Mortgage technology

In a decision rendered by U.S. District Judge Susan Illstion, Calyx Software, San Jose, Calif., has been given the OK to file a second amended complaint against Dublin, Calif.-based Ellie Mae alleging copyright infringement and unfair competition.According to Calyx, the amended complaint elaborates on its claim that Ellie Mae deliberately copied Calyx's Point product when creating screens for its Encompass program in an attempt to attract Calyx users. The amended complaint also accuses Ellie Mae of unfair advertising in marketing its Encompass offering. The court said that Calyx "had sufficiently pled that the screen displays in its software had acquired distinctiveness and that Calyx had sufficiently met the distinctiveness requirement for a trade dress cause of action." Calyx started the suit back in May when it alleged that Ellie Mae had perpetrated copyright infringement, false designation of origin, and violations of the California Unfair Competition laws. The case was filed in the Northern District of California. Ellie Mae could not be reached for comment by MortgageWire's deadline.

Clear Capital, Truckee, Calif., has released a new valuation tool that combines a property inspection with an automated valuation model score.The product allows for supportable human adjustments to an AVM value conclusion for a more refined and confident value outcome, the company said. The property inspection component is designed to answer six questions about a property in comparison with others in the neighborhood, including: the condition of the roof; the condition of the paint/siding; the condition of the landscaping; the quality of the view; the functional utility of the lot; and the lot location. The report also includes verification if the subject resides in a ZIP code that falls within an area declared a disaster area by the Federal Emergency Management Agency, additional narrative information on the subject property, and two photos of the subject. Clear Capital can be found on the Web at http://www.clearcapital.com.

First Franklin Financial Corp., San Jose, Calif., has built and implemented the first major operating components of its integrated origination network, named ION.Designed to offer a scalable solution for growing technology needs, ION will allow First Franklin to centralize all mortgage data and standardize the way that its systems retrieve, manage, filter, and secure data across the company's integrated applications, the company said. ION is designed to give the user access to First Franklin's primary applications: the automated underwriting, loan origination, and customer relationship management systems. First Franklin can be found on the Web at http://www.ff.com.

MRG Document Technologies, Scottsdale, Ariz., has formed a strategic partnership with Imagine Solutions, Dallas, designed to further automate the post-closing process.The new partnership will allow intelligent bar coding and enhanced data sets provided by Imagine technology to be incorporated into MRG's loan documents. In the end, the goal is to use this functionality to automate the post-closing process for users, who also have the ability to customize the product for their own purposes. MRG can be found on the Web at http://www.mrgdocs.com.

Cenlar FSB, the nation's third-largest subservicer of mortgage loans, will use Fiserv's technology to support home equity lines of credit.Cenlar, of Ewing, N.J., has selected the MortgageServ loan servicing platform to manage HELOCs, Fiserv said. Last month, Cenlar said the addition of line-of-credit subservicing to its service offering was driven by increased demand for open-end products and growth opportunities for HELOC lending in a rising rate environment. Cenlar senior vice president George Schwartz said MortgageServ supports "the ability to preserve multiple brand identities." Fiserv, headquartered in Brookfield, Wis., can be found on the Web at http://www.fiserv.com.

Wilmington, Del.-based TransUnion Settlement Solutions, a subsidiary of global information solutions company TransUnion, has acquired AccuPost Corp., a Denver-based technology and outsource services provider of post-closing solutions.The terms of the deal were not disclosed. The acquisition allows TransUnion to expand its post-closing services by leveraging AccuPost's platform to deliver mortgage assignment and release processing, document retrieval, portfolio due diligence, document imaging, and government insuring services, according to TransUnion. The acquisition is also said to address the current post-closing needs of subprime, direct, and wholesale lenders whose large broker networks create challenges for lenders and trustees trying to maintain a chain of title by combining the product offerings of both companies. TransUnion can be found on the Web at http://www.transunion.com.

