Mortgage technology

First Line Data Inc., Boulder, Colo., has announced the launch of its exclusive Alert! Summary and Firstline Score on the company's Broker Verification Review reports.The enhancements provide wholesale mortgage lenders the decision-support information needed to more quickly determine the approval of a third-party originator, the company said. Alert! messages are for material discrepancies between submitted information and records found or any derogatory information found within a BVR report. An Alert! summary is also provided on the front page, along with the Firstline Score&trade, which uses a risk-based scoring model that calculates the combined weighted average of all Alerts found in the report. "A First Line Data BVR report in a file will quickly demonstrate to a third party the procedures employed in determining the initial approval of a business partner," said Nancy Cowley, senior account executive at First Line. "Our reports provide clear evidence of a sound due-diligence process." First Line can be found online at http://www.firstlinedata.com.

Laguna Hills, Calif.-based QuestSoft, a provider of Home Mortgage Disclosure Act and Community Reinvestment Act compliance systems and geocoding services for lenders, has announced the release of Instant Geocoder 1.8 Plus.Instant Geocoder uses census tract demographic information to help lenders and brokers determine a potential loan's HMDA and CRA compliance value and marketability before issuing a loan quote, QuestSoft said. Instant Geocoder 1.8 includes the most recent postal and census data along with new search and cross-reference features. The software enables users to cross-reference cities with corresponding ZIP codes even in the event of a misspelling or incorrect ZIP code entry, the company said. Instant Geocoder is available in both Windows-based and Extensible Markup Language-based versions and uses the same data set for both products. QuestSoft has also enhanced the census demographic data available with the latest version. QuestSoft can be found on the Web at http://www.questsoft.com.

Hyland Software Inc., Westlake, Ohio, and New York-based Bisys have formed a strategic alliance, positioning Hyland's OnBase as one of Bisys's preferred enterprise content management systems.OnBase helps Bisys client banks electronically capture, store, and manage documents, including application files, reports, forms, and statements. Its integration with Bisys's core processing, loan origination, and CRM systems allows financial institutions to share information electronically across the enterprise. Hyland can be found on the Web at http://www.onbase.com, and Bisys, a provider of outsourcing systems for the financial services sector, can be found at http://www.bisys.com.

Houston-based Credit Union Acceptance Corp. has implemented APPRO Systems Inc.'s automated decisioning system, LoanCenter Consumer.The application and decisioning process was completely manual before using this application, CUAC said. Dealers were required to fax in applications, which were manually entered and decisioned. CUAC said it worked with seven credit unions in the Houston area before implementation of the new system and funded approximately 50 loans per month. Now it works with 60 credit unions in eight states and funds more than 3,500 loans per month, the company reported. Approximately 88% of applications submitted to CUAC in 2004 were input via the new application. CUAC can be found on the Web at http://www.cuac.net, and APPRO can be found at http://www.approsystems.com.

American Capital Strategies Ltd. has entered into an agreement to act as an equity partner and majority shareholder of eLynx Ltd., a Cincinnati-based provider of secure electronic document delivery services to the mortgage industry.According to the agreement, eLynx will retain its name, corporate identity, and current staff and continue to operate from its Cincinnati headquarters. "This partnership provides eLynx with the financial strength and business resources to broaden our service offerings and continue our growth," said Phil Huff, chief executive officer and co-founder of eLynx. According to ACS managing director Robert Klein, the company will "work with eLynx so that it has the resources to develop products and services in advance of customer needs." eLynx can be found on the Web at http://www.elynx.com.

Entyre, a provider of Web-based mortgage closing systems, and LandAmerica OneStop, a provider of Web-based real estate transaction services, have announced a partnership under which they will create a "dynamic HUD" form for mortgage closings.Under the partnership, Moon Township, Pa.-based LandAmerica will integrate its closing applications with the eMortgage-X4 system of Ann Arbor, Mich.-based Entyre to create the HUD form. For the first time, all the information needed for a final HUD form (required for mortgage closings) will reside in one system, eliminating the need for duplicate data entry and labor-intensive post-closing reviews, the companies said. The dynamic HUD form "will allow us to streamline our mortgage closing process, and we anticipate that the cost savings that will be realized for large mortgage lenders and others will be significant," said Brandon Barnett of LandAmerica OneStop. The companies can be found online at http://www.entyre.com and http://www.landam.com.

Livonia, Mich.-based Dynatek Inc. has executed its one millionth transaction using the MORvision Plug-In Partner Network.A live countdown had been available on the company's customer website, where MORvision users were invited to participate in the milestone. The MORvision Plug-In Partner Network has grown substantially since its inception in February 2000. The company currently records an average of 84,000 Plug-In transactions per month. Many Plug-Ins have experienced even higher growth rates, such as First American's Flood Plug-In, which grew by 360% between January and October of this year, for example.

