http://www.mortgage-technology.com Mortgage Technology en Copyright 2009, SourceMedia, Inc. and Mortgage Technology. All rights reserved. Thu, 2 Jul 2009 23:25:02 EDT anthony.garritano@sourcemedia.com http://www.mortgage-technology.com/images/mtlogo.gif http://www.mortgage-technology.com 300 80 http://www.mortgage-technology.com/plus/feature/?story_id=908 Correspondent buyers and sellers of closed loans are increasingly finding they need some level of electronic delivery technology to help keep their respective businesses on track even though there have been some challenges to adopting more advanced automation in this space. As noted previously in this publication, at least two investors in correspondent loans have been making moves that could put sellers who do not use imaging or electronic closings, respectively, at a disadvantage. Also, vendors and consultants interviewed for this article say other investor projects are in the works. In addition, the Federal Housing Administration has been making progress on technology efforts aimed at allowing it to accept electronically delivered files on the growing number of FHA loans now being originated. The confluence of these developments could overcome what some interviewed for this article say have been hurdles for sellers when it comes to adopting anything more than very basic e-delivery. The fact that “the investors don’t want to require anything [of sellers] because they want volume … and everybody’s operating on reduced budgets and reduced staff” has been a challenge, said Wayland Pond IV, vice president of sales and marketing at VirPack, Vienna, Va. Mon, 22 Jun 2009 16:30:43 EDT http://www.mortgage-technology.com/newsletter/comtois/?story_id=913 After recently forming an interface with NYLX, Kirkland, Wash.-based loan origination software provider Byte Software has formed a strategic partnership with CCMC, Altamonte Springs, Fla., whereby CCMC will deliver its BridgeWare interface technology to Byte Software’s clients. Now, Byte Software can offer direct interfaces to core processing systems used by banks and credit unions. CCMC’s BridgeWare products connect loan origination systems to such service providers as Internet-based systems, marketing systems and loan servicing systems. According to Byte Software general manager Joe Herb, the LOS chose to partner with “a middleware expert with deep knowledge of core processing systems” such as CCMC to allow Byte Software to offer seamless interfaces without taking its focus off of creating loan origination software. That CCMC’s technology also eliminates manual data entry was also attractive to the LOS provider, as it increases efficiency and reduces errors. Wed, 1 Jul 2009 19:37:23 EDT http://www.mortgage-technology.com/newsletter/guest/?story_id=915 When it comes to business, choosing an appropriate partner is just as important as the benefits that bring faster, easier and more efficient processes. It may not make the list of selling points, but safety really does make a difference, especially in the long run. Whether buying a product or enlisting the help of a service provider, it’s always a good idea to know what you’re getting into, and to do enough research on the company to make sure you’re going to be safe down the road. Remember, what may seem like a great deal at first glance, may actually turn out to be a costly proposition if you don’t look under the hood. Fraud prevention solutions are no different in this respect. Knowing about speed, accuracy and reliability are hugely important, but it’s also critical to understand how they’re working to keep you and your borrowers protected. Lenders, servicers and brokers all need to make sure they’re getting involved with the right partner — one that not only provides the fastest and most accurate answers, and repeatable, standardized processes, but also offers the assurance that highly sensitive borrower data is being protected with the highest levels of security. In other words, mortgage companies also need to look beyond the initial attraction to the whistles and bells, to ensure their relationship won’t lead to trouble in the future. Wed, 1 Jul 2009 19:37:18 EDT http://www.mortgage-technology.com/newsletter/garritano/?story_id=917 The Home Valuation Code of Conduct seemed like a good idea. Who