http://www.mortgage-technology.com Mortgage Technology en Copyright 2008, SourceMedia, Inc. and Mortgage Technology. All rights reserved. Wed,27 Aug 2008 23:25:04 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=705 StoneWater Mortgage Corp. entered the mortgage arena recently as one of the first mortgage bankers of national scope to emerge since the secondary market launched the industry into a tailspin nearly 12 months ago. Many of the key individuals at StoneWater were with the former First Magnus Financial Corp. that was abruptly sidelined by the near collapse of the secondary mortgage market last August. During the preceding decade, however, First Magnus had grown to become the largest privately held mortgage company in the U.S. and a top 15 lender. We entered the mortgage industry in 1996 [as First Magnus] with only 12 employees. We were relatively young and had the advantage of entering the market at what was essentially the beginning of the technological evolution of the mortgage industry. We knew early on that technology was going to emerge very rapidly throughout the industry and we set out to turn that into an advantage. We had the benefit of being a startup with no legacy system issues and made an early commitment to build our own platform with an in-house software development staff. We also made the commitment to leverage the benefits of the Internet by building an entirely Web-based mortgage banking platform to create efficiencies within our operations rather than using it to drive traffic as many were attempting to do at that time. As our footprint and our volume grew and new functionality began to emerge in the marketplace, our staff of business analysts and software developers also grew in order to support our growth and our platform. The team also grew into what we believe to be some of the sharpest analysts and developers in the mortgage space. Wed, 27 Aug 2008 11:57:09 EDT http://www.mortgage-technology.com/newsletter/comtois/?story_id=702 With the mortgage lending market still in a flux, as well as with mortgage fraud on the rise, the importance of fast, thorough and accurate credit decisioning has increased substantially. Or at least, the market is taking it more seriously than before the subprime meltdown. In order to provide faster credit decisioning to an expanded customer base, a London-based analytics and consultancy services specialist in marketing, credit and fraud has entered into a partnership with a Parsippany, N.J.-based provider of enterprise customer lifecycle management software. Thu, 21 Aug 2008 13:31:48 EDT http://www.mortgage-technology.com/newsletter/guest/?story_id=703 Without getting overly personal, have you examined your relationships lately? I’m not talking about your personal relationships here, but rather your vendor relationships as pertains to data security. These are the relationships that can be fatal to your business if not closely guarded, and the ones that have the potential to make the lives of your borrowers miserable. Being a repository for confidential borrower information is growing more and more daunting and it is highly possible that lenders are not truly aware of how vulnerable their own security may be. Lenders take steps to make certain that confidential data in their possession is guarded, but few have taken the steps to make certain that those vendors trusted with guarding the data are also secure. It is entirely possible that your relationship with those you trust to keep your borrower’s confidential data safe is flawed by some erroneous assumptions, and you could be endangered as a result. Thu, 21 Aug 2008 13:33:06 EDT http://www.mortgage-technology.com/newsletter/garritano/?story_id=704 In total, 100% of 31 respondents believe that there still isn’t enough understanding around what exactly an electronic note is. Regardless, lenders do realize that they have to get there. And some are making huge advances in a tight market. As proof the migration towards e-notes is happening one only has to look at the number of e-notes registered on MERS. As of December last year there were only 500 e-notes on MERS. Today there are over 20,000. So, some lenders clearly get it, but not most. Thu, 21 Aug 2008 14:27:03 EDT http://www.mortgage-technology.com/plus/spotlight/?story_id=706 With foreclosures on the rise, lenders are looking for options to keep the borrower in the home. One option is a short sale. However, today the short sale process is very labor intensive and not many are closed as a result. Rich Rollins, chief executive officer of REO Sentinel and National Quick Sale, talked to our editor Tony Garritano about how to automate the short sale process. Mon, 25 Aug 2008 17:09:50 EDT http://www.mortgage-technology.com/video/ <ul> <li>Flagstar's Expanding "E" Strategy</li> <li>"E" Adoption Potential Increasing</li> <li>John Walsh Joins DataQuick</li> <li>The Importance of Analytics</li> <li>The Networked E-Mortgage</li></ul> http://www.mortgage-technology.com/video/?id=14 8/27/08 http://www.mortgage-technology.com/plus/blog/?id=427 I had the good fortune of being invited to Flagstar Bank’s corporate headquarters to talk with their staff and tour the facilities. For someone who talks about the benefits of paperless processing and embracing full e-mortgages, I was a kid in a candy store. The industry doesn’t need paper. It’s inefficient, environmentally unsound and opens the lender up to error. Flagstar doesn’t just get that message, they have acted on it. http://www.mortgage-technology.com/plus/blog/?id=427 Thu, 21 Aug 2008 00:August:00 Z http://www.mortgage-technology.com/plus/#1219766411 Interthinx, Agoura Hills, Calif., has launched specific FHA Requirement Solutions to help lenders