Mortgage technology

Stewart Realty Solutions, Houston, has acquired San Diego-based RealtyAssist, a provider of transaction management and paperless office systems to the real estate, closing, and mortgage industries.The terms of the transaction were not disclosed. Stewart said it has deployed the RealtyAssist transaction management system in more than 500 offices nationwide under the SureClose brand, and termed the system Stewart Realty's flagship product. Stewart Realty is a newly created, wholly owned subsidiary of Stewart Information Services Corp. offering realty-focused title insurance, closing, technology, and information products and services to local and national realty firms. "Through our four-year partnership with RealtyAssist, we have refined a system that can deliver a paperless real estate transaction, provide status to all parties to the transaction, and improve the closing experience for the consumer, Realtor, and lender," said Stewart Morris Jr., president of Stewart Information Services. The parent company can be found online at http://www.stewart.com.

Computer Sciences Corp., El Segundo, Calif., has announced the acquisition of EarlyResolution, a default management utility, from Freddie Mac.The terms of the purchase agreement were not disclosed. The agreement includes the acquisition of the utility assets, customer contacts, and intellectual property in EarlyResolution for the U.S. mortgage servicing market. The utility was created in 2000 by Freddie Mac in conjunction with Revolent Technologies and a consortium of banks. "CSC participated in the collaborative effort to build EarlyResolution and has continuously hosted and operated this business process hub since its inception," said Philip E. Comeau, vice president of nonperforming loans at Freddie Mac. "The ownership change will be virtually transparent to current users and, since EarlyResolution does not require major changes to legacy systems, servicers will find its business process services easy to use." The company can be found online at http://www.csc.com.

Loan Protector Insurance Services, a San Diego-based outsourcer of customized mortgage insurance tracking and verification programs, has developed a custom interface with Financial Industry Computer Systems Inc., a Dallas-based mortgage technology specialist.The companies said the bi-directional interface will enable users of FICS's residential servicing system, Mortgage Servicera, to have access to Loan Protector's proprietary technology software, EasyTrack. The interface enables Loan Protector to verify and track insurance changes to mortgage portfolios while keeping FICS' clients current with the latest insurance information, including the borrower's insurance company or agent, payee information, policy numbers, and dates, as well as coverage and premium amounts. Loan Protector automates much of the tracking process and reduces the level of involvement needed from lenders, allowing them to focus on other areas of strategic importance, the company said. Loan Protector can be found online at http://www.loanprotector.com, and FICS can be found at http://www.loanware.com..

Ambiron LLC has acquired Chicago-based Tekom Inc., which builds and maintains secure and reliable screen-based order-entry systems access to both electronically traded and open outcry markets.The terms of the acquisition were not disclosed. However, as a result of the deal Ambiron will now offer an array of information security and infrastructure services to electronic trading firms and electronic exchanges. Specifically, Ambiron will offer 24-hour, 7-day-a-week help desk services to financial services clients. In addition, Tekom president Mike Persico will now become a partner of Ambiron and will head up the company's business development efforts in the financial services area. Ambiron can be found on the Web at http://www.ambiron.net.

Southfield, Mich.-based Mortgage Builder Software Inc., a provider of mortgage lending software, has released an alternative system for mortgage bankers needing interim servicing capabilities for short-term loan maintenance.Mortgage Builder's Interim Servicing capability allows mortgage bankers to track and post a borrower's loan payments on a short-term basis, until another lender purchases the loan. The interim servicing option automates the process of accepting loan payments on a temporary basis and eliminates the need for a full-featured servicing system, the company said. Mortgage banks can apply borrowers' payments toward the loan principal, interest, or future escrow disbursements, as well as print payment histories and payment coupons for their borrowers. Mortgage Builder can be found on the Web at http://www.mortgagebuilder.com.

American Mortgage Network, a wholesale mortgage bank serving mortgage brokers nationwide out of San Diego, has launched IBM's eServer iSeries server to add capacity and flexibility for its mortgage broker customers."With the iSeries platform, we have made a substantial investment to help increase efficiency, speed, and reliability," said Randall Myres, AmNet's senior vice president and chief information officer. "We now have virtually unlimited scalability to handle more loan volume as we open new branches and expand existing locations." IBM's eServer iSeries product family is an integrated, flexible server that is used for information technology consolidation and running mission-critical electronic business applications. The iSeries servers can simultaneously run multiple operating systems (OS/400, Microsoft Windows, and Linux) and applications all in one centrally managed server, according to IBM. AmNet can be found on the Web at http://www.amnetmortgage.com, and IBM can be found at http://www.ibm.com.

