Mortgage technology

LSI, a division of Fidelity National Financial Inc. based in the Pittsburgh suburb of Coraopolis, has announced the launch of DecisionStream, a Web-based system that LSI said instantly delivers loan prequalification information at the point of sale.The system is designed to help lenders decide whether to proceed with a refinance or home equity loan application before investing in full-scale mortgage settlement services, LSI said. The company said DecisionStream delivers previously unavailable POS information that provides insight into the loan qualification process, including: title approval and guaranteed fee data; real-time delivery of FICO score and factor codes; a flood insurance requirement indicator; an automated valuation model that provides a benchmark for estimating loan-to-value ratios; and instant property tax status information. LSI, which stands for Lender's Service Inc., can be found online at http://www.lsi.fnf.com.

Two business units of Fiserv Inc. -- Integrated Loan Services, Rocky Hill, Conn., and General American Corp., Pittsburgh -- have combined operations to form the Fulfillment Services Division of Fiserv Lending Solutions.The division will adopt FLS as the parent brand for all products and services, the Brookfield, Wis.-based Fiserv said. The combination "brings together two leaders in fulfillment services with strengths in different markets," said FLS group president James Puzniak. "ILS has succeeded in the prime equity market by offering innovative solutions, while GAC's strength has been in the subprime and traditional markets." Jerry Smith, chief executive officer of ILS, and Rich Sneddon, CEO of GAC, will hold co-CEO positions with the division, and Lee Howlett will serve as division president and chief operating officer, Fiserv said. Among the division's offerings are the CASA automated valuation model, QuickClose Lien Protection Insurance, the GATORS settlement management system, and various appraisal products, broker price opinions, flood certificates, title insurance, closing services, and outsourced loan processing systems. FLS can be found online at http://www.fiservlendingsolutions.com.

Commerce Velocity, Irvine, Calif., has announced the introduction of an end-to-end group of mortgage services that extends into secondary-market functionality.The company said the group of services "weaves automated processing and superior intelligence throughout the entire mortgage processing channel" to handle lead management, point of sale, eligibility and pricing, underwriting, document preparation, fulfillment, loan risk modeling, and more. Founded in 1999, Commerce Velocity has had its greatest impact so far in offering automated underwriting for subprime and nonconforming loans, particularly for wholesale transactions. Funding America recently adopted Commerce Velocity's CQ BrokerConnect Automated Underwriting platform to provide brokers and borrowers with instant pricing, pre-qualification, and AU approvals. The company can be found online at http://www.cvelocity.com.

WellFound Decade Corp., Jacksonville, Fla., has announced that Alaska USA Federal Credit Union is deploying WellFound Decade's Mortgage Integration Foundation to integrate its systems.The implementation marks a shift in strategy for Alaska USA, which had originally sought to deploy an end-to-end loan origination system, WellFound said. "Alaska wanted to deploy technology for its member-direct channel, a [point-of-sale] system for its originators, and wanted to automate the MERS registry," said Brian Fitzpatrick, president of WellFound Decade. "With the Mortgage Integration Foundation providing the integration architecture for all systems, they no longer had to invest into integrating all these components to an LOS system which might be replaced or upgraded in the future." The main components for the implementation are scheduled to be in place within 120 days of initiating the project. "We can integrate systems much faster than anyone else in the mortgage industry because we have already built adaptors to most of today's leading IT systems," Mr. Fitzpatrick asserted. WellFound Decade can be found online at http://www.wellfounddecade.com.

Application service provider ARC Systems, Austin, Texas, has announced that Austin-based Amherst Funding Group has chosen ARC's LendTech for commitment management and eligibility determination of closed loans.According to the announcement, AFG expects to launch the implementation in the first quarter of 2006. To streamline the commitment process, each closed loan will be submitted by the seller to the Web-based LendTech platform using AFG guidelines governing the seller's particular commitment with AFG. ARC Systems said the implementation will help AFG track loans more efficiently, ensure data integrity, and eventually perform complex automated underwriting on its flow and bulk purchases. Amherst Funding Group LP was formed in 2004 to acquire closed loans for trading and securitization, including closed agency and alternative-A mortgage loans, under mandatory flow and bulk commitments. ARC Systems can be found online at http://www.arcsystems.com.

