Technology

Homebuyers considering different mortgage products can now use an online mortgage calculator to compare the monthly payments and equity buildup of different loan products, thanks to the Federal Reserve Board."We have created a tool that will allow consumers to look ahead to see how much equity they will build and what their mortgage payments will be three, five, seven, or 10 years down the road with different mortgage products," Fed Governor Randall Kroszner said. The calculator can be used on 30-year and 15-year fixed-rate mortgages, interest-only fixed-rate mortgages, adjustable-rate mortgages, interest-only ARMs, and payment-option ARMs. "These comparisons should encourage more consumers to shop around and compare mortgage offers," the Fed governor said. The Mortgage Comparison Calculator is on the Fed's website at: http://www.federalreserve.gov/apps/mortcalc/

MortgageHub, a Norcross, Ga.-based provider of technology for the mortgage industry, has released TCL Lite, a version of its TCL (The Construction Lender) construction lending software that is tailored for smaller lenders.TCL Lite uses the same basic functions as the original system, but streamlines it to provide only those functions that smaller lenders require, and allows users to upgrade to the full TCL system with minimal effort, MortgageHub said. "TCL Lite is extremely easy to implement and use but still provides all the controls required for budgeting, cash management, and management information," said Dave Demster, president of MortgageHub's Mortgage Products Division. "Smaller lenders get a cost-effective, yet powerful solution that fits their needs today, while also providing the expandability to accommodate their growth in the future." The company can be found online at http://www.mortgagehub.com.

A new United Kingdom mortgage website is seeking to set itself apart by offering a consumer/borrower focus it says the majority of its competitors lack."Unlike comparison-only and lead generating platforms, FancyAMortgage.co.uk offerings in-depth information on mortgage products with advantages, disadvantages, and product comparisons," the Web-based company said. In addition to mortgage product overviews, the site offers information on individual mortgage lenders and related information on fees, brokers, and services. The site can be found at http://www.fancyamortgage.co.uk.

Portland, Maine-based Quantrix has announced that it is providing a modeling interface for risk-analytics provider Andrew Davidson and Co.The partnership between Quantrix and ADCo will deploy the Quantrix Modeler as the interface for ADCo's new LoanDynamics Mortgage Credit Model to serve fixed-income investors in the mortgage-based securities industry. The model incorporates historical data from approximately eight million loans by 144 issuers over 15 years to analyze borrower behavior and predict mortgage loan dynamics. The Quantrix LoanDynamics Interface enables mortgage credit analysts to analyze loan data, define interest rate and housing price scenarios, and model any combination of loans and scenarios with Quantrix Modeler. According to the announcement, customers receive a turnkey solution that includes ADCo's LoanDynamics Model, Quantrix Modeler licenses, and the Quantrix LoanDynamics Interface. The companies can be found online at http://www.quantrix.com and http://www.ad-co.com.

Jacksonville, Fla.-based LSI, a division of Fidelity National Information Services Inc., has launched ClosingStream 1.1, a Web-based closing solution for mortgage refinance and home equity lending transactions.The ClosingStream 1.1 deployment includes enhanced borrower authentication, borrower security, document delivery, and improved document question-and-answer segments, LSI said. With ClosingStream, LSI controls the entire title and closing process, eliminating the need to coordinate with several third-party providers. At the scheduled closing time, the borrower securely logs on to the ClosingStream website and dials a toll-free number to connect with an LSI closing representative, the company said. Using ClosingStream's online meeting application, the representative thoroughly covers each loan document to ensure that the borrower understands all the details. LSI said recent post-pilot consumer surveys of regular Internet users reported a 97% satisfaction rating when using ClosingStream to close their mortgage transactions. FNIS can be found on the Web at http://www.fidelityinfoservices.com.

