Mortgage technology

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.

Fiserv, Brookfield, Wis., has reported net income of $95.0 million ($0.48 per share) for the second quarter, up from $78.4 million ($0.40 per share) a year earlier.Fiserv's processing and services revenues came in at $855.9 million for the quarter, a 33% increase over the $643.9 million for the second quarter of 2003. Fiserv can be found on the Web at http://www.fiserv.com.

Ellie Mae Inc., Dublin, Calif., will offer its ePASS users a direct connection to Freddie Mac's Loan Prospector automated underwriting system.Ellie Mae said the connection will provide customers two-way functionality between LP and the originator's desktop through ePASS, which stands for Electronic Pricing and Submission System. Mortgage originators can request and receive an LP assessment and roll that information directly into their loan origination system as part of the integration as well. Ellie Mae can be found on the Web at http://www.elliemae.com.

Innovations in mortgage servicing technology over the past 10 years have been very helpful in keeping families in their homes after a mortgage default, according to a study by Freddie Mac.The study by Freddie Mac deputy chief economist Amy Crews Cutts and Professor Richard Green of George Washington University found that repayment plans and loan modifications are very effective at keeping borrowers in their homes. "We found that repayment plans lower the probability of home loss by 80% among all borrowers and by 68% among low- to moderate-income borrowers," Ms. Cutts said. "In addition, for servicers, foreclosure alternatives cost less than acquiring the actual property, which may carry legal and home repair costs." Freddie Mac said innovations that have proven beneficial for borrowers and servicers alike include automated reporting, remitting, and tracking; automated voice response systems; and servicing tools based on credit scores. The technology has enabled servicing costs to fall "dramatically" in the past 10 years, from an average of $120 per loan in the early 1990s to $79 per loan in 2001, the government-sponsored enterprise said. Freddie Mac can be found online at http://www.freddiemac.com.

Updata Capital Inc., Red Bank, N.J., has released research explaining what is behind the recent increase in merger-and-acquisition activity in the financial technology sector.The investment banking firm, which specializes in M&As for the information technology industry, reported that four factors are contributing to the increase in technology M&As: the improved economy and resulting health of the capital markets, rising IT budgets, the impact of mandated regulatory changes, and lastly, the viability of new technology models to enhance profitability and accelerate sales. The complete Financial Monitor for summer 2004 can be viewed on http://www.updata.com.

Informative Research, a mortgage credit reporting company based in Garden Grove, Calif., has announced the formation of a technology-based partnership with IndyMac Bank.The partnership makes it easier to order credit reports from Informative Research via QuickPricer and e-MITS (electronic mortgage information and transaction system), IndyMac's proprietary online loan prequalification, pricing, and decisioning technology, Informative Research said. "This new functionality allows brokers to order or reissue Informative Research credit reports directly through QuickPricer and e-MITS for faster and more efficient loan processing," said Ondar Tarlow, vice president/director of Mortgage Bank Marketing at IndyMac. "e-MITS allows the user to submit loan application data and receive an online decision and pricing in less than a minute." The companies can be found online at http://www.informativeresearch.com and http://www.indymacb2b.com.

Irvine, Calif.-based Mavent Inc., a provider of automated compliance systems for the financial services industry, has selected AT&T to enhance its networking capabilities.According to Mavent, the three-year contract is valued at $1.4 million. The agreement makes it possible for Mavent to provide customers with around-the-clock service, security, monitoring, and automatic routing of data and other information, the company said. Mavent's automated compliance system is a rules-based application that provides the residential mortgage industry with consumer credit information, enabling lenders and investors to comply with federal, state, and local consumer lending laws, rules, and regulations. The AT&T solution also includes frame relay service and Business Internet Access Service for Mavent's headquarters. Mavent can be found on the Web at http://www.mavent.com.

Del Mar Database, San Diego, has released DocumentTrac, an electronic document management system that is integrated with DataTrac, the firm's automated back-office processing system.DocumentTrac makes it possible for lenders to electronically image, archive, retrieve, and distribute all paper documents associated with a loan file to an investor or other party, the company said. Through DocumentTrac, originators (including loan officers and brokers) can electronically submit documents associated with a loan file via fax, scanner, file upload, or print functions. Del Mar can be found on the Web at http://www.delmardb.com.

Countrywide Home Loans Inc., Calabasas, Calif., and previewproperties.com have announced the formation of propertymortgage.com as an operating unit of Countrywide Mortgage Ventures LLC.The companies said the joint venture will enable buyers and sellers of homes to gain access to more than 130 loan programs while simplifying the buying or selling process. Customers of previewproperties.com who choose home financing through propertymortgage.com will derive various benefits, including: a consultant who works closely with a previewproperties.com Realtor to develop personalized financing options; streamlined loan applications for borrowers with excellent credit; extended rate locks; and Streamlined UpFront Approval if there has been no change in the borrower's financial condition, and subject to a satisfactory property review. The companies can be found online at http://www.countrywide.com, http://www.previewproperties.com, and http://www.propertymortgage.com.