Daily Mortgage Technology News

Interthinx Helps Lenders Automate FHA Risk

August 26, 2008

Interthinx, Agoura Hills, Calif., has launched specific FHA Requirement Solutions to help lenders ensure compliant Federal Housing Administration lending programs. Interthinx said its features and services -- such as income verification, identity validation, occupancy status, automated regulatory compliance checks, and third-party certifications -- provide data validation to meet many requirements to support the rapidly growing share of FHA business. For training purposes, a multitude of Interthinx Red Flags have been mapped to specific FHA requirements to help underwriters understand exactly what loan information needs further scrutiny. For example, the company noted, section 4155.1 of the FHA handbook states that the FHA will insure owner-occupied principal residences only -- at least one borrower must occupy the property. Interthinx provides a minimum of 11 Red Flag alerts around the issue of occupancy that, under various circumstances, will trigger and notify an underwriter of potential fraud or risk. The company can be found on the Web at http://www.interthinx.com.

ComplianceEase Automates Regulatory Review

August 21, 2008

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. RegulatorConnect links institutions with state regulators through electronic data transfer, while RegulatorDirect enables lenders to electronically deliver compliance audit reports to regulators with a single click. At the heart of the new process is ComplianceAnalyzer, which was selected by the Conference of State Bank Supervisors to provide baseline as well as customized state agency-specific audits as the examination automation component of the Model Examination Guidelines initiative. The company can be found on the Web at http://www.complianceease.com.

Overstock.com Adds Online RE Auctions

August 20, 2008

Overstock.com Inc., Salt Lake City, has announced that its website now offers access to online real estate auctions. The company said it has joined forces with Williams & Williams, a real estate auction company based in Tulsa, Okla. "Our site provides Overstock.com customers with information from real estate auctioneers and brokers who have direct access to auction properties and local expertise," said Patrick Byrne, chairman and chief executive officer of Overstock.com. The companies can be found online at http://www.overstock.com and http://www.williamsauction.com.

FirstAm Unit Offers E-Docs on Int'l Mortgages

August 19, 2008

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. The company said the international e-doc packages include federal- and state-mandated disclosures and program-specific notes and security instruments compliant with local regulations that are unique to the respective countries. In addition, the packages include Internal Revenue Service forms for tax reporting purposes and country-specific closing documents. FALPS can be found online at http://www.loanproductionsolutions.com.

CSC Unveils Tool to Expedite Servicer Aid

August 14, 2008

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. The company said this capability will also help expedite workout requests by substantially reducing inbound calls to servicers and freeing up resources. The inquiry tool, which can be used by any servicer, informs borrowers of progress in accordance with the Hope Now Servicer Guidelines released in June. The borrowers can use a secure website to access updates from mortgage servicers on the status of their workouts. CSC said Borrower Inquiry is the first of several planned default management tools the company is designing to facilitate workouts and improve loss mitigation process efficiency. CSC can be found online at http://www.csc.com.

Zillow: Home Values Off Nearly 10% From '07

August 12, 2008

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. Zillow's quarterly national home value report found that median home values stood at a Zillow Home Value Index level of $206,919, the lowest since the fourth quarter of 2004. The company also reported that 29.1% of homeowners who purchased their home since early 2003 have negative equity, owing more than the home is now worth. "The second quarter is the sixth consecutive quarter of home value declines, and we see little promise of turnaround in the short term, as the rates of decline have yet to slow and, in fact, actually accelerated in many markets," said Stan Humphries, Zillow's vice president of data and analytics. Zillow can be found online at http://www.zillow.com.

Wipro Technologies Acquires Gallagher

August 11, 2008

Bangalore, India-based Wipro Technologies, the global IT services business of Wipro Ltd., has completed the acquisition of Gallagher Financial Systems Inc. The combined entity is now called Wipro Gallagher Solutions. No sale price was disclosed. Wipro offers application development and maintenance, infrastructure management, electronic enabling, business process outsourcing, and consulting services to the finance, retail, manufacturing, health care, transportation, telecom, and other markets. The combination of the two companies will enable integrated delivery of technology and services for loan origination. Initially, Wipro will be able to offer a mortgage loan origination system using Gallagher's NetOxygen technology and optimized business processes. Wipro Gallagher can be found on the Web at http://www.gogallagher.com.

eAppraiseIT Unveils Reverse Valuation System

August 8, 2008

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. The company said ValueView addresses a "major concern" of reverse mortgage lenders: the possibility that properties with reverse mortgages will fall into disrepair. "Reverse mortgage customers frequently have properties requiring repairs, which can affect the lender's ability to sell the loan," the company said. First American eAppraiseIT described ValueView as a "low-cost, data-driven solution" to monitor market value and property condition after a loan has been made. It combines a "drive-by" inspection with a valuation determined by two comprehensive automated valuation models, the company said. Lenders receive a current photograph and a concise on-site inspection report that answers questions concerning the property condition, its overall marketability, and the state of the surrounding neighborhood.

Clarification

August 6, 2008

MortgageWire 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.

Ellie Mae Allies With Mortgage Power Network

August 5, 2008

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. Ellie Mae said Mortgage Power Network, a provider of information and tools for originators, offers (among other things) ready-to-launch marketing campaigns; Encompass training videos and resources; advice on how to use YouTube and MySpace; advice from industry experts; and video market updates. "Mortgage Power Network is like having an instruction manual for virtually every facet of the mortgage industry, from specific software technologies to specific marketing campaigns," said Mortgage Power Network founder Chip Cummings. "We offer a one-stop shop for the tools and information originators need to succeed." Ellie Mae said the network is offering a new viral video customer relationship management tool that enables users to send video e-mail messages to clients and to access the contact information of anyone who receives the video. The companies can be found online at http://www.elliemae.com and http://www.mortgagepowernetwork.com.