Technology

Radian Guaranty, the Philadelphia-based primary mortgage insurance subsidiary of Radian Group, has introduced enhanced functionality to its MI Online Web-based system for mortgage insurance ordering, servicing, and claims submissions. Designed to streamline the claims process and improve the online experience, the enhancements allow clients to view claims around the clock, review documentation requirements, access a more detailed explanation of benefits, and obtain real-time information on payment status, the company said. The new features include a Claim Status Information section that allows clients to review a snapshot of a claim's details, including processing status, and a Claim Payment Information section that displays three key pieces of data for paid claims (claim payment, date paid, and payee) and a new hyperlink to the main Certificate Inquiry screen. The system can be found online at https://mionline.radianmi.com.

Freddie Mac has announced the renewal of an alliance agreement with the Credit Union National Association. The alliance provides participating credit unions with a comprehensive set of technological services, mortgage products, and correspondent lending, such as Freddie Mac's borrower outreach initiatives, according to the government-sponsored enterprise. "With the current economic climate, this renewed alliance ensures that credit unions will continue to have options to succeed in the mortgage lending market, including affordable lending solutions to meet the needs of low- to moderate-income borrowers," said Wes Millar, senior vice president of CUNA Strategic Services. The alliance provides expanding execution and mortgage product options; customized learning opportunities, such as assistance and training on low-downpayment mortgages; and technological advantages such as Freddie Mac's Loan Prospector automated underwriting service and a business-to-consumer website for online mortgage lending. Freddie can be found online at http://www.freddiemac.com.

Mortgage Builder Software, Southfield, Mich., has announced the creation of a western division for the sales of its products. The company has hired Kelli Himebaugh to manage sales in the new division. Ms. Himebaugh joined Milwaukee-based Guaranty Bank's home equity company in 2003, where she served as the sales manager for California, Arizona, and New Mexico. She later started the lender's correspondent division and ran the Pacific region until 2007. "We're having a great year despite the slower market," said Wendy Bennetts, Mortgage Builder's director of marketing and business development. "We opened the Southeast division last year and we anticipate opening another region later this year in response to the increased demand we're experiencing." The company can be found on the Web at http://www.mortgagebuilder.com.

Fiserv Inc., Brookfield, Wis., has released "pre-emptive mortgage default resources" that enable financial institutions to identify and contact troubled borrowers with customized repayment options. The resources, Predictive Risk Index Score Modeling and Home Retention Solutions, focus on helping financial institutions forecast delinquencies before defaults occur and provide expanded customer care to offer refinancing and negotiate workable resolutions. The PRISM analysis classifies at-risk assets into tiers, taking into consideration many data points, including the Fiserv Case Shiller Home Price Index, loan servicing data, risk grade and credit, collateral, and overall risk scores. After an analysis is complete, financial institutions may decide to have Fiserv perform more detailed loan-level risk analyses on identified accounts. This process requires no additional information from the financial institution and leverages the use of the PRISM data along with automated valuation models and other sources, the company said. Fiserv default management experts then review the findings and recommend steps financial institutions can take to mitigate loss and help borrowers remain in their homes. The company can be found on the Web at http://www.fiserv.com.

RealtyTrac, an online marketplace for foreclosure properties, has announced a partnership with Bid4Homes, an online auction site specializing in distressed property, that enables RealtyTrac users to research and bid on a variety of online real estate auctions nationwide. RealtyTrac said the Bid4Homes proprietary Web-based applications and patented deposit system make it easy for real estate brokers, agents, real-estate-owned asset managers, and private sellers to list homes for auction on RealtyTrac. In addition to bank-owned properties and properties from private sellers, the Silver Spring, Md.-based Bid4Homes offers forfeited properties from the U.S. Marshals Service, seized properties from the Department of the Treasury, and tax-foreclosed properties from more than 50 counties nationwide. "Our users will now be able place online bids on properties being auctioned by Bid4Homes while never leaving the RealtyTrac website," said Rick Sharga, vice president of marketing at the Irvine, Calif.-based RealtyTrac. The companies can be found online at http://www.realtytrac.com and http://www.bid4homes.com.

