Mortgage technology

GMAC Bank Wholesale Lending, Horsham, Pa., has introduced an enhanced version of Link to Lender, a joint effort with Fannie Mae that it says "significantly streamlines" the loan submission and registration process for brokers and correspondents who select GMAC Bank as the sponsoring lender when they use Fannie's Desktop Originator.Link to Lender is a new DO feature that enables one-click transfer of data, eliminating the need for importing, exporting, or re-keying data from DO into the wholesale lender's website, GMAC said. With the updated version of DO, GMAC will receive immediate electronic notification of an automated underwriting submission and automatically register or update the loan record on its system. "Link to Lender corrects what was a fragmented process for brokers and correspondents," said Matthew Detwiler, vice president of wholesale lending for GMAC Bank. "It strengthens an already powerful tool by letting DO be the single point of entry for a complete loan registration process."

Los Angeles-based CarsDirect has acquired several mortgage website properties from Myers Internet Inc.The terms of the transaction were not disclosed. As part of the agreement, CarsDirect acquires Myers' mortgage lead technology platform and its consumer brands BestRate.com and LoanApp.com. The acquisition was designed to accelerate the growth of CarsDirect's mortgage business and complement its current consumer-facing mortgage websites -- LoanStore.com and CheckInterestRates.com, the company said. Myers can be found on the Web at http://www.myers.com.

AllRegs, an Eagan, Minn.-based online publisher of reference information for the mortgage industry, has announced the introduction of the Practical Guide to FHA Lending.Written by Alice Alvey, John Gehrke, & Jan Wetzel of Mortgage U, the online Practical Guide is a comprehensive "how-to" source book that is updated continually and organized to mirror the mortgage process, the company said. It features exclusive worksheets, tables, checklists, and "best practices" for guidance on common procedures and accepted standards, according to AllRegs. AllRegs is the official electronic publisher of the Fannie Mae and Freddie Mac Single and Multifamily Seller/Servicer Guides and the Federal Home Loan Banks' MPF Program Guidelines.

"It's the data, dummy," said Countrywide executive vice president Omer Simeon in introducing a live demonstration of the company's Web-based DIDO (data in, document out) system during Monday's keynote address at the Thomson Media Mortgage Technology Conference in Miami.The message was that paper capture processes will be a reality for some time, though electronic mortgages are the goal. In the meantime, the electronic processes will continue to mimic paper processes as lenders accustom themselves to the change, Mr. Simeon said. While supporting the process established by the Mortgage Industry Standards Maintenance Organization, he said Countrywide will continue to develop its own proprietary use of Extensible Markup Language for internal uses and convert to MISMO standards to communicate with the outside world.

Fiserv, Brookfield, Wis., has reported net income of $377.6 million ($1.91 per share) for 2004, up from $315.0 million ($1.61 per share) in 2003.Fiserv's processing and services revenues came in at $3.35 billion for the year, a 29% increase from $2.59 billion in 2003. For the fourth quarter, Fiserv reported net income of $97.5 million ($0.49 per share), up from $82.0 million ($0.42 per share) a year earlier. Fiserv can be found on the Web at http://www.fiserv.com.

Jersey City, N.J.-based ISO has acquired AppIntelligence, a provider of Web-based analytic tools designed to identify and detect fraud in the residential mortgage industry.The terms of the deal were not disclosed. ISO is a provider of products and services that help measure, manage, and reduce risk. It provides data, analytics, and decision-support systems to professionals in many fields, including insurance, finance, real estate, health services, government, and human resources. AppIntelligence, Weldon Spring, Mo., has over 600 mortgage customers, the company says, and its products are designed to target the prequalification, processing, underwriting, quality control/quality assurance, and compliance phases of the mortgage-lending process. The companies can be found on the Web at http://www.iso.com and http://www.appintelligence.com.

