Technology

MortgageWire reported on July 31, in an item about a patent received by ComplianceEase, that a patent by Mavent was the first received by an automated regulatory compliance vendor to the mortgage industry. ComplianceEase notes that its patent was the first issued, on June 10 of this year. Mavent, which has received a Notice of Allowance for its patent, notes that it filed for its patent more than three years before ComplianceEase did, and that the effective date of a patent, once issued, is the file date.

Ellie Mae, a provider of software and services for the mortgage industry based in Pleasanton, Calif., has announced a partnership with Mortgage Power Network to enable users of Ellie Mae's Encompass mortgage management system to access the network with one click. Ellie Mae said Mortgage Power Network, a provider of information and tools for originators, offers (among other things) ready-to-launch marketing campaigns; Encompass training videos and resources; advice on how to use YouTube and MySpace; advice from industry experts; and video market updates. "Mortgage Power Network is like having an instruction manual for virtually every facet of the mortgage industry, from specific software technologies to specific marketing campaigns," said Mortgage Power Network founder Chip Cummings. "We offer a one-stop shop for the tools and information originators need to succeed." Ellie Mae said the network is offering a new viral video customer relationship management tool that enables users to send video e-mail messages to clients and to access the contact information of anyone who receives the video. The companies can be found online at http://www.elliemae.com and http://www.mortgagepowernetwork.com.

The Mortgage Asset Research Institute, Reston, Va., has announced the release of the MARI Loan Fraud Alert Service Pro, which helps lenders discover fraudulent loan applications before funding via comparative loan application analysis and identity risk management tools. MARI said its original LFAS is a comparative loan tool that helps uncover patterns of common mortgage fraud schemes. LFAS Pro, with patent-pending technology, takes the process a step further, providing insight into the identity of applicants and information about professionals involved in the transaction, such as mortgage brokers, appraisers, and closing attorneys. LFAS combines the Midex credentialing database with ChoicePoint's identity verification tools and adds the capabilities of a comparative analysis loan tool. "Lenders now have a tool that helps them ensure the loans they are about to make are not tainted by fraudulent activity and detect patterns indicative of fraud within their loan pipeline and other contributed lender pipelines," said Tom Chmielewski, vice president of ChoicePoint Financial Services. MARI can be found online at http://www.marisolutions.com, and ChoicePoint can be found at http://www.choicepoint.com.

San Francisco-based ComplianceEase has been issued a patent for its ComplianceAnalyzer automated compliance tool. The patent -- which follows on the heels of a Mavent patent that was the first received by an automated regulatory compliance vendor to the mortgage industry -- covers ComplianceEase's Automated Compliance System ComplianceAnalyzer. The system examines mortgage loans and produces loan-level reports and analytics with respect to applicable laws and regulations at multiple jurisdictional levels, the company said. The Web-based system includes the use of rules-based artificial intelligence, a mapping of business concepts on the loan to concepts within the rules, and a natural language processor to manage all the compliance rules in plain English sentences. The company, a subsidiary of LogicEase, can be found on the Web at http://www.complianceease.com.

Irvine, Calif.-based Mavent has been awarded a U.S. patent for technology used for compliance with consumer credit regulation, the first time an automated regulatory compliance vendor to the mortgage industry has received such a patent. The patent, originally drafted nearly a decade ago, covers systems, software programs, and methods of use for businesses that originate and close loans secured by real estate to audit such loans for compliance with state and federal laws and regulations. Licenses to use the patent are available to Mavent clients as a component of its integrated services. Mavent said it is also considering providing licenses to interested financial institutions and mortgage-related companies that may currently be infringing on the patent. The patented technology underpins Mavent's automated compliance systems, including the Mavent Expert System, the Mavent Compliance Console MC2, custom-client automated compliance engines, its lender and broker license verification and monitoring service. The company can be found on the Web at http://www.mavent.com.

