Technology

Fairfield, N.J.-based Archive Systems has chosen the Mortgage Bankers Association's tech conference in Tampa, Fla., to announce the introduction of LoanDepot as a collaborative service to manage content throughout the entire loan document life cycle.The offering is an extension of the services currently offered under the company's flagship service, Aspen 360. LoanDepot's collaborative services provide document imaging and workflow-enabled process automation to support loan origination, underwriting, post-closing and auditing, and loan servicing functions, Archive said. LoanDepot also supports the secure electronic transfer of loan files between brokers, lenders, correspondents, investors, and servicers. The LoanDepot service enables content from diverse platforms to be stored, accessed, and shared in a single online repository. Archive can be found online at http://www.archivesystems.com.

Beanstalk Networks LLC, the West Palm Beach, Fla.-based developer of OpenClose mortgage automation systems, has announced the release of License Cop, which allows lenders to electronically track the licenses of brokerage companies or loan originators.Beanstalk said administrators can configure License Cop in minutes to create rules that automatically "police" where loans can and can't be originated. License Cop verifies state origination authorization and license dates, then allows or denies origination accordingly. "The problem with some compliance functionality is that licensing isn't verified until after the loan has been originated," said OpenClose president Jason Regalbuto. ".... License Cop allows lenders to stop origination at the registration process. Once it's set up, it's completely automated." The company can be found online at http://www.openclose.com.

Origen Financial, a national provider of manufactured housing loans, has picked the Thunderhead multichannel enterprise communication platform to automate, streamline, and control loan product documentation.A major consideration was the fact that the Thunderhead platform integrates with the IBM FileNet ECM Suite. Origen, a real estate investment trust based in Southfield, Mich., said it had been plagued by significant personnel and opportunity costs to implement any changes in its loan documentation, frequently encountering delays of up to nine months. The company said its old proprietary document engine employed hard-coded clauses to maintain document consistency, and authorized edits to document templates had to be made by Origen's IT staff. Origen said the new system, based on XML and open standards, relieved bottlenecks and enabled a 30% reduction in required staff, empowering business users to modify document templates rather than IT. Changes to documents now routinely take two to three days, Origen reported. The companies can be found online at http://www.origenfinancial.com and http://www.thunderhead.com.

Ron Litt has been named president of Market Kinetix LLC, a Houston-based company whose flagship product, Deal Maker, provides mortgage originators with a customized plan to enable borrowers to boost their credit scores quickly.Mr. Litt, who was most recently a product spokesman for Market Kinetix, was previously president of Advantage Credit. He was also senior vice president of retail operations at MortgagelT, a New York-based mortgage banker, and senior vice president and chief technology officer of Houston-based Allied Home Mortgage Capital. Before his career in the mortgage industry, Mr. Litt headed a private consulting practice that worked with NASA on the Space Shuttle and early Mercury manned space programs, according to Market Kinetix.

Vienna, Va.-based VirPack has been awarded a patent for its document management and imaging technology, MortgageWire has learned."This certifies that the e-packaging and e-delivery technology pioneered by VirPack is truly unique and provides value to both the lender and investor," stated VirPack president and CEO Michael Coar. The VirPack e-package contains all data, documents, images and other files permitting a business to share loan and other files with their partners, allowing fully automated processing through a free downloadable browser. The patent number is 7,191,392, issued by the U.S. Patent and Trademark Office.

AllRegs, an Eagan, Minn.-based online publisher of reference information for the residential mortgage lending industry, has announced that it will offer legal content support services through Lanahan & Reilley LLP, a mortgage banking law firm based in Santa Rosa, Calif.The organizations "are joining forces to offer the Ask the Expert service to help mortgage companies clarify the overwhelming changes in federal, state, and other regulations" that affect mortgage organizations, AllRegs said. Lanahan & Reilley will, through a premium service at AllRegs, provide clarification and guidance to the industry on such issues. AllRegs can be found on the Web at http://www.allregs.com.

Ellie Mae, Dublin, Calif., has launched Encompass WebCenter, a website that links mortgage originators with borrowers, Realtors, and other partners.The application enables two-way Web-based communication for all aspects of the loan process, including individual loan inquiries, requests, and status updates. The company said Encompass WebCenter serves as an information source for borrowers by securely relaying pertinent loan data straight from the originator's Encompass mortgage automation system, while also functioning as a marketing tool for the originator and broker by providing a borrower- and Realtor-centric informational Web presence. WebCenter can be customized with the originator's look and branding, and with the Setup Wizard, Ellie Mae says it can be set up within 15 minutes. The company can be found on the Web at http://www.elliemae.com.

The Independent Community Bankers of America has announced an expanded preferred service provider relationship with Wolters Kluwer Financial Services that will enable ICBA members to automate compliance and operational risk management processes for mortgage and other business lines.The ComplianceOne system offers enterprise-wide access to customer information, allowing community banks to open new accounts and complete transactions faster through a common database structure. "One of the biggest challenges facing community bankers today is how to address all of their key business initiatives with disparate processes and systems within their organizations," said Dan Clancy, the ICBA's senior vice president of services. "By offering ComplianceOne, ICBA is helping our community bank members address that problem by changing the way they integrate compliance, documentation, and data across their business." The ICBA can be found online at http://www.icba.org, and Wolters Kluwer can be found at http://www.wolterskluwer.com.

Dublin, Calif.-based Ellie Mae is poised to release a "next-generation" Encompass website to link mortgage originators with borrowers, Realtors, and other partners by enabling two-way Web-based communication for all aspects of the loan process.According to an Ellie Mae spokesman, the Encompass WebCenter connects directly into the Encompass mortgage automation system. The site, to be launched with the next Encompass release, marks a return to Ellie Mae's roots as a mortgage website provider -- a market it has since largely ceded to companies like Myers, Vlender, and a la mode. The site will be demonstrated at the Encompass user conference at the Hilton in San Francisco March 4-6, where the keynote speaker will be Doug Duncan, chief economist of the Mortgage Bankers Association.

Fiserv senior vice president Dan Welbaum has been hired as chief marketing officer at Mequon, Wis.-based Mortgagebot, MortgageWire has learned.Mr. Welbaum, long the head of sales and marketing for the Fiserv easyLender Products business unit, will be responsible for developing and executing Mortgagebot's marketing strategy, including overseeing industry partnerships and marketing communication efforts. Before joining Fiserv, Mr. Welbaum served in a management capacity at such organizations as Unisys, Bisys, Convergys, and The Kirchman Corp. In 1993, he joined the senior management team of the former Florida Informanagement Services, where as SVP of sales and marketing he helped build the company in preparation for its acquisition by Fiserv in 1997. Mortgagebot can be found on the Web at http://www.mortgagebot.com.