Mortgage technology

Shawn McGowan has been named president and chief executive officer of Valocity, a Memphis-based provider of valuation systems.Mr. McGowan was most recently head of research, analysis, and implementation of strategic initiatives for eAppraiseIT, Valocity said. He is also a former senior vice president of residential appraisal operations for Strategic Mortgage Services and First American Appraisal Services. Mr. McGowan is a past chairman of the Industry Advisory Council for The Appraisal Foundation. Valocity, formerly Appraisal Forum, can be found on the Web at http://www.valocity.com.

SwiftView Inc., Portland, Ore., has entered into an agreement with Delphi Information Sciences Corp. to offer its SwiftSend LoanDocs Web-based electronic document delivery service to customers of Delphi's Discovery mortgage banking software.Discovery customers will now have the ability to electronically deliver confidential documents in an encrypted environment, SwiftView said. Delphi provides computer systems and services to the mortgage lending industry. SwiftView can be found on the Web at http:// visit http://www.swiftsend.com.

MERS, Vienna, Va., has announced the launch of the MERS eRegistry, an electronic system for recording the owner and custodian of registered e-notes that the company termed a "significant step" toward an all-electronic mortgage.The system was created in response to certain safe-harbor requirements imposed by the Uniform Electronic Transactions Act and the Electronic Signatures in Global and National Commerce Act. "A major component of the e-mortgage puzzle is now available and ready for use, ahead of the market," said R. K. Arnold, president and chief executive officer of MERS. "Although it will take many years for the industry to fully adopt this system, it will become widely used because the marketplace is demanding a move towards less paper in the homebuying process." MERS said the Mortgage Bankers Association sanctioned the creation of a national e-note registry system last summer and endorsed MERS as the builder and provider of the system. MERS can be found on the Internet at http://www.mersinc.org.

Ann Arbor, Mich.-based Entyre Inc has launched it’s Web-based X4 Wholesale Lending System, an ASP-based closing system that gives lenders control of who “touches” their loans, and what those participants are allowed to do.The technology was designed to give Wholesale Lenders more control over the closing process. A company spokesman said that Entyre is in the middle of three major implementations of the X4 Wholesale Lending System, including a top 20 lender, which is expected to be formally announced in early May. Entyre prepares loan closing documents for brokers, bankers and correspondent lenders and investors. The company can be found on the Web at http://www.entyre.com.

Vienna, Va.-based VirPack has announced an agreement with Countrywide to enable correspondents to make imaged delivery of loans to Countrywide possible.The partnership is expected to reduce costs and cycle times, as well as improve the loan purchasing process. Using VirPack Direct, which conforms to Countrywide's image loan delivery specification, Countrywide correspondents will be able to retrieve loans identified for delivery to Countrywide and electronically deliver entire imaged loan files in a secure fashion to expedite purchase review. Virpack Direct, an electronic delivery tool, is offered free to VirPack customers. The tool is integrated with VirPack's scan capture and electronic document management systems and allows users to capture only those loans they wish to deliver to Countrywide, or fully take advantage of VirPack's imaging and document management capabilities to enhance their back-shop processes.

Digital Docs, Dallas, launched an interactive HUD-1 solution with an embedded e-sign feature at the MBA's Secondary Market Conference and Expo in Washington, D.C.The product has the ability to interface with an originator's loan origination system to reflect last-minute changes in a loan. It also interfaces directly with Digital Docs Direct, a Web-based loan document delivery system to transmit HUD-1 changes into the closing doc. In addition, a high-cost loan and predatory calculation is embedded in the product.

Fannie Mae will continue to convert its existing technology to a completely Web-based platform in an effort to upgrade its old DOS-based technology, Mortgage Wire learned at the MBA's Secondary Market Conference and Expo in Washington, D.C.Fannie Mae began the process in 2002 with the release of an electronic committing application. Going forward, Fannie Mae will test delivery technology products and servicing technology products on a Web-based platform. At present, Fannie Mae has repositioned its cash remittance product on the Web. This application is expected be available in the month of June to those clients that want to transition. Rollout dates for the larger milestones within this technology initiative were not disclosed. However, Fannie did say that no major technology announcements are expected this year.