Fidelity National Financial Inc., Jacksonville, Fla., has announced an agreement with RealEC Technologies Inc., Santa Ana, Calif., to develop a new tool for its title agencies.The tool, FNF.net, will deploy three technology components from RealEC, an e-commerce exchange for real estate transactions: the RealEC Exchange, iSelect, and iBundle. FNF said the technologies will be customized to enable title agencies to create bundles of services -- such as appraisal, credit, automated valuation models, and flood -- that can be offered through agency-branded Web portals for use by Realtors and lenders. Jason Nadeau, RealEC's chief information officer, said FNF.net will be a one-stop-shop for Fidelity agencies to review vendors, define guidelines for selecting vendors, and create bundles of services. "For each transaction, users simply log on and select their bundle preference, such as a home equity bundle, resale bundle, or construction bundle," Mr. Nadeau said. "From there, the system automatically orders the various services defined for that bundle." RealEC, a majority-owned subsidiary of FNF, can be found online at http://www.realec.com, and FNF can be found at http://www.fnf.com.

Cleveland-based Hyland Software, which offers the OnBase enterprise content management suite, has joined the eMortgage Alliance.Hyland's OnBase for Mortgage Lending enables paperless loans. The alliance is a consortium of companies that promotes standards-based electronic mortgage technologies, processes, and implementations based on standards promulgated by the Mortgage Industry Standards Maintenance Organization. Further information on Hyland's OnBase can be found on the Web at http://www.onbase.com.

Data Tree LLC, a San Diego-based provider of recorded property document images, has announced the launch of DocEdge.com, which offers instant, around-the-clock access to the company's imaged document database.Data Tree said the product is "ideal for mortgage servicers, real estate attorneys, land surveyors, abstractors, and others" seeking access to land record documents on residential, commercial, and other types of real property. Users can obtain copies of mortgages, deeds, assignments, transfers, assessor maps, and reports such as property detail, sales comparables, and legal and vesting information, the company said. "DocEdge.com delivers the Data Tree database to an entirely new type of customer," said Robert Karraa, Data Tree's chief operating officer. "We've created a Web-based solution with advanced, multiple search capabilities and combined it with nationwide database access." The company can be found online at http://www.datatree.com, and the new product can be found at http://www.docedge.com.

Fitch Ratings has launched a new structured finance analytical tool designed to enable users to better tailor their own market research.Bond Compare, a Web-based tool using Fitch's structured finance database, is aimed at allowing investors to analyze and compare bond performance within a specific structured finance sector, Fitch said. It is available for all major sectors, including residential mortgage-backed securities, commercial MBS, and collateralized debt obligations. Jayme Laurash, a Fitch managing director, said the tool is the first of many structured finance tool enhancements Fitch plans to release over the coming year. Fitch can be found online at http://www.fitchratings.com.

The First American Corp., Dallas, has promoted Chris Leavell to the position of chief operating officer for the company's Mortgage Information Services Group, and Anthony Merlo will become the new president of eAppraiseIT, taking the post vacated by Mr. Leavell.Mr. Leavell will now assume responsibility for MISG's enterprise initiatives, international expansion, and product bundling programs. In addition, he will have direct operating responsibility for various MISG companies. Mr. Merlo will now oversee eAppraiseIT's continued growth in the property valuation market. He joined eAppraiseIT in July 2000 as a vice president of sales for the Eastern Region.

Wells Fargo has launched an improved website for brokers to interface with Wells, giving them the freedom to tap into various resources.For example, the system's online mutual fund center gives brokers the power to tailor investment decisions to their customers' needs with search tools that allow for comparison shopping of over 7,000 funds. In addition, Wells reported that the site can be customized so brokers can view their entire pipeline. Each loan on the site also has a designated Wells Fargo financial adviser that can update the loan information around the clock.

Customers of Prime Alliance, Tukwila, Wash., originated over $22.5 billion in loan volume in 2004, or about the size of the 11th largest U.S. retail mortgage lender.According to Prime Alliance, the company now has almost 40% of the total credit union market, nearly double last year's market share. "Our vision is to Web-enable a fragmented mortgage industry and process through strategic partnerships with key market aggregators," said Steve Mase, Dexma president. "The success of Prime Alliance and Prime Alliance Services Co. is indicative of what can be accomplished when we put our heads together with a forward-thinking business partner who's ready to seize a significant market opportunity." Prime Alliance, a partnership between Dexma and Boeing Employees' Credit Union, now comprises over 75 credit union and CUSO (credit union service organization) customers representing more than 400 credit unions. Prime Alliance can be found on the Web at http://www.primealliancesolutions.com, and Dexma can be found at http://www.dexma.com.

