Mortgage technology

The Board of Directors Technology of the Mortgage Bankers Association has released a paper on data integrity and information security that the MBA says is the first step in developing a long-term strategy to educate the industry on the issue.The paper, A Five-Step Information Assurance Model for Mortgage Banking Institutions, analyzes legislation, regulations, audit standards, and consensus standards on voluntary information security to improve the mortgage industry's awareness of the issue and methods of dealing with it, the association said. The MBA can be found online at http://www.mortgagebankers.org.

Mortgage Technology editors are getting ready for next year's Mortgage Technology Award contenders in the wake of this year's award ceremony, held in conjunction with the Mortgage Bankers Association convention in Chicago.New entries are eligible to be received starting Jan. 1. At the magazine's 7th annual awards ceremony, held Oct. 22 at the University of Chicago Gleacher Center, the 10X Award for technology making an "exponential impact" on mortgage processes went to Interthinx for its contribution to fraud detection. The Lasting Impact Award, for developing technology that has proved its worth over time, went to Bill Kelvie of Overture for his pioneering role in the development of automated underwriting. The new Release of the Year Award, to a company launching a product or initiative likely to have a major impact on the mortgage industry's use of technology over time, went to joint winners GMAC Mortgage, Saxon Mortgage Services, Midland Mortgage Co., and Fiserv Lending Solutions for cooperatively creating a wizard for investor reporting and remitting using MortgageServ. The Steve Fraser Award, which goes to an outstanding mortgage technology innovator, visionary, or evangelizer, was presented to MortgageHub's Bill Adamowski. Winners of other awards, and those who received commendations in all categories, will be posted soon on the Mortgage Technology website.

TurboHomeBuy, Phoenix, has announced what it calls the first-ever Web-based application that legally automates the home purchase process from offer through closing.TurboHomeBuy said it generates all the paperwork needed to buy a home in all 50 states. According to the company, the website streamlines the process for the following: escrow/title/closing company services; mortgage prequalification and final loan approval; property insurance quotes; home inspection scheduling; handyman service quotes; moving service estimates; and starting and stopping utility services at the purchased property. Kent Lewiss, founder and chief executive officer of TurboHomeBuy, said the technology is the first to enable the user to make an offer to buy any property "no matter where it is listed for sale" and in which high commissions associated with real estate transactions "are practically eliminated." The company can be found online at http://www.turbohomebuy.com.

Street Resource Group Inc., an Atlanta-based provider of technology and software for mortgage warehouse lending, has announced that its clients will now have access to DataVerify Corp.'s data integrity verification and fraud prevention platform product.The product -- DRIVE, for data risk integrity verification engine -- provides automated tools designed to replace manual verifications of such information as employment and income while "dramatically" reducing loan default costs, DataVerify said. "In an environment in which most lenders are tightening their budgets while suffering significant increases in fraud-related losses, we strongly believe that the combination of our online credit and collateral fraud-prevention solutions and SRG's online automated mortgage warehouse solution adds value to both our clients' bottom lines by both streamlining their internal processes and increasing the quality of their loans," said Steve Halper, founder and chief executive officer of DataVerify. The companies can be found online at http://www.streetresource.com and http://www.dataverify.com.

Sollen Technologies, Dallas, an Internet-based application services provider of product, pricing, and best-execution capabilities, has unveiled technology that will be added to its Lender OnLine loan finder and pricing tool to bring investor guidelines downstream to lenders.This new tool will allow loan officers and secondary marketing users to view the actual guidelines from an investor rather than an interpreted version of the guidelines to better decide whether an applicant is qualified for a particular loan program. Lender OnLine is a Web-based application that enables loan searching, validation, loan-level-adjusted pricing, and locking for a wholesale, retail, correspondent, or call center application. The program allows the originator to capture multiple lending options in one execution, searching loan types, loan products, and documentation at the same time to find the optimal match for the borrower. The announcement was made at the 93rd Annual Mortgage Banking Association Convention & Expo in Chicago. The company can be found on the Web at http://www.sollen.com.

Platinumdata Solutions, a provider of collateral risk solutions based in Mission Viejo, Calif., has announced the launching of OptiVal, a patent-pending performance testing system for automated valuation models.OptiVal is an automated tool employing user-defined parameters to conduct rigorous AVM data analysis that will allow mortgage originators and investors to determine performance by each AVM, the company said. OptiVal serves as an objective AVM performance testing system and provides a framework for conducting those performance tests based on a lender's custom metrics. The announcement was made at the 93rd Annual Mortgage Banking Association Convention & Expo in Chicago. The company can be found on the Web at http://www.platdata.com.

