Mortgage technology

Decade Systems Corp., Jacksonville, Fla., is offering its TEDI data integration technology system to the commercial mortgage industry, taking advantage of the industry's progress in developing data standards through the Mortgage Industry Standard Maintenance Organization.The MISMO standards provide specifications for the transfer of data between all sectors of the residential and commercial mortgage industry, using Extensible Markup Language. Decade, a systems integration company, said it expects to use the Mortgage Bankers Association of America's MISMO standards to provide better business connectivity for commercial mortgage lenders and their software vendors, the company said at the MBA's annual convention in San Diego. "The commercial mortgage industry is beginning to embrace a networked business model, where information transparency and data consistency are keys to confidence for trading partners and investors alike," said Daniel Szparaga, director of the MBA's commercial/multifamily business group. "By taking advantage of aspects of residential technology innovation and modifying them to meet commercial needs, commercial mortgage professionals can leverage technology through MISMO to rapidly develop connectivity between partners -- producing a seamless fit."

Dynatek Inc., Livonia, Mich., will integrate customer identification and reporting capabilities from VMP Fraud Management Solutions into its loan origination system, MORvision.A product of VMP Mortgage Solutions, St. Cloud, Minn., a Bankers Systems company, VMP Fraud Management Solutions are provided through Bankers Systems' Patriot Act Connection and are designed to help mortgage lending institutions prevent fraud, money laundering, and terrorist financing while complying with the expanded due-diligence requirements of the USA Patriot Act. The integration will be made possible using Dynatek's Plug-In technology, which provides for a seamless interface from MORvision to the PAC. The PAC links directly to a suite of identity verification tools such as IDFlag for Mortgage, which enables lenders to verify consumer and business application information through a quick and easy-to-use process. VMP's electronic lending documents were previously integrated into MORvision. The announcement was made at the MBA convention in San Diego. The companies can be found online at http://www.dynatek.com and http://www.vmpforms.com.

Fiserv Lending Solutions, Lake Mary, Fla., a business unit of Brookfield, Wis.-based Fiserv Inc., has released its UniFi PRO Mortgage eX loan origination system, a solution for managing loan origination, processing, and closing across the enterprise aimed at larger, multichannel lenders.The platform is built around Fiserv's Enterprise Intelligence Automation concept, designed to help lenders collect better data and make better lending decisions. Billed as a comprehensive "integration conduit," UniFi PRO Mortgage eX accepts loan data from a wide range of loan origination channels, supports multiple deployment methods, and can be interfaced with other business systems. According to the company, the new LOS can automate virtually any business process with its rules-based decisioning and task engine. The release was announced at the MBA convention in San Diego. Fiserv's website address is http://www.fiserv.com.

Dexma Inc., Minneapolis, has launched Home Equity Advantage, a Web-based platform designed to reduce the cost of originating home equity loans and lines of credit by 30% to 50%.The tool, unveiled at the MBA convention in San Diego, is a highly configurable platform built around the lender's own brand, products, pricing and underwriting guidelines. The streamlined application captures only the information needed to suggest a home equity or HELOC product to the homeowner. Credit and an AVM are ordered electronically in real-time. The entire process, from logging on to a loan decision, takes less than five minutes, the company said. The platform can be rapidly deployed as an add-on to Dexma's products or it can be attached to another platform. Dexma's website address is http://www.dexma.com.

TransUnion, Chicago, has acquired Huntsville, Ala.-based Banton Technologies, which it will now integrate into TransUnion Settlement Solutions Inc., Wilmington, Del., the company announced at the 90th annual MBA Convention & Expo in San Diego.TransUnion did not disclose the financial details of the transaction, but said that it now owns 100% of the automated valuation developer and all its employees are now employees of TransUnion. The acquisition adds Banton's ValueWizard AVM, a proprietary technology for determining the value of residential properties nationwide, and ValueWizard Interactive, a desktop solution that offers analyst or appraiser support to enhance valuation accuracy, to TransUnion's residential lending process systems. TransUnion Settlement Solutions already acts as a reseller for a number of automated valuation models, and those relationships are not expected to change. TransUnion Settlement Solutions can be found on the Internet at http://transunionssi.com.

Fidelity Information Services, Jacksonville, Fla., has announced that it will spend millions over the next few years to re-architect the core servicing system it purchased from Alltel earlier this year.Fidelity says it purchased the system with the understanding that it would "make it more powerful for our customers." A main precept of this re-architected servicing system will be to put the majority of the servicing functionality in the core system and eliminate the need for add-on workflow products, the company said. Fidelity, which currently services 46% of the outstanding mortgage loans in the United States, recently invested more than $16 million in state-of-the-art infrastructure as a first step in this process. Beginning in 2004, Fidelity plans to roll out the re-architected system in phases, with deliverables every several months. The first rollout will include enhanced data services capability. FIS can be found on the Web at http://www.fidelityinfoservices.com.

