Mortgage technology

Default management vendor DRI Management Systems, Newport Beach, California, has deployed a Web services portal for its flagship software, The Default Solution.Through this portal, The Default Solution now features additional connectivity to third party services providers via the Internet, the company said at the MBA Technology Show, Tampa, Fla. The portal¹s secured hosted environment will allow current DRI clients the opportunity to request and receive specific information from their third party vendors right from within The Default Solution. The types of services incorporated into this Web portal offering are credit, appraisals, automated valuations, title reports, broker price opinions, flood certification and insurance, skip tracing, and second lien analysis. The Web services portal is active today and ready for expansion to add even more third-party services. The company can be found on the Web at http://www.DRIdefault.com .

Boca Raton, Fla.-based Lydian Data Services, a provider of end-to-end outsourcing services for all aspects of the mortgage operation, is now offering post-closing quality control services to supplement the capabilities of InvestorExpress, its electronic loan delivery platform.With this combined service, Lydian Data Services is offering a solution that can extract data out of a loan origination system, move it seamlessly into post-closing and quality control services, and fulfill investor delivery on the back end as well, touted the company at the MBA Technology Show, Tampa, Fla. By integrating these services, Lydian Data Services offers lenders the ability to combat the challenge of low data and document integrity spawned by electronic loan delivery, which results in faster time to funding, and ultimately, in lowered costs for both sellers and investors. By implementing Lydian Data Services¹ post-closing and quality control validation prior to sending data to investors, then electronically transmitting both loan data and documents together as a complete loan file via InvestorExpress, lenders are able to provide investors with the assurance that the loan data has been validated against the documents. They can also assure investors that the loan was closed properly according to proper procedures and that any compliance issues were identified and corrected. Because of the standard review process that takes place with each loan prior to transmission, investors can eliminate a significant amount of time that they¹d normally allocate to cross-checking and validating the data and funding time can be accelerated to just a few days, said Lydian in a prepared statement. The company can be found on the Web at http://www.Lydian.com .

Ellie Mae, Dublin, Calif.,-based loan origination vendor, and Alpharetta, Ga.-headquartered workflow and e-collaboration vendor Advectis have partnered to enable mortgage originators to transmit their electronic loan documents via Ellie Mae¹s LenderConnect solution to lenders using Advectis' BlitzDocs.The companies pointed out at the MBA Technology Show, Tampa, Fla., that originators gather and store their loan documents in the Encompass eFolder and the integration to BlitzDocs allows for quick and easy uploading of eFolder contents directly to the lender¹s BlitzDocs site. eFolder documents can include items such as settlement service reports, borrower documents like W2s and bank statements, and signed disclosure forms. LenderConnect is Ellie Mae¹s electronic delivery solution that enables loan originators and lenders to exchange loan file data, underwriting conditions and loan status information with the simple click of a button. The Web-based BlitzDocs collaborative document network allows mortgage participants to capture, submit, underwrite, audit, share, deliver and archive loan documents. As a result of this partnership, lenders using BlitzDocs can sign up with Ellie Mae to effortlessly receive loan documents straight from a broker¹s Encompass system to the BlitzDocs network. Ellie Mae can be found on the Web at http://www.EllieMae.com and Advectis can be found on the Web at http://www.advectis.com .

After securing agreements with multiple listing services across the nation, Domania founder Steve Kropper is set to launch a new service, Bank on Real Estate (http://www.bankonrealestate.com), that will give lenders branded websites which navigate to all homes for sale in particular communities, MortgageWire has learned.The service will work with a cooperating ³top market share broker in each metro area to let bank customers see all residential listings. The service will also generate buyer leads for real estate brokers and purchase-loan leads for the lenders. The service covers most major metropolitan areas,² said Mr.Kropper. According to Mr. Kropper, charges for the service will add up to 20 basis points, which he estimated as 1/3 of the average marketing cost for a purchase loan.

IBM has formed a new business unit that will specialize in mortgage origination services.IBM Lender Business Process Services Inc. "will enable mortgage lenders to replace the fixed costs associated with typical loan fulfillment operations with a variable cost framework," the company said. Services it will offer include loan application, underwriting, processing, vendor management, document preparation and loan closing, according to IBM.

Electronic mortgage standards for government loans are slated to be published through the Mortgage Bankers Association's Mortgage Industry Standards Maintenance Organization subsidiary and paired with a single Government Underwriting System.Specifically, the standards are scheduled to be set for Federal Housing Administration, Veterans Administration and rural development products, according to an announcement made at the MBA's technology conference in Tampa, Fla. One panelist at a MISMO update session characterized Ginnie Mae's participation as the ultimate validation of MISMO as a standards body for the mortgage industry. MBA technology vice president Gabe Minton told attendees that 2,500 mortgage professionals now participate in MISMO listservs. He said that mortgage lenders not involved in MISMO would find themselves having to live with standards developed by others.

