Technology

Framework Inc., Tarrytown, N.Y., and Document Systems Inc., Carson, Calif., have announced the integration of Framework's LendWare credit fulfillment platform and DSI's FillMagic document processing engine.The Extensible Markup Language integration of the LendWare Document Manager and FillMagic, an enterprise application for the creation of mortgage forms and document packages, provides lenders with automation, fulfillment, documentation, compliance, and delivery capabilities, the companies said. The interface is in place at two of the top 10 banks. Framework, a provider of enterprise software for financial institutions, can be found on the Web at http://www.lendware.com. DSI, a developer of software, tools and Web-based systems for the production of compliant loan document packages, can be found on the Web at http://www.docmagic.com.

Rob Kessel, Marc Felisky, Lindsay Hill, and Glen Brown have formed a new company called Compass Analytics LLC, San Francisco, that will provide outsourced hedge management services and license its pipeline risk management analytics to customers.Compass also announced the addition of its 12th pipeline risk management client. Compass said its analytics product includes pipeline valuation, sensitivity, and execution of all mortgage products with enhanced capabilities for hybrid adjustable-rate mortgages and jumbo and alternative-A products. Other features of Compass's analytics are flexible coverage and pull-through modeling; profit margin and hedge cost modeling and definition; hedge analytics; flexible reporting; accounting support, including FAS 133; and fallout and profitability analysis. Compass can be found on the Web at http://www.compass-analytics.com.

Wachovia Corp., the fourth largest bank holding company in the U.S., has selected Englewood Cliffs, N.J.-based Palisades Technology Partners' Impact Mortgage Services Suite for implementing their new loan origination system. The system, scheduled for implementation across Wachovia's lending network, was selected to shorten loan application processing time, increase capacity and improve efficiency at Wachovia. The system includes components for pricing, fees, compliance and mortgage calculations. Palisades can be found on the Web at http://www.ptpusa.com.

According to the first Mortgage Bankers Association (MBA) technology study previewed at this year's MBA National Technology in Mortgage Banking Conference and Expo, Phoenix, lenders are going to invest heavily in technology throughout 2004. Overall IT spending averaged $140 million, according to the study. This spending represented a significant increase over expenditures made in 2002. Between 2002 and 2003 there was a 24% increase in operating expenditures and a 153% increase in capital expenditures. Looking forward into 2004, the amount of investment in technology is nothing short of phenomenal. On average a 12% increase in the operating budget of last year is expected this year and a 47% increase in capital expenditures.

London Bridge Group has acquired the rights to market MortgageHub's lending wholesale/correspondent Web service platform as a component of BridgeLink network.The agreement allows London Bridge to offer connectivity to a network of lenders and third party vendors. London Bridge is a provider of business software and e-commerce technology solutions. MortgageHub is a provider of mortgage frontline systems and has clients like GMAC Mortgage Corp., Wachovia Bank, Wells Fargo Home Mortgage and others.

As part of a panel discussion held at this year's MBA National Technology in Mortgage Banking Conference and Expo, Phoenix, the Mortgage Industry Standards Maintenance Org. (MISMO) announced that the next step to promote industry adoption of the standards will include the development of MX Compliance Service.This product will act as an independent certification process to ensure that those companies claiming to be MISMO compliant are what they say they are. The first phase of the product is expected this summer. The next step is to test SMARTDoc eMortgage files. The second phase is expected to roll out later this year.

The Tampa, Fla.-based Liberty Home Loans plans to use GHR Systems, Inc. loan origination system to process and close its residential mortgages, GHR reported at the Mortgage Bankers Association's national technology conference in Phoenix.GHR will provide Liberty with its interactive, secure wholesale origination website, which automates the mortgage origination process and enables a broker to manage all aspects of a lead from prospecting through submission, GHR said. Liberty also will utilize GHR's call center, a Web-based mortgage origination system for retail lenders that delivers sales and loan functionality to loan officers and origination support personnel.

DataQuick, San Diego, has acted as a reseller of automated valuation models (AVMs), and has now stepped up to produce its own AVM solution called the Valuator.At this year's MBA National Technology in Mortgage Banking Conference and Expo, DataQuick director of valuation products Randy Ilas sat down with National Mortgage News to explain why he feels the company is ready to take this next step. He explained that "AVMs are only as good as the data that produces them." Mr. Ilas said that "the company's heritage in fielding this data will help them in rolling out their own AVM product." DataQuick can be found on the Web at www.dataquick.com.

As part of a panel discussion held at this year's MBA National Technology in Mortgage Banking Conference and Expo, Fannie Mae managing director, eMortgage solutions Charlotte Haberacker said that the company is a real believer in this approach to conducting business.Also as part of the panel numbers were crunched by other participating lenders to show the real benefits. For one, a spokesperson from Navy Federal Credit Union, Vienna, Va. said that the company saves $240 per loan. That savings is expected to be even greater for larger lenders that deal with more parties, i.e. mortgage brokers, processors, etc., during the course of the process.

In the next 30 to 60 days, the firm "a la mode," based in Oklahoma City, plans to release Mortgage XSites, a product designed to make it possible for small- to mid-size brokers, loan officers and other lender representatives to create a customized website that includes workflow options.At the MBA National Technology in Mortgage Banking Conference and Expo, Phoenix, Matt Bar, the company's communications director, told MortgageWire that users can customize their own website in 15 minutes using the product. It includes a wizard that can input customized logos, animation and music on desired pages within the newly designed site. Currently the product has been in beta testing for the past six weeks and includes 20 pages of content including valuable forms like the 1003 and others. A price point for the product has not been released as yet. a la mode can be found on the Web at www.alamode.com.