Document Processing Systems Inc., Novi, Mich., is touting the implementation of what it terms the first fully paperless, electronic mortgage closing, using the patent-pending DPS eMortgage Studio system.The DPS eMortgage Studio was used by all parties -- the lender, the document the provider, the title company, the settlement agent, the notary, and the borrower -- to electronically create, execute, register, and store all documents for the settlement. "This process represents a giant leap forward in the way mortgage loans are settled," said DPS president Paul Rakowicz. The loan was originated by a DPS partner, 1st Advantage Mortgage LLC of Chicago. Immediately after the borrower, the notary, and the settlement agent electronically signed the documents, 1st Advantage registered the loan on the MERS eRegistry, making it immediately available on the secondary market. Because of the registration, the loan is the first truly uniform electronic note that can be bought and sold on the secondary mortgage market, DPS said. The company can be found on the Web at http://www.directdocs.com.

PCi Corp., Boston, has released what it is calling the HMDA Wiz, an enterprise system for lenders who need to achieve compliance with the Home Mortgage Disclosure Act.Recent amendments to HMDA's Regulation C require lenders to report significantly more client information than ever before. To simplify this process, HMDA Wiz automates the compliance process from beginning to end. Among other things, PCi said, the product identifies and collects accurate HMDA data from disparate loan origination systems; automates the distribution of editing and clean-up responsibilities; pinpoints the most precise geocodes available; analyzes business and market trends; accesses in-depth analysis on data; and determines the origin of inaccurate data to develop future procedural improvements. PCi can be found on the Web at http://www.pciwiz.com.

Portland, Ore.-based SwiftView Inc. and Dynatek Inc., Livonia, Mich., have formed a strategic alliance designed to make paperless loan processing with a fully integrated, Web-based document delivery system available to the mortgage industry.Dynatek's MORvision loan origination software now features a plug-in that gives its customers direct access to SwiftView's SwiftSend Web-based service from within MORvision. The plug-in makes it possible for customers to electronically deliver confidential loan documents to title companies, attorneys, or any recipient with an Internet-connected computer. The companies can be found on the Web at http://www.swiftsend.com and http://www.dynatek.com.

Reveleus Mortgage Analytics, New York, will be deployed at CitiMortgage and CitiFinancial Mortgage Lending businesses to deliver cross-functional analytics across its credit and marketing functions.As part of the enterprise-wide solution, Reveleus will implement its Mortgage Credit Risk and Mortgage Marketing Analytics. As a result, Citi users will now be able to access information and analysis relating to the whole lifecycle of customer activity by consolidating data across originations, account maintenance and collections. This product will allow Citi to integrate marketing and credit risk analysis, which can then be applied in targeted campaigns based on improved risk-enabled customer segment information.

Mortgage Benefits Corp., a Redwood City, Calif., firm that offers a turnkey solution for employers to offer mortgages as part of an employee benefit package, has signed agreements with four benefits brokers to offer the MortgageChoice Plan to their clients.The four companies are BB&H Benefit Designs, Benefits Solutions Co., Westland Insurance Brokers and WorldWide Financial Group. Marsha Tiller, president of MBC said, "Our agreements with these benefits brokers allow us to extend our client reach nationwide and provide almost immediate implementation. The positive reception to the MortgageChoice Plan by benefits brokers indicates a demand in the marketplace for high-impact, voluntary employee benefit products and our group mortgage plan fits that profile."

Epitome Systems, Wayne, Pa., has released a new group of enterprise productivity management products for the mortgage industry.The products stemmed from an initiative to automate the global processing environment at GMAC Commercial Holdings, Epitome said. Epitome's Enterprise Productivity Management Mortgage system brings to market a technology application that provides a set of platforms for content acquisition, integrated processes, and business visibility, according to the company. Specifically, it offers a proprietary, end-to-end solution that incorporates many features such as workflow, document, and content management, collaboration, business process management, and more. Epitome can be found on the Web at http://www.epitomesystems.com.

Stewart Mortgage Information, Houston, has announced the introduction of a digital photograph product on its ValuLogix automated valuation model platform.The product, Subject Property Photo, enables digital photographs to be delivered to a lender within 24 hours along with a written inspection indicating the property condition and occupancy status of a subject property, SMI said. It is also available as a standalone product for use in servicing or the foreclosure process. "By providing visual evidence, SMI provides an additional level of confidence for lenders currently using AVMs to speed up their closing process," said Kevin Gugenheim, SMI's president and chief operating officer. SMI's ValuLogix platform allows a customer to use various AVM models based on customer-defined loan and underwriting criteria. The company can be found online at http://smi.stewart.com.

