Mortgage technology

Chase has selected Fidelity National Information Services Inc.'s Mortgage Servicing Package to replace and upgrade multiple legacy software platforms for servicing its $600 billion portfolio.Chase services its own loan portfolio and provides servicing for third-party loans. FNIS said Chase will replace and upgrade the systems over the next two years to streamline business processes and provide faster rollout and better support for new products. The updated system is expected to reduce costs, handle larger volumes, and improve disaster recovery capability. A leading mortgage lender, Chase originated $128 billion in mortgage loans and $54 billion in home equity lines and loans in 2005. It also purchases servicing rights to mortgage portfolios. Jacksonville, Fla.-based FNIS said its Mortgage Servicing Package automates all areas of mortgage servicing, including loan setup and maintenance, cashiering, escrow administration, investor accounting, and regulatory reporting. FNIS can be found online at http://www.fidelityinfoservices.com.

A new website designed to allow consumers to shop for mortgage loans anonymously and to chat live with more than 100 mortgage companies has been unveiled by LAL Enterprises Inc., Hermosa Beach, Calif.The website, LoanAgentsLive.com, is described as a chat-based "mortgage shopping mall" that enables a visitor to select a state, get a list of mortgage lenders, and view a link next to each company's display ad that shows whether a loan officer at the brokerage is available for a live chat. LAL Enterprises said preliminary results from a beta test indicate that consumers are four times more likely to initiate a chat with a mortgage consultant than to fill out an online application. To ensure the safety of visitors, all chats are conducted over a secure server, and LoanAgentsLive.com conducts background checks and personal interviews with all listed brokerage firms "to exclude those with a history of predatory lending," the company said. The website can be found online at http://www.loanagentslive.com.

Inland Real Estate Corp., a real estate investment trust based in Oak Brook, Ill., has been added to the Standard & Poor's SmallCap 600 Index.The company is also a constituent of the S&P REIT Composite Index. Inland can be found on the Web at http://www.inlandrealestate.com.

Stewart Information Services Corp., Houston, has announced the formation of Stewart Lender Services as a re-branded operating division.Kevin Gugenheim, who previously served as president and chief operating officer of Stewart Mortgage Information, has been named president of the new division. Stewart Lender Services will use electronic order entry and vendor management technology platforms such as RealEC, which will be integrated with Stewart's fully deployed technology applications, including the AIM title production system, SureClose online transaction management, and the PropertyInfo.com real estate information Web portal. "Our new name more aptly describes our comprehensive suite of products and services that we provide to our mortgage lender customers and our attitude of service that drives every member of our team," Mr. Gugenheim said. The new division can be found online at http://www.stewartlenderservices.com.

Cincinnati-based eLynx Ltd., a provider of secure Web services, has announced the acquisition of SwiftView Inc., a Portland, Ore.-based technology provider that helps companies capture, view, deliver, and print electronic documents.The terms of the deal were not disclosed. American Capital Strategies Ltd., whose portfolio includes eLynx and more than 180 other companies in a wide range of industries, will provide equity and debt financing for the transaction. The combined companies will offer a comprehensive range of services, including electronic and paper fulfillment, electronic disclosures, electronic signatures, electronic loan folders, and investor delivery, eLynx said. "The eLynx and SwiftView organizations are highly complementary to one another," said Phil Huff, president and chief executive officer of eLynx. "These synergies will enable us to rapidly advance e-business innovation and set the standard across financial services and a broad range of industries." The companies can be found online at http://www.elynx.com and http://www.swiftview.com.

MRG Document Technologies, Dallas, has announced a partnership with ProLender Solutions Inc., a San Diego-based software provider to the mortgage industry, aimed at streamlining the loan closing process.The alliance links ProLender, ProLender's loan origination system, with MRG's Miracle DocPrep platform and fully automates the ordering of loan closing documents, according to MRG. "The interface developed by ProLender is a comprehensive 'push-button' system that compiles loan data and directly links to the MRG server, which yields a faster closing process," MRG said. The companies can be found online at http://www.mrgdocs.com and http://www.prolender.com.

Homecomings Financial, a Minneapolis-based wholesale funding lender, says its mortgage brokers are now one step closer to a completely paperless mortgage process with the adoption of new Advectis BlitzDocs technology.Homecomings has selected BlitzDocs as its Web-based imaging system, which is now supporting more than 60% of the wholesaler's loan applications. BlitzDocs offers a secure collaborative electronic loan folder that is accessible simultaneously by the broker, underwriter, and account executive, Homecomings said. With each new application, the broker creates a loan folder, uploads, scans, or faxes in the documents, and submits the file to the branch for underwriting. The branch underwrites the loan and requests any additional conditions from the broker. When the broker submits new documents, the underwriting staff is automatically notified, eliminating delays and miscommunication in tracking down missing conditions, the company said. Homecomings Financial can be found on the Web at http://www.hfwholesale.com.