ServiceMagic, a Golden, Colo.-based online marketplace for homeowners, has announced the launch of ServiceMagic Lending and a joint venture with Cornerstone Mortgage to bring the new service to its website visitors.ServiceMagic Lending, which will link consumers to prescreened lenders, will enable banks and mortgage brokers to take advantage of "the inherent efficiencies" of ServiceMagic's Web-based marketing platform, the company said. "Currently, over a million homeowners per year request home improvement and real estate services valued in excess of $3 billion via ServiceMagic," said Rodney Rice, a co-founder ServiceMagic. "The addition of lending services was the next step in our efforts to provide consumers a comprehensive solution for purchasing, financing, and improving their homes." The company said Cornerstone, a wholly owned subsidiary of First National Bank of Omaha, has more than three million website visitors a month. ServiceMagic can be found online at http://www.servicemagic.com.

LendingTree Inc., Charlotte, N.C., and Providian Financial Corp., San Francisco, have announced that LendingTree has agreed to acquire from Providian the brand name and certain assets of GetSmart.com, which offers mortgage, home equity, and other consumer loans.The terms of the deal were not disclosed. Lending Tree said it expects to maintain the relationships with the more than 100 lenders who participate in the GetSmart network, and to offer the GetSmart platform to the more than 200 lenders on the LendingTree exchange. Doug Lebda, the founder and chief executive officer of LendingTree, said the acquisition "fits with LendingTree's core business strategy of connecting consumers with lenders and Realtors." Warren Wilcox, Providian's vice chairman of marketing and strategic planning, said GetSmart is a brand that "on a stand-alone basis, is a nonstrategic asset for Providian." The companies can be found online at http://www.lendingtree.com, http://www.providian.com, and http://www.getsmart.com.

Netupdate Inc., Bellevue, Wash., has formed an alliance with the School of Mortgage Lending, also of Bellevue, under which Netupdate's point-of-sale technology will be paired with the school's training materials to offer comparisons of loan products as part of the curriculum.The combined product is designed to provide an information management resource for loan officers who, the School of Mortgage Lending contends, have become more like financial advisers than loan consultants. "By including technology in the curriculum, our materials more quickly elevate the proficiency of the modern-day loan officer," said Susan Williams, president and chief executive officer of the School of Mortgage Lending, whose system combines computer-based and correspondence training. Netupdate specializes in helping companies extend business applications onto the Internet. The organizations can be found online at http://www.netupdate.com and http://www.schoolofmortgagelending.com.

Cogent Road Inc., San Diego, and ComplianceEase, San Francisco, have launched a new service that will offer Cogent Road's customers predatory lending and regulatory compliance auditing technology.The new product, PCAudit, is a fully automated pre- and post-close risk management system that audits individual loans or bulk portfolios against various criteria. Cogent Road's technology connects lenders to their third-party sources to provide "systematic audit control" on every wholesale origination before making a purchase, the companies said. "One of the most important challenges for lenders today is to understand the anti-predatory-lending and numerous other regulatory compliance initiatives like the USA Patriot Act and to understand the way in which they will impact their business," said David Girling, executive vice president of ComplianceEase, a division of LogicEase Solutions. The companies can be found online at http://www.cogentroad.com and http://www.complianceease.com.

GHR Systems Inc., Wayne, Pa., has announced the acquisition of Berkeley, Calif.-based Loansoft, which provides retail loan origination software to four of the top 10 U.S. residential mortgage lenders, including Chase and Washington Mutual.The terms of the transaction were not disclosed. GHR is best known for its widely used decisioning system and its products serving the wholesale transaction. Both companies operate on Microsoft-based platforms. The merged entity has 300 employees that serve a customer base of over 70 lenders, 17,000 loan officers, and 25,000 brokers. Loansoft said it will continue to operate from its current California location and that both entities will offer current product lines as licensed or hosted applications.

Walter C. Morgan has been named executive vice president for strategic business development at Integrated Loan Service, Rocky Hill, Conn.ILS said Mr. Morgan will be responsible for developing strategic partnerships and new business for ILS and Fiserv's Lending Services and Solutions Group, of which ILS is a part. He was formerly with Fidelity National Information Solutions and Market Intelligence. ILS provides lending systems to banks, credit unions, and mortgage lenders. It can be found online at http://www.ils.com.

Data-Vision Inc., Mishawaka, Ind., has announced the release of DisclosureDocs, an online system that allows mortgage originators to deliver loan applications and initial disclosure documents electronically.The secure documents can then be digitally signed by the consumer and returned within minutes. When a consumer signs the documents, the lender is notified by e-mail. Data-Vision said it will make the documents available to the homeowner on demand for a period of 90 days. Records can also be stored on the system and made available to the consumer for 27 months at the option of the lending institution. Part of Data-Vision's RemoteDocs service, DisclosureDocs will be rolled out to the company's clients later this year and to all others in early 2004. Data-Vision can be found on the Internet at http://www.disclosuredocs.com.

