Technology

Overture Technologies has upgraded its Mozart AUS with the release of version 4.0 at the Mortgage Bankers Association's National Secondary Market Conference and Expo.Mozart is an automated underwriting, pricing, and product selection tool. The upgrades include enhancements to the product's pricing and administrative features and the addition of two new credit services and new fraud prevention tools. Mozart 4.0 also allows underwriters to reconcile a borrower's investment property assets, debts, and correspondent rental income to simplify underwriting for complex investment property situations. The company can be found on the Web at http://www.overturetechnologies.com.

Advectis Inc., Alpharetta, Ga., has announced the release of enhanced capabilities for electronic document transfer and investor delivery in its BlitzDocs Collaboration Suite.The added functionality, announced at the MBA's National Secondary Market Conference and Expo in Chicago, enables lenders to export imaged loan folders for secure, fast delivery to the secondary market. The new export capabilities give lenders and correspondent sellers the ability to assign loans, either pool or flow, for electronic delivery to specific investors or due-diligence providers. Once logged in to BlitzDocs, investors can access the assigned loans via a browser and import the document images directly into their internal imaging systems, Advectis said. The delivery is securely transmitted from the BlitzDocs network to the external parties. No additional software, integration resources, or programming is required for electronic loan delivery. Advectis can be found on the Web at http://www.advectis.com.

MERS has announced the launch of a new service to transport electronic documents from one party to the next.MERS's announcement at the Mortgage Bankers Association's National Secondary Market Conference and Expo in Chicago indicated that eDelivery was designed to help aggregators integrate their electronic mortgage technologies with those of their partners. The goal is that every party in the industry will integrate once to MERS and be able to electronically deliver documents to other parties without interfacing to several systems. MERS can be found on the Web at http://www.mersinc.org.

With 17 years of mortgage technology experience to his credit, Jordan Brown has formed MarketWise Advisors, a consulting firm based in Ponte Vedra Beach, Fla.The new company was launched at the Mortgage Bankers Association's National Secondary Market Conference and Expo in Chicago. The practice will focus on technology selection and implementation for the mortgage space, broker-to-banker conversions, and prepayment scoring and reporting, and will have a special division for technology mergers and acquisitions. "[T]here is a need in the marketplace for key secondary talent to streamline operational processes, benchmark performance, and create the process necessary to sustain a competitive edge," Mr. Brown said. The company can be found on the Web at http://www.marketwiseadvisors.com.

Vienna, Va.-based VirPack has announced the enhancement of its VirPack Direct electronic-image loan delivery system to support correspondent delivery to Minneapolis-based GMAC Residential Funding Corp.Correspondents can use the tool to deliver fully indexed loan files to GMAC Residential Funding for purchase review. Loans identified for delivery to GMAC Residential Funding are immediately retrieved from the VirPack system and electronically delivered in a secure fashion. VirPack Direct, offered free to VirPack customers, offers to significantly reduce shipping costs, shorten cycle times, and improve overall process efficiency. The VirPack core technology is an electronic envelope that uses scan capture and barcoding to provide a standard way to package, manage, and electronically deliver all data, electronic documents, and images. The company can be found online at http://www.virpack.com.

Taylor, Bean & Whitaker Mortgage Corp., Ocala, Fla., has announced a joint venture with 24/7 Call Capture Inc. that it says will allow loan officers and real estate agents to "capture and control the purchase, builder, and for-sale-by-owner markets."Taylor Bean said its chairman, Lee Farkas, discovered 24/7 Call Capture on a business trip and engaged the call-capture technology company to create a customized call-capture system for community bank originators. That system, which Taylor Bean termed "a revolutionary software technology tool," has been added to the company's CommunityBanksOnline platform. The call-capture tech company can be found online at http://www.247callcapture.com.

DocuTech Corp., an Idaho Falls, Idaho-based provider of compliance services and documentation technology, has announced an alliance with Advantage Credit designed to offer an added layer of security for mortgage closing documents.Under the arrangement, Advantage Credit's LoanShield is embedded in ConformX, a Web-based DocuTech system that accelerates the closing process through document management. This enables users to use LoanShield while running their closing documents, DocuTech said. "This alliance can potentially save ConformX customers millions of dollars that could be lost to fraud," said Ron Litt, president of Pensacola, Fla.-based Advantage Credit. "LoanShield pinpoints fraud among borrowers, properties, and even insiders." The companies can be found online at http://www.docutechcorp.com and http://www.advantagecredit.com.

Interthinx, a Calabasas, Calif.-based provider of automated fraud protection and decision support tools for the mortgage industry, has integrated its DISSCO tool with the Beanstalk Networks' OpenClose MTG platform."Interthinx offers methodology for intercepting mortgage fraud before it permeates the secondary marketplace -- and that's vital," said Jason Regalbuto, president and chief technology officer of Beanstalk Networks. The OpenClose MTG tool offers tailored configurations for lenders and brokers that can be used for origination, processing, and managing digital loan folders while providing tools for prequalification, product/price locking, automated underwriting, and back-office mortgage banking. The integration will enable loans to be instantly and seamlessly submitted to DISSCO for automatic screening for potential mortgage fraud. Interthinx can be found on the Web at http://www.interthinx.com.

Visionet Systems, Cranbury, N.J., has announced the launch of version 3.0 of VisiLoanReview, a Web-based program providing electronic quality control reviews and automated underwriting to the investor community.The announcement, which came at the MBA National Secondary Market Conference and Expo in Chicago, said the new version of VisiLoanReview offers electronic delivery of files, customized underwriting review, quality control review, automated follow-up and response management, repurchase demand management, and loan presentation. The system allows investors to reduce processing costs while improving quality and reporting, Visionet said. In addition, the product provides seller scoring mechanisms to automatically manage the scope and depth of loan file reviews. VisiLoanReview includes workload distribution and monitoring capabilities as well. The company can be found on the Web at http://www.visionetsystems.com.

Impac Mortgage Holdings Inc, a mortgage real estate investment trust based in Newport Beach, Calif., has launched iMAP (Impac Market Analysis Platform), a Web-based market research tool that provides mortgage brokers and correspondent lenders with analysis of a state or metropolitan market.The new product, unveiled at the MBA National Secondary Market Conference & Expo in Chicago, collates and analyzes a variety of delinquency and macroeconomic data that contribute to loan market performance, including the House Price Index, the Median Home Price Index, the unemployment rate, household income, quarterly mortgage origination data, and housing price appreciation. The Impac Risk Index then summarizes the information for a chosen state or metro area and assigns it a grade-point average score based on its overall market potential, the REIT said. Impac will update the index on a quarterly basis, based upon new economic and market data. The company can be found on the Web at http://www.impaccompanies.com.