Agoura Hills, Calif.-based Interthinx, a provider of fraud prevention, compliance, and decision support tools, has launched an online testing mechanism in conjunction with its fraud detection training film, FSI: Fraud Scheme Investigation.The FSI video is a mortgage fraud detection training tool produced by Interthinx. The film parodies CSI: Crime Scene Investigation, the popular prime-time television series, to demonstrate the characteristics and "red flags" of a complicated property-flipping scheme, the company said. FSI was inspired by actual events and is free to the mortgage industry. The free online FSI Exam Program will provide a means to measure learning achieved by watching the FSI film. The announcement of the online testing mechanism was made at the Mortgage Bankers Association's 93rd Annual Convention. The company can be found on the Web at http://www.interthinx.com.

Desert Document Services Inc., a Phoenix-based software company serving lenders with loan product management solutions, has formed a strategic partnership with NYLX Inc., a provider of point-of-sale product eligibility and loan pricing technology systems.NYLX will integrate DesertDocs' compliant state-specific initial disclosure packages into its online loan pricing engine, making such disclosures -- required by the Real Estate Settlement Procedures Act -- available to originators with one click. "Given shrinking profit margins, loan originators need an efficient one-step process for ordering RESPA-required initial disclosure packages," said Ruth Thompson, president of DesertDocs. "Originators can use disclosures to lock in borrower commitment to a very tangible offer, increasing the likelihood of closing the sale and reducing the possibility of further rate shopping." The partnership was announced at the Mortgage Bankers Association's 93rd Annual Convention & Expo in Chicago. The companies can be found on the Web at http://www.desertdocs.com and http://www.nylx.com.

Cincinnati-based eLynx Ltd., a provider of secure Web services for lenders and insurance companies, and Goodmail Systems Inc., have partnered to include Goodmail's CertifiedEmail system for assured e-mail delivery in the eLynx electronic services platform.A portfolio company of American Capital Strategies Ltd., eLynx said the e-mail features include electronic document delivery, electronic signature, and integrated paper fulfillment. The company said its e-services platform uses e-mail to deliver links to websites where consumers can obtain mortgage and insurance documents in a secure, paperless manner. Goodmail provides accredited volume e-mail senders with the CertifiedEmail technology, imprinting outgoing e-mail with cryptographically secure tokens that are recognized by participating mailbox providers such as AOL and Yahoo! The partnership was announced at the Mortgage Bankers Association's 93rd Annual Convention & Expo in Chicago. The companies can be found on the Web at http://www.elynx.com and http://www.goodmailsystems.com.

The Turning Point, Sedona, Ariz., has launched MACH 3, an end-to-end marketing system for bankers, brokers, and loan originators at the MBA's 93rd Annual Convention & Expo.The tool offers a secure online platform that allows the user to turn business data into action, the company said. The loan officers and marketing executives are able to implement targeted campaigns in real time, from concept development to fulfillment with the application, the company said. Branch managers and corporate-level executives track results and oversee operations using a digital dashboard. The company can be found online at http://www.turningpoint.com.

CoreLogic, a Sacramento, Calif.-based provider of mortgage risk assessment and fraud prevention systems, has released findings from its broker management database indicating that 7% of brokers account for 63% of early payment defaults, with the riskiest 0.5% of brokers accounting for 70% of all losses.CoreLogic said its broker database tracks more than 38 million loans and 190,000 brokers and is the engine powering ThirdParty Scorecard, a Web-based software tool that helps residential mortgage lenders evaluate and manage the risk associated with their broker network. The most recent statistics illustrate the key role brokers play in the risk management chain and why broker monitoring and management tools are critical to the financial prospects of wholesale originators, the company said. Core Logic made the announcement at the Mortgage Bankers Association's 93rd Annual Conference & Expo in Chicago. The company can be found on the Web at http://www.corelogic.com.

The Mortgage Industry Standards Maintenance Organization has announced the formation of an alliance with Ginnie Mae that will establish one or more Government Housing Workgroups within MISMO.The organization said the aim of the alliance is to develop and publish government standards related to electronic mortgage transactions involving government entities within the MISMO framework. "By having future Ginnie Mae reporting and data formats in alignment with established industry standards, and providing Ginnie Mae with a robust forum in which to develop its formats and interface specifications, this is a 'win-win' for both the industry and Ginnie Mae," MISMO said. 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.

Homebridge Mortgage Bankers, New York, has announced that the company is changing its name to Refinance.com and launching a national home refinance website portal.The new website will offer easy-to-use refinancing tools and calculators, and the new name will better reflect Homebridge's corporate vision by focusing exclusively on home refinance, the company said. "With this new name comes improved service," said Nicholas Bratsafolis, chairman and chief executive officer of Refinance.com. The new website will enable interested borrowers "to 'try on' different loan products to determine which one best fits their needs," he said. The company can be found online at http://www.refinance.com.

