Technology

American Money Network LLC, a San Francisco-based Internet mortgage lead aggregator that manages LoanHounds.com, has announced that it is seeking a strategic partner to expand its business.The four-year-old company said it is seeking a partner with national licensing or Web traffic because, as a small private company, it is limited in its ability "to secure sizable Web media contracts with the major portals." AMN said it manages multiple online mortgage domains, including LoanHounds.com, and has a network of more than 60 national and regional networks. "We have the confidence of lenders and consumers," said the company's David Rosen. "Now we just need to find a partner who'll help us become a Tier 1 player." LoanHounds can be found online at http://www.loanhounds.com.

Mortgage Cadence, a Denver-based mortgage technology company, has launched Mortgage Cadence Symphony, a new ASP (application software provider) model for small and midsize lenders.The application consists of a preconfigured end-to-end platform for origination, underwriting, and processing that is supported by "a powerful workflow engine," a product and pricing decisioning engine, validations, full-document imaging, and reporting, the company said. Mike Detwiler, chief executive officer of Mortgage Cadence, said the company concluded from discussions with small and midsize lenders that they could benefit from technology similar to that used by larger lenders. "So we came up with a simplified offering that gave them advanced lending functionality without the high cost," he said, adding that the system's transactional basis enables them to better match revenue and expenses. The company can be found online at http://www.mortgagecadence.com.

Oklahoma City-based a la mode has announced the formation of the Appraisal Advocacy Coalition, a nonprofit group dedicated to protecting and supporting residential appraisers.The announcement came at a la mode's Winter Convention in Las Vegas, and the company's founder and chairman, Dave Biggers, is donating "significant money and manpower to jump-start the new effort," the company said. However, the Washington, D.C.-based coalition will be separate from a la mode, a developer of software and online services for the real estate and mortgage industries. Ben Harris, a la mode's director of public affairs, said the coalition has been formed "to ensure that the single most important facet of the American economy doesn't fall prey to predatory lenders and shady 'appraisal alternatives'." The coalition can be found online at http://www.appraisaladvocacy.org, and a la mode can be found at http://www.alamode.com.

Mortgage Guaranty Insurance Corp., Milwaukee, has announced the acquisition of Myers Internet Inc., a San Jose, Calif.-based provider of Web-based point-of-sale systems for mortgage originators and real estate agents.The terms of the deal were not disclosed. MGIC said the Myers platform augments MGIC's eMagic portal, which offers originators, lenders, and vendors access to automated underwriting decisions, mortgage insurance, contract services, rate locks, and other services. "Myers is the top provider of websites for mortgage brokers in the mortgage industry and has made strong inroads with real estate agents," said Curt S. Culver, chairman, president, and chief executive officer of MGIC and its parent company, MGIC Investment Corp. "By acquiring Myers, MGIC can bring further efficiencies to mortgage lending." Myers will be a wholly owned subsidiary of MGIC, and will be called Myers Internet -- a MGIC company. The companies can be found on the Web at http://www.mgic.com and http://www.myers.com.

Two wholly owned subsidiaries of Stewart Title Co. -- Landata Systems Inc., a technology provider, and Stewart Realty Solutions, formed two years ago to take online transaction management to the real estate and mortgage industries -- will be merged to form Stewart Transaction Solutions, Houston.Stewart Title said key technologies to be handled by the new company include the SureClose online transaction management system; the eClosingRoom electronic closing platform (developed by Stewart Title and Silanis Technology); the AIM for Windows title production system; and the TitleSearch title plant, document imaging, and search analysis systems. Mike Davis, president of Landata Systems, will serve as chief executive officer of Stewart Transaction Solutions, and Travis Wright, CEO of Stewart Realty Solutions, will serve as the new company's president and director of business development. Mr. Davis will remain as chief information officer of Stewart Title's parent company, Stewart Information Services Corp. The new company can be found online at http://www.stewarttransactionsolutions.com.

Mortgage companies shed 200 employees in November, according to the latest national employment report, ending a 20-month hiring spree that added over 53,000 full-time employees to their payrolls.The U.S. Bureau of Labor Statistics reported that employment in the mortgage industry slipped from 533,900 in October to 533,700 in November. The last hiccup in hiring occurred in August 2004 when employment slipped by 100 positions in September 2004. The Mortgager Bankers Association says it expects to see more declines this year in mortgage industry employment as origination volumes decline from 2005 levels. However, the contraction in employment could be offset because purchase mortgage originations, which are labor-intensive, are expected to remain at high levels, MBA financial economist Jay Brinkmann pointed out. And loan officers can still do fairly well with lower volumes because the average loan size has risen substantially over the past few years. "So we might not see some of the same shrinkage" in loan officers and mortgage brokers as in the past, Mr. Brinkmann said.

MacDonald, Dettwiler and Associates Ltd, Richmond, Va., has acquired privately held MindBox LLC, a provider of decisioning mortgage applications, for an undisclosed sum.The acquisition dictates that MindBox become part of MDA's Financial Services business in the United States and continue its operations as a separate business unit under the leadership of Richard Barfus, MindBox's president and chief executive officer. MDA said it will bring, concurrent with the transaction, all of its U.S. financial services business -- Marshall & Swift/Boeckh (MSB), DataQuick, and MindBox -- under a unified leadership team.

Data-Vision Inc., Mishawaka, Ind., says it plans to expand its products and staff in 2006 to meet increased mortgage industry demand.The mortgage technology provider said it is planning many enhancements to its RemoteDocs system, including the continued streamlining of the sending and receiving process. Further enhancements are also in the works for the LoanQuoter system, Data-Vision said. John Dempsey, Data-Vision's vice president of sales, said the company will also continue various innovations adopted in 2005, such as so-called webinars and user groups to test company software and services. The company can be found on the Web at http://www.d-vision.com.

Mortgage Lenders Network USA Inc., Middletown, Conn., has launched a new website for consumers seeking to apply for a mortgage loan and obtain financial tips and advice.At the new website, consumers can view various educational resources, such as the Department of Housing and Urban Development's mortgage glossary, mortgage insurance information, and MLN's "Guide to Homeownership." The site also includes detailed background information about MLN and the company's professional mortgage consultants. Visitors can also apply for a loan online or schedule an appointment with one of MLN's consultants. The new website can be found at http://www.mlnapproves.com.

Ellie Mae Inc., a provider of mortgage technology based in Dublin, Calif., has embarked on a strategic partnership with Tallahassee, Fla.-based Multi Financial Services Co., providers of Trakker Loan Servicing Software.As a result of the agreement, Ellie Mae will feature direct integration from its Encompass Mortgage Automation System to Trakker. The integration of Encompass and Trakker responds to broker demand to service loans. Trakker Loan Servicing Software is an end-to-end system that enables companies to easily service conventional and nonconventional loans. Ellie Mae can be found on the Web at http://www.elliemae.com.