LoanPerformance, San Francisco, and Intelligent Results, Bellevue, Wash., have announced the introduction of ScoreText, a predictive modeling system the companies say has wide application for mortgage servicers.ScoreText integrates structured data with unstructured text data, enabling servicers to better understand and predict customer behavior in servicing and collection efforts, they said. "Today's best predictive models only incorporate about 20% of the available data," said Richard Harmon, senior vice president for scoring and analytics at LoanPerformance. "By exploiting the available unstructured data that makes up the other 80%, mortgage servicers can not only improve their ability to predict customer behavior, but can have a much better understanding of the key factors differentiating behavior." The companies can be found on the Web at http://www.loanperformance.com and http://www.intelligentresults.com.

Milwaukee-based eMagic.com has formed a strategic alliance with WellFound Decade, Jacksonville, Fla., to allow users to integrate the eMagic portal and their back-end systems.WellFound created a custom interface to eMagic to make it possible for users to integrate their back-end loan origination system with eMagic's portal of third-party services, eMagic said. The integration was conceived to create a more seamless end-to-end approach where information flows between the two systems without the need for rekeying, eMagic said. The companies can be found on the Web at http://www.wellfounddecade.com and http://www.emagic.com.

First Lenders Data Inc., an Austin, Texas-based technology, data, and bundled services provider, has formed an alliance with Western Reliance Corp., Portland, Ore., to provide bundled services to financial institutions.FLDI said it was chosen by Western Reliance to provide bundled services and is now providing its customers with credit reports, automated valuation models, insured AVMs, appraisals, flood certifications, property reports, legal and vesting reports, lien reports, and income verification through MorClose, a licensed version of FLDI's vendor management platform called FirstClose. Western Reliance is a provider of collateral protection insurance and tracking systems and ancillary insurance products to lenders. The companies can be found on the Web at http://www.fldi.com and http://www.westernreliance.com.

TA Associates, a Boston-based private equity and buyout firm, has announced the investment of $50 million in C&S Marketing, a provider of mortgage lending information and technology based in Sacramento, Calif.The investment represents a minority interest in C&S Marketing. "We have established a valuable and unique channel as a 'vendor-neutral' AVM provider, and we aim to become the dominant information portal for the mortgage lending community," said Steve Schroeder, C&S Marketing's chief executive officer. "We believe partnering with TA will help us achieve this goal and maintain our lead in providing customized best-of-breed solutions to our clients." The companies can be found online at http://www.ta.com and http://www.csmarketing.net.

The Real Estate Solutions division of Jacksonville, Fla.-based Fidelity National Financial Inc. has updated its TransactionPoint Suite, a Web-based real estate transaction management platform and ordering system.Transaction Point version 8.7, which includes an updated user interface, enables brokers to enter property data, add clients, create transactions, update activities, order services, upload documents, and share information throughout the life cycle of the real estate process, the company said. The system also helps brokers manage risk by standardizing processes and centralizing documentation. The FNF family of companies can be found on the Web at http://www.fnf.com and http://www.fidelityinfoservices.com.

PMAC, West Covina, Calif., has launched a website that provides information and services aimed at consumers, mortgage brokers, and other groups affiliated with the mortgage banking industry.The company said it has restructured its operations to focus on three key lending areas: wholesale, outsourced, and retail. "PMAC's Wholesale Lending Group is an exciting new venture for us in that we can now offer competitive loan programs," said Jon Magill, president and chief executive officer of PMAC. "Many of these programs are unique to PMAC and offered directly to mortgage brokers and third-party originators." The new website can be found online at http://www.pmac.com.

Roger Gudobba, senior principal for strategic business development at VMP Mortgage Solutions Inc., has been named chairperson of the eMortgage Alliance, replacing Dave Williamson of the Performance Group."Roger is a strong evangelist," said Ty Jenkins, founder and chief executive officer of DocuTech Corp. and a member of the eMortgage Alliance. "He's got the vision. Everything with e-forms, electronic delivery has been his strong point. He's carried that baton for years, and he'll be great for the eMortgage Alliance." Each chairperson holds the title for a single one-year term. The eMortgage Alliance is a consortium of companies that have assembled to promote standards-based electronic mortgage technology, systems, and best practices to encourage the industry to move toward the eventual acceptance of a complete electronic mortgage. The organization can be found on the Web at http://www.emortgagealliance.us.