MERS has reported the registration of the first electronic promissory note on the MERS eRegistry.The MERS registration, by 1st Advantage Mortgage LLC on July 23, makes the eNote "the first truly uniform electronic note that can be bought and sold on the secondary mortgage market," MERS said. It ensures that only 1st Advantage is recognized as the owner, and offers investors confidence that they can gain the benefits of buying the eNote while maintaining "holder in due course" status. "This technological advancement will dramatically change the way we do business," said Paul Lueken, president of 1st Advantage. ".... Electronic closing packages will allow us to be more efficient in getting closing documents to the title companies, and the cost of copying and shipping loan documents will be eliminated." The eNote and the closing documents were electronically signed at a standard settlement conference in the offices of Chicago Title, and the electronic closing was accomplished using patent-pending technology developed by Document Processing Systems of Novi, Mich., MERS said.

The Department of Housing and Urban Development has awarded EDS Corp. a contract valued at up to $750 million to provide HUD with its information technology infrastructure.Under the contract, dubbed HITS for HUD Information Technology Systems, EDS will be responsible for furnishing personnel, hardware and software, telecommunications, facilities, and services necessary to deliver HUD's basic IT functions at more than 80 HUD offices around the country. The contract has a base period of four months followed by nine option years.

The National Conference of Commissioners on Uniform State Laws has approved model legislation that would give county clerks and recorders the legal authority to prepare for electronic recording of real property records.The act, called the Uniform Real Property Electronic Recording Act, could create legislation that would authorize officials to begin accepting and storing records in electronic format. However, many state laws still require recorded real documents. This act would supersede those laws if it were made a law. Nonetheless, other legislation to establish the standard document format, the authority to record such forms, and the authority to fix fees for electronic recording and to collect those fees would have to be settled in order for electronic recording to become more widespread.

Residential jumbo lender No Red Tape, Sherman Oaks, Calif., has released technology to speed up the pre-approval submission process for jumbo loans.The new service, which NRT is offering at no charge to its national broker network, is designed to streamline and simplify the submission process by not requiring any original documentation upon submission and, instead, accepting faxed copies to garner an underwriting decision. NRT staff will take the broker through the process to reduce the chance that a loan will be declined based on incomplete data or insufficient loan packaging. The entire file can be faxed into Blitzdocs, No Red Tape's online imaging system created and distributed by Alpharetta, Ga.-based Advectis, to make it possible to convert the paper to an electronic file. NRT can be found on the Web at http://www.noredtape.com.

GMAC Mortgage Corp., Horsham, Pa., has upped its third-party servicing functionality by adding business intelligence software to its Web offering.This new function will make it possible for GMAC clients to receive loan-level reporting information, portfolio analysis, and performance management via the Internet. According to GMAC, the new data will help owners and investors keep close watch on their portfolios, thereby enabling them to make key management decisions that may be time-sensitive. GMAC can be found on the web at http://www.gmacmortgage.com.

Appintell Inc., St. Louis, has expanded its strategic partnership with Dublin, Calif.-based Ellie Mae.As part of the agreement, Appintell compliance offerings within Ellie Mae's ePASS Web transaction portal will be accessible to users that have Genesis 2000, Contour, Encompass, and other loan origination systems. These users will now have a direct interface with AppIntell's High Cost Loan Filter and PredProtect anti-predatory-lending compliance solutions through ePASS (Electronic Pricing and Submission System). To access HCL and PredProtect, users will use links in the ePASS additional vendor services section. The Appintell solutions provide full annual-percentage-rate and points/fees threshold calculations, plus additional jurisdiction-specific tests to determine compliance with applicable laws. Appintell can be found on the Web at http://www.appintell.com.

LoanPerformance, San Francisco, has released version 1.0 of its TrueStandings Securities risk mitigation product.The new release provides scalable, real-time, Web access to what the company touts as the largest repository of loan-level information on the U.S. mortgage securities market. TrueStandings Securities also features an enhanced interface to create customized analyses and reports. LoanPerformance can be found on the Web at http://www.loanperformance.com.