Option One Mortgage Corp., Irvine, Calif., and ValuAmerica, Pittsburgh, have announced an agreement to develop a new vendor management company in Tampa, Fla.The new company, a wholly owned subsidiary of Option One, is named AcuLink Mortgage Solutions LLC. It will initially provide settlement services, including title and closing services, to H&R Block Mortgage Corp., an Option One subsidiary that originates residential mortgage loans directly to consumers nationwide. During a pilot test of the new program, title commitments were delivered in an average of two days, title conditions were cleared in another two days, and final title policies were received within two days of funding, the companies said. ValuAmerica, a provider of settlement services and vendor management technology, will develop work processes and provide turnkey recruiting, training, licensing and other consulting services. Option One can be found online at http://www.optiononemortgage.com.

Wolters Kluwer Corporate & Financial Services, Amsterdam, has reported the acquisition of PCi Corp., a Boston-based provider of lending compliance systems, for an undisclosed amount.The Netherlands-based Wolters Kluwer Corporate & Financial, a division of Wolters Kluwer NV, said the acquisition expands the line of compliance systems offered by its subsidiary Bankers Systems Inc. and Bankers Systems' subsidiary, VMP Mortgage Solutions Inc. PCi Corp. will continue to operate in Boston, as a subsidiary of Bankers Systems. PCi's systems relate to fair-lending laws, the Community Reinvestment Act, the Home Mortgage Disclosure Act, and flood hazard determination, among other things. "The focus on Fair Lending, CRA, HMDA, and predatory-lending compliance is increasing, and failure to deal with the issues can result in stiff fines and penalties," said Bob White, president and chief executive officer of Bankers Systems and Wolters Kluwer Financial Services. "PCi Corp. understands these complex compliance issues better than any provider in the industry." The companies can be found online at http://www.wolterskluwer.com, http://www.bankerssystems.com, and http://www.pciwiz.com.

Meanwhile, panelists at the Mortgage EC Conference in Las Vegas discussed what they see as the next wave of mortgage technology.A spokesman from Nexstar Financial Corp. said paperless loan folders, Web services, and rules-based processing are the new buzzwords in mortgage technology for 2005. A representative of Fannie Mae's electronic business division offered another perspective. "There's increased emphasis on the back end of the process, workflow, and the need to eliminate re-keying," said Andreas Suma, senior manager for technology sales and consulting in Fannie's eBusiness division. "Also, new engines based on individual lender rules that go across the enterprise are what lenders are looking for." Another panelist said 25% of lenders are in the market for a new loan origination system, a situation that was deemed likely to advance new technologies like service-oriented architecture, the Mortgage Industry Standards Maintenance Organization, and the realization of a complete electronic mortgage.

Internet lenders need to adopt new consumer-friendly policies to capitalize on the new online borrower, a keynote speaker told the 6th Annual Mortgage EC Conference Dec. 7 in Las Vegas.Catherine Muriel, chief marketing officer at E-Loan, noted that the average person spends 12.5 hours a week on the Internet and that 80% of Internet users have been on the Net for over three years. In order to attract this consumer, Ms. Muriel argued that online lenders have to provide a more detailed pre-approval letter that actually means the consumer is pre-approved, communicate more often with the consumer, and provide each consumer with a personal loan adviser for the entire lifecycle of the loan. In addition, they should give the consumer real closing fees that don't change, and keep the scheduled closing date without any adjustments, she said. "The Internet has settled and is no longer a gamble," Ms. Muriel concluded. "It's a great time to be an online lender."

"Leverage technology to improve the customer experience, not just the back-office." That was the message ABN Amro executive vice president William Newman gave attendees in his keynote address at the Sixth Annual Mortgage EC Conference in Las Vegas."We spend too much time managing the business that comes through the door and spend too little effort and money acquiring new clients and improving their experience," Mr. Newman said. Though ABN Amro and its Mortgage.com division have led the way in offering one-fee mortgages and monitoring the consumer experience, he said that message applies to his company as well.

Jackson & Associates Inc., an Orange County, Calif.-based law firm, has announced that it will replace its OnDemand case management platform with Symphony, which it calls "the first comprehensive solution" for real-estate-owned legal process management.Now in the final phase of beta-testing, Symphony provides full management capabilities for evictions, post-foreclosure bankruptcy matters, and litigation, as well as enterprise-level resources for broker management, cash-for-keys/cash-for-trash offer management, and attorney/broker grading, the law firm said. "The legal matters that arise in the REO industry are complex, and there has been a need for a more cohesive and comprehensive approach to managing the entire process," said Robert Jackson, president and senior managing attorney of the law firm, which provides legal services and legal process management to the REO industry. " .... As much as 40% of an REO asset portfolio can be tied up in possession-related matters, and simple workflow and tracking systems don't go far enough in delivering the complete solution that's needed."

