Technology

Arizona Gov. Janet Napolitano has signed the Arizona Uniform Real Property Electronic Recording Act, which authorizes the storage of real property records, including mortgages, in electronic format.The act was adopted based on a model recording act of the same name drafted by the National Conference of Commissioners on Uniform State Laws in 2004. It states that an electronic document satisfies a recording statute that requires a document to be an original, on paper or another tangible medium, or in writing, and that an electronic signature satisfies a recording statute that requires a document to be signed. The act also states that an electronic signature satisfies a requirement that a document or signature associated with a document be notarized, acknowledged, verified, witnessed, or made under oath by someone authorized to sign for the document so long as the electronic signature and all other information required to be included is attached to or logically associated with the document or signature. The Arizona URPERA goes into effect on Jan. 1, 2006.

LendingTree Settlement Services, Charlotte, N.C, has selected Pittsburgh-based ValuAmerica's Web-based ValuNet xsp software to manage its vendor management process.ValuNet xsp automates vendor selection and ordering, and provides real-time vendor performance scoring and reporting in order to increase operational efficiencies, ValuAmerica said. The implementation is scheduled to be complete in June 2005. LendingTree Settlement Services is a joint venture between LendingTree LLC and GreenLink LLC, an affiliate of Wachovia Corp. It offers settlement services such as appraisal, credit, flood, title, and closing services. ValuAmerica is a national provider of settlement services and supply chain management tools. The companies can be found on the Web at http://www.lendingtree.com and http://www.valuamerica.com.

The Mortgage Industry Standards Maintenance Organization has announced the introduction of MISMO eXtensible Markup Language Compliance for credit reporting.MXCompliance allow implementers of MISMO's Internet-based XML standards to "reference requirements and take steps in becoming officially compliant" and to validate their XML, the Mortgage Bankers Association subsidiary said. There are three types of MXCompliance services: verification, import, and export. Verification is a service for businesses interested in buying certified products and services from organizations that claim to be MISMO-compliant, the organization said. The import and export services are used by applicants seeking certification (under MISMO standards) of their product or service interfaces. For further information on MXCompliance, visit http://mxcompliance.mismo.org.

Stewart Title has announced another step toward the electronic closing of real-estate finance transactions with the completion of the sale of a single-family home using its eClosingRoom, integrated into its SureClose online transaction management system at Stewart Title of Wichita Falls, Texas.The all-cash closing called for sellers and buyer to use a simple "click to sign" process and a "sign-once, apply-many" signature capture process to affix their electronic signatures to the documents, including HUD-1 statements, the attorney disclosure, survey documents, the privacy policy notice, the 1099 and 1099 certification, and a Stewart Title disclosure. The warranty deed and Affidavit as to Debts and Liens needed to be "wet-signed" to conform to Wichita County requirements, the company said. Sellers and buyer accessed their SureClose transaction file via a user ID and password-protected website to review documents in advance of the closing. The eClosingRoom system was developed with Silanis Technology. Stewart Title can be found online at http://www.stewart.com.

Dynatek has made plans for a phased launch of an improved version of its MORvision loan origination software that will be called MORvisionTi , the company said at its 13th annual user conference in Livonia, Mich.The new MORvisionTi will utilize new technologies like Web services/.NET, Smart Client, service-oriented architecture and n-tier functionality. The system will include a new business process management central module to streamline loan management, advanced product and pricing, e-mortgage ready capability, and an enhanced point-of-sale system. The Web Status Center to enable the user to accommodate Web services was the first deliverable of the new system. The next deliverable will be the POS component, which will include synchronized docked and undocked access to the software, improved loan selection, improved calculators, simplified data entry and advanced printing functionality. Dynatek can be found on the Web at http://www.dynatek.com.

Fiserv Inc., Brookfield, Wis., has entered into a definitive agreement to acquire the assets of the eLending U.S. operations of Emergis Inc., Montreal, Quebec.Emergis disclosed on its website that the purchase price is US$13.75 million in cash. The eLending Emergis operation enables mortgage lenders to obtain third-party services needed to process, close, and fund mortgage loans via the Internet. In addition, it provides the capability to manage, electronically sign, and store mortgage documents in a secure electronic environment. Fiserv said the eLending U.S. Emergis technology includes the Vendor Services Exchange component on which Fiserv's Electronic Partner Connection operates as a private-label system. The Electronic Partner Connection is an electronic network that provides mortgage originators with a single online point of entry for the order and delivery of any mortgage-related products or services. The companies can be found on the Web at http://www.fiserv.com and http://www.emergis.com.

Costa Mesa, Calif.-based Experian has positioned itself as a major consumer-direct player on the Internet with the acquisition of LowerMyBills.com for $330 million and the launch of Experian Interactive.The deal also calls for an additional $50 million performance-related compensation over the next two years. LowerMyBills is a mortgage-lead generator that assists consumers with debt consolidation and other financial decisions. All employees and management for LowerMyBills.com will be retained, Experian said. Consumer Interactive will combine the acquired entity with its Experian Consumer Direct, MetaReward, and Affiliate Fuel business lines.

MERS, the industry-owned system for tracking ownership of mortgage loans and servicing rights, has registered 30 million loans, according to the organization.MERS said it hit the 30 million mark, a 35% increase from one year earlier, on April 6. Decision One Mortgage, a Charlotte, N.C.-based division of the HSBC Group, registered the 30 millionth loan. The company has over 200,000 loans registered on MERS. Electronic registration eliminates the need for paper assignments when trading loans and servicing rights. MERS can be found on the Internet at http://www.mersinc.org.

NetBank Inc., an Atlanta-based online bank, has reported a mortgage-related net loss of $2.0 million ($0.04 per share) for the first quarter, compared with net income of $9.4 million ($0.20 per share) a year earlier.The production of conforming mortgages totaled $2.1 billion in the quarter, a decline of 8.6%, and the production of nonconforming mortgages totaled $630 million, a decline of 18.4%, the company reported. "The current-period loss is largely centered in our nonconforming mortgage operation," said Douglas K. Freeman, NetBank's chairman and chief executive officer. ".... More aggressive pricing industrywide and higher-than-normal provision expenses pushed results well below the level our other developing lines of business can offset today. We consider the prevailing nonconforming business conditions atypical. We are fully committed to the nonconforming operation and believe in its ability to contribute significant profitability to our bottom line in normal conditions." The company can be found online at http://www.netbank.com.

The MLS Systems and Solutions group of Fidelity National Real Estate Solutions, Jacksonville, Fla., has released an updated version of its Paragon MLS system, a Web-based multiple listing service platform.Enhancements include updates to the Comparative Market Analysis, Associated Documents, and Listing Photo Management features. The CMA updates have enhanced the feature's user interface, improving its workflow functionality, the company said. In addition, comparative graphs and charts will now be included in the CMA feature. The Associated Documents feature enables any documents related to a specific listing, such as inspection or disclosure reports, to be stored as part of that listing in the Paragon system. Lastly, updates to the Listing Photo Management feature include a new drag-and-drop interface. Fidelity also announced that the application can now be accessed from any browser-enabled device, such as a Wireless Application Protocol-enabled mobile phone or a personal data assistant. The FNF family of companies can be found on the Web at http://www.fnf.com and http://www.fidelityinfoservices.com.