Technology

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.

Reverse Mortgage Solutions, Spring, Texas, has rolled out RM Compass, a loan origination system that it called the first front-end product built from the ground up specifically for the reverse mortgage origination process. RM Compass, an Internet-based Application Service Provider software system, is designed for both established reverse mortgage originators and new players, the company added. "This is one of those magical times in our industry that comes along only rarely when a new growth sector, customer demographics, and necessary technology combine to create an unparalleled opportunity for the right companies," said Robert D. Yeary, chairman and chief executive of RMS. This is especially important, he declared, "when you consider that the difference between originating a forward and reverse mortgage is like night and day, because of the former's counseling requirements, an extended 'gestation' period, more disclosures, complex calculations, and more." RMS chief information officer Kevin Gherardi added, "With RM Compass, originations can be fully integrated with a provider's servicing components in a real-time solution that exceeds what previously has been available."

A new loss mitigation assistance company aimed at helping homeowners prevent foreclosures has been formed in Coeur d'Alene, Idaho. The new company, Apply 2 Save.com, said it offers homeowners information on foreclosure laws around the country as well as on how the company can help them get the best workout plan for their situation. Loss mitigation specialists can help homeowners keep their properties by negotiating with their lenders to accept workout plans ranging from "accepting a simple repayment plan, to modifying payment terms, to performing what is called a 'short sale'," the company said. Apply 2 Save.com can be found on the Web at http://www.apply2save.com.

REOTrans LLC, Los Angeles, an online provider of systems for managing and selling residential foreclosures, reports that it has sold over 150,000 real-estate-owned homes totaling $22 billion via its Web-based platform since the inception of the company in September 2003. "We are definitely starting to see higher numbers of properties selling, even in areas like California and Florida, which have been significantly impacted by the current real estate and mortgage crisis," said REOTrans chief executive officer Chris Saitta. Approximately 175,000 properties are now available through the REOTrans platform, which offers buyers and investors free access to REO listings nationwide. The company can be found online at http://www.reotrans.com.

Mortgage Grader, Laguna Niguel, Calif., has received a patent for its online shopping and loan qualifying platform. The patent describes various features of Mortgage Grader's current and upcoming shopping service. The company said it plans to provide anonymous online loan approvals, guaranteed interest rates, and settlement costs. "All borrowers, regardless of education or prior experience, will have direct access to mortgages, just like online travel, ending their dependence on commission-driven mortgage brokers and bank loan officers," said Jeff Lazerson, president of Mortgage Grader. "Mortgage Grader offers fair-minded lenders a responsible lending channel to increase their customer count." The company can be found online at http://www.mortgagegrader.com.

The Mortgage Industry Standards Maintenance Organization has announced the release of its Version 1.2 Commercial Reference Model containing specifications for data fields used in commercial standards. Version 1.2 augments three commercial standards released in February by the Environmental and PCA Reports Workgroup, MISMO said. "It provides a combined snapshot of the content for all of MISMO's commercial standards, and shows how all the pieces fit together," said Dan Szparaga, executive vice president of MISMO. "As new standards are released, it will be evident where the new content fits within the model and how logical and orderly it is for the industry's use." MISMO is a not-for-profit subsidiary of the Mortgage Bankers Association that develops data transfer protocols for the residential and commercial real estate finance industry. It can be found online at http://www.mismo.org.