Data Tree, a San Diego-based provider of online public land records and a member of the First American family of companies, has appointed Robert Karraa as chief operating officer.Mr. Karraa will oversee all Data Tree operations. Most recently, he served as regional vice president of sales and client services for First American Real Estate Solutions, a provider of property ownership information and applications. Data Tree falls under First American Corporation's property information and services group led by Dennis Gilmore.

Mortgage Connect, West Palm Beach, Fla., has announced the launch of a fax storage and retrieval module for its OpenClose MTG platform.The Web-based fax module delivers faxed images into a centralized loan database and automatically attaches the document images to the corresponding loan. Users print out a barcoded fax cover sheet that informs the OpenClose MTG fax storage and retrieval module where to store the document images, such as images of W-2s and pay stubs. The images can be sent from any fax machine to an OpenClose MTG fax server, automatically turning these stored documents into Adobe Acrobat PDF files and routing them to the corresponding loan's digital loan folder. The module is offered as a way to reduce the problem of lost documents, minimize overnight courier bills, and comply with government privacy and security regulations.

Lender E-Source, Vista, Calif., has formed a joint venture with Commerce Velocity, Irvine, Calif., which develops technology to assist lenders in the efforts of loan product development and guideline maintenance.Under the arrangement, mortgage bankers using Lender E-Source's Electronic Loan Finder will now have access to Commerce Velocity's pricing and decisioning engine to access electronically their fully adjusted rates and pricing. The partnership enables loan officers and brokers to receive up-to-date product pricing and eligibility information in addition to their investor product guidelines by entering minimal credit and loan data, Lender E-Source said. The service also allows mortgage bankers to integrate their own fully adjusted pricing information, enabling loan officers to make more accurate pricing decisions, the company said. "This solution brings together our company's strengths -- Commerce Velocity's market-leading decisioning engine with Lender E-Source's product guideline maintenance solution," said Jim Schwegman, vice president of sales and marketing for Commerce Velocity. The companies can be found on the Web at http://www.lendere-source.com and http://www.cvelocity.com.

Stewart Mortgage Information, Houston, has entered the bundled services arena with the launch of its "Build Your Own Bundle" product.The platform makes it possible for lenders to order custom-built packages of the company's products and services using the RealEC electronic exchange. Specifically, lenders can bundle any number of the following services: full appraisal and automated valuation models; credit reports; flood zone determinations; disclosures and closing documents; title, disbursement, and recordation services; and post-closing services like loan review, investor delivery, assignments, lien releases, trailing document retrieval, and FHA/VA insuring and pool certification assistance. Stewart can be found on the Web at http://www.stewart.com.

VMP Mortgage Solutions has unveiled Version 2.5 of its SMART Document viewer, which it is touting as the first tool to demonstrate the three aspects of MISMO-defined Level 1 SMART Docs.The three aspects are: the view tab that shows the actual document populated with data; the data tab that presents the raw data; and the Extensible Markup Language tab that presents the XML construct. (SMART stands for securable, manageable, archivable, retrievable, transferable.) The announcement was made at VMP's user conference in Las Vegas. "We're very happy that they have stepped up to the plate, put in some development dollars for the viewer, and made it available to the industry," conference attendee Gabe Minton, who oversees the Mortgage Industry Standards Maintenance Organization at the Mortgage Bankers Association, told MortgageWire. VMP senior principal Roger Gudobba said VMP has offered the viewer to the MBA's MISMO committee to use as it sees fit. Version 2.5 of the view will be presented in March at the MBA Technology Conference in Phoenix.

Fair Isaac Corp., San Rafael, Calif., has introduced what it's calling the first service to help consumers find the best loan rates based on the FICO Credit Score, which can be accessed through the company's website free of charge.The service, called Loan Center, allows the customer to compare national and local lenders' rates in their area who have FICO credit scores similar to their own. Specifically, visitors see a comparison of interest rates offered by participating lenders for five different mortgage products, all matched to the customer's FICO score or suggested score range. The initial lineup of participating lenders includes Countrywide Home Loans, E-Loan, E-Trade Mortgage, IndyMac Bank, and Pricelinemortgage. FICO scores can be accessed via the company's website at http://www.myfico.com.

Zenodata Corp., Louisville, Colo., has released Land Record System, a system the company is dubbing the fastest automated chain-of-title search technology in the industry.According to Zenodata, LRS decreases the amount of time to perform complete title searches by a factor of 5-10, completing most title searches -- and generating completed abstract sheets -- in 10 minutes or less. Users save an average of 20%-30% on the cost of title work, the company said. "The LRS produces full title abstracts and other land record reports faster and more accurately than any other system," says Mark Stevenson, Zenodata's chief executive officer. "Unlike traditional title plants and systems that simply provide a front end for existing data sources, this system goes beyond grantor/grantee and tract indices to extract and import all relevant information from the original source documents." Zenodata develops and markets technology that automates the searching and analysis of land record data for the real estate and lending industries. The company can be found on the Web at http://www.zenodata.com.

