Technology

Zillow.com, Seattle, has announced the launch of Zillow Mortgage Marketplace, which it describes as a transparent lending marketplace offering borrowers "an anonymous and hassle-free way" to request custom loan quotes from registered lenders. Zillow said the marketplace includes "the industry's first-ever public feedback system" whereby borrowers rate the lenders they contact. Potential borrowers can request customized quotes by filling out a detailed loan request form that is submitted to lenders who have registered on Zillow and been confirmed as mortgage professionals. "Loan shoppers tell us they want real quotes -- not just teaser rates -- when doing their research online, and they want to control who and when they contact by shopping anonymously until they are ready to talk," said Rich Barton, chief executive officer and co-founder of Zillow.com. Consumers can access the Zillow Mortgage Marketplace by clicking on the Mortgages tab on Zillow's website at http://www.zillow.com.

The National Consumers League has announced the launch of MortgageTown, a website aimed at helping prospective buyers understand the risks and benefits of homeownership. MortgageTown explains "nine essential steps" to financing a home, advising consumers on choosing the right loan, closing on a home, protecting themselves from fraud and predatory lenders, and preventing foreclosure. "MortgageTown is a user-friendly and reliable source where consumers can become better versed in the process of getting a mortgage and what pitfalls to avoid as they head down that road," said NCL executive director Sally Greenberg. The new website can be found online at http://www.mortgaetown.org.

DocuSign, a Web-based electronic signature service, has announced its selection by Wells Fargo Funding as an approved electronic signature vendor. The Seattle-based DocuSign said its service enables loan originators working with Wells Fargo to speed up the origination process by getting disclosure documents signed electronically. "With DocuSign's enterprise-class eSignature service, originators can now get required documents, such as truth-in-lending notifications and 1003 applications, signed by borrowers in a matter of minutes, rather than the days needed for paper-based signing," the company said. DocuSign can be found on the Web at http://www.docusign.com.

MISMO and the Property Records Industry Association have published an Intellectual Property Rights Disclosure Draft of business requirements for recording instruments in common electronic document formats. The 30-day IPR draft covers six major objectives: preparing electronic instruments so they are electronically recordable; uploading or transmitting such instruments to electronic closing systems and other platforms; executing the instruments; delivering recordable instruments electronically from e-closing systems to systems in public land records offices; e-recording electronic instruments; and enabling the return of e-recorded (or rejected) electronic instruments to the e-closing platforms, or the retrieval of such instruments by e-closing platforms. The Mortgage Industry Standards Maintenance Organization, the not-for-profit data standards subsidiary of the MBA, can be found online at http://www.mismo.org, and PRIA can be found at http://www.pria.us.

A.M. Best Co., Oldwick, N.J., has announced the launch of Best's Title & Mortgage Guaranty Center, a Web portal that provides access to information generated by the company on title insurance and the mortgage guaranty industry. Content available on the site includes Best's ratings of title insurers, links to Best's rating methodology documents and relevant industry research, and news stories related to the title industry from A.M. Best's news publications. Best's Title & Mortgage Guaranty Center can be found on the Web at http://www.ambest.com/title.

Losses from mortgage fraud will reach $2.5 billion in 2008 and comparable losses will continue for several years thereafter, according to new research from TowerGroup, Needham, Mass. The report says the substantial rise in mortgage fraud over the past 10 years is an important factor in mortgage credit woes, though falling home prices and poor mortgage underwriting have been given most of the blame in recent months. TowerGroup anticipates that lenders will respond by deploying technology to assist in the detection and prevention of mortgage fraud and that their annual spending on such tools will reach several hundred million dollars in the next few years. The research and advisory company can be found on the Web at http://www.towergroup.com.

First American eAppraiseIT, Poway, Calif., has announced the introduction of a valuation tool that it says offers quick, low-cost, accurate values for credit decisions, loss mitigation, portfolio analysis, and quality assurance. The standard Data Assist report verifies a property's legal address and ownership and includes three closed-sale comparables from the subject property's market area, the company said. Data Assist with Listings offers the same information, plus three current listings that are similar to the subject property. "Many lenders are now looking for more alternatives [to automated valuation models]," said Michael Fosser, senior vice president of business development for eAppraiseIT. "Data Assist can provide a high level of confidence without adding significant cost or delay to these transactions." The company can be found online at http://www.eappraiseit.com.

Interthinx Inc., Agoura Hills, Calif., has expanded its PredProtect product to allow for loan-level regulatory compliance in order to respond to regional differences in limits for "mini-jumbo" conforming loans. The tool handles loans between $417,000 and $729,000 in California, Colorado, Hawaii, Maryland, New Jersey, New York, Virginia, and Washington, D.C., without waiting for system enhancements or upgrades, the company said. "The new 'mini-jumbo category was introduced to allow consumers to qualify for loans that could be purchased by Fannie Mae and Freddie Mac," said Roger Fendelman, vice president of compliance for Interthinx. "However, since the limits can vary by county or metropolitan statistical abstract, lenders have been faced with challenges to make sure that this new class of loans complies with the maze of existing federal, state, and local consumer protection laws, including anti-predatory-lending laws." Interthinx can be found on the Web at http://www.interthinx.com.

Compliance Coach Inc., San Diego, has launched Web-based software that enables compliance with a federal regulation that imposes new responsibilities on businesses to prevent consumer identity theft. The new FACT Act Identity Theft Red Flags Rule requires affected entities to perform a risk assessment and take steps to implement a written Identity Theft Prevention Program by Nov. 1, 2008. Failure to comply can lead to a civil money penalty for each violation, regulatory enforcement action, or private plaintiff lawsuits. Companies are required, among other things, to identify all accounts covered by the rule; perform a risk assessment of each covered account; identify "red flags" that may indicate identity theft; develop a written program; provide training to appropriate employees; and provide a compliance status report at least annually. CompliancePal walks the user through a series of questions to help users meet the requirements. The company can be found on the Web at http://www.compliancecoach.com.

Ellie Mae is bringing together electronic document management and online retail lending with its new CenterWise offering. CenterWise provides unlimited electronic document management, including all state and local disclosures, delivery and archiving, along with a scalable WebCenter website and secure online business center that enables greater e-collaboration. The goal is to allow users to extend their enterprise software to their business partners, prospects and customers in real-time over the Web, said Dublin, Calif.-based Ellie Mae at the MBA Tech Show.