Mortgage technology

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.

DepotPoint, Bellevue, Wash., has launched a tool to reduce foreclosure risk, offering lenders a way to closely monitor and get automatic notification of default events.The company's latest addition to its Web-based systems, the TrackPoint Lien Monitoring Alert Service, allows lenders to automatically monitor all lien foreclosures, tax defaults, and bankruptcy filings -- all events that can compromise the timely payment of a loan and increase the chance that a lender's portfolio may suffer considerable financial loss. The company can be found on the Web at http://www.depotpoint.com.

Up to 70% of mortgage early payment defaults can be linked to fraud, according to a new study by BasePoint Analytics, a Carlsbad, Calif.-based provider of fraud scoring software.The study, aimed at probing the link between fraud and payment trends in the early life of a loan, found that loans with "egregious misrepresentations" on the loan application were up to five times more likely to default in the first six months than other loans. "Many lenders are facing increases in repurchase requests and early payment defaults," said Tim Grace, president and chief executive of BasePoint. "We can demonstrate for lenders and investment banks how they can substantially reduce their EPD losses, and often within a short period of time." The company can be found online at http://www.basepointanalytics.com.

To help attorneys handle a mounting volume of foreclosed properties amid the tangle of state regulations, Bellevue, Wash.-based DepotPoint has introduced "the mortgage industry's first fully integrated intelligent foreclosure regulatory knowledgebase."Leveraging an automatic document-processing system embedded directly into the TrackPoint suite, this newest enhancement is designed to help attorneys remain in compliance with state foreclosure laws and manage processing foreclosure property files more efficiently, DepotPoint said. TrackPoint receives regular electronic communications from each jurisdiction detailing any changes to regulatory guidelines and updates the knowledgebase to reflect these modifications. Privately held DepotPoint was founded by technology veterans from InfoSpace and Microsoft, plus experienced trustees from national foreclosure firms. It can be found online at http://www.depotpoint.com.

Fidelity National Real Estate Solutions Inc., Jacksonville, Fla., has acquired Go Apply, a provider of online mortgage leads based in Aliso Viejo, Calif., for an undisclosed amount.FNRES is a majority-owned subsidiary of Fidelity National Financial Inc., a provider of title and other specialty insurance. "Go Apply will provide a tremendous platform to deliver consumer traffic to Cyberhomes.com, a newly created [FNRES] real estate portal that generates leads by offering home evaluation tools to consumers," said William P. Foley II, FNF's chairman and chief executive officer. The companies can be found online at http://www.fnf.com and http://www.goapply.com.

Root Markets Inc., the New York-based lead-exchange platform whose chairman is mortgage veteran Lew Ranieri, has acquired LeadROI, a provider of mortgage lead and customer relationship management systems headquartered in Costa Mesa, Calif.The terms of the deal were not disclosed. "Together, Root Exchange and Root LeadROI offer unparalleled technology and customer service in the new era of acquiring and managing leads," said Marcia Myerberg, chief executive of Root Markets. "The Root Exchange allows lenders and brokers to immediately diversify their lead sources and be assured they are paying fair market prices." Ms. Myerberg said Root LeadROI "picks up where the Root Exchange leaves off," enabling the companies to offer "unique end-to-end solutions designed to close the loop between lead generation and lead conversion and enhance the value of purchased leads." Lead aggregators who participate on LeadROI will be able to be sellers on Root Exchange. The companies can be found online at http://www.rootexchange.com and http://www.leadroi.com.

After an 18-month implementation of a loan origination system, Wachovia was on hand at the 10th Annual SourceMedia Mortgage Technology Conference in Tempe, Ariz., to share helpful hints on how to undertake the process successfully.Steve Daniels, senior vice president and director of business technology at Wachovia Mortgage Corp., noted that time is the biggest enemy in LOS implementations. Wachovia works with 15 vendors to formulate its origination strategy, with one core LOS at the center. Mr. Daniels stressed the importance of creating a steering committee that includes at least one representative from the technology vendor; assigning a dedicated program administrator to every task to keep things moving; knowing the nature of one's competitive advantage before selecting a vendor; holding the vendor accountable for everything in the request for proposal submitted during the due-diligence process; and understanding that an LOS implementation is a business process that senior management has to "own." Mr. Daniels also maintained that a cost/benefit analysis should be done on every change, and that each change should be evaluated on its own merit and how it affects any past or expected changes. Wachovia can be found online at http://www.wachovia.com.

When nonprime lender Aegis Lending selected Intellidyn for mortgage lead incubation, it knew that GM Mortgage was already putting up some remarkable conversion numbers with leads that generally go in the trash can.At the 10th Annual SourceMedia Mortgage Technology Conference, Intellidyn senior vice president Gene Devine presented statistics showing exponentially improved click-through and conversion rates on cold leads with the system created for GM Mortgage. Now Hingham, Mass.-based Intellidyn Corp. is creating a custom lead-incubation system for Aegis leveraging a multichannel database system and state-of-the-art analytics. Forrest Young, director of marketing and business development at Aegis Lending, characterized lead incubation as a "must-have" tool for direct lenders. "We do a fair amount of second-effort and recycle marketing programs successfully," he said, "but lead incubation marketing is a longer-term initiative that works differently to drive our prospects back to us when they are ready and in the market." Aegis Lending can be found online at https://www.debtunderoneroof.com, and Intellidyn can be found at http://www.intellidyn.com.

