Technology

TransUnion, Chicago, has acquired Huntsville, Ala.-based Banton Technologies, which it will now integrate into TransUnion Settlement Solutions Inc., Wilmington, Del., the company announced at the 90th annual MBA Convention & Expo in San Diego.TransUnion did not disclose the financial details of the transaction, but said that it now owns 100% of the automated valuation developer and all its employees are now employees of TransUnion. The acquisition adds Banton's ValueWizard AVM, a proprietary technology for determining the value of residential properties nationwide, and ValueWizard Interactive, a desktop solution that offers analyst or appraiser support to enhance valuation accuracy, to TransUnion's residential lending process systems. TransUnion Settlement Solutions already acts as a reseller for a number of automated valuation models, and those relationships are not expected to change. TransUnion Settlement Solutions can be found on the Internet at http://transunionssi.com.

Fidelity Information Services, Jacksonville, Fla., has announced that it will spend millions over the next few years to re-architect the core servicing system it purchased from Alltel earlier this year.Fidelity says it purchased the system with the understanding that it would "make it more powerful for our customers." A main precept of this re-architected servicing system will be to put the majority of the servicing functionality in the core system and eliminate the need for add-on workflow products, the company said. Fidelity, which currently services 46% of the outstanding mortgage loans in the United States, recently invested more than $16 million in state-of-the-art infrastructure as a first step in this process. Beginning in 2004, Fidelity plans to roll out the re-architected system in phases, with deliverables every several months. The first rollout will include enhanced data services capability. FIS can be found on the Web at http://www.fidelityinfoservices.com.

ServiceMagic, a Golden, Colo.-based online marketplace for homeowners, has announced the launch of ServiceMagic Lending and a joint venture with Cornerstone Mortgage to bring the new service to its website visitors.ServiceMagic Lending, which will link consumers to prescreened lenders, will enable banks and mortgage brokers to take advantage of "the inherent efficiencies" of ServiceMagic's Web-based marketing platform, the company said. "Currently, over a million homeowners per year request home improvement and real estate services valued in excess of $3 billion via ServiceMagic," said Rodney Rice, a co-founder ServiceMagic. "The addition of lending services was the next step in our efforts to provide consumers a comprehensive solution for purchasing, financing, and improving their homes." The company said Cornerstone, a wholly owned subsidiary of First National Bank of Omaha, has more than three million website visitors a month. ServiceMagic can be found online at http://www.servicemagic.com.

LendingTree Inc., Charlotte, N.C., and Providian Financial Corp., San Francisco, have announced that LendingTree has agreed to acquire from Providian the brand name and certain assets of GetSmart.com, which offers mortgage, home equity, and other consumer loans.The terms of the deal were not disclosed. Lending Tree said it expects to maintain the relationships with the more than 100 lenders who participate in the GetSmart network, and to offer the GetSmart platform to the more than 200 lenders on the LendingTree exchange. Doug Lebda, the founder and chief executive officer of LendingTree, said the acquisition "fits with LendingTree's core business strategy of connecting consumers with lenders and Realtors." Warren Wilcox, Providian's vice chairman of marketing and strategic planning, said GetSmart is a brand that "on a stand-alone basis, is a nonstrategic asset for Providian." The companies can be found online at http://www.lendingtree.com, http://www.providian.com, and http://www.getsmart.com.

Netupdate Inc., Bellevue, Wash., has formed an alliance with the School of Mortgage Lending, also of Bellevue, under which Netupdate's point-of-sale technology will be paired with the school's training materials to offer comparisons of loan products as part of the curriculum.The combined product is designed to provide an information management resource for loan officers who, the School of Mortgage Lending contends, have become more like financial advisers than loan consultants. "By including technology in the curriculum, our materials more quickly elevate the proficiency of the modern-day loan officer," said Susan Williams, president and chief executive officer of the School of Mortgage Lending, whose system combines computer-based and correspondence training. Netupdate specializes in helping companies extend business applications onto the Internet. The organizations can be found online at http://www.netupdate.com and http://www.schoolofmortgagelending.com.

Cogent Road Inc., San Diego, and ComplianceEase, San Francisco, have launched a new service that will offer Cogent Road's customers predatory lending and regulatory compliance auditing technology.The new product, PCAudit, is a fully automated pre- and post-close risk management system that audits individual loans or bulk portfolios against various criteria. Cogent Road's technology connects lenders to their third-party sources to provide "systematic audit control" on every wholesale origination before making a purchase, the companies said. "One of the most important challenges for lenders today is to understand the anti-predatory-lending and numerous other regulatory compliance initiatives like the USA Patriot Act and to understand the way in which they will impact their business," said David Girling, executive vice president of ComplianceEase, a division of LogicEase Solutions. The companies can be found online at http://www.cogentroad.com and http://www.complianceease.com.

GHR Systems Inc., Wayne, Pa., has announced the acquisition of Berkeley, Calif.-based Loansoft, which provides retail loan origination software to four of the top 10 U.S. residential mortgage lenders, including Chase and Washington Mutual.The terms of the transaction were not disclosed. GHR is best known for its widely used decisioning system and its products serving the wholesale transaction. Both companies operate on Microsoft-based platforms. The merged entity has 300 employees that serve a customer base of over 70 lenders, 17,000 loan officers, and 25,000 brokers. Loansoft said it will continue to operate from its current California location and that both entities will offer current product lines as licensed or hosted applications.

Walter C. Morgan has been named executive vice president for strategic business development at Integrated Loan Service, Rocky Hill, Conn.ILS said Mr. Morgan will be responsible for developing strategic partnerships and new business for ILS and Fiserv's Lending Services and Solutions Group, of which ILS is a part. He was formerly with Fidelity National Information Solutions and Market Intelligence. ILS provides lending systems to banks, credit unions, and mortgage lenders. It can be found online at http://www.ils.com.

Data-Vision Inc., Mishawaka, Ind., has announced the release of DisclosureDocs, an online system that allows mortgage originators to deliver loan applications and initial disclosure documents electronically.The secure documents can then be digitally signed by the consumer and returned within minutes. When a consumer signs the documents, the lender is notified by e-mail. Data-Vision said it will make the documents available to the homeowner on demand for a period of 90 days. Records can also be stored on the system and made available to the consumer for 27 months at the option of the lending institution. Part of Data-Vision's RemoteDocs service, DisclosureDocs will be rolled out to the company's clients later this year and to all others in early 2004. Data-Vision can be found on the Internet at http://www.disclosuredocs.com.

Fiserv Inc., Brookfield, Wis., has announced the completion of its acquisition of General American Corp., a provider of real estate settlement services to the lending industry.The terms of the deal were not disclosed. GAC operates in two divisions: GAC Direct and GATORSystems. GAC Direct, which provides the majority of the company's revenues, is a settlement services provider to financial institutions and realty firms nationwide. Its services are delivered over an Internet gateway connected to three national processing centers. Fiserv said. The GATORSystems division licenses technology systems and software to settlement service providers. Fiserv can be found on the Internet at www.fiserv.com.