Technology

Vienna, Va.-based VirPack has announced the enhancement of its VirPack Direct electronic-image loan delivery system to support correspondent delivery to Minneapolis-based GMAC Residential Funding Corp.Correspondents can use the tool to deliver fully indexed loan files to GMAC Residential Funding for purchase review. Loans identified for delivery to GMAC Residential Funding are immediately retrieved from the VirPack system and electronically delivered in a secure fashion. VirPack Direct, offered free to VirPack customers, offers to significantly reduce shipping costs, shorten cycle times, and improve overall process efficiency. The VirPack core technology is an electronic envelope that uses scan capture and barcoding to provide a standard way to package, manage, and electronically deliver all data, electronic documents, and images. The company can be found online at http://www.virpack.com.

Taylor, Bean & Whitaker Mortgage Corp., Ocala, Fla., has announced a joint venture with 24/7 Call Capture Inc. that it says will allow loan officers and real estate agents to "capture and control the purchase, builder, and for-sale-by-owner markets."Taylor Bean said its chairman, Lee Farkas, discovered 24/7 Call Capture on a business trip and engaged the call-capture technology company to create a customized call-capture system for community bank originators. That system, which Taylor Bean termed "a revolutionary software technology tool," has been added to the company's CommunityBanksOnline platform. The call-capture tech company can be found online at http://www.247callcapture.com.

DocuTech Corp., an Idaho Falls, Idaho-based provider of compliance services and documentation technology, has announced an alliance with Advantage Credit designed to offer an added layer of security for mortgage closing documents.Under the arrangement, Advantage Credit's LoanShield is embedded in ConformX, a Web-based DocuTech system that accelerates the closing process through document management. This enables users to use LoanShield while running their closing documents, DocuTech said. "This alliance can potentially save ConformX customers millions of dollars that could be lost to fraud," said Ron Litt, president of Pensacola, Fla.-based Advantage Credit. "LoanShield pinpoints fraud among borrowers, properties, and even insiders." The companies can be found online at http://www.docutechcorp.com and http://www.advantagecredit.com.

Interthinx, a Calabasas, Calif.-based provider of automated fraud protection and decision support tools for the mortgage industry, has integrated its DISSCO tool with the Beanstalk Networks' OpenClose MTG platform."Interthinx offers methodology for intercepting mortgage fraud before it permeates the secondary marketplace -- and that's vital," said Jason Regalbuto, president and chief technology officer of Beanstalk Networks. The OpenClose MTG tool offers tailored configurations for lenders and brokers that can be used for origination, processing, and managing digital loan folders while providing tools for prequalification, product/price locking, automated underwriting, and back-office mortgage banking. The integration will enable loans to be instantly and seamlessly submitted to DISSCO for automatic screening for potential mortgage fraud. Interthinx can be found on the Web at http://www.interthinx.com.

Visionet Systems, Cranbury, N.J., has announced the launch of version 3.0 of VisiLoanReview, a Web-based program providing electronic quality control reviews and automated underwriting to the investor community.The announcement, which came at the MBA National Secondary Market Conference and Expo in Chicago, said the new version of VisiLoanReview offers electronic delivery of files, customized underwriting review, quality control review, automated follow-up and response management, repurchase demand management, and loan presentation. The system allows investors to reduce processing costs while improving quality and reporting, Visionet said. In addition, the product provides seller scoring mechanisms to automatically manage the scope and depth of loan file reviews. VisiLoanReview includes workload distribution and monitoring capabilities as well. The company can be found on the Web at http://www.visionetsystems.com.

Impac Mortgage Holdings Inc, a mortgage real estate investment trust based in Newport Beach, Calif., has launched iMAP (Impac Market Analysis Platform), a Web-based market research tool that provides mortgage brokers and correspondent lenders with analysis of a state or metropolitan market.The new product, unveiled at the MBA National Secondary Market Conference & Expo in Chicago, collates and analyzes a variety of delinquency and macroeconomic data that contribute to loan market performance, including the House Price Index, the Median Home Price Index, the unemployment rate, household income, quarterly mortgage origination data, and housing price appreciation. The Impac Risk Index then summarizes the information for a chosen state or metro area and assigns it a grade-point average score based on its overall market potential, the REIT said. Impac will update the index on a quarterly basis, based upon new economic and market data. The company can be found on the Web at http://www.impaccompanies.com.

Fiserv Lending Solutions - Portfolio Services, Boulder, Colo., and San Francisco-based ComplianceEase have announced an alliance under which FLS-PS will use ComplianceEase's automated compliance system, ComplianceAnalyzer, as the exclusive compliance component of its due-diligence service offering for the capital markets.ComplianceAnalyzer enables FLS-PS professionals to obtain instant compliance audits that address federal, state, and local anti-predatory-lending legislation, as well as state license-based consumer credit laws and regulations, the companies said. FLS-PS is a professional services firm specializing in the assessment and mitigation of risk inherent in the acquisition of residential mortgage assets. The companies can be found online at http://www.fiserv.com and http://www.complianceease.com.

Dallas-based Sollen Technologies, an Internet-based application services provider of product, pricing, and best execution capabilities for the mortgage industry, has announced the completion of phase 1 and phase 2 upgrades to its distributed pricing engine.The upgrades will enable the engine to support many new investors, the company said. "We currently have 40 investors, most of which are major players in the industry, and are aggressively pursuing new ones based on requests from our clients," said Andrew Marsanick, Sollen's executive account manager, at the Mortgage Bankers Association's National Secondary Market Conference & Expo in Chicago. "Sollen can help build a client base for any investor when tapping into our database of tens of thousands of users." Mr. Marsanick added that a good working relationship between Sollen and an investor can lead to improved information accuracy, resulting in more locked loans through the receipt of timely data. The company can be found online at http://www.sollen.com.

Sacramento, Calif.-based CoreLogic, a provider of mortgage risk assessment and fraud prevention systems, has developed IdentityPro to help clients better manage borrower fraud by modeling borrower transactions and other relevant data to more precisely determine borrower risk.The product, which CoreLogic demonstrated at the Mortgage Bankers Association's National Secondary Market Conference & Expo in Chicago, assesses a borrower's likelihood to commit the type of mortgage fraud most likely to cause financial loss by using behavioral analysis that reveals suspicious patterns. In addition, IdentityPro includes compliance and misrepresentation capabilities to spot identity theft, straw borrowers, and owner-occupancy misrepresentation. CoreLogic can be found on the Web at http://www.corelogic.com.

Sunset Mortgage Co., Chadds Ford, Pa., has licensed the PushMX productivity software produced by PushMX Software, San Jose Calif.PushMX works in concert with the Calyx Point loan origination software to enable brokers, managers, loan officers, and processors to track and manage their entire loan pipeline from a single screen, according to PushMX Software. It also allows them to view an instant summary of the status of all loans, including critical task deadlines and all related details. PushMX Software said its technology will allow Sunset Mortgage personnel to layer additional workflow and business management features on top of Point so they do not need to learn a new loan origination tool or change the way they originate and process loans.