Technology

American Mortgage Network, a wholesale mortgage bank serving mortgage brokers nationwide out of San Diego, has launched IBM's eServer iSeries server to add capacity and flexibility for its mortgage broker customers."With the iSeries platform, we have made a substantial investment to help increase efficiency, speed, and reliability," said Randall Myres, AmNet's senior vice president and chief information officer. "We now have virtually unlimited scalability to handle more loan volume as we open new branches and expand existing locations." IBM's eServer iSeries product family is an integrated, flexible server that is used for information technology consolidation and running mission-critical electronic business applications. The iSeries servers can simultaneously run multiple operating systems (OS/400, Microsoft Windows, and Linux) and applications all in one centrally managed server, according to IBM. AmNet can be found on the Web at http://www.amnetmortgage.com, and IBM can be found at http://www.ibm.com.

Data Tree, a San Diego-based provider of online public land records and a member of the First American family of companies, has appointed Robert Karraa as chief operating officer.Mr. Karraa will oversee all Data Tree operations. Most recently, he served as regional vice president of sales and client services for First American Real Estate Solutions, a provider of property ownership information and applications. Data Tree falls under First American Corporation's property information and services group led by Dennis Gilmore.

Mortgage Connect, West Palm Beach, Fla., has announced the launch of a fax storage and retrieval module for its OpenClose MTG platform.The Web-based fax module delivers faxed images into a centralized loan database and automatically attaches the document images to the corresponding loan. Users print out a barcoded fax cover sheet that informs the OpenClose MTG fax storage and retrieval module where to store the document images, such as images of W-2s and pay stubs. The images can be sent from any fax machine to an OpenClose MTG fax server, automatically turning these stored documents into Adobe Acrobat PDF files and routing them to the corresponding loan's digital loan folder. The module is offered as a way to reduce the problem of lost documents, minimize overnight courier bills, and comply with government privacy and security regulations.

Lender E-Source, Vista, Calif., has formed a joint venture with Commerce Velocity, Irvine, Calif., which develops technology to assist lenders in the efforts of loan product development and guideline maintenance.Under the arrangement, mortgage bankers using Lender E-Source's Electronic Loan Finder will now have access to Commerce Velocity's pricing and decisioning engine to access electronically their fully adjusted rates and pricing. The partnership enables loan officers and brokers to receive up-to-date product pricing and eligibility information in addition to their investor product guidelines by entering minimal credit and loan data, Lender E-Source said. The service also allows mortgage bankers to integrate their own fully adjusted pricing information, enabling loan officers to make more accurate pricing decisions, the company said. "This solution brings together our company's strengths -- Commerce Velocity's market-leading decisioning engine with Lender E-Source's product guideline maintenance solution," said Jim Schwegman, vice president of sales and marketing for Commerce Velocity. The companies can be found on the Web at http://www.lendere-source.com and http://www.cvelocity.com.

Stewart Mortgage Information, Houston, has entered the bundled services arena with the launch of its "Build Your Own Bundle" product.The platform makes it possible for lenders to order custom-built packages of the company's products and services using the RealEC electronic exchange. Specifically, lenders can bundle any number of the following services: full appraisal and automated valuation models; credit reports; flood zone determinations; disclosures and closing documents; title, disbursement, and recordation services; and post-closing services like loan review, investor delivery, assignments, lien releases, trailing document retrieval, and FHA/VA insuring and pool certification assistance. Stewart can be found on the Web at http://www.stewart.com.

VMP Mortgage Solutions has unveiled Version 2.5 of its SMART Document viewer, which it is touting as the first tool to demonstrate the three aspects of MISMO-defined Level 1 SMART Docs.The three aspects are: the view tab that shows the actual document populated with data; the data tab that presents the raw data; and the Extensible Markup Language tab that presents the XML construct. (SMART stands for securable, manageable, archivable, retrievable, transferable.) The announcement was made at VMP's user conference in Las Vegas. "We're very happy that they have stepped up to the plate, put in some development dollars for the viewer, and made it available to the industry," conference attendee Gabe Minton, who oversees the Mortgage Industry Standards Maintenance Organization at the Mortgage Bankers Association, told MortgageWire. VMP senior principal Roger Gudobba said VMP has offered the viewer to the MBA's MISMO committee to use as it sees fit. Version 2.5 of the view will be presented in March at the MBA Technology Conference in Phoenix.

Fair Isaac Corp., San Rafael, Calif., has introduced what it's calling the first service to help consumers find the best loan rates based on the FICO Credit Score, which can be accessed through the company's website free of charge.The service, called Loan Center, allows the customer to compare national and local lenders' rates in their area who have FICO credit scores similar to their own. Specifically, visitors see a comparison of interest rates offered by participating lenders for five different mortgage products, all matched to the customer's FICO score or suggested score range. The initial lineup of participating lenders includes Countrywide Home Loans, E-Loan, E-Trade Mortgage, IndyMac Bank, and Pricelinemortgage. FICO scores can be accessed via the company's website at http://www.myfico.com.

Zenodata Corp., Louisville, Colo., has released Land Record System, a system the company is dubbing the fastest automated chain-of-title search technology in the industry.According to Zenodata, LRS decreases the amount of time to perform complete title searches by a factor of 5-10, completing most title searches -- and generating completed abstract sheets -- in 10 minutes or less. Users save an average of 20%-30% on the cost of title work, the company said. "The LRS produces full title abstracts and other land record reports faster and more accurately than any other system," says Mark Stevenson, Zenodata's chief executive officer. "Unlike traditional title plants and systems that simply provide a front end for existing data sources, this system goes beyond grantor/grantee and tract indices to extract and import all relevant information from the original source documents." Zenodata develops and markets technology that automates the searching and analysis of land record data for the real estate and lending industries. The company can be found on the Web at http://www.zenodata.com.

Trinity Inspection Services Inc., Addison, Texas, has announced the launch of same-day turnaround services for new-construction inspections and draws following a period of pre-launch beta-testing with lenders.The company said its Same Day Disbursement Draw services for residential new-construction lenders will cut processing time to hours instead of days, improve loan processing efficiency and volume, and help builders stay on schedule. The system is based on Trinity's proprietary order-tracking technology. Trinity's Fee Panel of more than 2,300 inspectors provides service coverage in all 50 states. The company can be found on the Web at http://www.trinityinspection.com.

BridgeSpan Inc., Frisco, Texas, and its subsidiary BridgeSpan Title Co., have announced that they are "soliciting proposals for the purchase of their respective assets and operations," in whole or in part, in the wake of their Jan. 26 filing of Chapter 11 bankruptcy petitions.BridgeSpan and BridgeSpan Title said they "intend to select, and proceed to seek court approval of the best offer or offers received," based on a review of written offers received by Feb. 20. Offers may be tendered to BridgeSpan chief financial officer Lynelle Dahn, the announcement said -- with all assets, including BridgeSpan Title stock, to be sold to the highest bidder upon approval of the U.S. Bankruptcy Court in San Jose, Calif., and (in the case of BridgeSpan Title) the California Department of Insurance.