Trinity Inspection Services Inc., Addison, Texas, has announced the launch of same-day turnaround services for new-construction inspections and draws following a period of pre-launch beta-testing with lenders.The company said its Same Day Disbursement Draw services for residential new-construction lenders will cut processing time to hours instead of days, improve loan processing efficiency and volume, and help builders stay on schedule. The system is based on Trinity's proprietary order-tracking technology. Trinity's Fee Panel of more than 2,300 inspectors provides service coverage in all 50 states. The company can be found on the Web at http://www.trinityinspection.com.

BridgeSpan Inc., Frisco, Texas, and its subsidiary BridgeSpan Title Co., have announced that they are "soliciting proposals for the purchase of their respective assets and operations," in whole or in part, in the wake of their Jan. 26 filing of Chapter 11 bankruptcy petitions.BridgeSpan and BridgeSpan Title said they "intend to select, and proceed to seek court approval of the best offer or offers received," based on a review of written offers received by Feb. 20. Offers may be tendered to BridgeSpan chief financial officer Lynelle Dahn, the announcement said -- with all assets, including BridgeSpan Title stock, to be sold to the highest bidder upon approval of the U.S. Bankruptcy Court in San Jose, Calif., and (in the case of BridgeSpan Title) the California Department of Insurance.

Continuing its full-court press for dominance in broker point-of-sale systems, Ellie Mae has reported hiring away top sales executive Robert Madsen from Calyx Software.According to Ellie Mae, Mr. Madsen added over 12,000 Calyx Point licensees during his tenure at Calyx. He will head new-customer acquisition efforts for Ellie Mae's Encompass platform, which specifically targets the recruiting of Point users. Mr. Madsen has more than 25 years of senior sales and training management experience, 12 of them at Calyx, according to the company. Encompass was introduced in October 2003 as an enterprise-level Web-based alternative to existing broker POS systems. Ellie Mae can be found online at http://www.elliemae.com.

Pacific Security Capital, a real estate investment bank headquartered in Portland, Ore., has signed a multiyear exclusive agreement with GlobeSt.com, a commercial real estate news and information portal on the Internet."The ability to align ourselves with the No. 1 provider of news and information on commercial real estate gives us an incredible advantage by extending our daily market reach," said Mike Myatt, president of Pacific Security Capital. The companies can be found on the Web at http://www.pacificsecuritycapital.com and http://www.globest.com.

Laguna Hills, Calif.-based QuestSoft has released CRA Relief, a CRA data collection, compliance reporting, and submission partner to the company’s flagship HMDA product, HMDA Relief.CRA Relief is risk management software designed to ensure that lenders meet all federal Community Reinvestment Act regulations for performance ratings and process evaluations in a one-step submission. The product fully summarizes a financial institution's CRA data through quick and easy import options and drop-down menus, the company said. QuestSoft is a provider of Home Mortgage Disclosure Act and CRA compliance systems and in-house geocoding services for brokers and lenders. It can found on the Web at http://www.questsoft.com.

TrueClose, a Pittsburgh-based technology provider for the mortgage industry, has launched what it says is the first paperless mortgage origination platform for the mortgage industry.The TrueClose paperless platform enables mortgage professionals to identify, introduce, accept, and process mortgage actions that leverage the convenience, speed, and cost efficiencies of the Web, the company said. Specifically designed to manage the entire mortgage process, TrueClose allows service providers such as title insurers, appraisal services, real estate professionals, and settlement agents to engage in an electronic document exchange. TrueClose can be found on the Web at www.trueclose.com.

Version 1.0 of a technical guide to the implementation of SMART documents has been released by the eMortgage Workgroup of the Mortgage Industry Standards Maintenance Organization.The SMART Document Implementation Guide provides more than 30 chapters of technical guidance on specifications for SMART (securable, manageable, archivable, retrievable, and transferable) documents, MISMO said. "This is the roadmap the industry has asked for," said Harry Gardner, senior director of industry technology at the Mortgage Bankers Association, which established MISMO in 2000. "This more detailed SMART Doc Implementation Guide will allow the industry to develop its own e-mortgage capabilities and pilot programs. The I-Guide will expand to keep up with the advancement of the standard." MISMO's eMortgage Workgroup was established in 2001 to develop electronic mortgage standards, specifications, and guidelines that correspond to federal law on electronic signatures and related matters. The MBA can be found online at http://www.mortgagebankers.org.