Technology

Mortgage technology developer Ellie Mae purchased the intellectual property, technology and other assets of Mortgage Pricing Systems, developer of the Loan Eligibility and Pricing, or LEAP, mortgage product and pricing engine.

The sale of the MacDonald, Dettwiler and Associates U.S. and U.K. property information business to private equity group TPG Capital will close Tuesday, multiple sources confirmed to Mortgage Technology.

Small business owners facing a multitude of challenges both financial and non-financial have to rely on affordable technology that helps increase operational efficiency.Mike Gordon, vice president of the FICO banking industry practice, a provider of decision management solutions expects to see banks intensify their overall growth efforts and improved operational efficiencies. Lender servicers are now facing the need to improve customer relationships and collections’ management in times when unemployment and delinquency rates are at record highs.

MDA Lending Solutions launched a suite of mortgage fraud prevention software based on the recommendations that Fannie Mae gave the industry in the Loan Quality Initiative.

Mark Ernst began his new position as executive vice president and chief operating officer of financial services technology vendor Fiserv Monday.

Once a lender acquires the technology to accept Web-based mortgage applications, putting that technology to widespread use is the next step.Cutting out the step of collecting a paper application saves lenders time and money. Establishing an online channel involves upgrading websites to add the functionality or connecting to an outside provider—typically a website that’s private-labeled with the lender’s logos and integrates with its main website.

Industry vendor Kroll Factual Data, Loveland, Colo., said it has started a new technology-based service aimed at helping clients comply with fair credit reporting risk-based pricing regulations that take effect Jan. 1, 2011.

Online lending aggregator LendingTree said the average rate on its platform for a 30-year mortgage was 5.16% as of Dec. 28, down slightly from a week previous.

Jumbo securitization’s full-fledged return may still be a question mark but some investment banks have already invested in technology to support it, according to one executive at an automation vendor.

A consultant whose experience has included a stint as a top executive at the company that created the well-known Flip video camera has joined loan origination automation provider Ellie Mae, Pleasanton, Calif.