MISMO, the not-for-profit data standards subsidiary of the Mortgage Bankers Association, has announced the implementation of eHereNow's /validate Web service to validate XML data undergoing MISMO XML Compliance (or MXCompliance) certification.MXCompliance enables implementers of MISMO's Internet-based XML standards to determine what steps are necessary to comply with the certification requirements, the organization said. "The business rules associated with MXCompliance certification are complex -- and are increasing in both scope and complexity as MISMO work groups refine certification requirements," said Dan Szparaga, acting executive vice president of MISMO. "To that end, eHereNow has dramatically increased the speed and accuracy of the MXCompliance certification process, thereby improving it." MISMO, the Mortgage Industry Standards Maintenance Organization, can be found online at http://www.mismo.org.

The first Level II electronic mortgage document has been recorded in Minnesota, according to U.S. Recordings, St. Paul, Minn.The company said the Minnesota Real Estate Electronic Recording Task Force established the guidelines for various levels of document recordings. Level II electronic recording includes documents that are generated in paper form, signed and notarized with a wet signature, then scanned and sent in electronic form to the county along with indexing data. To date, six counties in the state are approved in an ERER Task Force pilot to receive Level II electronic documents: Clay, Dakota, Martin, Renville, Scott, and Wabasha counties. Dakota County Recorder Joel Beckman said the Level II submission of a mortgage by U.S. Recordings "was seamless and efficient, and we hope that electronic recording will continue to expand." Dakota County operates with Fidlar software to receive documents from U.S. Recordings.

MISMO, a not-for-profit subsidiary of the Mortgage Bankers Association, has announced the release of three additional data standards -- involving document classification, environmental assessment, and work order requests -- for the commercial/multifamily mortgage industry.MISMO said each standard has a unique function: Document Classification Version 1.1 allows for a standardized methodology for identifying and including a document in an electronic transmission; Environmental Site Assessment Synopsis Version 1.1 is designed to enable the electronic transmission of a summary of the important data points in an environmental assessment on a commercial property; and Work Order Request and Response Version 1.1 is designed for use in basic project tasking situations. The first commercial data standard released by MISMO was Commercial Servicing Transfer Standard Version 1.0. MISMO said the standards will eventually "reduce costs, streamline processes, improve accuracy, increase data transparency, and boost investor confidence in mortgages as an asset class." MISMO, the Mortgage Industry Standards Maintenance Organization, can be found online at http://www.mismo.org.

Lender Technologies Corp., a subsidiary of the Mortgage Bankers Association, has issued a Request for Information regarding the creation of a national database to help prevent fraud against lenders.LTC said it is requesting information to determine the availability of contractors that have the experience, expertise, and staffing to develop and operate such a database. "MBA believes that further innovation is required in order to adequately protect the industry, as well as consumers, taxpayers, and communities, from the costs of mortgage fraud, and that is why we are lending our support to efforts to develop a national fraud prevention database," said MBA chairman John M. Robbins. LTC said the primary focus of the project is to develop a database and a process to facilitate the sharing of data that would improve the ability of mortgage lenders to identify and stop fraud at the point of origination. LTC can be found online at http://www.lendertechnologies.com.

The Department of Veterans Affairs has published a proposed schedule for phasing in its automated loan servicing information system and the largest VA servicers, Wells Fargo Home Mortgage and Countrywide Home Loans, are slated to go first.Wells Fargo and Countrywide are due to go live on the new VA Loan Electronic Reporting Interface system, known as VALERI, in November and other servicers will be phased-in over the first three quarters of 2008. Wells Fargo will go first because its servicing system is similar to the VALERI system that National Financial, Jacksonville, Fla., has developed and customized for the VA. Countrywide will go second because it has a proprietary servicing system. The proposed phase-in schedule is out for public comment until June 15. "VA's goal is to bring on board the largest number of loans as early as its system can handle them, while also taking into account the number of servicers, the extent of servicers' interfaces, the types of loan portfolios, and other unique testing factors that VA can anticipate at this stage," the Federal Register notice said.