doesn’t want to ensure that the appraiser isn’t being influenced to render a false value? Nonetheless, 94% of 17 respondents don’t feel that mortgage lenders have used technology to the fullest to comply. Lenders seem to be struggling with HVCC. "HVCC compliance is a tricky issue,” said Vladimir Bien-Aime, president of Global DMS. “It’s not just about using technology to comply, it’s about using technology correctly so that compliance is achieved. While some lenders have done a great job in achieving HVCC compliance by turning to solutions like OASIS, there's a significant segment of the industry that doesn't understand the intricacies of HVCC.” Wed, 1 Jul 2009 20:26:12 EDT http://www.mortgage-technology.com/plus/spotlight/?story_id=907 Is the new HVCC regulation working? What will RESPA Reform bring? Does the new White House really know what it’s doing in announcing its overhaul of regulating the financial sector? Laura LaRaia, an attorney for the legal team at Dallas-based MRG Document Technologies, talked to our editor Tony Garritano about these issues and others. Fri, 19 Jun 2009 17:53:51 EDT http://www.mortgage-technology.com/video/ <ul> <li>MERS Tackles The Warehouse Crisis</li> <li>Electronic Note Registration Evolves</li> <li>MortgageFlex Automates FHA Interaction</li> <li>Demand For FHA Still Rising</li> <li>Website Technology Advances</li></ul> http://www.mortgage-technology.com/video/?id=32 7/2/09 http://mortgage-technology.com/plus/blog/?id=733 I’m in the middle of buying a home. However, with downpayments being what they are I have to be creative. Journalists get paid well, but we’re not millionaires. So, I’m refinancing the mortgage on my co—op and pulling equity to help me get some of the funds. Now I’m going to share the good, the bad and the ugly about my experience so far. http://mortgage-technology.com/plus/blog/?id=733 Thu, 14 May 2009 00:May:00 Z http://mortgage-technology.com/plus/innovation2/?id=783 When the mortgage industry started taking a nose dive in 2008 many companies started slashing costs. One of the first areas hit was marketing (the function responsible for generating leads and building brand awareness) and sales (the function responsible for generating repeat business and new sales). What many companies now understand is that in a tough market, sales and marketing are even more important to corporate sustainability. Without new sales coming in the door a tough situation has become even worse. http://mortgage-technology.com/plus/innovation2/?id=783 Thu, 25 Jun 2009 00:June:00 Z http://www.mortgage-technology.com/plus/#1246291201 First American Corp.'s proposed acquisition of the minority stake outstanding of First Advantage Corp. will simplify the legal and organizational structure of the two companies and aid in the proposed split of the former's financial services and information solutions businesses, according to a report from Fitch Ratings. Mon, 29 Jun 2009 12:00:01 EDT http://www.mortgage-technology.com/plus/#1245945612 Irvine, Calif.-based Loan-Score Decisioning Systems has completed the necessary integration for lenders to connect to the Federal Housing Administration's TOTAL Scorecard platform directly from its automated underwriting system. Thu, 25 Jun 2009 12:00:12 EDT http://www.mortgage-technology.com/plus/#1245859206 A Fitch Solutions/Portsmouth Financial Systems desktop application that offers loan-level analytics for the U.S. structured finance market will start with a focus on subprime, alternative-A and prime credit residential mortgage-backed securities. Wed, 24 Jun 2009 12:00:06 EDT http://www.mortgage-technology.com/plus/#1245168002 The Federal Reserve Bank of New York has chosen commercial real estate information and technology provider Trepp LLC as collateral monitor for commercial mortgage-backed securities as part of the Term Asset-Backed Securities Lending Facility. Tue, 16 Jun 2009 12:00:02 EDT http://www.mortgage-technology.com/plus/#1244822407 Southern California-based REOTrans has launched the RT Certified Agent Program, an online training regimen that educates agents in the REO-sales process. Fri, 12 Jun 2009 12:00:07 EDT http://www.mortgage-technology.com/plus/#1243872007 LendingSpace, the developer of web-based loan origination software for reverse and forward mortgages, has