Calyx Software has previewed point 6.0, the first version of its software to include mortgage banking specific functionality, at the MBA Mortgage Technology Conference in Tampa.Calyx said it plans to release Point version 6.0 in the summer, with the new banking solution added to the origination suite at no additional cost. The upgrade includes 12 new screens that provide report and status data for activities from underwriting through loan sales and trailing document management. Calyx said the added functionality eliminates the need to use multiple systems when funding and selling loans.

Fairfield, N.J.-based Archive Systems has chosen the Mortgage Bankers Association's tech conference in Tampa, Fla., to announce the introduction of LoanDepot as a collaborative service to manage content throughout the entire loan document life cycle.The offering is an extension of the services currently offered under the company's flagship service, Aspen 360. LoanDepot's collaborative services provide document imaging and workflow-enabled process automation to support loan origination, underwriting, post-closing and auditing, and loan servicing functions, Archive said. LoanDepot also supports the secure electronic transfer of loan files between brokers, lenders, correspondents, investors, and servicers. The LoanDepot service enables content from diverse platforms to be stored, accessed, and shared in a single online repository. Archive can be found online at http://www.archivesystems.com.

Beanstalk Networks LLC, the West Palm Beach, Fla.-based developer of OpenClose mortgage automation systems, has announced the release of License Cop, which allows lenders to electronically track the licenses of brokerage companies or loan originators.Beanstalk said administrators can configure License Cop in minutes to create rules that automatically "police" where loans can and can't be originated. License Cop verifies state origination authorization and license dates, then allows or denies origination accordingly. "The problem with some compliance functionality is that licensing isn't verified until after the loan has been originated," said OpenClose president Jason Regalbuto. ".... License Cop allows lenders to stop origination at the registration process. Once it's set up, it's completely automated." The company can be found online at http://www.openclose.com.

Origen Financial, a national provider of manufactured housing loans, has picked the Thunderhead multichannel enterprise communication platform to automate, streamline, and control loan product documentation.A major consideration was the fact that the Thunderhead platform integrates with the IBM FileNet ECM Suite. Origen, a real estate investment trust based in Southfield, Mich., said it had been plagued by significant personnel and opportunity costs to implement any changes in its loan documentation, frequently encountering delays of up to nine months. The company said its old proprietary document engine employed hard-coded clauses to maintain document consistency, and authorized edits to document templates had to be made by Origen's IT staff. Origen said the new system, based on XML and open standards, relieved bottlenecks and enabled a 30% reduction in required staff, empowering business users to modify document templates rather than IT. Changes to documents now routinely take two to three days, Origen reported. The companies can be found online at http://www.origenfinancial.com and http://www.thunderhead.com.

Ron Litt has been named president of Market Kinetix LLC, a Houston-based company whose flagship product, Deal Maker, provides mortgage originators with a customized plan to enable borrowers to boost their credit scores quickly.Mr. Litt, who was most recently a product spokesman for Market Kinetix, was previously president of Advantage Credit. He was also senior vice president of retail operations at MortgagelT, a New York-based mortgage banker, and senior vice president and chief technology officer of Houston-based Allied Home Mortgage Capital. Before his career in the mortgage industry, Mr. Litt headed a private consulting practice that worked with NASA on the Space Shuttle and early Mercury manned space programs, according to Market Kinetix.

Vienna, Va.-based VirPack has been awarded a patent for its document management and imaging technology, MortgageWire has learned."This certifies that the e-packaging and e-delivery technology pioneered by VirPack is truly unique and provides value to both the lender and investor," stated VirPack president and CEO Michael Coar. The VirPack e-package contains all data, documents, images and other files permitting a business to share loan and other files with their partners, allowing fully automated processing through a free downloadable browser. The patent number is 7,191,392, issued by the U.S. Patent and Trademark Office.

AllRegs, an Eagan, Minn.-based online publisher of reference information for the residential mortgage lending industry, has announced that it will offer legal content support services through Lanahan & Reilley LLP, a mortgage banking law firm based in Santa Rosa, Calif.The organizations "are joining forces to offer the Ask the Expert service to help mortgage companies clarify the overwhelming changes in federal, state, and other regulations" that affect mortgage organizations, AllRegs said. Lanahan & Reilley will, through a premium service at AllRegs, provide clarification and guidance to the industry on such issues. AllRegs can be found on the Web at http://www.allregs.com.

Ellie Mae, Dublin, Calif., has launched Encompass WebCenter, a website that links mortgage originators with borrowers, Realtors, and other partners.The application enables two-way Web-based communication for all aspects of the loan process, including individual loan inquiries, requests, and status updates. The company said Encompass WebCenter serves as an information source for borrowers by securely relaying pertinent loan data straight from the originator's Encompass mortgage automation system, while also functioning as a marketing tool for the originator and broker by providing a borrower- and Realtor-centric informational Web presence. WebCenter can be customized with the originator's look and branding, and with the Setup Wizard, Ellie Mae says it can be set up within 15 minutes. The company can be found on the Web at http://www.elliemae.com.