First American Corp., Santa Ana, Calif., and Dorado Corp., San Mateo, Calif., have announced jointly developing a common, unified point-of-sale platform.The new platform will combine Dorado ChannelMaster enterprise lending software and Dorado SourceMaster intelligent ordering software with First American's Web services-based vendor management platform, the companies said. The new platform, scheduled to be available by the end of first-quarter 2006, is designed to offer lenders on-demand loan processing and fulfillment at the point of sale. The companies currently provide integrated POS solutions to EverBank, Oak Street Mortgage, and Union Bank of California. Dorado ChannelMaster provides on-demand, POS access to third-party services. Its SourceMaster is a rules-based settlement services platform. First American's Web services-based vendor management platform offers state-of-the-art bundling and third-party services procurement, the companies said. First American can be found online at http://www.firstam.com, and Dorado can be found at http://www.dorado.com.

Wells Fargo, Des Moines, Iowa, has selected Vienna, Va.-based VirPack to support Wells Fargo Delivery Express by providing electronic loan delivery and imaging for transactions with Wells Fargo's correspondent lending partners.Instead of mailing loan packages, correspondents can use VirPack Direct to transmit loan files to Wells Fargo Funding for purchase review. Loans identified for delivery to Wells are instantly retrieved from the VirPack system and delivered securely. Delivered free to VirPack customers, VirPack Direct is integrated with VirPack's imaging solutions and its barcoding, scan capture, and electronic document-management tools. VirPack boasts that its imaging systems can be installed and in production within three days. Wells Fargo Funding's client base includes more than 1,000 banks, thrifts, and mortgage lenders nationwide. The companies can be found on the Web at http://www.wellsfargo.com and http://www.virpack.com.

Costa Mesa, Calif.-based Experian has announced the launch of Portfolio Benchmarking and Trend Analysis, touting it as "the first total portfolio management and acquisition solution on the market today."The tool is built on Experian's File One consumer credit database and tracks changes in credit activity to enable quick assessment of current conditions in support of strategic portfolio decisions, the company said. One example cited by Experian is the use of the tool to profile consumers in a specific metropolitan statistical area, state, or region based on delinquency, loan amount, utilization, and inquiry behaviors. Portfolio managers are enabled to look at changes in 30-, 60- and 90-day delinquency trends to adjust risk-management protocols. The tool offers a snapshot generated from a statistically valid 20% random sample of Experian's File One consumer credit database, which currently includes records dating back to 2003. Experian can be found on the Web at http://www.experian.com.

Stewart Geo Technologies, a subsidiary of real estate information provider Stewart Information Services Corp., has announced the unveiling of Stewart re-source, a Web-based site analysis tool for commercial real estate professionals.Stewart re-source provides map-based searches and access to demographic reports, flood certifications, aerial images, property outlines, and dynamic flood, earthquake, demographic, and hazardous material maps, the company said. "Stewart re-source enables real estate professionals such as developers, lenders, brokers, insurers, and investors to search for properties and generate dynamic reports as part of their due-diligence process," said Kas Ebrahim, president and chief executive officer of Stewart Geo Technologies. "All the necessary resources are in one place, and with the Web-based application, data can be accessed from any computer with Internet connectivity. It also can be branded and integrated with the user's own data." The new tool can be found online at http://www.stewartsource.com.

Citing FBI statistics showing mortgage fraud on the rise, Calabasas, Calif.-based Interthinx has announced the integration of its DISSCO fraud detection and prevention system with Fiserv's easyLender mortgage loan origination system.Loans originated in Fiserv's easyLender now can be instantly submitted to DISSCO for automatic screening, with no rekeying necessary. DISSCO (data integrity search and score system) is an electronic fraud-prevention tool that can instantly search hundreds of mortgage-related data fields in a loan record to identify and score misinformation, inaccuracies, and inconsistencies that could indicate fraud. A DISSCO report is issued with step-by-step recommendations on how to respond. Interthinx can be found online at http://www.interthinx.com.

