Technology

Rochester, N.Y.-based Xerox Corp. plans to buy e-collaboration vendor Advectis, Atlanta, for $32 million.Xerox’s expertise in document outsourcing and related services is what led the company to Advectis, a privately owned business. Advectis' Web-based BlitzDocs Collaboration Suite helps lenders, brokers, and investors manage the process needed to underwrite, audit, collaborate, deliver and archive loan documents electronically. "We're looking to help clients reduce costs and transform their business by offering a better experience for both end-users and operations," said John Kelly, president of Xerox Global Services North America. "Xerox's expertise in automating document processes is an ideal fit with Advectis' BlitzDocs paperless solution for mortgages." Xerox's all-cash purchase of Advectis also includes an additional performance-based supplement to the sale price. The acquisition is expected to close in the next 30 days. All Advectis employees will be retained. Xerox's document technology and services portfolio includes consulting and outsourcing services, records management, digital imaging, e-discovery for litigation support, and managed services in more than 160 countries.

MISMO, the not-for-profit data standards subsidiary of the Mortgage Bankers Association, has relaunched its website, touting updated content, search options, navigation, and design features.MISMO said the new features include: an updated search engine; more-intuitive navigation; updated content on MISMO (the Mortgage Industry Standards Maintenance Organization) and technology issues; a new user login system that allows MISMO to use the MBA's single sign-on capability for all MBA websites; and the ability to sign up for multiple listserves simultaneously. MISMO can be found online at http://www.mismo.org.

The mortgage market will continue to undergo a reshuffling over the next year, and "innovation and execution" will be the keys to success, according to Fiserv president and chief executive Jeff Yabuki.Speaking at the company's annual client conference in Nashville, Tenn., Mr. Yabuki said alternative-A, subprime, and nonconventional borrowers are not going to go away, but how mortgage lenders lend to them will have to change. He joked that Fiserv launched its 2.0 effort last year just in time for the industry to go through lending 2.0. Existing conditions will cause the emergence of new leaders and the disappearance of old ones as the market corrects, he said. The keys to ensuring that a lending institution emerges as a leader will be "innovation and execution," Mr. Yabuki said. Fiserv intends to give lenders more control to define their business practices by introducing new scripting functionality, embracing open architecture, and helping them consolidate into one unified system. Lenders that execute well over the next year will be the next leaders, Mr. Yabuki predicted. "Everything is going to be fine," he said in talking about the health of the mortgage industry in the long term. Mr. Yabuki advised lenders to just "get back to work."

BearingPoint Inc., a management and technology consulting firm based in McLean, Va., has announced tools aimed at helping lenders manage growing portfolio risks before they result in loan defaults and foreclosures.BearingPoint's Credit Navigation Tools provide capabilities to help evaluate portfolio risk and manage and improve lending processes, the company said. "The industry is demanding tighter control of their loans through improvements to what has largely been an inexact process," said Christopher Formant, executive vice president of BearingPoint's Global Financial Services. "To help manage the immediate needs of banks and lenders, we can put a set of tools in place that will help deliver cost and process improvements in the context of the current crisis." The company can be found online at http://www.bearingpoint.com.

Enterprise lending software vendor Mortgage Cadence Inc., Denver, has added Michael Hammond to its executive team as chief marketing officer.Mr. Hammond has nearly 15 years of experience in brand building, product launches, and developing marketing and sales strategies. Before joining Mortgage Cadence, he worked as vice president of business strategy for Martopia, a mortgage marketing and public relations firm. Mr. Hammond previously worked for nine years as director of sales and marketing for loan origination system vendor Dynatek. In addition, Mr. Hammond is one of only 50 individuals to earn the Certified Mortgage Technologist designation from the Mortgage Bankers Association. Mortgage Cadence can be found on the Web at http://www.mortgagecadence.com.

Financial Industry Computer Systems Inc., Dallas, has added a new mortgage insurance interface to its residential mortgage loan origination system, Loan Producer.The mortgage insurance interface enables lenders to quickly and easily submit data to receive mortgage insurance commitments and updates for primary insurance request, FICS said. The interface is designed to provide lenders using the Loan Producer system with a means to send mortgage insurance applications directly from Loan Producer to any MI provider that offers a Web service that complies with the Mortgage Insurance Application Request and Response requirements of the Mortgage Industry Standards and Maintenance Organization. Mortgage insurance providers will then automatically process the request and send status updates, along with the commitment and certificate of insurance, back to Loan Producer. FICS can be found on the Web at http://www.loanware.com.

Kroll Factual Data, a Loveland, Colo.-based provider of business information to mortgage lenders and others, has announced an expansion of its risk assessment services with the introduction of FullFacts.The service assesses the risk of misrepresentation by brokers, appraisers, loan officers, closing agents, and other participants in the mortgage loan process. "FullFacts comprehensively identifies loan party collusion, conflict of interest, and non-arm's-length transactions for every participant involved in a mortgage loan" and determines whether any participant is included on exclusionary and compliance lists, said Jeff Gentry, vice president of Kroll Factual Data. "To streamline your workflow, Kroll Factual Data can upload your own internal exclusionary list into the FullFacts participant risk analysis." Kroll Factual Data can be found online at http://www.krollfactualdata.com.

Artemis Enterprises, Chicago, has released a solution for storing and managing shared enterprise content and contact information called Artemis.Artemis, the company's flagship collaborative cross-enterprise information management software solution is a Web-based technology that functions as a collaborative enterprise information management solution and as a portal for companies to share and disseminate information, enabling businesses to store, access, distribute and share critical information, both within their organizations and with outside vendors, clients and partners. A hosted Software as a Service solution, Artemis provides companies with a centralized repository and management solution for internal company and third-party partner contact data, and updates shared contact information on behalf of user-members. The company can be found on the Web at http://www.ArtemisInfo.com.

Carteret Mortgage will deploy credit analysis technology to all its 300 branches to raise the bar on doing quality originations.Specifically, Carteret will use Market Kinetix's patent-pending credit analysis software solution Deal Maker Score. The application provides step-by-step directions to raise a borrower's credit score. A mortgage originator downloads the borrower's credit findings to the product, and the program produces a customized set of recommendations, which show a borrower how to raise their credit score by the target number of points designated by the loan officer. Carteret can be found on the Web at http://www.CarteretMortgage.com.

The Mortgage Insurance Companies of America has launched a redesigned, interactive Spanish-language website designed to promote the benefits of private mortgage insurance, including the fact that premiums are now tax-deductible for the first time for many borrowers.Private MI premiums are now fully tax deductible for borrowers who buy or refinance a home if their adjusted gross income is $100,000 or less, MICA said. Families with incomes above $100,000 (up to $109,000) will be eligible for a reduced deduction. "By highlighting the affordable, predictable, cancelable, and tax deductible benefits of a loan with private MI, our redesigned Spanish-language website will provide consumers, loan originators and real estate agents with a valuable tool to make informed decisions and recommendations," said Suzanne C. Hutchinson, executive vice president of MICA. The new website can be found at http://www.privatemi.com/enespanol.