Technology

Vienna, Va.-based VirPack has announced that Flagstar Bank, Troy, Mich., has begun using an enhanced version of its Virpack Direct electronic image loan delivery system.VirPack Direct conforms to Flagstar’s electronic image loan delivery specification and supports delivery to Flagstar's paperless loan processing systems for both correspondents and brokers, VirPack said. Now Flagstar's correspondents and brokers can deliver fully indexed images instead of paper loan packages to reduce costs and cycle times. VirPack said loans identified for delivery to Flagstar are immediately retrieved from the VirPack system, prepared and electronically delivered in a secure fashion. Direct is integrated with VirPack's imaging systems, which provide barcoding, scan capture, and electronic document management applications designed specifically for the mortgage industry. VirPack Direct is free to VirPack customers. The company can be found online at http://www.virpack.com.

Washington-based iComply Inc. has added state and federal disclosure forms to its online mortgage compliance service.By offering disclosures, iComply allows companies to manage all their compliance needs through one service. Companies no longer have to go to multiple sources to track compliance laws and then obtain the required disclosures, according to the company. Specifically, disclosures are offered to all iComply subscribers at no additional charge, and they can be downloaded and saved to any format. The forms are currently available for more than 10 states and will expand to include all 50 states over the next several months. The company can be found online at http://www.icomply.com.

The board of directors of the Mortgage Bankers Association, Washington, has passed a resolution that endorses the adoption by the industry of residential and commercial electronic mortgages.The decision is said to be based on a recommendation from the board of directors' technology steering committee. Specifically, the resolution noted that "the use of residential and commercial e-mortgages, based on open standards, is a significant mechanism for simplifying the mortgage process and creating other efficiencies that will reduce costs for all market participants." The MBA intends to establish e-mortgage standards and best practices, and applying its resources accordingly, including its ongoing financial support of the Mortgage Industry Standards Maintenance Organization. The MBA stated that e-mortgages will help its members stay "ahead of the curve," and the MBA will provide its members educational and training materials. For additional information, visit MBA's Web site, http://www.mortgagebankers.org.

To help MBS investors and others to better manage the collateral side of secondary market transactions, Waltham, Mass.-based Pro-Teck Services, Ltd. has just released an advanced client feature providing enhanced flexibility in managing bulk/batch orders.Web-based Batch Manager offers real-time tracking and management of batch orders consisting of multiple properties. Users are able to define business rules around the order and manage the order within the context of those rules. Users can get a high-level summary of the order within any point of the batches lifecycle, plus loan-level drilldowns. The tool provides dynamic data access via XML, XLS or PDF zip files to subsets of data meeting user-defined filters. The collateral valuation process for a batch order may run through AVM Cascades, Collateral Fraud Indicators, Broker Price Opinions, Desktop Reconciliations and ultimately tie out with the seller. Pro-Teck's website is located at http://www.pro-teck.com.

Fidelity Information Services, Jacksonville, Fla., has released an updated version of Mortgage PhD, which makes data and services from third parties and its Mortgage Servicing Package available via a Web service. Mortgage PhD provides access to MSP data as well as a range of service providers. The enhanced version now allows in-house applications and delivery channels to launch loan-level data and service requests directly, securely and in real time using a service-oriented architecture and Web services. Among the early adopters of Mortgage PhD's Web services is one of Wachovia Corp.'s mortgage loan servicing operations. Chris Charleswirth, senior vice president with Wachovia's Retail Lending Technology organization, said, "Mortgage PhD is the integration layer bridging mortgage and service-provider systems." Fidelity can be found on the Web at http://www.fnf.com.

ABN Amro has selected the ComplianceEase automated compliance technology as its enterprise-wide solution for managing adherence to federal and state lending regulations.ComplianceEase offers an Internet-based open platform that integrates seamlessly with loan origination systems. It offers to reduce the cost of complying with "high-cost" regulations, Sarbanes Oxley oversight requirements and other regulatory risk. ABN Amro said it picked ComplianceEase for its ease of implementation and use as well as its ability to reduce the time, cost and resources the lender has to commit to compliance in the consumer-lending arena.

AppIntelligence's founder and former chief executive officer, Steve Halper, has launched a new company.The company, DataVerify, is offering a new generation of automated data integrity tools that the company said is "powered with more robust exterior database sources, superior predictive analytics and a comprehensive array of new and advanced features." DataVerify lets lenders accurately predict fraud and mitigate loss with unprecedented accuracy while increasing workflow efficiency and reducing loan approval timeframes at the point of sale, according to the company. DataVerify can be found online at www.dataverify.com.

Online Documents Inc., Concord, Calif., and ComplianceEase, San Francisco, have announced a strategic alliance to integrate ComplianceEase's automated mortgage compliance system into Online's mortgage document systems.Clients using any of Online's document systems will be able to submit loans to ComplianceAnalyzer for a comprehensive mortgage compliance audit before delivering loan documents to the closing agent, the companies said. "Direct access across Online’s connection to ComplianceAnalyzer will be of immediate value to our lending partners, simplifying an industry which already deals with so many federal, state, and municipal anti-predatory and state licensing laws," said Joan Ingham, president of Online. The companies can be found on the Web at http://www.onlinedocuments.com and http://www.complianceease.com.

Popular Inc., a Puerto Rican financial institution, has announced a merger agreement under which it will acquire 100% of the common stock and common stock equivalents of online mortgage lender E-Loan Inc., Pleasanton, Calif., for approximately $300 million in cash.The common stock and equivalents will be purchased for $4.25 per share. E-Loan will maintain its brand identity and become a wholly owned subsidiary of Popular Financial Holdings Inc., Popular's U.S. finance subsidiary, and Mark Lefanowicz, E-Loan's chief executive officer and president, will continue as president. The merger agreement has been unanimously approved by the boards of both companies but is still subject to E-Loan shareholder approval. Popular said the transaction will expand its penetration into the U.S. market, complement its nonprime and warehouse lending businesses, and "significantly enhance" its technology platform. E-Loan originated over $5 billion in mortgage, home equity, and auto loans last year, Popular said. The companies can be found online at http://www.popularinc.com and http://www.eloan.com.

PlatinumData Solutions, a provider of cascading automated valuation models based in Mission Viejo, Calif., has added report creation capabilities to its AVM platform that allow system administrators to track the geographic performance of specific AVMs and individual users' AVM orders.The PlatinumData platform allows lenders and investors to create customized AVM cascades that deliver valuation and activity analyses identifying property or borrower characteristics indicative of elevated risk factors. Administrators can now better understand and more strategically manage their organizations' valuation resources through the creation of "Hits Reports" and "Products Ordered by User" reports via the update, the company said. The Hits Report details usage of all AVMs that return data within the selected time period, and the Products Ordered by User report displays all the AVMs that each user has ordered within the specified period, allowing accountants to know, by user, how much AVMs are costing the organization, according to PlatinumData.