LoanCity, a wholesale mortgage lender based in San Jose, Calif., has announced that brokers using its AU 2.0 automated pricing and underwriting platform will now automatically be shown all home equity options for which their borrowers are eligible.Now when a broker "locks" a first mortgage on the system, he or she will automatically see all the home equity lines and loans that the borrower might also be eligible for, the company said. "Finding the right combination of a first and second mortgage is critical to meeting customer needs, closing deals, and improving the economics of these transactions for brokers," said Rick Soukoulis, LoanCity's chief executive officer. "Our new 'matching seconds' feature accelerates this process and eliminates the possibility of selecting a product that the client won't qualify for, which can add friction to the origination process." The company can be found online at http://www.loancity.com.

Poway, Calif.-based eAppraiseIT, a provider of real estate valuation products and services, has announced the introduction of a "hybrid" valuation product, AVM-Assisted Appraisal.The product is designed for portfolio, second-lien lenders and servicing operations that are now forced to choose between full appraisals and less comprehensive options, such as automated valuation models, the company said. Unlike static automated valuation products, eAppraiseIT's new AVM-Assisted Appraisal is very interactive. "It puts the latest AVM technology at the fingertips of seasoned appraisers, presenting them with the results of three AVMs, access to scores of additional comparables, and a location map of the subject and selected comparables," eAppraiseIT said. At any point, the local appraiser can override the subject (or comparable) property characteristic information, and other factors, eAppraiseIT said. The company can be found online at http://www.eappraiseit.com.

Mortgage Builder Software Inc., Southfield, Mich., has announced an interface with ComplianceEase that it says will enable its customers to determine whether their loans comply with federal, state, and local regulations.ComplianceEase's flagship product, ComplianceAnalyzer, reviews loans for a variety of multijurisdictional compliance regulations. "Mortgage Builder provides the required data, allowing ComplianceEase to perform the testing procedures ensuring the loan is compliant, and then ComplianceEase returns the results via HTML, where they can be viewed and stored for future reference," said Keven Smith, president of Mortgage Builder. The announcement was made at the Mortgage Bankers Association annual convention in Chicago. The companies can be found online at http://www.mortgagebuilder.com and http://www.complianceease.com.

Lender Support Systems Inc., Poway, Calif., has announced the availability of Docs3D, which it termed the company's next-generation loan document creation software.The Web-based application helps streamline the mortgage closing process through a simplified tool that performs accurate annual percentage rate, payment, impound analysis, and high-cost calculations, LSSI said. "We developed Docs3D to provide lenders with a fully compliant, fast, and accurate document preparation solution that seamlessly interfaces with virtually all existing [loan origination systems]," said Cary Burch, president and chief executive officer of LSSI. The software uses standards for all required formats and offers required disclosures for all 50 states, the company said. The announcement was made at the Mortgage Bankers Association annual convention in Chicago. LSSI can be found online at http://www.lendersupport.com.

HomeTeam, Seattle, says it plans to start beta testing of a first-time homebuyer online portal in November.In an interview conducted at the Mortgage Bankers Association annual convention in Chicago, Lisa Oelsner, HomeTeam's vice president of platform strategy, told MortgageWire that the important thing is that the portal will provide "trusted, unbiased content" to the consumer. It will have a link to HomeTeam University, its service to educate consumers about how to select the partners they do business with. But besides the portal, she said, HomeTeam will also do live seminars. HomeTeam is most famous for its syndicated television show, which provides a home to deserving people. The show is starting its second 26-week season. Eric Gorrell, president and chief executive of HomeTeam, explained that consumers need information about the beginning of the homebuying process.

Mortgage Industry Advisory Corp., New York, has announced the launch of a new website at an address that the company says "more accurately depicts the breadth of its offerings."The name of the new site is MIACAnalytics.com. MIAC was founded in 1989 by Wall Street veterans Bob Husted and Paul Van Valkenburg to provide whole-loan and mortgage servicing rights hedge advisory and valuation services. Since then, the company's services have evolved to include valuation, accounting and risk management services, secondary systems, and strategic asset sales. "The scope of our products and services has broadened such that it no longer makes sense for us to position ourselves solely on the servicing side of the business," said Mr. Van Valkenburg. MIAC said it serves as an outsourced project manager for 150 financial institutions across the country. MIAC's original website can still be found online at http://www.servicing.com. The new website can be found at http://www.miacanalytics.com.

Santa Ana, Calif.-based Veros has announced the release of VeroSelect 2.0, a collateral management system that the company says delivers unprecedented capabilities to the lending industry.VeroSelect 2.0 "has redefined collateral management by providing unlimited features, options, and control within a customizable and well-designed user interface," Veros said. The intelligent, automated risk management platform gives lenders control of collateral risk strategies with the secure selection, acceptance, and management of services, vendors, users, and their own proprietary business processes, Veros said. "Lenders understand collateral risk and have the right policies in force inside their institutions, but the vast majority lacks a management system capable of dynamically administering those policies consistently across the enterprise," said Darius Bozorgi, chief executive officer of Veros. "VeroSelect 2.0 gives lenders the power to manage their [automated valuation models, broker price opinions], and appraisals all from one scalable platform." The company can be found on the Web at http://www.verovalue.com.