ensure compliant Federal Housing Administration lending programs. Tue, 26 Aug 2008 12:00:11 EDT http://www.mortgage-technology.com/plus/#1219334404 Minneapolis-based ComplianceEase has released RegulatorConnect and RegulatorDirect, which the company says will enable state-regulated mortgage lenders and banking institutions to plug into an automated regulatory examination process. Thu, 21 Aug 2008 12:00:04 EDT http://www.mortgage-technology.com/plus/#1219248011 Overstock.com Inc., Salt Lake City, has announced that its website now offers access to online real estate auctions. Wed, 20 Aug 2008 12:00:11 EDT http://www.mortgage-technology.com/plus/#1219161605 First American Loan Production Solutions has begun offering electronic document packages that allow lenders to originate and close mortgages on U.S. purchases of investment properties and second homes in Costa Rica, the Dominican Republic, and Mexico. Tue, 19 Aug 2008 12:00:05 EDT http://www.mortgage-technology.com/plus/#1218729610 CSC, a provider of technology based in Falls Church, Va., has announced the introduction of Borrower Inquiry, a tool designed to enable homeowners facing foreclosure to track the status of their requests for help from their mortgage servicers. Thu, 14 Aug 2008 12:00:10 EDT http://www.mortgage-technology.com/plus/#1218556803 Home values fell 1.7% in the second quarter, dropping to a level 9.9% below that of a year earlier and posting the largest year-over-year decline in the past 12 years, according to Zillow.com, an online real estate community based in Seattle. Tue, 12 Aug 2008 12:00:03 EDT http://www.mortgage-technology.com/plus/#1218470415 Bangalore, India-based Wipro Technologies, the global IT services business of Wipro Ltd., has completed the acquisition of Gallagher Financial Systems Inc. Mon, 11 Aug 2008 12:00:15 EDT http://www.mortgage-technology.com/plus/#1218211211 First American eAppraiseIT, a provider of real estate valuation products and services, has announced the release of a hybrid valuation product designed to help the reverse mortgage industry assess and monitor the value and condition of portfolio properties. Fri, 8 Aug 2008 12:00:11 EDT http://www.mortgage-technology.com/plus/#1218038421 <I>MortgageWire</I> reported on July 31, in an item about a patent received by ComplianceEase, that a patent by Mavent was the first received by an automated regulatory compliance vendor to the mortgage industry. ComplianceEase notes that its patent was the first issued, on June 10 of this year. Mavent, which has received a Notice of Allowance for its patent, notes that it filed for its patent more than three years before ComplianceEase did, and that the effective date of a patent, once issued, is the file date. Wed, 6 Aug 2008 12:00:21 EDT http://www.mortgage-technology.com/plus/#1217952010 Ellie Mae, a provider of software and services for the mortgage industry based in Pleasanton, Calif., has announced a partnership with Mortgage Power Network to enable users of Ellie Mae's Encompass mortgage management system to access the network with one click. Tue, 5 Aug 2008 12:00:10 EDT http://www.mortgage-technology.com/plus/magazine/2008-08/august2008.pdf Download the entire issue as a single, 4.7 MB PDF, or grab the stories individually below http://www.mortgage-technology.com/plus/magazine/2008-08/august2008.pdf Tue, 12 Aug 2008 10:43:20 EDT http://www.mortgage-technology.com/plus/magazine/2008-08/august2008-editorsnote.pdf Detailing how if technology doesn't solve a real business problem, it's not worth the time and money. http://www.mortgage-technology.com/plus/magazine/2008-08/august2008-editorsnote.pdf Tue, 12 Aug 2008 10:43:20 EDT http://www.mortgage-technology.com/plus/magazine/2008-08/august2008-lenderviews.pdf StoneWater Mortgage talks about the best way to start a new lender in the current down market. http://www.mortgage-technology.com/plus/magazine/2008-08/august2008-lenderviews.pdf Tue, 12 Aug 2008 10:43:20 EDT http://www.mortgage-technology.com/plus/magazine/2008-08/august2008-techperspectives.pdf NYLX explains the formula to efficiently focusing on high-quality loans. http://www.mortgage-technology.com/plus/magazine/2008-08/august2008-techperspectives.pdf Tue, 12 Aug 2008 10:43:20 EDT http://www.mortgage-technology.com/plus/magazine/2008-08/august2008-techstats.pdf Despite the downturn, online retail origination remained steady in the first quarter. http://www.mortgage-technology.com/plus/magazine/2008-08/august2008-techstats.pdf Tue, 12 Aug 2008 10:43:20 EDT http://www.mortgage-technology.com/plus/magazine/2008-08/august2008-pricingwithtech.pdf Lenders should do their homework when choosing between stand-alone vs. LOS-embedded pricing engines. http://www.mortgage-technology.com/plus/magazine/2008-08/august2008-pricingwithtech.pdf Tue, 12 Aug 2008 10:43:20 EDT http://www.mortgage-technology.com/plus/magazine/2008-08/august2008-askvendors.pdf Lenders of all sizes share their techniques on how to choose the right vendor partner in a very tight market. http://www.mortgage-technology.com/plus/magazine/2008-08/august2008-askvendors.pdf Tue, 12 Aug 2008 10:43:20 EDT http://www.mortgage-technology.com/plus/magazine/2008-08/august2008-eapproach.pdf eLynx President and CEO Sharon Matthews discusses how a networked approach can help lenders adopt full and hybrid e-mortgage practices. http://www.mortgage-technology.com/plus/magazine/2008-08/august2008-eapproach.pdf Tue, 12 Aug 2008 10:43:20 EDT http://www.mortgage-technology.com/plus/magazine/2008-08/august2008-techsavylenders.pdf Presenting this year's list of lenders at the forefront in using technology. http://www.mortgage-technology.com/plus/magazine/2008-08/august2008-techsavylenders.pdf Tue, 12 Aug 2008 10:43:20 EDT