Technology

ILOG, a provider of software components and services based in Mountain View, Calif., has introduced ILOG JRules 4.6, an offering in ILOG's Business Rule Management System product line.The new product includes enhancements that enable policy managers and business analysts to manage complex rule sets and modify them using a spreadsheet-like interface. ILOG can be found on the Web at http://www.ilog.com.

TowerGroup, Needham, Mass., has released a new report designed to track what it expects to be the leading-edge technologies in the mortgage industry throughout this decade.According to the research, TowerGroup believes that the four technology categories that will have the largest impact on the automation of the mortgage lending process in this decade are: enhanced automated underwriting and credit scoring technology; enterprise document management; business process management; and electronic mortgage closings. In new research titled, "Mortgage Technology: The Next Big Thing(s)," Craig Focardi, a senior analyst in the Consumer Lending & Bank Cards practice at TowerGroup, identifies the drivers that will influence mortgage information technology developments and spending for the balance of the decade. TowerGroup can be found on the Web at http://www.towergroup.com.

IntraPrise Solutions Inc., Newton, Pa., has acquired the business of Merit Dynamics Inc., a provider of loan product information to the mortgage industry based in Cape May Court House, N.J.The terms of the transaction were not disclosed. Merit maintains a searchable database of product specifications from more than 120 investors and over 2,200 separate products turning investor product manuals into a standardized database accessible to any authorized user with a Web browser. In the future as part of the acquisition, ISI's software products will integrate with Merit Matrix. ISI provides software systems and managed services for the financial services industry. The companies can be found on the Web at http://www.intraprisesolutions.com and http://www.meritdynamics.com.

FirstPoint Inc. has acquired Prymak Inc., both based in Greensboro, N.C., and announced that it will operate Prymak as a wholly owned subsidiary, keeping all local employees and operations intact.The terms of the transaction were not disclosed. Prymak is a technology development and consulting company founded in December 2000. It provides the mortgage banking industry with software design, project management, and implementation services. Prymak's software includes a Web-based mortgage and consumer loan origination application, along with a toolkit for custom development by clients. FirstPoint provides credit information, collection, and management services. The companies can be found online at http://www.firstpointresources.com and http://www.prymak.com.

Framework Inc., Tarrytown, N.Y., and Document Systems Inc., Carson, Calif., have announced the integration of Framework's LendWare credit fulfillment platform and DSI's FillMagic document processing engine.The Extensible Markup Language integration of the LendWare Document Manager and FillMagic, an enterprise application for the creation of mortgage forms and document packages, provides lenders with automation, fulfillment, documentation, compliance, and delivery capabilities, the companies said. The interface is in place at two of the top 10 banks. Framework, a provider of enterprise software for financial institutions, can be found on the Web at http://www.lendware.com. DSI, a developer of software, tools and Web-based systems for the production of compliant loan document packages, can be found on the Web at http://www.docmagic.com.

Rob Kessel, Marc Felisky, Lindsay Hill, and Glen Brown have formed a new company called Compass Analytics LLC, San Francisco, that will provide outsourced hedge management services and license its pipeline risk management analytics to customers.Compass also announced the addition of its 12th pipeline risk management client. Compass said its analytics product includes pipeline valuation, sensitivity, and execution of all mortgage products with enhanced capabilities for hybrid adjustable-rate mortgages and jumbo and alternative-A products. Other features of Compass's analytics are flexible coverage and pull-through modeling; profit margin and hedge cost modeling and definition; hedge analytics; flexible reporting; accounting support, including FAS 133; and fallout and profitability analysis. Compass can be found on the Web at http://www.compass-analytics.com.

Wachovia Corp., the fourth largest bank holding company in the U.S., has selected Englewood Cliffs, N.J.-based Palisades Technology Partners' Impact Mortgage Services Suite for implementing their new loan origination system. The system, scheduled for implementation across Wachovia's lending network, was selected to shorten loan application processing time, increase capacity and improve efficiency at Wachovia. The system includes components for pricing, fees, compliance and mortgage calculations. Palisades can be found on the Web at http://www.ptpusa.com.

According to the first Mortgage Bankers Association (MBA) technology study previewed at this year's MBA National Technology in Mortgage Banking Conference and Expo, Phoenix, lenders are going to invest heavily in technology throughout 2004. Overall IT spending averaged $140 million, according to the study. This spending represented a significant increase over expenditures made in 2002. Between 2002 and 2003 there was a 24% increase in operating expenditures and a 153% increase in capital expenditures. Looking forward into 2004, the amount of investment in technology is nothing short of phenomenal. On average a 12% increase in the operating budget of last year is expected this year and a 47% increase in capital expenditures.

London Bridge Group has acquired the rights to market MortgageHub's lending wholesale/correspondent Web service platform as a component of BridgeLink network.The agreement allows London Bridge to offer connectivity to a network of lenders and third party vendors. London Bridge is a provider of business software and e-commerce technology solutions. MortgageHub is a provider of mortgage frontline systems and has clients like GMAC Mortgage Corp., Wachovia Bank, Wells Fargo Home Mortgage and others.

As part of a panel discussion held at this year's MBA National Technology in Mortgage Banking Conference and Expo, Phoenix, the Mortgage Industry Standards Maintenance Org. (MISMO) announced that the next step to promote industry adoption of the standards will include the development of MX Compliance Service.This product will act as an independent certification process to ensure that those companies claiming to be MISMO compliant are what they say they are. The first phase of the product is expected this summer. The next step is to test SMARTDoc eMortgage files. The second phase is expected to roll out later this year.