Technology

Document Systems Inc., Carson, Calif., and ProLender Solutions Inc., San Diego, have completed an interface that will enable ProLender users to submit loan-specific data directly to DSI's DocMagic product.Through the interface, ProLender communicates directly with DSI's servers and transmits data in Extensible Markup Language so that DocMagic can provide customized loan documents electronically or for posting on the Web. The company made the announcements at the MBA's annual convention in San Diego. ProLender's website address is http://www.prolender.com. DSI can be found at http://www.docmagic.com.

Mortgage Builder Software Inc., Southfield, Mich., has rolled out direct interfaces with four credit information companies: CBC Companies, LandAmerica, Info1, and Factual Data.The integrated interface keeps customers on the Mortgage Builder system without transporting them to another website to receive credit reports. MBSI offers access to more than 230 additional credit reporting agencies, but the interface to these four preferred vendors was created due to user demand, the company said. The majority of Mortgage Builder's customers use one of these four credit bureaus to process loan applications, according to the company. The company made the announcements at the MBA's annual convention in San Diego. MBSI's website address is http://www.mortgagebuilder.com.

Case Shiller Weiss, Boston, a unit of Fiserv Inc., has added three new service options via the Casa valuation platform.Casa Order Explorer is a Web-based application that allows lenders to monitor Casa accountholder order activity, create utilization reports, and search archived reports. Casa Future Value provides a predicted value for the property one year out, and Casa Plus is a product warranty. The company made the announcements at the Mortgage Bankers Association of America's annual convention in San Diego. CSW can be found on the Internet at http://www.cswcasa.com.

AmeriDream Inc., Gaithersburg, Md., has announced the release of Gift Xpress, which it says is the industry's first electronic downpayment gift program.The Web-enabled tool allows lenders to submit applications online and allows settlement companies to finalize gift applications electronically at the settlement table, AmeriDream said. "GiftXpress streamlines and automates the process and reduces the time spent on paperwork," said Ann Ashburn, president and chief executive officer of AmeriDream. The company said the new program was developed in partnership with Silanis Technology. The announcement was made at the MBA's annual convention in San Diego. AmeriDream can be found online at http://www.ameridream.org.

Minneapolis-based GMAC Residential Funding Corp. has announced the redesign of its Internet portal based on feedback from its customers.Dan Bettenburg, RFC's executive vice president of e-commerce, said in an interview with MortgageWire that 80% of RFC's customers use at least one of the tools in the portal. With the updated site, lenders that sell to RFC will be able to access loan performance data. This provides a good basis for RFC and the lender to discuss opportunities to increase business and where the challenges are as well, Mr. Bettenburg said. With lenders looking to broaden their product menu as interest rates rise, using this technology helps to mitigate the risk of getting into new products, he said. The announcement was made at the MBA's annual convention in San Diego. The RFC website can be found at http://www.gmacresidentialfunding.com.

Austin, Texas-based ARC Systems has signed a contract with Franklin Financial Group through its Franklin Direct division in Scottsdale, Ariz., to develop an automated underwriting application customized to the lender's diverse nonconforming product line.ARC said it will create the software for the division, which will operate west of the Mississippi in 2004, with expansion east of the river in 2005. Eventually, this contract will see all of the lender's products underwritten by the software ARC develops. The announcement was made at the MBA's annual convention in San Diego. ARC Systems can be found online at http://www.arcsystems.com.

Pleasanton, Calif.-based Wausau Mortgage Corp. has implemented the Web Posting Service provided by eLynx Ltd., Cincinnati, to allow for electronic delivery of residential mortgage documents.The lender had previously used eLynx's Desktop Connect product but has upgraded to the firm's Enterprise Connect offering, which will allow for document packages to be sent automatically without human intervention. Wausau Mortgage originates about $150 million in residential mortgages each month. The announcement was made at the MBA's annual convention in San Diego. The companies can be found online at http://www.wausaumortgage.com and http://www.elynx.com.

Resource Bancshares Mortgage Group, Columbia, S.C., is implementing automated underwriting software developed by Commerce Velocity, Irvine, Calif.Commerce Velocity's Underwriter evaluates risks based on loan application data and underwrites loans using lender-determined rules. The tool also serves as a product engine, matching borrowers to suitable loan products within seconds. The initial implementation of the software will serve to automate the underwriting of RBMG's alternative-A loans and is expected to be completed by the end of November. The announcement was made at the MBA's annual convention in San Diego. Commerce Velocity can be found on the Internet at http://www.cvelocity.com. RBMG is a subsidiary of NetBank Inc., which can be found at http://www.netbank.com.

Del Mar Database, San Diego, has released the newest version of its WebTrac offering, which offers remote access to its flagship software DataTrac.The new version of WebTrac increases the amount and type of loan information that can be shared electronically and expands the types of devices that can be used to access that information to include Web-enabled cell phones and personal digital assistants. The company says this expansion into mobile technology is the first step in a process to re-engineer the application program interfaces the company provides for external systems to tap in to the DataTrac software. The announcement was made at the MBA's annual convention in San Diego. The company's website address is http://www.delmardb.com.

Veros Software, Irvine, Calif., has announced the introduction of a new fraud detection scoring tool, the VeroValue Transaction Quality Score.The TQ Score is a numeric indicator used for detecting nonstandard residential property transfers in order to determine the likelihood of "flipping," fraud, or other suspicious activity, Veros said. "The TQ Score was built with our customers and automated decisioning in mind, on a 1-to-100 scale allowing immediate recognition of potential collateral fraud," said Darius Bozorgi, president and chief executive officer of Veros. The company said the score, in conjunction with Veros' proprietary analytics, "goes far beyond the common approach" of counting and flagging property ownership transfers by "dynamically" analyzing details such as area and regional price trends, value differentials, and irregular transfer conditions. Veros can be found online at http://www.verovalue.com.