Technology

New York-based Framework Inc., which provides enterprise-wide credit fulfillment technology for Bank of America and Washington Mutual, is about to announce that it has become the latest to join the eMortgage Alliance, a consortium of companies founded by DocuTech Corp.Alliance members collaborate to deliver all-electronic mortgage transactions. Framework offers a Web services-based platform through its LendWare credit fulfillment system to streamline electronic processes. The eMortgage Alliance members specialize in and automate separate steps of the eMortgage process, including the creation of SMART (securable, manageable, archivable, retrievable, transferable) documents and electronic signing, packaging, messaging, closing, recording, and vaulting, as well as strategic planning and implementation. Other members includes Wave Systems, VirPack, SwiftView, Rekon Technologies, The Performance Group, Encomia, and Ingeo. Framework can be found online at http://www.lendware.com, and DocuTech, based in Idaho Falls, Idaho, can be found at http://www.docutechcorp.com.

Dynatek Inc., Livonia, Mich., the developers of the MORvision loan origination system, has added an electronic document delivery (EDD) interface category to its Integration Suite offering that will make it easy for providers of electronic mortgage documents to do business with MORvision users.Dynatek's proprietary Plug-In technology provides system level integration of external data files between mortgage industry vendors and MORvision, giving lenders the equivalent of an electronic partner network built into the LOS. The new Plug-In for EDD will allow one-click electronic document delivery for MORvision users. Now, any EDD vendor can develop a Plug-In for MORvision. Data-Vision has already developed a Plug-In for its RemoteDocs offering and VMP has one for its vmpdelivers product. Dynatek's Integration Suite, a collection of Plug-Ins for credit bureaus, flood, title, appraisals, mortgage insurance, automated underwriting, registration and transaction portals. Dynatek's website address is http://www.dynatek.com.

Provantedge Technologies, Lake Forest, Calif., will provide electronic access to Plano, Texas-based LandSafe's credit reports and other credit services to mortgage brokers and lenders who use its Provantedge nVision loan management system.According to LandSafe president D. Steve Boland, the integration of the company's online systems with nVision should further increase order volume. Provantedge said it would also provide access to LandSafe's products through its VOX Loan Professional Websites offering, a tool that extends nVision's capabilities for online loan origination. LandSafe's services include appraisals, credit reporting, flood determination, title insurance, and escrow services for residential mortgage transactions. The companies can be found on the Web at http://www.provantedge.com and http://www.landsafe.com.

Kroll Inc., a risk consulting company based in New York, and Factual Data Corp., a Loveland, Colo.-based provider of information to the mortgage and consumer lending industries, have announced the exchange ratio for the stock portion of Kroll's previously announced acquisition of Factual Data.The exchange ratio has been set at 0.1497 of a share of Kroll common stock for each share of Factual Data common stock. The companies said the ratio reflects a volume-weighted average price of $23.3842 per share of Kroll stock for the measurement period, which ended Aug. 18. In addition to the stock portion, Factual Data shareholders will receive $14 in cash for each share of their common stock. The companies can be found online at http://www.krollworldwide.com and http://www.factualdata.com.

Claiming the top spot as a provider of transaction-capable retail lending websites to the mortgage industry, Mortgagebot has announced that its Powersite platform now boasts over 300 users.That milestone was reached in July, the company said, when Mortgagebot signed 13 new clients. The company serves most of its users as an application service provider, charging a minimal set-up fee, with an additional fee per closed loan. Mortgagebot is a two-time winner of Mortgage Technology magazine’s annual awards, once for Website of the Year and once as co-winner (with Fiserv) of the Synergy Award.

FinancialCircuit, Campbell, Calif., has signed a deal with Linsco/Private Ledger, San Diego, that will see its 4,700 independent financial advisers using FinancialCircuit's technology and lending systems.LPL is the largest broker-dealer in the country, with some 4,700 representatives. In the past, the company referred out mortgage business, but now advisers can use MoneyFind to provide debt consolidation products and services to its clients. The loans are then originated online and funded through a FinancialCircuit mortgage broker subsidiary. In addition to MoneyFind, LPL representatives will also have access to FinancialCircuit's transaction processing center. The processing center assists advisers with the execution of the client-selected mortgage and liability restructuring plans generated by FinancialCircuit's technology systems. The companies can be found on the Web at http://www.financialcircuit.com and http://www.joinlpl.com.

Homestore Inc., a provider of real estate media and technology systems, has announced a $63.6 million settlement agreement with the California State Teachers' Retirement System, the lead plaintiff in a class action lawsuit against the company.Under the agreement, which is subject to the approval of the U.S. District Court for the Central District of California, Homestore will pay $13 million in cash, issue 20 million new shares of common stock to members of the class, and adopt certain changes in corporate governance. The $13 million and the stock, currently valued at $50.6 million, will result in a one-time litigation settlement charge of approximately $63.6 million in the second quarter, the company said. Jack Ehnes, chief executive officer of CalSTRS, commended "the straightforward way in which the new management team at Homestore and its board of directors" worked to resolve the case. The governance provisions include, among other things, requirements for independent directors and special committees, the appointment of a new shareholder-nominated director, and a ban on the use of stock options for director compensation. The company can be found online at http://ir.homestore.com.

Nationwide Advantage Mortgage Co., Columbus, Ohio, and Yahoo! en espanol, a Spanish-language Internet service based in Coral Gables, Fla., have launched a mini-website offering mortgage services to Hispanics.Called "The Best Mortgage" center, the site will offer Hispanic consumers information for both experienced and first-time homebuyers, the companies said. Users will be able to check NAMC's mortgage rates and submit a free loan application online or over the telephone, with decisions in as little as 10 minutes, they said. "Our research indicates that, historically, the Latino community has had too many barriers to homebuying and financing needs," said Robert Kallio, NAMC's associate vice president of marketing. "Our partnership with Yahoo! en espanol provides the informational resources and financial tools to lower the cost of buying and owning a home for the growing Latino market." The mini-site can be found online at http://www.lamejorhipoteca.com, and the companies can be found at http://www.nationwide.com and http://www.yahooenespanol.com.

Tony Merlo has been named executive vice president/chief operating officer of eAppraiseIT LLC, a provider of real estate valuation services based in Poway, Calif.Mr. Merlo, who has 25 years of experience in the banking, mortgage banking, and title insurance industries, was most recently senior vice president of production for eAppraiseIT, a joint venture of The First American Corp. and Land America Financial Group. He was previously assistant vice president in the strategic sales division of First American’s Real Estate Information Services Group, and has also been assistant VP and regional manager for the Atlantic region of First American Title. The company can be found online at http://www.eappraiseit.com.

Encomia, Houston, and Ingeo, Logan, Utah, have both joined the eMortgage Alliance, a consortium of companies and experts dedicated to delivering all-electronic mortgage systems.Encomia will provide technology to implement digital signatures, electronic closing, and so-called electronic vaulting -- which provides for the storage and retrieval of electronic notes and other supporting documents -- while Ingeo delivers the last link in the chain: electronic recording. The eMortgage Alliance was founded by DocuTech Corp., Idaho Falls, Idaho. The alliance unites the capabilities of DocuTech, Wave Systems, VirPack, SwiftView, Rekon Technologies, and The Performance Group to enable customers to produce e-mortgages. Members each specialize in and automate separate steps of the e-mortgage process, including the creation of SMART (securable, manageable, archivable, retrievable, transferable) documents and electronic signing, packaging, messaging, closing, recording, and vaulting.