Technology

A California mortgage lender says it’s the first to use a warehouse line of credit to originate a fully electronic mortgage and sell it directly to a government-sponsored enterprise.

Default servicing vendor Equator Financial Solutions has experienced a surge in the use of its short sale features on its servicing platform, and now the Los Angeles-based company is adding a new invoicing function to streamline payments.

The Electronic Closing Network loan closing software processed its one millionth loan in September, developer eLynx said, just one year after its launch.

Dorado is still finalizing the patent that it received approval for this summer, but the San Mateo, Calif.-based cloud computing and Software-as-a-Service developer already has big plans to change the way lenders use technology to process mortgages. Dorado executives attending the MBA annual will continue their movement to bring current and upcoming offerings to the forefront of the origination industry.

Mortgagebot, a Mequon, Wis.-based developer of mortgage shopping websites, launched a new feature to make it easier for potential borrowers to search for mortgage rates on their smartphone.

Senator Richard Shelby, R-Ala., ranking Republican on the Senate Banking Committee, is calling on federal regulators to investigate the foreclosure problems at three major banks and report back to the committee.

A Tennessee-based mortgage origination and servicing software vendor is now offering its two products in a combined offering.

While existing home sales were better than expected by most in the industry, up 7.6% in August, the numbers are still the weakest the industry has seen in 10 years, and housing experts do not expect a speedy recovery.

Facing an unprecedented volume of repossessed homes, asset managers for the mortgage industry are searching for better ways to streamline and expedite the process of selling real estate-owned and managing short sales.

Mortgagebot PowerSite, called by Forrester Research Inc. “the de facto origination tool” for a long list of U.S. banks and credit unions, has received numerous awards. PowerSite is offered on an outsourced, Software-as-a-Service basis. Perennially included in Mortgage Technology’s Top 50 Service Provider list, Mortgagebot has received more MT awards than any other company, such as our Lasting Impact, Synergy and 10X Awards.