The First American Corp., Santa Ana, Calif., and the National Association of Hispanic Real Estate Professionals, San Diego, have announced the launch of the NAHREP National Referral Network on MSN Latino Finanzas, a Spanish-language Web destination.The referral network offers a wide range of integrated real estate service providers who are ready to assist Spanish-speaking consumers interested in buying a home, First American and NAHREP said. "Home seekers who choose to take advantage of this referral network can rest assured that they will be guided, end-to-end, through the homebuying process by qualified advocates committed to their satisfaction," said NAHREP chairman Frances Martinez Myers. First American can be found online at http://www.firstam.com, and MSN Latino Finanzas can be found at http://www.latino.msn.com/promo/finanzas.

ARC Systems, a provider of decisioning technology based in Austin, Texas, has announced a partnership with the National Credit Reporting Association under which the NCRA and its Atlanta-based joint venture, CDS Mortgage Reports Inc., will offer a preferential connection to ARC Systems.ARC Systems said new interfaces built into its LendTech and Loan Finder Express products will provide access to more than 150 credit reporting agencies. NCRA members will have direct access to a portal that provides a connection to ARC Systems clients who want to obtain credit reporting services. "The new program is a great example of the classic win-win, as ARC Systems' customers, and the consumers they serve, can now obtain access to a network of credit reporting agencies known for the best customer service in the industry in the most cost-effective manner," said Terry Clemans, executive director of the Bloomingdale, Ill-based NCRA. ARC Systems can be found online at http://www.arcsystems.com.

San Francisco-based LoanPerformance has announced the release of the beta version of TrueStandings Servicing, a Web-based analysis and reporting system for mortgage servicers.The company said TrueStandings provides instant access to delinquency, prepayment, and loan characteristics on more than 40 million active mortgage loans and a historical database of more than 100 million loans. Among the new features of the system are ZIP code-level reporting, additional risk metrics for prepayments and delinquencies, and an interactive mapping feature. "A client-driven evolution of our previous data applications, TrueStandings Servicing provides unprecedented reporting and analysis flexibility," said Dan Feshbach, president and chief executive officer of LoanPerformance. Beta testing of the system is expected to end in December, with general availability in the first quarter of next year, the company said. LoanPerformance, a subsidiary of First American Real Estate Solutions, can be found online at http://www.loanperformance.com.

Ocwen Financial Corp., West Palm Beach, Fla., has announced the introduction of 24-hour mortgage loan processing and closing services for mortgage lenders and brokers.Ocwen said its loan processing services (including all back-office activities) are aimed at originators who want to shorten the closing cycle, reduce expenses, and improve accuracy. Ocwen executive vice president W. Michael Linn said Ocwen's document imaging technology ensures clean loan packages and enables lenders and brokers to reduce the time from application to close by a week or more. "Because we also perform due-diligence services, we understand how important it is to produce clean loan files," he said. "After the lender or broker supplies the mortgage application, we image all supporting loan documents. This allows Ocwen personnel across multiple time zones to multitask on a single file, eliminating bottlenecks and speeding the entire process." Ocwen can be found online at http://www.ocwen.com.

Texell Interactive Media, Jim Thorpe, Pa., has announced that it will conduct live podcasts at the Mortgage Bankers Association's 92nd Annual Convention & Expo and at SourceMedia's 2005 Tech Awards Ceremony, both in Orlando, Fla.Rick Grant, Texell's president and chief executive officer (and a former managing editor of Mortgage Technology magazine), will do a limited number of podcast interviews with participants at the convention, slated for Oct. 23-26, at the Texell and Martopia booth. (Martopia, a Texell affiliate, is the official marketer for the 2005 Tech Awards.) Texell will also record podcast interviews Oct. 23 with the winners of the tech awards that will be available the next day at http://www.mortgage-technology.com/awards. Texell can be found online at http://www.texellmedia.com.