Mortgage Benefits Corp., Redwood City, Calif., has announced an agreement with eAppraiseIT LLC to offer discounted fees on property appraisal services to members of MBC's MortgageChoice Plan group mortgage benefit.MBC said benefits will include discounted fees, guaranteed cash credits toward nonrecurring closing costs, a choice of loan products from over 100 wholesale lenders, a self-service Web portal, a searchable agent database, a help center, and consumer protection. "Plan members will receive substantial savings, and The Mortgage PPO providers will benefit from unique products and standardization throughout the network to achieve better service levels," said Marsha Tiller, MBC's founder and president. The companies can be found online at http://www.mortgageplans.com and http://www.eappraiseit.com.

Fidelity National Financial Inc., Jacksonville, Fla., has announced a partnership between its LSI Credit Services division and Impac Lending Group to allow LSI's mortgage credit reports to be seamlessly ordered or re-issued through ILG's automated lending system.The Impac Direct Access System for Lending enables brokers to import applicant information directly from various loan origination systems or to enter the information manually into an electronic 1003 form, Fidelity said. Users can select LSI as the credit vendor and order credit reports that will download directly to the system. LSI will provide users of the Impac system with a Three-in-One Credit Report that incorporates data from the nation's three credit bureaus, Fidelity said.

Washington, D.C.-based iComply Inc. has announced the introduction of version 2.0 of iComply, which it terms a next-generation online mortgage compliance subscription service.Version 2.0 adds new navigation, more convenient tools, and a 10,000-document library, according to iComply, an affiliate of Lotstein Buckman LLP, a Washington-based law firm that serves the mortgage industry. Users of the system log in to a "dashboard" that contains the latest news, a continually updated log of the latest changes to iComply, and notes that can be shared among team members, the company said. It also facilitates direct contact with the iComply support team. The new 10,000-document library provides integrated, direct access to laws and regulations from every state, iComply said. Lotstein Buckman can be found online at http://www.lotsteinbuckman.com.

LendingTree Inc., Charlotte, N.C., has announced the acquisition of iNest, a referral network based in Bloomingdale, Ill., that specializes in serving builders and buyers of newly constructed homes.The terms of the deal were not disclosed. LendingTree said iNest will remain an independent brand, but that its services will be integrated over time into RealEstate.com, an operating business of the online lending and real estate exchange. Through its patented Featured Builder program, iNest provides a directory of more than 500 builders and over 8,000 new-home communities in 20 states, LendingTree said. "Consumers who purchase a home from one of the company's featured builders are able to use iNest's cash-back coupon to receive a 1% rebate on the base price of the home," LendingTree said. The companies can be found online at http://www.lendingtree.com and http://www.internest.com.

Dexma and Prime Alliance Solutions have announced the creation of Prime Alliance Services Co., citing an effort to deliver loan fulfillment coordinated with other mortgage services.Prime Alliance is a partnership between Boeing Employees' Credit Union and Dexma that originates roughly $2 billion in loan volume a month -- about the same volume as a top-15 retail lender -- for affiliated credit unions. By guaranteeing volume for a preferred network of service providers such as credit, appraisal, flood, and title companies, Prime Alliance Services offers to negotiate favorable rates and bundle services on behalf of affiliated credit unions, creating savings the CUs can pass along to their members. The companies said the new entity has already negotiated contracts with several providers, including First Lenders Data and Automated Collateral Solutions. Minneapolis-based Dexma can be found on the Web at http://www.dexma.com.

Fair Isaac Corp., Minneapolis, has announced that its Enterprise Decision Manager system is available for use as a foundation for developing a customizable automated underwriting solution for mortgage bankers of all sizes.The system enables mortgage lenders to standardize lending decision management and strategy refinement across originations and secondary-marketing initiatives, including point-of-sale marketing decisions, cross-sell and up-sell offers, score-based processing, best-fit product selection, risk-based pricing, and best execution. Fair Isaac said the system features a decision engine that can incorporate credit, collateral, and fraud decisions to properly underwrite against multiple investor guidelines while accelerating lending processing cycles. The decision engine's open platform generates decisions based on a multitude of available internal and external data sources, including seamless interaction with e-commerce credit and mortgage banking exchange networks. Fair Isaac can be found on the Web at http://www.fairisaac.com/mba.

Fiserv Integrated Loan Services, Rocky Hill, Conn., has announced the formation of a valuation services division through the merger of its own valuation services with those of two other Fiserv companies: Case Shiller Weiss and Lenders Financial Services.The division, ILS Valuation Services, will be managed by Walter Morgan, who will be the organization's executive vice president. CSW, based in Cambridge, Mass., is a developer of home price indices and of CASA, an automated valuation model and collateral scoring system. LFS, based in Agoura Hills, Calif., is a provider of broker price opinions, fee appraisals, title services, property inspections, and related services. Fiserv Integrated Loan Services is a unit of Fiserv Lending Solutions. Fiserv can be found on the Web at http://www.fiserv.com.