named Jeffrey Osheka president. Mon, 1 Jun 2009 12:00:07 EDT http://www.mortgage-technology.com/plus/#1243612808 Interthinx has integrated its fraud prevention system with MortgageDashboard's loan origination system. Fri, 29 May 2009 12:00:08 EDT http://www.mortgage-technology.com/plus/#1243612807 Woodward Asset Capital LLC, Southfield, Mich. has launched OfferSubmission.com, a web-based software program geared toward firms that want to sell assets, including mortgages. Fri, 29 May 2009 12:00:07 EDT http://www.mortgage-technology.com/plus/#1242144012 Byte Software, Kirkland, Wash., has released the BytePro Loan Modification Edition, designed to help servicers process modifications under the Treasury Department's Home Affordable Modification Program. Tue, 12 May 2009 12:00:12 EDT http://www.mortgage-technology.com/plus/#1242144002 Byte Software, Kirkland, Wash., has released the BytePro Loan Modification Edition, designed to help servicers process modifications under the Treasury's Home Affordable Modification Program (HMP). Tue, 12 May 2009 12:00:02 EDT http://www.mortgage-technology.com/plus/magazine/2009-06/june2009.pdf Download the entire issue as a single, 9.2 MB PDF, or grab the stories individually below. http://www.mortgage-technology.com/plus/magazine/2009-06/june2009.pdf Tue, 16 Jun 2009 13:50:48 EDT http://www.mortgage-technology.com/plus/magazine/2009-06/june2009-ednote.pdf Sure the mortgage industry has problems. Sure things have to change. But instead of just talking change, MISMO is making it happen. http://www.mortgage-technology.com/plus/magazine/2009-06/june2009-ednote.pdf Tue, 16 Jun 2009 13:50:48 EDT http://www.mortgage-technology.com/plus/magazine/2009-06/june2009-techperspectives.pdf Motivity Solutions details why lenders should be focusing more on quality improvement and how that can be accomplished with existing tools. http://www.mortgage-technology.com/plus/magazine/2009-06/june2009-techperspectives.pdf Tue, 16 Jun 2009 13:50:48 EDT http://www.mortgage-technology.com/plus/magazine/2009-06/june2009-lenderviews.pdf The Provident Bank shares its journey to paperless processing and shares why it thinks other lenders should follow along the same automation path. http://www.mortgage-technology.com/plus/magazine/2009-06/june2009-lenderviews.pdf Tue, 16 Jun 2009 13:50:48 EDT http://www.mortgage-technology.com/plus/magazine/2009-06/june2009-ontrack.pdf Recent developments from FHA and others indicate that electronic delivery may be gaining momentum. http://www.mortgage-technology.com/plus/magazine/2009-06/june2009-ontrack.pdf Tue, 16 Jun 2009 13:50:48 EDT http://www.mortgage-technology.com/plus/magazine/2009-06/june2009-legalinsight.pdf Lender Processing Services points out some steps lenders can take to be ready for the GFE changes going into effect next year. http://www.mortgage-technology.com/plus/magazine/2009-06/june2009-legalinsight.pdf Tue, 16 Jun 2009 13:50:48 EDT http://www.mortgage-technology.com/plus/magazine/2009-06/june2009-websites.pdf Success stories signal that if a lender's website isn't up to par, that lender is losing valuable traffic. http://www.mortgage-technology.com/plus/magazine/2009-06/june2009-websites.pdf Tue, 16 Jun 2009 13:50:48 EDT http://www.mortgage-technology.com/plus/magazine/2009-06/june2009-top50.pdf Presenting this year's list of the best and brightest technology providers currently operating in the mortgage space. http://www.mortgage-technology.com/plus/magazine/2009-06/june2009-top50.pdf Tue, 16 Jun 2009 13:50:48 EDT http://www.mortgage-technology.com/plus/magazine/2009-06/june2009-fifththird.pdf Fifth Third's Brenda Clem talks about the lender's e-mortgage plans, how far along they are, how far they hope to be by the end of the year and why "e" adoption should be mainstream throughout the industry. http://www.mortgage-technology.com/plus/magazine/2009-06/june2009-fifththird.pdf Tue, 16 Jun 2009 13:50:48 EDT http://www.mortgage-technology.com/plus/magazine/2009-06/june2009-techstats.pdf 2008 wasn't the best year for the mortgage industry in terms of overall originations, to say the least. Despite the slump, the story for online retail originations in 2008 painted a different picture. http://www.mortgage-technology.com/plus/magazine/2009-06/june2009-techstats.pdf Tue, 16 Jun 2009 13:50:48 EDT