San Diego-based DataQuick has announced the release of an aerial search component for its GoTitle property profile tool.The company partnered with Digital Map Products Inc. to create SkyView, an integrated aerial tool that lets GoTitle customers quickly locate properties visually. DMP's parcel map overlays enable the user to locate subject properties, zoom in and out to check the accuracy of the target property's location, and then print the aerial map image in a property profile, DataQuick said. Matchups of aerial photos with assessor parcel maps are used by real estate agents as a marketing tool and are increasingly used by county officials to track code violations and unpermitted construction. DataQuick draws information from a real property repository containing data on more than 87 million properties across the nation. DataQuick can be found on the Web at http://www.dataquick.com.

Flagstar Bank and Ellie Mae have announced MISMO-compliant integration of Ellie Mae Encompass into Flagstar's Digital Document Transfer platform.The integration enables one-click electronic submission by brokers and correspondents of underwriting and closed-loan packages directly into Flagstar's electronic document management systems. According to the companies, Dublin, Calif.-based Ellie Mae is the first to use the advanced features of Troy, Mich.-based Flagstar's Digital Document Transfer platform. Transfer of SMART Document levels 3 and 4 (as defined by the Mortgage Industry Standards Maintenance Organization) allows for sound exchange of data and documents, the companies said. The platform's secure Web service enables two-way communication and immediate feedback of transfer success. More information about the Digital Document Transfer platform is available at ddtinfo@flagstar.com.

Compliance technology provider PCi Corp., a Wolters Kluwer Financial Services company, has announced the release of its Peer Mortgage Data based on the Federal Reserve Board's 2005 Home Mortgage Disclosure Act data.Boston-based PCi said its annual release helps lenders benchmark themselves against their peers in terms of fair lending, the Community Reinvestment Act, and pricing patterns, "as well as identifying new business opportunities such as emerging and historically underserved markets." The announcement noted that, with the convergence of HMDA, CRA, and fair lending, "lenders will need to be well prepared for a review or compliance exam on any of these three fronts, since each area may have ripple effects on the other related areas." PCi can be found on the Web at http://www.pciwiz.com.

Eagan, Minn.-based AllRegs, an online publisher of reference information for the residential mortgage lending industry, has unveiled an updated website and an enhanced version of its user application, AllRegs Online.One of the enhancements, proGuides, enables lenders to share their own product descriptions and underlying guides with their internal staff while providing branded versions to their brokers and correspondents. "This upgrade maintains the continuity of the user interface while improving its functionality, adding more content and providing new tools," said Glenn Ford, founder, chairman, and chief executive officer of AllRegs. The company said the upgrade also includes: AllRegs Academy, which offers classroom courses, distance learning, and MortgageMentor practical guides for various subjects; improved navigation and organization; new tools such as firstPass, for product selection and comparison, and a new online store for ordering products and training programs; reorganized federal compliance content; and a new, task-oriented home page in AllRegs Online. The company can be found online at http://www.allregs.com.

Fidelity National Information Services Inc., Jacksonville, Fla., has announced an integration agreement between its Fidelity National Real Estate Solutions division and AutoRealty LLC, a Texas-based provider of software tools for real estate professionals.Under the agreement, direct integration between Fidelity's technology offerings and AutoRealty's real estate forms applications will be available to joint customers, allowing them to transfer data and documents from their AutoContract Gold (desktop) or AutoContract OnLine real estate contract forms to Fidelity's TransactionPoint transaction management platform. "Ultimately these integrated solutions enable our customers to strengthen their businesses by improving efficiency, reducing operational errors, and minimizing expenses," said Walt Clark, senior vice president of transaction management solutions for Fidelity National RES. The companies can be found online at http://www.fidelityinfoservices.com and http://www.autorealty.com.

The Chicago Board of Trade has announced a $1 million investment in ROOT, a commodities exchange for Internet-generated consumer leads co-founded by Lewis Ranieri, the inventor of the mortgage-backed security.New York-based ROOT now operates a commodities exchange for Internet-generated mortgage leads, but the platform is designed to be easily adapted for use with automobile and insurance leads, among others, according to the CBOT. "More than 30 years ago, the CBOT was the first exchange to trade interest rate futures contracts," said Bernard W. Dan, president and chief executive officer of the CBOT. He said the partnership with ROOT "represents an opportunity to be at the forefront of Internet lead futures trading." Mr. Ranieri, chairman of ROOT, said the exchanges "plan to explore new financial instruments based on the underlying fundamentals of Internet advertising and lead generation." The companies can be found online at http://www.cbot.com and http://www.rootexchange.com.