Framework Inc., Tarrytown, N.Y., has upgraded LendWare Workflow, its Web-based software service component that supports the configuration, management, and automation of business tasks, XML-based integrations, and fulfillment processes.Specifically, LendWare Workflow 3.0 is an effort to align Framework's existing workflow technology with the standards defined by the Workflow Management Coalition, a nonprofit international organization of workflow vendors, users, analysts, and university research groups that defines standards for workflow terminology, process definition, and workflow engine interoperability. WMC engine interoperability standards enable the sharing of both configuration and run-time information between different workflow engines. Framework can be found on the Web at http://www.lendware.com.

Concord, Calif.-based Online Documents Inc., a subsidiary of Stewart Mortgage Information, and Lenders One, a mortgage banking cooperative headquartered in St. Louis, have formed a marketing alliance to provide mortgage document services for Lenders One co-op members.Through the marketing alliance with Lenders One, Online Documents has agreed to provide mortgage document services to every Lenders One member at a single price. Lenders One is an alliance of mortgage originators organized as a cooperative. Online Documents, which provides compliant mortgage documents and related services to lenders, can be found on the Web at http://www.onlinedocuments.com.

DeepGreen Financial, a Cleveland-based home equity lender, has announced the hiring of mortgage industry veteran James L. Gear Jr. as national sales director.Mr. Gear has more than 25 years of industry experience in sales, secondary marketing, technology, and mortgage insurance, the company said, including positions at Amerin Guaranty, Loantrader.com, IMX, Bear Stearns Mortgage Capital, and MGIC. The company also announced the following promotions: Jeff Bell to the new position of chief information officer; Michael Moore to director of business & product development; and Felipe Obando to director of marketing. In addition, David Hadley, DeepGreen's chief technology officer, will take on added responsibilities in the areas of strategic planning, mergers and acquisitions, and special projects. DeepGreen can be found online at http://www.deepgreenfinancial.com.

Decade Systems Corp., Jacksonville, Fla., has formed a strategic partnership with Ellie Mae Inc., Dublin, Calif., whereby Decade will act as Ellie Mae's preferred integration provider and a reseller of Ellie Mae's ClickLoan technology.As the preferred integration provider, Decade will provide integration solutions to Ellie Mae's clients that have a need to integrate Ellie Mae's Encompass and ePASS products to other mortgage technology systems, such as loan origination, core banking, secondary marketing, and servicing products. In addition, Decade's Total Enterprise Data Integration product has been integrated directly into Ellie Mae's universal loan origination system connector, ClickLoan. Ellie Mae, a provider of desktop and Web-enabled mortgage industry productivity technology, can be found on the Web at http://www.elliemae.com. Decade Systems, a provider of systems integration technology for the industry, can be found at http://www.decadesystems.com.

ComplianceEase, a division of San Francisco-based LogicEase Solutions Inc., has released PredatorAnalyzer AssureCert, which the company is calling "the industry's first fully-warranted automated compliance solution."Specifically, the product is designed to enable originators to comply with high-cost and anti-predatory lending legislation and protect against violations. The company will combine the new offering with its existing PredatorAnalyzer product. The combined product is backed by an A.M. Best-rated A++ insurer and covers losses due to fines, penalties, judgments, and secondary-market transaction losses due to compliance defects. The product is available for loan-level protection of up to $300,000 with a coverage period of five years. ComplianceEase can be found on the Web at http://www.complianceease.com.

Danvers Savings Bank, Danvers, Mass., has signed up to employ Lake Mary, Fla.-based Fiserv Lending Solutions' easyLender LOS product.Danvers Savings is an $875 million mutual savings bank that serves the northeastern metropolitan Boston area via its 12 locations in three counties. Danvers Savings says it plans to use the easyLender Mortgage and easyLender Consumer/Commercial software products to automate all aspects of its mortgage, home equity, consumer, and commercial lending operations. Fiserv Lending Solutions, a unit of financial software provider Fiserv Inc., can be found on the Web at http://www.fiservlendingsolutions.com.

Credit Plus Inc., a credit information services company based in Salisbury, Md., has partnered with Document Systems Inc., Carson, Calif., in what amounts to a cross-marketing arrangement.Under the agreement, DSI -- a developer of software, tools, and Web-based systems for the production of compliant loan document packages -- will list Credit Plus as its preferred provider of credit information for its LoanMagic software. On the other side of the coin, Credit Plus has agreed to help market and distribute DSI's loan presentation system. Credit Plus can be found on the Web at http://www.creditplus.com, and DSI can be found at http://www.docmagic.com.

