Technology

Clearwater, Fla.-based eMason Inc. has announced Bank of America's implementation of the eMason Clarifire enterprise-level application to automate workflow processes and communications with vendors and enable managing by exception.The company said that within 30 days of implementing Clarifire, 3,600 Bank of America internal and external users had reduced paper, phone calls, and e-mail by more than 90%; increased end-to-end process efficiency; and realized a 25% reduction in the cost of business. First implemented on the mortgage side to handle foreclosures, bankruptcies, and loss mitigation, Clarifire is now being implemented in the bank's consumer-lending division to automate handling of car loans and other consumer products. The companies can be found on the Web at http://www.emason.biz and http://www.bankofamerica.com.

Cogent Road, a provider of Internet-based applications headquartered in San Diego, has launched Funding Suite, a redesigned database architecture underlying the credit report that allows new opportunities and products for brokers.Included in Funding Suite are the following features: Intelligent Credit Report with X-Ray technology; dynamic reimbursement; PaySaver loan officer billing option; automatic discounting; and universal credit file reissuing. The company said Intelligent Credit Report is a dynamic display of client credit data allowing faster, more accurate prequalifying assessment. In Funding Suite 3.0, all tradelines provide an interpretation of the payment history in easy-to-understand language, making even the most complex tradelines more easily understood, Cogent Road said. X-Ray technology conducts a deep analysis of the underlying credit data used to calculate the credit score to identify potential errors that may be harming the score along with the points gained by fixing such errors. The company can be found on the Web at http://www.cogentroad.com.

IAC, New York, has separated itself into five publicly traded companies, one of which is named after and includes LendingTree, an online mortgage lender and realty services exchange based in Charlotte, N.C."LendingTree, obviously under pressure from the macro real estate and mortgage environment, is nevertheless a valuable asset with a great brand and will be freed to participate fully with its own currency," IAC said. C.D. Davies will continue to serve as chief executive officer of the new LendingTree, a company that RealEstate.com, Domania, GetSmart, Home Loan Center, and iNest also will be part of. Bret Violette will continue to serve as president of RealEstate.com. IAC can be found on the Web at http://www.iac.com, and LendingTree can be found at http://www.lendingtree.com.

Xinnix, an Atlanta-based provider of sales training and leadership development programs for mortgage professionals, has announced the addition of a resource center to its website that provides industry news, research, training tips, and interactive tools.The Xinnix Resource Center offers news on the economy, equity and Treasury markets, and mortgage interest rates. Visitors can register for access to the resource center via the Xinnix website. Casey Cunningham, founder and president of Xinnix, said it will be "an important vehicle for reinforcing the principles and techniques" taught in the company's sales, leadership, and coaching programs. The company can be found on the Web at http://www.xinnix.com.

The National Foundation for Credit Counseling, Silver Spring, Md., has announced the launch of a Spanish-language version of its recently unveiled Homeowner Crisis Resource Center website to assist borrowers who are not fluent in English.The Homeowner Crisis Resource Center provides direct access to certified housing counselors and homeowner information and financial tools. The center can be found at http://www.housinghelpnow.org, and the Spanish-language version can be found at http://www.nopierdastuhogar.org.

Foreclosure.com, Boca Raton, Fla., has announced the formation of a partnership with IndyMac Bank to market and facilitate the sale of thousands of real-estate-owned properties via the Internet.Foreclosure.com said it maintains a nationwide database of more than 1.2 million listings that includes foreclosures, preforeclosures, bankruptcies, for-sale-by-owner homes, and tax liens. Potential homeowners can view the REO listings and foreclosed properties owned by IndyMac Bank online and set appointments with listing agents/brokers to view the properties. "Our research indicates that only 17% of a traditional real estate marketing budget is spent online," said Brad Geisen, Foreclosure.com's founder, president, and chief executive officer. "That means sellers are spending 83% of their marketing dollars chasing only 20% of the buyers. Put simply, times are changing, and the practices of lenders and others involved in the sale of real estate need to change along with it." The companies can be found online at http://www.foreclosure.com and http://www.indymacbank.com.

Fidelity National Information Services Inc., a Jacksonville, Fla.-based provider of technology services to financial institutions, has announced a plan to spin off its Lender Processing Services division as a publicly traded company.The plan, recently approved by the company's board of directors, contemplates that FNIS will contribute the assets of the division to a newly formed subsidiary in exchange for 100% of the new company's common stock and approximately $1.6 billion of its debt securities. If approved by the Securities and Exchange Commission and favored with a tax-free ruling by the Internal Revenue Service, FNIS would distribute 100% of the new company's common stock to FNIS shareholders in a tax-free spinoff, the company said. William P. Foley II, executive chairman of FNIS, said the reason for the spinoff is that the company's Transaction Processing Services and Lender Processing Services divisions are "distinct and unique businesses that serve different customers, operate in different markets, and attract different investors." The company can be found online at http://www.fidelityinfoservices.com.

Stewart Lender Services Inc., Houston, has announced the introduction of the Pre-Foreclosure Report, which is designed to help attorneys and lenders determine the condition of a property title when the borrowers are in financial distress.The new report provides a quick "snapshot" of the subject residential property, including a two-owner search, vesting information, open liens, judgments, pending lawsuits, tax information, and other data, the company said. Stewart Lender Services, a subsidiary of Stewart Information Services Corp., can be found on the Web at http://www.stewart.com.

The Bank on Real Estate, Lexington, Mass., has announced that E-Loan has become the first lender customer using a co-branded website that attracts purchase borrowers by offering easy MapQuest access to homes for sale in selected major markets across the country.The BoRE announcement calls this "the first MLS-compliant IDX listing architecture that can be co-branded by lenders." The bank said that after visitors use the site, BoRE accepts their volunteered information, incubates their home search, calls out to test their readiness to buy and borrow, and then delivers the prospects to participating lenders and real estate brokers who have pledged not to poach the lender's referrals. Widely considered a refinance specialist since it first launched, online pioneer E-Loan is using its BoRE site to expand purchase loan business. The co-branded website can be found online at http://eloan.bankonrealestate.net.

The National Foundation for Credit Counseling, Silver Spring, Md., has announced the launch of the Mortgage Reality Check to help homeowners determine whether they are at risk of losing their homes.Developed by housing experts, the "easy-to-take quiz" is designed to help homeowners understand their situation, identify problems, and provide guidance about options and where to turn for help, the foundation said. "Even if foreclosure seems inevitable, there may be options that can help in certain circumstances," the NFCC said. The Mortgage Reality Check is located within the NFCC's Homeowner Crisis Resource Center, which also provides direct access to certified housing counselors and homeowner information and financial tools. The center can be found at http://www.housinghelpnow.org.