Technology

The Mortgage Industry Standards Maintenance Organization has been authorized to incorporate the contents of the Commercial Mortgage Securities Association's Investor Reporting Package into its data dictionary.The CMSA will retain the ownership and the responsibility for revising and updating the IRP. Terming the CMSA "the independent standard for investor reporting in the commercial mortgage-backed securities market," Michael F. Petrie, vice chairman of the Mortgage Bankers Association of America and the chair of its Technology Steering Committee, said the CMSA's participation is "crucial" as MISMO develops a data standards platform for the commercial mortgage industry. MISMO, the MBA's data standards organization, will establish a data transfer specification that will provide information consistent with the IRP. MISMO's Commercial Steering Committee will be expanded by two seats, the new members to be appointed by the CMSA with the approval of MISMO's commercial leadership group. The CMSA can be found online at http://www.cmbs.org, and the MBA can be found at http://www.mbaa.org.

Financial Industry Computer Systems Inc., Dallas, has announced that Desert Schools Federal Credit Union, Phoenix, has chosen the FICS commercial mortgage loan servicing system.FICS said the credit union picked Commercial Servicer (along with an add-on product, Commercial Accountant) because it offered the best match with its FICS-driven mortgage servicing system, Mortgage Servicer. FICS, a mortgage technology specialist, can be found on the Internet at http://www.loanware.com.

First American Real Estate Solutions, Anaheim, Calif., has announced the successful implementation of a high-speed, secured direct connection to Freddie Mac's valuation platform, including Home Value Explorer and Home Value Calibrator.FirstAm RES's technology offers a single point of access to its products and Freddie Mac's. The company's line of information solutions includes its automated valuation model (ValuePoint 4), property reports, document images, flood data maps, legal and vesting reports, parcel maps, foreclosure information, demographics, crime and school statistics, and lien release information. The company made its announcement at Thomson's 6th Annual Mortgage Technology Conference in Miami. FirstAm RES can be found online at http://www.firstamres.com.

Fuego Inc., Dallas, has released Fuego for Banking, a business process management system banks can use to adapt to changing operating conditions to improve performance and customer-facing processes.The software allows banks to create, manage, and change processes easily, Fuego said. A number of process templates come bundled with the software, including loan origination, Patriot Act compliance, credit issuance, credit processing, and Sarbanes-Oxley Act compliance. The company announced the product at Thomson’s 6th Annual Mortgage Technology Conference in Miami. Fuego’s website address is http://www.fuego.com.

DocuTech Corp., Idaho Falls, Idaho, and Wave Systems Corp., Lee, Mass., have announced the formation of the eMortgage Alliance, a group of companies offering a paperless mortgage system that meets guidelines established by the Mortgage Industry Standards Maintenance Organization.Each alliance member specializes in separate steps of the mortgage process, including electronic signing, packaging, messaging, and recording, and the creation of SMART Docs. “The key to this alliance is that a lender can pick and choose any part of the process that they want to automate today,” said Ty Jenkins, chief executive officer of DocuTech. Other alliance members include SwiftView, which handles electronic delivery of mortgage documents; VirPack, offering electronic packaging, bar code, imaging, electronic delivery, and management systems; and Rekon Technologies, providing a platform for electronic county recordings of releases and satisfactions. DocuTech and Wave Systems can be found online at http://www.docutechcorp.com and http://www.wavesys.com.

Fidelity National Financial, Irvine, Calif., which has been on an acquisition tear, has struck again -- this time, agreeing to buy the financial services technology division of Alltel, Little Rock.FNF, a third-party vendor that provides title insurance and other real-estate-related services to residential lenders, will pay $1.05 billion in cash and stock for the Jacksonville, Fla.-based unit. Alltel operates the largest residential loan "service bureau," but that business faces challenges as some large servicers, notably Washington Mutual, move to install in-house systems. FNF's interest in Alltel was first reported in early January by National Mortgage News. Alltel says its servicing bureau processes 46% of all outstanding residential loans in the United States. The company noted that it has "processing relationships" with 17 of the top 25 mortgage funders. (See the Feb. 3 issue of NMN for full details.)

ARC Systems, a mortgage technology application service provider based in Austin, Texas, rendered decisions for a record $80 billion in loan applications in 2002, a 328% increase, the company has announced.ARC Systems said LendTech, its flagship product, rendered decisions for over half a million loan applications last year, with a peak day in September totaling $2.7 billion. Ed Jones, chief executive officer and president of ARC Systems, attributed the growth to an expansion of LendTech beyond the subprime market to the securities and warehouse markets, and to the product's capabilities. LendTech enables clients "to increase loan application volumes by as much as 300% utilizing their current staff," he said. The company can be found online at http://www.arcsystems.com.

PW Funding Inc., a subsidiary of Charter Municipal Mortgage Acceptance Co. based in Mineola, N.Y., has launched a new website that reflects the integration of PWF into CharterMac and Related Capital Co.The site now boasts an updated look, a new navigational layout, and a feature that enables users seeking a multifamily loan to request a quote directly through the website, the company said. The new website follows the launch of new sites for both CharterMac and Related Capital. PW Funding, a full-service direct mortgage lender for multifamily property owners and developers, can be found on the Web at http://www.pwfunding.com.

HanoverTrade Inc., Edison, N.J., has redesigned its Busch Analytics Valuation System and launched Hanover/Busch Analytics 6.0 servicing valuation software.Wells Fargo Mortgage Corp. will be the first to use the improved application, the company said. Under a multiyear licensing agreement, Wells Fargo will use the system to model its servicing portfolio. Enhanced features of the new version include the integration of two key components, Asset OnSite and Asset Manager; expanded loan-level prepayment factors; loan-level servicing valuation; increased data mapping capabilities; and an enhanced ability to stratify portfolios using enlarged data field and increment criteria. HanoverTrade, a subsidiary of Hanover Capital Mortgage Holdings Inc., acquired Busch Analytics in January 2002. Hanover Capital is a mortgage real estate investment trust. HanoverTrade can be found online at http://www.hanovertrade.com.

Netupdate Inc., Bellevue, Wash., has announced the addition of five features to Originator Pro, its flagship point-of-sale system for mortgage professionals.The enhancements include Good Faith Estimate and Truth-in-Lending disclosure documents; Express Pre-Approval Application, powered by Fannie Mae; enhanced loan file export functionality; loan program database and closing cost templates; and simplified pipeline management. "This new version places the must-have sales tools into a single interface enabling loan officers to reduce the time to approval," said Diane Holmstrom, Netupdate's chief executive officer. Express Pre-Approval Application, an optional module, enables the loan officer or borrower to enter limited financial information, obtain a pre-approval decision from the lender online, and if pre-approved, print out the pre-approval letter in minutes, the company said. The company can be found online at http://www.netupdate.com.