Industry News

Applications help lenders go paperless, automate, outsource

Companies introduce new products and services at MBA convention

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Companies that help mortgage lenders go paperless, work online, and automate or outsource the work of processing loans are unveiling new services this week at the Mortgage Bankers Association's annual convention in Chicago. A roundup of some of the announcements: TransUnion is making ValuationLogic Inc.'s CollateralLogic available to its customers. CollateralLogic is an automated appraisal report evaluation tool that helps lenders reduce risk, address fraud and improve efficiency by verifying that an appraisal report's sales data supports the market value of the collateral backing the loan. CollateralLogic uses optical character and mark recognition technologies to read appraisal reports, which typically contain more than 1,000 data fields. The application automates risk identification within the appraisal review process, completing it in less than 30 seconds. Visionet Systems announced the availability of their workflow-based technology to drive and manage work performed in the comp...