Technology

FNC Inc. has created a consulting division to help its new clients implement its appraisal management technology.

DRI Management Systems, a Newport, Calif.-based default management software provider, has launched a new web-based loan servicing application called Rincon.

eTEC Appraisal Management Solutions in Phoenix is forming a new partnership with Affiliated Lender Services, a Florida-based vendor and consulting firm for mortgage lenders.

The foreclosure crisis has enhanced the need for accurate asset valuations at the secondary market level and data transparency from loan origination to the servicing of securitized loans.

When it comes to traditional technologies in default servicing, the word "transparent" always ends up being paired with some unpleasant descriptives: "Difficult to understand," "Hard to find information" or "More excessive than what I am looking for" are the few words that usually follow the word transparent.

Let's suppose for a moment you needed to buy groceries for your family, but were short on money. Then, by sheer luck, a friendly man approaches you with an envelope. Inside, he says, there's enough money to buy all the milk, eggs and produce your family needs for a week. Now suppose the supermarket is several blocks away, on foot. Before you start off, do you look in the envelope to see how much money you have to work with?

Regulatory changes continue to largely drive automation for those on the production side, especially when it comes to documents, according to executives at DocMagic Inc., Carson, Calif., which does business as Document Systems Inc.

In recent months industry vendors and financial services executives —especially mortgage lenders and servicers —have shared a renewed focus on technology evaluation and selection.

There's more evidence that the paperless mortgage, an idea that has been heralded and debated for at least the last 15 years, has a ways to go yet before reaching a 50% market penetration.

Tustin, Calif.-based Veri-tax LLC, which provides tax verification and fraud management solutions, has been acquired by private investment firm Blue Horizon Capital for an undisclosed sum. The acquisition will provide additional capital and resources to support Veri-tax's growth initiatives.