Technology

There’s a famous saying that “to do two things at once is to do neither.” The problem is that lenders in our industry absolutely must do more than two things at once, like originating profitable loans, maintaining compliance and keeping their customers and business partners happy.

How the industry inadvertently prepared itself for today's market over the past decadeTen years ago, there was no such thing as an iPhone, a Prius, or Facebook.Ten years ago, loan files were made of paper and prices were distributed on rate sheets.

Prior to the introduction of personal computers, cell phones and a variety of additional technology that we currently take for granted, an appraiser’s job was considerably more labor intensive than it is today. The nature of the job has always been hands-on as well as extremely analytical, requiring that the appraiser do as much research and investigation as possible in order to provide the most accurate results.

Dorado Corp. has received a Notice of Allowance from the U.S. Patent and Trademark Office for the method it created for processing a loan application (including mortgages). The notice means the government is likely to issue a patent.

Online auction house Countdown To Buy, Bethel, Conn., has entered into its first private label deal, signing on Diamante Cabo San Lucas, a high-end golf resort.

Technology provider DataVerify has enhanced its enterprise-wide fraud management platform, DRIVE, to help mortgage lenders identify and avoid potential short sale and property flipping losses.

MERSCORP, Inc. has added a new certified vendor of digital certificates for identification and signatures to its website.

In order to deal with ever-changing regulations at the local, state and federal levels, it is important that lenders be able to stay on top of the changes and, if necessary, to update their systems quickly and accurately to comply with applicable law on their effective dates.

During the height of the mortgage boom, generating origination business all but took care of itself. Rates were low, volumes were high and the greatest challenge lenders faced was simply trying to keep their heads above water amidst a flood of new business.

CoreLogic subsidiary Teletrack Inc., Norcross, Ga., introduced LendOptix, a risk valuation tool that offers borrower payment risk scoring based on credit performance data from Teletrack and other credit reporting databases.