Del Mar DataTrac, San Diego, has expanded its open-platform approach and is now integrating with providers in the product and pricing eligibility and automated underwriting space. The company said it has decided to discontinue its PPE system, PriceTrac. The underlying technology for PriceTrac was provided by Merit Matrix (a company recently acquired by AllRegs) and Mortech. Del Mar DataTrac clients who were subscribing to PriceTrac are now working directly with Mortech, Del Mar said. In addition to working with AllRegs and Mortech, Del Mar DataTrac now has development agreements with several PPE system providers, including Optimal Blue, NYLX, and Sollen Technologies. For those clients seeking a PPE coupled with a comprehensive automated underwriting system, development agreements have been executed with Loan-Score Decisioning Systems and PriceMyLoan. Del Mar can be found on the Web at http://www.delmardb.com.

Seattle-based Go Financial Solutions has launched a 100% paperless process, starting with delivering a secure electronic disclosure service to their customers using SigniaDocs technology. The technology is offered as a private-label Web service, so it is easy to get up and running in a short period, the Houston-based SigniaDocs said. SigniaDocs will date and time-stamp the delivery of the documents and keep a full audit trail of all activity such as when the borrower opens, views, and electronically signs the documents. The technology keeps track of which function still needs to be performed and which documents still need to be signed, according to SigniaDocs. In addition, the platform supports full paper delivery if the lender does not get confirmation that the documents have been received or the borrower opts out and wants to receive paper documents. SigniaDocs can be found online at http://www.signiadocs.com.

NYLX, a provider of point-of-sale product eligibility and pricing technology systems for the mortgage industry, has entered an integration partnership with Mortgage Builder, a provider of end-to-end mortgage banking software. As a result, Mortgage Builder users will have seamless access to NYLX's loan product and pricing information, accessible directly from the Mortgage Builder system. LoanDecisions, NYLX's flagship product, can be used for point-of-sale applications or secondary-market functions, and helps users identify the most profitable loan product, adapt to market conditions in real-time, and keep up to date with products and guidelines, the company said. NYLX, based in Mt. Arlington, N.J., can be found on the Web at http://www.nylx.com, and Mortgage Builder, based in Southfield, Mich., can be found at http://www.mortgagebuilder.com.

The Ford Foundation has announced a $2 million grant to the Consumer Credit Counseling Service of Greater Atlanta to support new technology that allows credit counselors to speed up mortgage loan modifications. The foundation said the grant will enable the CCCS, which has piloted the new software platform, to increase its counseling staff by 80 employees and open another counseling facility in the Atlanta area. "Preventing foreclosure is beneficial to borrowers and lenders alike, yet confusion, delay, and distrust on both sides have often stood in the ways of sensible loan modifications," said Frank DeGiovanni, director of economic development at the Ford Foundation. "This new system is finally breaking down those barriers." The foundation said the grant is the first in a series of "major investments" that will address the foreclosure crisis. The organizations can be found online at http://www.fordfound.org and http://www.cccsinc.org.

Xerox Mortgage Services has added electronic signature and electronic vaulting capabilities to help lenders embrace a hybrid e-mortgage process. The enhancements build upon Xerox's Web-based BlitzDocs Collaboration Suite, which supports paper, imaged, and electronic loan documents. Mortgage participants can now sign home loans online by simply clicking on the document's signature line, Xerox said. Electronically signed documents are then securely managed and stored in an e-vault repository. Audit tracking detects where the documents travel to keep tabs on any transactions made during the loan's life cycle. Licensed through eSign Systems, a division of Wave Systems Corp., the electronic signature capabilities will help expand the BlitzDocs' network of mortgage participants,¬ giving users access to a larger pool of lending institutions and other service providers, Xerox said. Xerox Mortgage Services can be found online at http://www.xerox.com/mortgageservices.