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 company’s Bangalore, India, facility. Up to 600 workers at Visionet’s 30,000-square-foot business outsourcing center in Bangalore will focus on post close review, compliance, document indexing and tracking, lien release and mass and off-cycle escrow management for mortgage lending and servicing clients.
Fiserv Inc.’s Del Mar Database unit introduced SourceTrac, a customizable consumer-direct lending portal that allows lenders to provide better customer service and improve lead generation capabilities. SourceTrac is integrated with DataTrac, Del Mar Database’s flagship product.
Lenders First Choice, a national provider of settlement services and title insurance, released Equity Protector Power Tools, a new line of services for streamlining Home Equity Line of Credit loans. Equity Protector is an informational package including legal description, vesting documentation and liens. Equity Protector Plus offers the addition of a junior lien or limited liability policy. Equity Protector L&V is designed for legal description of the property and vesting. Equity Protector L&V Plus is an enhanced version of Equity Protector L&V that protects against potential undisclosed problems not covered under credit.
Kroll Factual Data is demonstrating the company’s new risk assessment services, which identify misrepresentation and data integrity issues throughout the lending process. The services include FactualID, a risk assessment engine that evaluates the risks of identity and occupancy misrepresentation; CollateralFacts, designed to protect lenders and investors against property value misrepresentation; ActionFacts, which assesses the employment and income misrepresentation risk while also identifying fraudulent activities such as loan churning, double selling and any possible undisclosed liabilities; and FullFacts, which compares applicants’ information to exclusionary and compliance lists and reviews the common history between each participant in the application.
TransUnion announced the launch of its Flood Verification System, a turnkey flood hazard determination solution that is installed at a lender’s data center and is capable of processing a million flood reports in as little as an hour. The application offers a comprehensive database of flood data and scanned flood map images affecting the U.S., including all the FEMA flood maps, which are updated weekly. New maps are available prior to their effective dates in most cases and can be automatically downloaded. Life-of-Loan review capability is also included and is highly automated.
HomeTeam announced a Nov. 11 launch date for www.hometeam.com, a beta version of its first-time home buyer online portal. HomeTeam offers home buyers mortgage information and education, networking capabilities, and neighborhood, real estate agent and loan officer searches. Real estate professionals can use the site for advertising and lead generation.
MRG Document Technologies, a provider of document preparation services for the financial industry, announced that Irvine, Calif.-based Think Mortgage has selected MRG to provide disclosures and closing document packages for its lending products. MRG provides compliance guarantees, fully customizable direct system interfaces with custom edits and granular level imaging support.
Loan Protector Insurance Services announced that Idaho Housing and Finance Association will use the company’s EasyData and EasyNOR applications to automate insurance tracking. EasyNOR is Loan Protector’s Web-based, automated borrower notification and lender-placed insurance service. It detects lapses in insurance coverage, initiates borrower notification cycles on these loans and, if necessary, orders lender-placed insurance. The system allows the institution to retain full control of insurance tracking process while Loan Protector handles all the details of borrower notification and lender-placed insurance.
Beanstalk Networks announced that the number of active users accessing OpenClose, its Web-based mortgage software, is expected to surpass 30,000 within the month. OpenClose end-to-end software system can provide any combination of loan origination, pipeline management, borrower prequalification, product and pricing engines, digital document storage.