortgage participants,¬ giving users access to a larger pool of lending institutions and other service providers, Xerox said. Xerox Mortgage Services can be found online at http://www.xerox.com/mortgageservices.

Reverse Mortgage Solutions, Spring, Texas, has rolled out RM Compass, a loan origination system that it called the first front-end product built from the ground up specifically for the reverse mortgage origination process. RM Compass, an Internet-based Application Service Provider software system, is designed for both established reverse mortgage originators and new players, the company added. "This is one of those magical times in our industry that comes along only rarely when a new growth sector, customer demographics, and necessary technology combine to create an unparalleled opportunity for the right companies," said Robert D. Yeary, chairman and chief executive of RMS. This is especially important, he declared, "when you consider that the difference between originating a forward and reverse mortgage is like night and day, because of the former's counseling requirements, an extended 'gestation' period, more disclosures, complex calculations, and more." RMS chief information officer Kevin Gherardi added, "With RM Compass, originations can be fully integrated with a provider's servicing components in a real-time solution that exceeds what previously has been available."

A new loss mitigation assistance company aimed at helping homeowners prevent foreclosures has been formed in Coeur d'Alene, Idaho. The new company, Apply 2 Save.com, said it offers homeowners information on foreclosure laws around the country as well as on how the company can help them get the best workout plan for their situation. Loss mitigation specialists can help homeowners keep their properties by negotiating with their lenders to accept workout plans ranging from "accepting a simple repayment plan, to modifying payment terms, to performing what is called a 'short sale'," the company said. Apply 2 Save.com can be found on the Web at http://www.apply2save.com.

REOTrans LLC, Los Angeles, an online provider of systems for managing and selling residential foreclosures, reports that it has sold over 150,000 real-estate-owned homes totaling $22 billion via its Web-based platform since the inception of the company in September 2003. "We are definitely starting to see higher numbers of properties selling, even in areas like California and Florida, which have been significantly impacted by the current real estate and mortgage crisis," said REOTrans chief executive officer Chris Saitta. Approximately 175,000 properties are now available through the REOTrans platform, which offers buyers and investors free access to REO listings nationwide. The company can be found online at http://www.reotrans.com.

Mortgage Grader, Laguna Niguel, Calif., has received a patent for its online shopping and loan qualifying platform. The patent describes various features of Mortgage Grader's current and upcoming shopping service. The company said it plans to provide anonymous online loan approvals, guaranteed interest rates, and settlement costs. "All borrowers, regardless of education or prior experience, will have direct access to mortgages, just like online travel, ending their dependence on commission-driven mortgage brokers and bank loan officers," said Jeff Lazerson, president of Mortgage Grader. "Mortgage Grader offers fair-minded lenders a responsible lending channel to increase their customer count." The company can be found online at http://www.mortgagegrader.com.

The Mortgage Industry Standards Maintenance Organization has announced the release of its Version 1.2 Commercial Reference Model containing specifications for data fields used in commercial standards. Version 1.2 augments three commercial standards released in February by the Environmental and PCA Reports Workgroup, MISMO said. "It provides a combined snapshot of the content for all of MISMO's commercial standards, and shows how all the pieces fit together," said Dan Szparaga, executive vice president of MISMO. "As new standards are released, it will be evident where the new content fits within the model and how logical and orderly it is for the industry's use." MISMO is a not-for-profit subsidiary of the Mortgage Bankers Association that develops data transfer protocols for the residential and commercial real estate finance industry. It can be found online at http://www.mismo.org.

Mt. Arlington, N.J.-based NYLX has announced the launch of a no-charge information portal dubbed LendingArt that provides loan product eligibility and pricing information as well as extensive mortgage industry news and information. The vendor of point-of-sale product eligibility and pricing technology systems is offering free eligibility and pay-as-you-go loan pricing. LendingArt includes a program and guidelines search engine, a scenario desk, investor news and profiles, a business and events directory, and a messenger tool that updates subscribers on program guidelines, rates, and loan requirements as they occur. The product also has a bi-directional feed with Calyx Point. The company can be found on the Web at http://www.nylx.com.

In response to the crisis gripping the mortgage industry, LenderLive Network Inc., a single-family mortgage business process outsourcing and technology provider, has appointed Richard Sauerwein to manage its newly formed specialty origination business channel and supervise agents in its EarlyAction counseling call centers in Michigan and Colorado. The specialty origination area provides manpower resources and technology to better equip lender/servicer clients to establish contact with their customers on a proactive basis, in their name, said president Rick Seehausen.

MortgageWire has learned that Mike Detwiler will be returning to the role of CEO at LOS vendor Mortgage Cadence, replacing Michael Hammond. Mr. Detwiler was the prior CEO and stepped down earlier this year to promote Michael Hammond from chief marketing officer to CEO and Gabe Minton from chief strategy officer to chief operating officer. Mr. Hammond will continue to work with Mortgage Cadence on a consulting basis, but looks forward to starting his own consulting firm in the coming weeks as well. Mr. Detwiler and Mr. Minton both noted that they look forward to continuing to work with Mr. Hammond, who along with Mr. Minton helped form the strategic plan for the company for the next three to five years. Mr. Detwiler told this publication that he feels confident that this change will further position the company well to deal with the current mortgage meltdown. Mortgage Cadence touts that it had seven go-lives in the last two quarters of 2007 and four more go-lives in the first quarter of this year. The Greenwood Village, Colo.-based company can be found on the Web at http://www.mortgagecadence.com.

