Technology

ARC Systems, a mortgage automation provider based in Austin, Texas, has announced the release of Loan Finder Express, an underwriting tool designed for mid-tier lenders and brokers.ARC termed the product "a comprehensive, browser-based product eligibility engine [that] integrates credit to deliver a fully adjusted price." The system offers lenders "a fast, easy way to custom-match borrowers with loan programs ranging from conforming to nonprime -- even if their originators have limited experience with a product category," the company said. The release was announced at the annual convention of the National Association of Mortgage Brokers in Salt Lake City. The company can be found online at http://www.arcsystems.com.

DocuTech Corp., a provider of compliance services and documentation technology, has debuted its new PowerLend product at the National Association of Mortgage Brokers conference in Salt Lake City.PowerLend is a Web-based system that integrates a broker's closing software and identifies refinancing options that can be offered to borrowers for their consumer loans. The tool is designed to give brokers the ability to identify future lending opportunities. DocuTech can be found on the Web at http://www.docutechcorp.com.

Calabasas, Calif.-based Sysdome has announced the release of its new BrokerScore product designed to detect broker fraud.BrokerScore is a fraud prevention tool that reviews originators each month, performing audits and background checks on mortgage brokers and affiliated groups on behalf of lenders. BrokerScore rates individual brokers with a "score" that is shared with both the broker and the lender, Sysdome said. Brokers can contest the information provided and use their score as a marketing tool as well. Sysdome is in talks with the National Association of Mortgage Brokers to use the product as the basis of a national registry that would track the performance of brokers across the country in an effort to cut down on broker fraud. The product announcement was made at the NAMB annual convention in Salt Lake City. Sysdome can be found on the Web at http://www.sysdome.com.

Mark Lefanowicz, chief operating officer of E-Loan Inc., Pleasanton, Calif., has been promoted to president of E-Loan and will retain his position as COO.Mr. Lefanowicz has been E-Loan's COO since January, and has been a company director since October 2002. The company also announced the appointment of Susan Catherine Muriel as its new chief marketing officer. She joins E-Loan from Upromise Inc., a private college funding program. E-Loan, a consumer-direct lender that offers mortgage, auto, and home equity loans, can be found online at http://www.eloan.com.

Wachovia has signed up to participate on Wayne, Pa.-based GHR Systems' Web-based origination marketplace, BrokerOneSource.There are currently about 2,000 brokers conducting business on the site, and GHR says 100 to 200 new brokers sign up each day. At present, 13 lenders participate. GHR can be found on the Web at http://www.ghrsystems.com.

Genworth Financial Inc., Raleigh, N.C., has announced the introduction of Underwrite Express, an online service that the company says combines the benefits of two of its mortgage technology platforms.The service integrates AU Central, Genworth's proprietary automated underwriting engine, with Doc Central, its online platform for creating and sharing loan documents, the company said. "We designed this platform to serve the needs of mortgage originators who want quicker underwriting turnaround," said Kevin Schneider, Genworth's president for U.S. mortgage insurance. "Underwrite Express meets their needs by seamlessly integrating two proven platforms that already are being used successfully by originators nationwide." Genworth can be found online at http://www.genworth.com.

Myers Internet has released a new website product that enables mortgage originators to originate mortgages by marketing to the for-sale-by-owner market."Mortgage originators are increasingly looking for new channels to originate mortgages," Myers chief executive officer Warren Myer said at the 2004 National Association of Mortgage Brokers Convention in Salt Lake City. Originators pay a setup fee of $199 and a monthly fee of $39. The website can be up and running in a week. Myers can be found on the Web in http://www.myers.com.

Calyx Software, San Jose, Calif., has decided to drop its request for an injunction against Ellie Mae, Dublin, Calif.Calyx has sued Ellie Mae, alleging that the company committed copyright infringement by copying the look and feel of its Point product with the release of Encompass. To ensure that Ellie Mae doesn't sell Encompass until the case is decided, Calyx petitioned the court for an injunction. Calyx now says it was unable to get a proper discovery period and has therefore dropped the request until discovery can be conducted, at which time it reserves the right to reinstate the request. On the other side, Ellie Mae chief executive Sig Anderman called the entire request "frivolous." Mr. Anderman maintained that Calyx withdrew its request because Ellie Mae was going to ask the court to impose sanctions on Calyx should the court decide in Ellie Mae's favor. The first hearing in the copyright infringement case is scheduled for late this month.

DocuTech Corp., Idaho Falls, Idaho, has launched a new interactive Lender Advocate website that it describes as a one-stop compliance and educational center for the mortgage industry.The site enables visitors to get current information about proposed state and federal laws while those laws are still in the making. For each pending law or regulation monitored, the site provides a general summary of the proposed law and a link to the legislation in its present form (with amendment history marked and noted). As a key interactive feature, the site provides a poll of visitor response to the pending legislation and an option for the visitor to add commentary. DocuTech will then transmit visitor responses about the proposed legislation to state officials and lawmakers. The new website can be found at http://www.lenderadvocate.com.

LandAmerica Financial Group Inc., Richmond, Va., has announced an agreement to integrate its credit reporting subsidiary, Info1 Holding Co., into Freddie Mac's automated underwriting system.Under the arrangement, Info1 is offering credit reporting services to mortgage lenders and mortgage brokers using Loan Prospector. Info1 president Ken Goins said the agreement will for the first time enable Freddie Mac "to access credit reports previously ordered by its clients outside of Loan Prospector by using an Info1 reference number." The companies can be found online at http://www.landam.com and http://www.freddiemac.com.