GainClients Inc., a Tucson, Ariz.-based website provider, has announced the selection of VueCentric Inc., Austin, Texas, and its MortgageDashboard online mortgage loan origination system to create a Financial Relationship Management platform.According to GainClients, the FRM will create a turnkey online collaborative environment that will enable loan officers, real estate agents, and other trusted financial advisers to interact "without forcing them to give up control of their customers or the transaction." VueCentric's MortgageDashboard is offered under the software-as-a-service model, which relieves lender-users of the burden of maintaining and marketing an interactive retail website. The FRM will provide online status reporting and marketing tools to maintain borrower relationships. VueCentric can be found online at http://www.vuecentric.com.

REIData Inc., a Houston-based subsidiary of Stewart Information Services Corp., has announced the formation of two new divisions and the realignment of certain key functions.Kevin Beach, a 28-year veteran of the title industry, has been named president of the title plant services division, currently a business unit based in San Antonio, with a satellite office in Chicago. Cathy Bell, who has been with the Stewart organization for 15 years, has been appointed president of the PropertyInfo.com division. The company also announced that vice president Matthew Childress will head a new technology team to handle development and "level 2" support of the PropertyInfo.com portal and all REIData applications products, and that Tom Abbate, senior vice president for business development and strategic products, will head a new title product deployment team. REIData can be found online at http://www.propertyinfo.com.

Dublin, Calif.-based Ellie Mae has designed what the company is calling the Certified Systems Integrator Program in order to safeguard its customers from service providers that are not knowledgeable about the intricacies of the Encompass product.In order to become a Certified Encompass Systems Integrator, service providers must serve the mortgage industry; support products and services that are complementary to the loan origination process; and maintain critical certifications for technology organizations such as Microsoft. As part of the program, Certified Encompass Systems Integrators are given all the tools and software necessary to efficiently meet the needs of Encompass users and are then tested on their understanding and abilities, Ellie Mae said. Two companies, RCM Technologies and Wise Point Solutions, have already undergone the pre-screening and the certification program. The company can be found on the Web at http://www.elliemae.com.

Gene Devine has been named senior vice president of Intellidyn Corp., a consumer analytics and database marketing company based in Hingham, Mass., a Boston suburb.His principal responsibilities will include creating, deploying, and managing direct-to-consumer marketing and lead generation initiatives for Intellidyn clients. Before joining Intellidyn, Mr. Devine was the executive vice president of marketing for Florida-based First Fidelity Financial Corp., where he was responsible for the creation of an end-to-end lead generation channel for customer acquisition, Intellidyn said. Previously, he was a senior vice president at Data Warehouse Corp., SVP of marketing for Mortgage.com, and SVP of marketing at Eastern Mortgage Services. Intellidyn can be found on the Web at http://www.intellidyn.com.

A website that links lenders and servicers with appraisers specializing in real-estate-owned properties has been launched by O.L. Jernigan and Associates, a Dallas company that specializes in REO appraisals.The site, REOBank.com, offers a network of more than 9,000 appraisers with REO expertise, acting as a hub that connects lenders and servicers seeking appraisals, broker price opinions, and other REO-related services. It allows lenders and servicers to outsource their appraisal needs, since they can quickly locate the right appraiser for the job and get their project completed in days, rather than weeks, the company said. "Accuracy and speed are the two highest priorities for REOBank.com users," Mr. Jernigan said. "We know that our users need valuations they can depend on, and they need them quickly in order to minimize holding time." REOBank.com also features communications and tracking functions that allow lenders and servicers to track the progress of their projects in real time. The site can be found online at http://www.reobank.com.

The risk that mortgage fraud will have a harmful economic impact in vulnerable markets is rising at an "unprecedented" rate, according to CoreLogic, a Sacramento, Calif.-based provider of fraud prevention technology and services to the mortgage industry.CoreLogic reported that its Core Mortgage Risk Monitor rose 5% in the second quarter after increasing 6.4% in the first quarter. The five major metropolitan statistical areas most at risk, according to the index, are Detroit-Livonia-Dearborn, Mich.; Memphis, Tenn.-Miss.-Ark.; Dayton, Ohio; Akron, Ohio; and Gary, Ind. The index measures collateral risk, which is "the risk associated with the accuracy of a residential property valuation and the sustainability of that valuation over the life of the mortgage due to the unique characteristics of the property, market, and mortgage contract participants," CoreLogic said. The company can be found on the Web at http://www.corelogic.com.

Overture Technologies, Bethesda, Md., has launched its Mozart Tape Cracking system, an automated program that enables secondary-market investors to convert the complex and nonstandard bulk loan data provided by primary-market lenders to their own internal formats.Primary-market sellers provide bulk loan data on "tapes," usually Excel spreadsheet files containing critical information on sets of loans offered for sale. However, because formatting and data within the spreadsheet vary from seller to seller, as well as by submission within the seller, the data must first be sorted and aligned to the investor's format before the investor can make a bid or begin to conduct due diligence, Overture said. The Mozart Tape Cracking system uses English-language rule management to speedily adapt and convert new file formats to an investor's internal database format. Overture can be found on the Web at http://www.overturetechnologies.com.