Fiserv Inc., Brookfield, Wis., has announced the completion of its acquisition of General American Corp., a provider of real estate settlement services to the lending industry.The terms of the deal were not disclosed. GAC operates in two divisions: GAC Direct and GATORSystems. GAC Direct, which provides the majority of the company's revenues, is a settlement services provider to financial institutions and realty firms nationwide. Its services are delivered over an Internet gateway connected to three national processing centers. Fiserv said. The GATORSystems division licenses technology systems and software to settlement service providers. Fiserv can be found on the Internet at www.fiserv.com.

Ellie Mae, Dublin, Calif., says it will go "head-to-head" with San Jose, Calif.-based Calyx Software, makers of the popular Point loan origination system, in order to get market share by launching a new application called Encompass.The new application is designed to go beyond the LOS, according to Ellie Mae chairman and CEO Sig Anderman, by offering three separate views of the organization. Loan officers, processors and brokers will all see different screens depending upon their unique needs, but all data will be seamlessly shared throughout the organization and messages can be sent between them. Encompass is integrated with Ellie Mae's ePass Business Center, giving users access to settlement services providers and wholesale lenders, with returned data populated directly into the file. Brokers ordering Encompass before Jan. 31, 2004, will receive the software at no cost, including a free first year of support and maintenance. Ellie Mae's website address is http://www.elliemae.com.

Del Mar Database, a San Diego-based mortgage technology firm, has appointed John Walsh president and chief operating officer and Doug Clawson chief technology officer.Mr. Walsh most recently served as president of RF/Spectrum Decision Science Corp. and chairman and chief executive officer of PureCarbon Inc. "In addition to a focus on our products and services, I know from my background in mortgage banking software that it is critical to expand our overall services to a level that consistently exceeds our customers' expectations," Mr. Walsh said. As Del Mar Database's new CTO, Mr. Clawson is planning a new generation of technology for Del Mar's flagship software, DataTrac. He has more than 18 years of experience in developing software technology products. Del Mar's website address is http://www.delmardb.com.

Third Federal Savings and Loan, Cleveland, has inked a deal to sell its online home equity business to Lightyear Capital, New York, for an undisclosed sum.Third Federal launched the business, called DeepGreen Bank, three years ago. A spokeswoman for the thrift declined to discuss DGB's profitability. Lightyear, a private equity firm that manages $2 billion in assets, will take control of all of DGB's servicing rights, its production platform, technology, infrastructure, management team, and employees. DGB, which gets leads from LendingTree, funded $1.2 billion last year and is on track to fund $1.4 billion this year, said a company spokesman. Third Federal has been buying loans from DGB and will continue to do so, the spokesman said. (See the Oct. 6 issue of National Mortgage News for more details.)

Fiserv Inc., Brookfield, Wis., has agreed to acquire General American Corp., a Pittsburgh-based provider of real estate settlement services to the lending industry, for an undisclosed amount.GAC is majority-owned by Mason Wells, a private equity investment firm based in Milwaukee. Fiserv said GAC operates in two divisions: GAC Direct, which offers online settlement services nationwide, and GATORSystems, which licenses technology and software to settlement service providers. Leslie M. Muma, Fiserv's president and chief executive officer, said GAC has achieved success by "making lives easier for lenders in every part of the country with its highly automated real estate settlement services." Fiserv said GAC services more than 4,000 customers and manages a network of more than 10,000 independent vendors. Fiserv can be found online at http://www.fiserv.com.

Fidelity National Information Solutions, Santa Barbara, Calif., has released TransactionPoint version 6.0 for SoftPro, which provides online transaction coordination and management services to closing agents and their customers.The integration of the software with the SoftPro title and escrow production system offers enhanced document management, automated routing, transaction coordination and management, and improved systemwide ease of use and reporting capabilities, FNIS said. The company said the integration will enable SoftPro to offer "true front-to-back data transfer capabilities," which it said will fill "one of the biggest voids of currently available title production systems." The companies can be found online at http://www.fnis.com and http://www.softprocorp.com.

Thomas H. Vetter has been named to the newly created position of senior vice president for the HomeBuilder.com business unit of Homestore Inc., Westlake Village, Calif.Mr. Vetter served most recently as senior vice president of sales and marketing for iBidCo, an online marketer of new homes. Before that he was president of the Accelerated Marketing and Special Event Division of The Ryness Co., where he was responsible for sales of single-family and multifamily communities. HomeBuilder.com is the official new-homes site of the National Association of Home Builders. Homestore can be found online at http://ir.homestore.com.