Just Valuation Inc., Altamonte Springs, Fla., and FNC Inc., Oxford, Miss., have announced a strategic alliance that will make JVI's residential appraisal and inspection services available through FNC's CMS collateral information management system.FNC's CMS is an origination decisioning system. JVI itself uses the CMS to manage appraisal and inspection orders, tracking, and delivery among its network of vendors. Through the alliance, other FNC CMS clients will be able to use their systems to order services from JVI. JVI (the majority partner of Southeast Alliance) has more than five years' experience as a management and marketing contractor for the Department of Housing and Urban Development's real-estate-owned inventory for Florida, Puerto Rico, and the U.S. Virgin Islands, as well as HUD REO appraisal oversight for 24 additional states. FNC is a collateral information management company that speeds loan decisions by converting paper to data. It can be found on the Web at http://www.fncinc.com.

BCE Emergis plans to downsize its Greensboro, N.C., office by this October, but denies reports it will exit the U.S. by the end of the year, MortgageWire has learned."We've announced to our employees in the Greensboro office that we are in the process of evaluating our invoicing product to leverage it as part of a broader payment solution," said Mark Boutet, vice president of communications at BCE. "As such, we're in the process of centralizing some development functions out of Montreal [BCE's corporate headquarters], where we have a core team of developers. We expect to accomplish this goal over a transition period bringing us up to October of '04." The number of people to be laid off was not disclosed as of MW's deadline. BCE said it plans to retain a Greensboro presence beyond October, but on a smaller scale. However, a credible industry source said BCE is expected to exit the U.S. market, perhaps as early as the close of this year. Nonetheless, BCE operates two other offices in the U.S., a sales office in Denver and an office in McLean, Va., where the company runs its e-lending product, which will both remain at full capacity in preparation for the commercial rollout of the company's e-lending product this May. "We are absolutely committed to the e-lending market in the U.S. and have approximately 70 employees in the McLean office," said Mr. Boutet. BCE's products enable lenders to make electronic transactions involving claims, loans, and payment processing. The company can be found on the Web at http://www.emergis.com.

BridgeSpan Inc., Frisco, Texas, has announced that the San Jose Division of the U.S. Bankruptcy Court for the Northern District of California has approved bidding procedures for the company's sale of assets.In an Order Establishing Bidding Procedures, Authorizing Termination Fee and Setting Dates, Deadlines for Hearing on Chapter 11 Plan Disclosure Statement, the court set April 14 as the deadline for submitting alternative proposals for the stock of BridgeSpan or its assets. Prospective bidders may receive a copy of the order and additional information by contacting Penn Ayers Butler of Brooks & Raub, the company's reorganization counsel, at PButler@reorglaw.com. BridgeSpan and BridgeSpan Title filed Chapter 11 petitions in January.

Ellie Mae Inc., Dublin, Calif., has appointed Gunnar Bergstrom, former president of Electronic Mortgage Services at BCE Emergis Inc., as vice president of business development for Lender Services.In his new role at Ellie Mae, Mr. Bergstrom will manage strategic lender relationships. "Bringing Gunnar onto our management team will help us expand our reach and serve the technology needs of the … wholesale and correspondent lenders," said Sig Anderman, chief executive officer of Ellie Mae. Ellie Mae can be found on the Web at http://www.elliemae.com.

Technology Investment Capital Corp., Greenwich, Conn., has announced the completion of a $15 million senior secured loan to MortgageIT Inc.MortgageIT is a full-service residential mortgage bank that originates mortgage loans via retail and wholesale offices and the Internet. The companies can be found on the Web at http://www.ticc.com and http://www.mortgageit.com.

RealEC Technologies, Santa Ana, Calif., has announced a strategic alliance with appraisal-technology provider ACI to improve appraisal delivery on behalf of lenders, appraisers, and appraisal management companies.The companies said the collaboration includes the use of RealEC's seamless connections and ACI's universal appraisal delivery system that incorporates automated rules, custom forms support, secure digital signatures, and an Extensible Markup Language exchange toolkit to bridge any loan origination or automated underwriting system. The standard ACI appraisal file includes the report, addendum, sketch, limiting conditions, photos, maps, and electronic signature, which gives the appraiser the opportunity to proof the report and attach an electronic signature before transmitting the completed report to RealEC. RealEC Technologies is a majority-owned subsidiary of Fidelity National Financial with significant equity ownership by Stewart Title Co. and LandAmerica Financial Group. RealEC and ACI can be found online at http://www.realec.com and http://www.aciweb.com.