Technology

With all of the changes that were taking place in the regulatory environment in 2009, as well as the proposed changes coming on in 2010, in September of last year Victorian Finance was looking for a system that would be “more automated” than what it was currently using.

Buybacks and other foreclosure crisis-related concerns are changing the mentality of originators. And nobody can see it more clearly than vendors who are trying to keep up with their clients’ mortgage technology needs.

A widely used third-party registry of mortgage assignments has found itself in the center of “foreclosure-gate,” amid allegations that its service is part of the greater issue of faulty or even illegal foreclosure practices plaguing the lending industry.

Two mortgage software companies plan to move forward with development on platforms to integrate third-party software into their loan origination systems.

A California mortgage lender says it’s the first to use a warehouse line of credit to originate a fully electronic mortgage and sell it directly to a government-sponsored enterprise.

Default servicing vendor Equator Financial Solutions has experienced a surge in the use of its short sale features on its servicing platform, and now the Los Angeles-based company is adding a new invoicing function to streamline payments.

The Electronic Closing Network loan closing software processed its one millionth loan in September, developer eLynx said, just one year after its launch.

Dorado is still finalizing the patent that it received approval for this summer, but the San Mateo, Calif.-based cloud computing and Software-as-a-Service developer already has big plans to change the way lenders use technology to process mortgages. Dorado executives attending the MBA annual will continue their movement to bring current and upcoming offerings to the forefront of the origination industry.

Mortgagebot, a Mequon, Wis.-based developer of mortgage shopping websites, launched a new feature to make it easier for potential borrowers to search for mortgage rates on their smartphone.

Senator Richard Shelby, R-Ala., ranking Republican on the Senate Banking Committee, is calling on federal regulators to investigate the foreclosure problems at three major banks and report back to the committee.