The Independent Community Bankers of America has announced an expanded preferred service provider relationship with Wolters Kluwer Financial Services that will enable ICBA members to automate compliance and operational risk management processes for mortgage and other business lines.The ComplianceOne system offers enterprise-wide access to customer information, allowing community banks to open new accounts and complete transactions faster through a common database structure. "One of the biggest challenges facing community bankers today is how to address all of their key business initiatives with disparate processes and systems within their organizations," said Dan Clancy, the ICBA's senior vice president of services. "By offering ComplianceOne, ICBA is helping our community bank members address that problem by changing the way they integrate compliance, documentation, and data across their business." The ICBA can be found online at http://www.icba.org, and Wolters Kluwer can be found at http://www.wolterskluwer.com.

Dublin, Calif.-based Ellie Mae is poised to release a "next-generation" Encompass website to link mortgage originators with borrowers, Realtors, and other partners by enabling two-way Web-based communication for all aspects of the loan process.According to an Ellie Mae spokesman, the Encompass WebCenter connects directly into the Encompass mortgage automation system. The site, to be launched with the next Encompass release, marks a return to Ellie Mae's roots as a mortgage website provider -- a market it has since largely ceded to companies like Myers, Vlender, and a la mode. The site will be demonstrated at the Encompass user conference at the Hilton in San Francisco March 4-6, where the keynote speaker will be Doug Duncan, chief economist of the Mortgage Bankers Association.

Fiserv senior vice president Dan Welbaum has been hired as chief marketing officer at Mequon, Wis.-based Mortgagebot, MortgageWire has learned.Mr. Welbaum, long the head of sales and marketing for the Fiserv easyLender Products business unit, will be responsible for developing and executing Mortgagebot's marketing strategy, including overseeing industry partnerships and marketing communication efforts. Before joining Fiserv, Mr. Welbaum served in a management capacity at such organizations as Unisys, Bisys, Convergys, and The Kirchman Corp. In 1993, he joined the senior management team of the former Florida Informanagement Services, where as SVP of sales and marketing he helped build the company in preparation for its acquisition by Fiserv in 1997. Mortgagebot can be found on the Web at http://www.mortgagebot.com.

Fidelity National Information Services launched FIS Desktop -- an enterprise workflow, document and expense management offering -- at the Mortgage Bankers Association's National Mortgage Servicing Conference & Expo.FIS Desktop provides mortgage lenders, servicers and investors with technology to manage the post-origination loan cycle from loan acquisition and boarding through loss mitigation and real estate-owned property disposition. "Like many industries, mortgage servicing operations struggle to integrate multiple, function-specific technology solutions across the enterprise," said Greg Whitworth, president of the FIS recently formed Loan Portfolio Solutions division. "A lack of integration among workflow, imaging and expense management applications typically created silos in an organization, making it virtually impossible to respond to market trends," he said. Mortgage Corp., one of the first mortgage servicers to use the integrated components of FIS Desktop, indicated it is experiencing increased efficiency and significantly reduced operating costs as a result of the platform's document and electronic invoice management capabilities.

RealtyTrac, the Irvine, Calif.-based online marketplace for foreclosure properties, is partnering with Williams & Williams, an auctioneer of U.S. real estate including foreclosed properties, to host a national database of bank-owned property auctions.The move gives buyers and real estate investors hundreds of opportunities to purchase bargain real estate using the process of auction vs. traditional property sales. The properties, all being auctioned by Williams & Williams, will be located under the Auction tab of RealtyTrac and updated daily. Along with an opening bid, sale date, time and location, the details for each property include a phone number and e-mail address for Williams & Williams so that members can contact the auction company with any further questions about the property. Members can also link to the Williams & Williams website for the full terms and conditions of each auction.

A U.S. subsidiary of the Amsterdam-based Wolters Kluwer has purchased Desert Document Services Inc., an origination technology provider based in Tempe, Ariz.Wolters Kluwer Financial Services, Minneapolis, has hired DDS chief executive officer Ruth Thompson and DDS chief operating officer Joe LaBonty as senior principal and director of operations, respectively, for its line of business serving wholesale and correspondent mortgage originator clients. Wolters Kluwer said it also plans to use DDS's Tempe office for that business line's home base and make it a complement to its Troy, Mich.-based VMP product line serving the retail mortgage industry. In addition, DDS's back-end document technology applications will complement Wolters Kluwer's VMP X4 front-end document preparation platform from its previous acquisition of Entyre, according to Wolters Kluwer. Wolters Kluwer can be found on the Web at http://www.wolterskluwer.com.