Rick Grant, a mortgage industry journalist and former managing editor of Mortgage Technology magazine, has announced the launch of Texell Interactive Media Inc., a firm specializing in interactive communications such as Internet-based audio shows called podcasts.The firm also offers such products as insider Web logs, electronic white papers, video blogs, and interactive video. "Podcasts, blogs and other technology-based communication tools are ideal for interacting with employees, partners, customers, and prospects," said Mr. Grant, Texell's president and chief executive officer. Texell, which is based in Jim Thorpe, Pa., is an affiliate of Martopia, a nationwide marketing and public relations firm specializing in the financial services industry. The company can be found online at http://www.texellmedia.com.

BasePoint Analytics, Carlsbad, Calif., has announced the general release of FraudMark, a new fraud detection product for mortgage lenders, investment banks, and due-diligence firms.The company said FraudMark uses patent-pending technology that combines behavioral trends for applicants, brokers, and appraisers with historical patterns of fraudulent and nonfraudulent loan applications. This enables the product to provide a "much higher degree of predictiveness" in identifying which applications have the greatest risk of fraud and to cut the overhead cost of retrieving expensive data to match against loan applications, according to BasePoint. "The credit card industry has driven down fraud losses by 70% through the use of pattern recognition technologies," said Tim Grace, president of BasePoint. "The analytic advancements of FraudMark now enable the mortgage industry to go beyond this and provide mortgage lenders the ability to cost effectively score all of their loan applications in real time, drive down their fraud losses, and increase overall production." The company can be found online at http://www.basepointanalytics.com.

Wolters Kluwer Corporate & Financial Services, New York, has acquired Entyre, a provider of Web-based compliance solutions to the mortgage lending industry.The terms of the deal were not disclosed. Entyre, located in Ann Arbor, Mich., earlier this year introduced eMortgage-X4, a data and document management and delivery software platform. The eMortgage-X4 application allows for intelligent rules setting, compliance testing, and a means for electronic collaboration and communication among the numerous stakeholders in the mortgage origination and closing process. Wolters Kluwer also owns VMP Mortgage Solutions, PCi, and Bankers Systems. The Entyre business will become a part of the Financial Services customer unit of Wolters Kluwer. Wolters Kluwer can be found on the Web at http://www.wolters-kluwer.com.

ERS Group, an economic and financial consulting subsidiary of Dallas-based SourceCorp, has announced the release of Home Mortgage Disclosure Act peer data and rankings in RiskExec regulatory compliance software.ERS said it believes its release of the HMDA Peer Databases and Rankings makes it the first firm in the nation to provide its financial clients with a "full review of lending and competitive performance" in the 2004 home mortgage market. The company said the RiskExec software includes geocoding, mapping, edit-check management, regulatory filing, interactive maps, peer rankings, and executive and regulatory reporting for all facets of HMDA, as well as the Community Reinvestment Act and the Home Ownership Equity Protection Act. ERS and SourceCorp can be found online at http://www.ersgroup.com and http://www.srcp.com.

Advancing the cause of enabling electronic recordation of lien releases and other documents, St. Paul, Minn.-based US Recordings announced that it has expanded its footprint to serve another six counties via its InteleDoc Plus Multi-Level eRecording Platform.InteleDoc Plus imports data directly from mortgage databases to automatically create documents specific to each state. Boasting a fourfold increase during 2005, the company said it will expand to numerous counties during 2006. The system was created in 2003 and now offers templates for lien releases in all U.S. jurisdictions. Partnering with several software companies, U.S. Recordings' InteleDoc Plus was the first to record electronically in several Midwest counties as well as Florida, New Jersey, Utah, and Washington. Slightly more than 200 county recording authorities account for 80% of recordations nationwide.