IBM and ILog have signed an agreement regarding a proposed acquisition of ILog by IBM. The deal will be implemented by way of concurrent cash public tender offers in both France and the United States. Through the proposed transaction, IBM will combine its business process management, business optimization, and service-oriented architecture technologies with ILog's business rules management system software. The cash tender offer will be at a price of 10 euros per ordinary share and the U.S. dollar equivalent per American depositary share based on the euro/U.S. dollar exchange rate as of the settlement of the tender offers. This amounts to a purchase price of approximately 215 million euros ($340 million) on a fully diluted basis. ILog's board has approved the transaction and, subject to the receipt of a satisfactory fairness opinion regarding the financial terms, is expected to give a final recommendation before Sept. 15, after which the offer should be filed with the French stock exchange authority. IBM has received commitments from certain shareholders to tender their shares to the contemplated offer, which represent approximately 10% of ILog's issued share capital. ILog can be found at http://www.ilog.com.

First American Loan Production Solutions, Dallas, has announced the expansion of its borrower identification data and workout options to create a complete loan modification system designed to help servicers prevent foreclosures. The new offering combines credit scoring, valuation services, risk modeling, scoring, document preparation, and document recording to identify borrowers who are most at risk of foreclosure, the company said. Borrower refinance and workout options are then presented, and documents needed to complete the loan modification process may be created. "First American is bringing a single, complete loan modification cycle solution to servicers that will enable them to meet their bulging workloads by working out as many loans as possible," said Randy Gilster, president of First American LPS. The system enables servicers to actively monitor their portfolio and pinpoint loans at risk of foreclosure so pre-emptive loss mitigation steps can be taken. First American can be found online at http://www.firstam.com.

SigniaDocs, a Houston-based provider of electronic mortgage services, has announced a new service aimed at protecting lenders against claims of improper disclosure processes. The service, called eSign eNsure, enforces compliant disclosure and closing practices by warranting the good-faith estimate, the truth-in-lending statement, and annual percentage rate calculations via the creation of electronic date-and-time stamps in key disclosure areas, signifying borrower understanding and acceptance of the loan conditions. Developed in collaboration with Shanks Darby PC, a Houston-based law firm specializing in commercial and residential real estate law, eSign eNsure creates a legal representation and warranty around electronic loan document disclosures. "Electronic initials can be placed anywhere on the document that you want to direct the borrower's attention," said Tim Anderson, president of SigniaDocs. "You can require electronic initialing in those areas of the documents where you want to show electronic evidence of borrower proof of understanding and intent." The company can be found online at http://www.signiadocs.com.

Savvis Inc., a provider of IT infrastructure services based in the St. Louis area, has announced an agreement with mortgage industry software provider Ellie Mae, Pleasanton, Calif. Under the agreement, Ellie Mae will relocate and consolidate its U.S.-based information technology infrastructure into two Savvis data centers in Santa Clara, Calif., and Chicago. This will enable Ellie Mae to deploy its Web-based business services, including its Encompass Mortgage Management Solution, with greater efficiency and at a lower cost, Savvis said. "Savvis' global IT services platform has allowed us to consolidate and simplify our infrastructure by providing us with a streamlined and unified environment that not only synchronizes data more efficiently, but also offers a more consistent operation," said Jonathan Corr, chief strategy officer of Ellie Mae. The companies can be found online at http://www.savvis.net and http://www.elliemae.com.

Former Mortgage Cadence CEO and mortgage technology veteran Michael Hammond has started a new consulting firm called NexLevel Advisors. NexLevel Advisors, a strategic business advisory firm, will assist in helping clients create new opportunities and executable business strategies. "We add value through strategic advice specific to your company," Mr. Hammond said. "We deliver customized differentiation in the marketplace for your organization while producing measurable results. What this means for your business is that you get customized programs quicker and more strategically than you could on your own." The company can be found on the Web at http://www.nexleveladvisors.com.