Technology

The latest version of LoanQuoter, the online origination service of Mishawaka, Ind.-based Data-Vision, will automatically feed back the Desktop Underwriter stipulations complete with a brandable website and recommendations on how to proceed.The new online tool also uses Fannie Mae's revised 1003 application. In addition, it includes action log viewing, greater control via more drop-down menus, increased system variables, and enhanced broker or correspondent upload functionality, the company said. Data-Vision made the announcement at the Mortgage Bankers Association's annual convention in Orlando, Fla. The company can be found on the Web at http://www.d-vision.com.

A partnership between Dublin, Calif.-based Ellie Mae and Miami-based E-Ops has formed the Encompass Processing Network to allow users to completely outsource loan processing.Ellie Mae said it believes the industry needs to focus more on volume and productivity and less on technology, and therefore more companies will be interested in outsourcing as much of the process as possible so they can concentrate on their core competencies of lending and generating business. Processors will submit a loan to E-Ops for processing seamlessly through Encompass in two mouse clicks. All relevant data and documentation will be added for processing, the brokerage will get e-mail status updates, and the completed loan will be automatically fed back to Encompass at the end of the mortgage cycle, Ellie Mae said. The companies can be found online at http://www.elliemae.com and http://www.eops.cc.

The Mortech 2005 study forecasts that mortgage industry technology expenditures for 2005 will record a "very healthy" 8% increase over those of the previous year, to $3.6 billion.This 18th Mortech study finds mortgage lenders optimistic about expanding their businesses and heavily targeting subprime borrowers as they adopt management-by-modeling capabilities for fraud detection and collateral valuation. Mortech principal Jeff Lebowitz finds lenders broadly focused on reducing human interaction with loan files to reduce errors and shorten cycle times in mortgage originations. Guilford, Conn.-based Mortech LLC publishes its study annually based on scientific surveys of over 300 lenders. The company can be found on the Web at http://www.mortech-llc.com.

Flagstar Bank, Troy, Mich., has announced the general availability of its Digital Document Transfer platform and specification for electronic document exchanges through six mortgage technology companies.The six companies partnering with Flagstar are Advectis Inc., Investor Purchase and Delivery Services Inc., Pyramid Solutions Inc., Stewart Mortgage Information, Tradewinds Mortgage Document Preparation Co., and VirPack. The partners have enhanced their electronic document management products or services to allow for the creation or acceptance of SMART (securable, manageable, archivable, retrievable, and transferable) documents and electronic packages that conform to the DDT specification, Flagstar said. The specification is based on the SMART document format established by the Mortgage Industry Standards Maintenance Organization. Flagstar can be found online at http://www.flagstar.com.

MBS ProClose Inc., a provider of mortgage closing document services and technology based in McLean, Va., has announced the completion of a MISMO-compliant print engine with a complete library of processing and closing documents.The ProClose Gold option provides access to the document library from within a lender's enterprise loan origination system, keeping documents and data within their control, the company said. "Lenders using ProClose Gold will have a single source of printing for all their document needs, providing maximum efficiency and cost effectiveness to improve the bottom line," MBS ProClose said. The announcement was made at the Mortgage Bankers Association's 92nd Annual Convention and Expo in Orlando, Fla. The company can be found online at http://www.proclose.com.

TransUnion Settlement Solutions, Chicago, has announced the availability of fraud and identity management products to the mortgage industry at the MBA's annual convention in Orlando.To mitigate occurrences of fraud, mortgage lenders can integrate TransUnion's fraud and identity management solutions directly into their loan origination system and automated underwriting systems, the company said. Some of the systems offered are borrower identification, loan data verification, and collateral valuation and property services. The systems leverage multisource databases to verify and authenticate personal information on a borrower's mortgage application. The company's Irregular Sales Indicator alerts lenders when a property has an irregular sale price and provides a history of sales transactions for the neighborhood. Additionally, TransUnion's Collateral Market Value verifies a customer-estimated value or an appraised value in a quality-control environment. TransUnion also offers mortgage lenders comprehensive fraud response services in the event of a database compromise.

GMAC Mortgage Corp., Horsham, Pa., has announced that it is the first investor in the mortgage industry able to purchase a correspondent loan with an electronic note, complete the sale of the loan on the secondary market, and service the eNote.Under a licensing agreement with Document Processing Systems Inc., GMAC Mortgage and GMAC Bank will use eMortgage Studio software to interface with the MERS eRegistry, the electronic system that maintains eNote information. "Servicing an eNote is an enormous first step to originating and servicing electronic mortgages," said Joanne Wight, vice president of correspondent lending operations at GMAC Bank. "Not only do [GMAC Mortgage] and GMAC Bank have an immediate ability to participate in the eMortgage marketplace, we can also offer a solution for lenders seeking secondary-market investors who are equipped to handle eNotes."

Fidelity National Financial Inc., Jacksonville, Fla., discussed its recently launched DecisionStream product during a press briefing at the Mortgage Bankers Association annual convention in Orlando.According to Al Verkuylen, senior vice president of development and strategy for FNF subsidiary Lender's Services Inc., DecisionStream takes the data from the various parts of FNF and brings them out to the point of sale. This allows originators of refinance and home equity transactions to decide early in the process whether it is worthwhile to invest in the full-scale mortgage settlement package. Another benefit is that with bundled services as part of the origination process, DecisionStream provides guaranteed quotes for settlement services, he said, allowing originators to give a definitive price to their customer. With Real Estate Settlement Procedures Act reform expected to include a guaranteed mortgage package, this is a benefit, Mr. Verkuylen said.

Mortgage Technology magazine, a MortgageWire affiliate, announced the 2005 winners of its annual tech awards Sunday evening at the Mortgage Bankers Association's 92nd Annual Convention and Expo in Orlando, Fla.WellFound Decade was the winner of this year's 10X Award to a company using technology to achieve an exponential impact on mortgage lending. Advectis Blitzdocs won the Fix-It Award, which goes to a company offering a technology tool that fixes a particular problem. Dynatek won the Help Desk Award for a company offering exemplary technical support and customer service. Scott Happ of Mortgagebot took home the new Lasting Impact Award, which goes to an individual, company, or group whose earlier efforts have had a lasting impact on mortgage industry technology. This year's Outstanding Mortgage Website Award went to No Red Tape Mortgage. The Steve Fraser Award, which goes to an outstanding mortgage technology innovator, visionary, or evangelizer, was presented to Ruth Thompson of Desert Document Services. And Prime Alliance Solutions Inc. won the Synergy Award for a technology initiative or alliance that advances the cause of seamless end-to-end e-commerce. More information about the awards can be found online at http://www.mortgage-technology.com.

LSI, a division of Fidelity National Financial Inc. based in the Pittsburgh suburb of Coraopolis, has announced the launch of DecisionStream, a Web-based system that LSI said instantly delivers loan prequalification information at the point of sale.The system is designed to help lenders decide whether to proceed with a refinance or home equity loan application before investing in full-scale mortgage settlement services, LSI said. The company said DecisionStream delivers previously unavailable POS information that provides insight into the loan qualification process, including: title approval and guaranteed fee data; real-time delivery of FICO score and factor codes; a flood insurance requirement indicator; an automated valuation model that provides a benchmark for estimating loan-to-value ratios; and instant property tax status information. LSI, which stands for Lender's Service Inc., can be found online at http://www.lsi.fnf.com.