Irvine, Calif.-based The Mortgage Coach has launched Analyze, its all-new Microsoft .NET-based software platform. Analyze is a new system on an entirely different platform than prior Mortgage Coach products. The Mortgage Coach offers selling tools and solutions for the mortgage industry. The new system includes e-mail marketing, seamless data integration, customizable and preloaded templates, a simple user interface, Microsoft .NET platform, better database management, higher data control, repayment and investment comparison and deeper financial data that weights blended rates and tax benefits. The company can be found on the Web at http://www.TheMortgageCoach.com.

ISGN, Bensalem, Penn., has expanded its market reach into Europe through a deal in which GMAC-RFC Property Finance Ltd. will use ISGN's construction lending technology for the servicing of United Kingdom commercial and residential loans. GMAC-RFC Property Finance's use of ISGN's The Construction Lender automation "underscores our commitment to increasing our product focus internationally," said Krishna Srinivasan, chief executive officer at ISGN. TCL was designed to help users manage their relationships with service provides and automates property inspections via the Web. ISGN can be found online at http://www.isgn.com.

ISGN Technologies Ltd., a mortgage technology provider based in Bensalem, Pa., has announced a rebranding of MortgageHub and Dynatek as well as all its other subsidiary companies. ISGN said software providers MortgageHub and Dynatek will be known as ISGN; onDemand service provider Inuva and Tradewinds Mortgage Document Preparation Co., a provider of document preparation/fulfillment services, will be known as ISGN Fulfillment Services; and Cocamar, a provider of cost analysis/risk mitigation services, will be known as ISGN Inspection Services. "By design, our company's products and services can offer companies a unified and complete end-to-end solution to dramatically streamline and improve their mortgage processes, which is one of the reasons why we are rebranding all our divisions under one name," said Krishna Srinivasan, chief executive officer at ISGN. All the individual company websites will be redirected to http://www.ISGN.com.

Beanstalk Networks Acquisition LLC, a unit of Beanstalk Networks (doing business as OpenClose), has acquired LION Inc. OpenClose said it will purchase and continue to operate LION's only remaining business segment -- which includes the business related to its Precision family of products and its retail websites business -- for $525,000 in cash. OpenClose will assume all current LION customer agreements. The transaction is subject to shareholder approval and regulatory consent. The deal is part of a strategic initiative to offer OpenClose clients something closer to an end-to-end solution, which now spans from the point of origination to closing as both technology offerings are combined. OpenClose's loan origination system will be integrated with LION's loan pricing engine and Web-enabled tools that offer transactional services designed to allow large lenders to originate, price, and lock loans. David Stedman, president of LION, said in a prepared statement that most LION employees will be retained. The companies can be found online at http://www.openclose.com and http://www.lioninc.com.

Columbia, S.C.-based LOS Avista Solutions has launched a new service in which the company will act as an outsourcer of product and pricing automation on behalf of small and mid-tier lenders. The service, called Avista's Managed Product Service, releases in-house human resources from having to validate program guidelines across multiple investor lines and rate sheets, the vendor said at the Mortgage Bankers Association's National Secondary Market Conference & Expo in Boston. Avista's AMPS service automates pricing and feeds the information directly into lenders' Avista Agile LOS/Avista Advisor systems for immediate retrieval and use. The vendor can be found on the Web at http://www.avistasolutions.com.

Sollen Technologies, a Dallas-based pricing vendor, has integrated with loan origination software vendor Harland Financial Solutions, Lake Mary, Fla., to help lenders get a better handle on loan quality. At the Mortgage Bankers Association's National Secondary Market Conference & Expo, Sollen said the alliance allows loan originators using Harland's Interlinq E3 loan origination system to find a product and price that meets the needs of their borrower in seconds. Through the use of XML and Web services, Sollen's pricing engine and E3 will exchange data in real time over the Internet. Sollen's services will be fully integrated with the E3 workflow. The companies can be found on the Web at http://www.sollen.com and http://www.harlandfinancialsolutions.com.

MRG Document Technologies, Dallas, and Lydian Data Services, Boca Raton, Fla., have formed an alliance to enable lenders to outsource services spanning from origination to post-closing quality control. The alliance enables MRG to extend its Miracle document preparation system to origination fulfillment customers who use Lydian to supplement or replace their own internal processes. At the Mortgage Bankers Association's National Secondary Market Conference & Expo, the companies said users, through a custom interface, have access to MRG's upfront and interim disclosures and closing documentation through Lydian's Loan Exchange Network. The companies can be found on the Web at http://www.mrgdocs.com and http://www.lydian.com.

St. Louis-headquartered Lenders One Mortgage Cooperative, the largest alliance of mortgage bankers in the United States, has implemented a productivity system for members. The system, dubbed LoanMax, includes functionality such as satisfying continuing education requirements, marketing, and data mining. Lender One described the product at the Mortgage Bankers Association's National Secondary Market Conference & Expo as a system "that will promote a pattern of behavior and a utilization of technology to help loan officers close more loans." Lenders One will train members on the system to ensure maximum results. The technology is aimed at enabling members to better automate customer retention and online continuing education, and stock marketing materials will be provided that will include a celebrity endorsement yet to be announced, MortgageWire has learned. Lenders One can be found online at http://www.lendersone.com.