Metavante Corp., Milwaukee, has announced the launch of the Consumer Loan Origination System, which enables lenders to support all their consumer and personal loans on one integrated platform.The application is a licensed system that supports various loan types, including home equity, home equity lines of credit, auto, recreational vehicle, secured, and unsecured. The tool is a Web-based, stand-alone system that streamlines consumer loan processing by accessing customer relationship data from a lender's core banking system and additional data from external sources such as credit bureaus. The system then incorporates credit policy and business rules. The CLOS also works in tandem with Metavante's Mortgage LOS. Metavante can be found on the Web at http://www.metavante.com.

Global M&A activity totaled $3.79 trillion last year, with technology mergers and acquisitions accounting for $612 billion, according to Scott Cooley, principal at Cooley Consulting.Speaking at the 10th Annual SourceMedia Mortgage Technology Conference, Tempe, Ariz., Mr. Cooley said most technology buyers looking for an acquisition target are in the market for return on investment, strategic, or cross-sell opportunities. They are seeking to fill a hole in their current offering, to roll up like firms, or to buy a technology provider instead of building that technology on their own, he said. In the M&A process, Mr. Cooley stressed the importance of talking to every potential buyer; creating a company book with all the company's trade secrets for use by potential buyers; giving certain buyers special treatment; and qualifying the buyer on a variety of levels. The successful acquisition, according to Mr. Cooley, includes developing a stronger management team, properly evaluating joint business plans, taking advantage of synergies, and proving out growth.

Mortgage Coach, Irvine, Calif., has launched the Mortgage Coach Marketing Machine, online tools and sales proposals that enable loan officers to reduce rate shopping and differentiate themselves from competitors by educating borrowers on the benefits of mortgage planning.The Marketing Machine offers services such as the Personalized Mortgage Plan, the Annual Equity Review, and the Periodic Mortgage Review, each supported by advice-delivery tools and printable marketing pieces. "The Marketing Machine serves two main purposes," said Dave Savage, founder and chief executive of Mortgage Coach. "First, it puts valuable, pertinent information directly into the hands of the borrower -- not just the originator. Second, it makes the originator a referral magnet." According to Mr. Savage, Mortgage Coach users say clients are five times more likely to conduct their next mortgage transaction with them as a result of using Periodic Mortgage Review. The company can be found online at http://www.mortgagecoach.com.

Ron Duff of Fiserv Lending Solutions has been elected to chair the Governance Committee of the Mortgage Industry Standards Maintenance Organization, taking over from David Barkley of Freddie Mac, who has chaired the panel since its inception in 2000.Nancee Gorenstein of MGIC and Lisa Bolelli of First American Real Estate Information Services were elected vice-chairs. The committee also re-elected the following members: Chris Anderson of Gallagher Financial Systems; Jim Cooke of Ballard Spahr Andrews & Ingersoll; David Erkes of GMAC Residential Holding Corp.; Roger Gudobba of VMP/Wolters Kluwer; Michael Levine of Wells Fargo Home Mortgage; Shannon Lloyd of Fannie Mae; Kelly Romeo of the American Land Title Association; and Wendy Sadeh of Bridger Commercial Funding. The Governance Committee consists of 20 MISMO subscriber organizations that serve two-year terms, with half the seats up for election each year. MISMO, which was established by the Mortgage Bankers Association, develops electronic commerce standards for the mortgage industry. The organization can be found online at http://www.mismo.org.

The biggest buzz at SourceMedia's Mortgage Technology Conference in Tempe, Ariz., has been over a statement that LendingTree's participating lenders are not upset to hear that it is "thinking" of opening brick-and-mortar retail stores.That remark by LendingTree general manager Lori Collins continued to spark comment well after Ms. Collins made the statement in response to a question after her presentation on the Internet's value as a source of qualified mortgage leads. A number of lender attendees commented on the conflict between acting as a retail lender and LendingTree's role as a multilender marketplace where "when banks compete, you win." A competitive trigger for LendingTree to consider such a move may have been revealed in Monday's keynote address, when E-Loan senior vice president Pete Bonnikson told conference attendees that his company, another pioneer in online lending, has already opened "8 or 9" brick-and-mortar offices to leverage its back-office efficiencies to serve borrowers who prefer to deal face to face with a loan officer. LendingTree can be found online at http://www.lendingtree.com.

The First American Corp., Santa Ana, Calif., has announced the launch of MarketLinx, a company aimed at addressing the information technology needs of residential real estate professionals.The new company combines the strengths of First American subsidiaries First American MLS Solutions Inc., Offutt Systems, Sonic Eagle Inc., and Lucero Research Corp. to provide customizable technology for multiple listing services, brokers, and agents, the parent company said. "Our long-term strategy is centered on the development of a complete, online real estate platform that provides an integrated set of components to perform all of the functions that are important in a residential property transaction," said Stephen C. Roney, president and chief executive officer of MarketLinx. "Merging the technology and software assets of these companies into one organization offers ease of use for the real estate professional, who can now order several core products and services from one entity rather than multiple providers." The new company can be found online at http://www.marketlinx.com.