Technology

Fidelity National Financial, Irvine, Calif., which has been on an acquisition tear, has struck again -- this time, agreeing to buy the financial services technology division of Alltel, Little Rock.FNF, a third-party vendor that provides title insurance and other real-estate-related services to residential lenders, will pay $1.05 billion in cash and stock for the Jacksonville, Fla.-based unit. Alltel operates the largest residential loan "service bureau," but that business faces challenges as some large servicers, notably Washington Mutual, move to install in-house systems. FNF's interest in Alltel was first reported in early January by National Mortgage News. Alltel says its servicing bureau processes 46% of all outstanding residential loans in the United States. The company noted that it has "processing relationships" with 17 of the top 25 mortgage funders. (See the Feb. 3 issue of NMN for full details.)

ARC Systems, a mortgage technology application service provider based in Austin, Texas, rendered decisions for a record $80 billion in loan applications in 2002, a 328% increase, the company has announced.ARC Systems said LendTech, its flagship product, rendered decisions for over half a million loan applications last year, with a peak day in September totaling $2.7 billion. Ed Jones, chief executive officer and president of ARC Systems, attributed the growth to an expansion of LendTech beyond the subprime market to the securities and warehouse markets, and to the product's capabilities. LendTech enables clients "to increase loan application volumes by as much as 300% utilizing their current staff," he said. The company can be found online at http://www.arcsystems.com.

PW Funding Inc., a subsidiary of Charter Municipal Mortgage Acceptance Co. based in Mineola, N.Y., has launched a new website that reflects the integration of PWF into CharterMac and Related Capital Co.The site now boasts an updated look, a new navigational layout, and a feature that enables users seeking a multifamily loan to request a quote directly through the website, the company said. The new website follows the launch of new sites for both CharterMac and Related Capital. PW Funding, a full-service direct mortgage lender for multifamily property owners and developers, can be found on the Web at http://www.pwfunding.com.

HanoverTrade Inc., Edison, N.J., has redesigned its Busch Analytics Valuation System and launched Hanover/Busch Analytics 6.0 servicing valuation software.Wells Fargo Mortgage Corp. will be the first to use the improved application, the company said. Under a multiyear licensing agreement, Wells Fargo will use the system to model its servicing portfolio. Enhanced features of the new version include the integration of two key components, Asset OnSite and Asset Manager; expanded loan-level prepayment factors; loan-level servicing valuation; increased data mapping capabilities; and an enhanced ability to stratify portfolios using enlarged data field and increment criteria. HanoverTrade, a subsidiary of Hanover Capital Mortgage Holdings Inc., acquired Busch Analytics in January 2002. Hanover Capital is a mortgage real estate investment trust. HanoverTrade can be found online at http://www.hanovertrade.com.

Netupdate Inc., Bellevue, Wash., has announced the addition of five features to Originator Pro, its flagship point-of-sale system for mortgage professionals.The enhancements include Good Faith Estimate and Truth-in-Lending disclosure documents; Express Pre-Approval Application, powered by Fannie Mae; enhanced loan file export functionality; loan program database and closing cost templates; and simplified pipeline management. "This new version places the must-have sales tools into a single interface enabling loan officers to reduce the time to approval," said Diane Holmstrom, Netupdate's chief executive officer. Express Pre-Approval Application, an optional module, enables the loan officer or borrower to enter limited financial information, obtain a pre-approval decision from the lender online, and if pre-approved, print out the pre-approval letter in minutes, the company said. The company can be found online at http://www.netupdate.com.

Freddie Mac has reported that its Loan Prospector automated underwriting service evaluated its 25 millionth loan in 2002, one of some 8.2 million loans run through the system in that period.The service debuted in 1995 and has set eight consecutive volume records since that time. In 1995, the system evaluated more than 38,000 loans. In 2001 it reached the 10 million mark, and 18 months later, in June of last year, it reached the 20 million mark, the government-sponsored enterprise said. The 25 millionth loan was evaluated on Dec. 18. Freddie’s website address is http://www.freddiemac.com.

features to Originator Pro, its flagship point-of-sale system for mortgage professionals.The enhancements include Good Faith Estimate and Truth-in-Lending disclosure documents; Express Pre-Approval Application, powered by Fannie Mae; enhanced loan file export functionality; loan program database and closing cost templates; and simplified pipeline management. "This new version places the must-have sales tools into a single interface enabling loan officers to reduce the time to approval," said Diane Holmstrom, Netupdate's chief executive officer. Express Pre-Approval Application, an optional module, enables the loan officer or borrower to enter limited financial information, obtain a pre-approval decision from the lender online, and if pre-approved, print out the pre-approval letter in minutes, the company said. The company can be found online at http://www.netupdate.com.

Marshall & Swift Inc., Los Angeles, a provider of residential and commercial real estate cost data and appraisal technologies, has purchased LoopNet’s Internet-based subscription service, AppraiserLoop.The terms of the transaction were not disclosed. The deal will give LoopNet, a San Francisco-based commercial real estate information services provider, more time to focus on its online commercial listing service, while it gives Marshall & Swift a tool that combines a variety of data sources and management tools in one comprehensive package. The tool will be re-launched as M&Sconnect, which Marshall & Swift hopes will tap the largely undeveloped networking possibilities in the appraisal industry. LoopNet will remain a data exchange partner with Marshall & Swift. Also included in the sale is the long-term contract with the Appraisal Institute, a professional organization of real estate appraisers, to develop and operate the Web-based data cooperative Appraisal Institute Commercial Database. The companies can be found online at http://www.marshallswift.com and http://www.loopnet.com.

The Mortgage Industry Standards Maintenance Organization eMortgage Workgroup has released eMortgage Guidelines and Recommendations, version 1.0.The release comprises specifications and supporting documents that provide a framework for implementing paperless mortgages with electronic signatures. The framework is built around a Securable, Manageable, Archivable, Retrievable, Transferable (SMART) Document, which binds data, presentation, and signatures into a single electronic file. Specifications and guidelines are also provided for what MISMO calls ePackaging, eMessaging, and eVaulting. The first allows multiple electronic documents, or even hierarchical electronic packages, to be bundled together, while eMessaging leverages MISMO’s XML Request/Response architecture and eVaulting provides for the storage and retrieval of electronic notes and other supporting documents. The eMortgage guidelines and specifications may be freely downloaded from the MISMO website at http://www.mismo.org.

Minneapolis-based Dexma, creator of the Transaction Director technology platform, reports that the volume of mortgage business traveling across its system tripled in 2002.In the fourth quarter, the company reported that nearly 500,000 unique loans traveled over its software, totaling approximately $80 billion in loan transactions. “Nearly one in every eight loans currently is transacted over a Dexma-built platform,” said Steve Mase, president of Dexma. During 2002, the company added or re-deployed nearly 40 Web servers. Dexma now hosts over 100 servers for more than 50 clients. As a Fannie Mae technology partner, Dexma developed the government-sponsored enterprise’s Web-based versions of Desktop Originator and Desktop Underwriter. Dexma can be found on the Web at http://www.dexma.com.