Technology

GMAC Mortgage Corp., Horsham, Pa., has upped its third-party servicing functionality by adding business intelligence software to its Web offering.This new function will make it possible for GMAC clients to receive loan-level reporting information, portfolio analysis, and performance management via the Internet. According to GMAC, the new data will help owners and investors keep close watch on their portfolios, thereby enabling them to make key management decisions that may be time-sensitive. GMAC can be found on the web at http://www.gmacmortgage.com.

Appintell Inc., St. Louis, has expanded its strategic partnership with Dublin, Calif.-based Ellie Mae.As part of the agreement, Appintell compliance offerings within Ellie Mae's ePASS Web transaction portal will be accessible to users that have Genesis 2000, Contour, Encompass, and other loan origination systems. These users will now have a direct interface with AppIntell's High Cost Loan Filter and PredProtect anti-predatory-lending compliance solutions through ePASS (Electronic Pricing and Submission System). To access HCL and PredProtect, users will use links in the ePASS additional vendor services section. The Appintell solutions provide full annual-percentage-rate and points/fees threshold calculations, plus additional jurisdiction-specific tests to determine compliance with applicable laws. Appintell can be found on the Web at http://www.appintell.com.

LoanPerformance, San Francisco, has released version 1.0 of its TrueStandings Securities risk mitigation product.The new release provides scalable, real-time, Web access to what the company touts as the largest repository of loan-level information on the U.S. mortgage securities market. TrueStandings Securities also features an enhanced interface to create customized analyses and reports. LoanPerformance can be found on the Web at http://www.loanperformance.com.

Fiserv, Brookfield, Wis., has reported net income of $95.0 million ($0.48 per share) for the second quarter, up from $78.4 million ($0.40 per share) a year earlier.Fiserv's processing and services revenues came in at $855.9 million for the quarter, a 33% increase over the $643.9 million for the second quarter of 2003. Fiserv can be found on the Web at http://www.fiserv.com.

Ellie Mae Inc., Dublin, Calif., will offer its ePASS users a direct connection to Freddie Mac's Loan Prospector automated underwriting system.Ellie Mae said the connection will provide customers two-way functionality between LP and the originator's desktop through ePASS, which stands for Electronic Pricing and Submission System. Mortgage originators can request and receive an LP assessment and roll that information directly into their loan origination system as part of the integration as well. Ellie Mae can be found on the Web at http://www.elliemae.com.

Innovations in mortgage servicing technology over the past 10 years have been very helpful in keeping families in their homes after a mortgage default, according to a study by Freddie Mac.The study by Freddie Mac deputy chief economist Amy Crews Cutts and Professor Richard Green of George Washington University found that repayment plans and loan modifications are very effective at keeping borrowers in their homes. "We found that repayment plans lower the probability of home loss by 80% among all borrowers and by 68% among low- to moderate-income borrowers," Ms. Cutts said. "In addition, for servicers, foreclosure alternatives cost less than acquiring the actual property, which may carry legal and home repair costs." Freddie Mac said innovations that have proven beneficial for borrowers and servicers alike include automated reporting, remitting, and tracking; automated voice response systems; and servicing tools based on credit scores. The technology has enabled servicing costs to fall "dramatically" in the past 10 years, from an average of $120 per loan in the early 1990s to $79 per loan in 2001, the government-sponsored enterprise said. Freddie Mac can be found online at http://www.freddiemac.com.

Updata Capital Inc., Red Bank, N.J., has released research explaining what is behind the recent increase in merger-and-acquisition activity in the financial technology sector.The investment banking firm, which specializes in M&As for the information technology industry, reported that four factors are contributing to the increase in technology M&As: the improved economy and resulting health of the capital markets, rising IT budgets, the impact of mandated regulatory changes, and lastly, the viability of new technology models to enhance profitability and accelerate sales. The complete Financial Monitor for summer 2004 can be viewed on http://www.updata.com.

Informative Research, a mortgage credit reporting company based in Garden Grove, Calif., has announced the formation of a technology-based partnership with IndyMac Bank.The partnership makes it easier to order credit reports from Informative Research via QuickPricer and e-MITS (electronic mortgage information and transaction system), IndyMac's proprietary online loan prequalification, pricing, and decisioning technology, Informative Research said. "This new functionality allows brokers to order or reissue Informative Research credit reports directly through QuickPricer and e-MITS for faster and more efficient loan processing," said Ondar Tarlow, vice president/director of Mortgage Bank Marketing at IndyMac. "e-MITS allows the user to submit loan application data and receive an online decision and pricing in less than a minute." The companies can be found online at http://www.informativeresearch.com and http://www.indymacb2b.com.

Irvine, Calif.-based Mavent Inc., a provider of automated compliance systems for the financial services industry, has selected AT&T to enhance its networking capabilities.According to Mavent, the three-year contract is valued at $1.4 million. The agreement makes it possible for Mavent to provide customers with around-the-clock service, security, monitoring, and automatic routing of data and other information, the company said. Mavent's automated compliance system is a rules-based application that provides the residential mortgage industry with consumer credit information, enabling lenders and investors to comply with federal, state, and local consumer lending laws, rules, and regulations. The AT&T solution also includes frame relay service and Business Internet Access Service for Mavent's headquarters. Mavent can be found on the Web at http://www.mavent.com.

Del Mar Database, San Diego, has released DocumentTrac, an electronic document management system that is integrated with DataTrac, the firm's automated back-office processing system.DocumentTrac makes it possible for lenders to electronically image, archive, retrieve, and distribute all paper documents associated with a loan file to an investor or other party, the company said. Through DocumentTrac, originators (including loan officers and brokers) can electronically submit documents associated with a loan file via fax, scanner, file upload, or print functions. Del Mar can be found on the Web at http://www.delmardb.com.