And Robbins cautioned Congress that imposing suitability standards or other restrictions on subprime mortgages could harm the very people who have benefited the most from such programs.

“MBA respectfully asks policymakers to continue to rely on sober judgment and sound research in assessing the scope of the problem and in considering legislative approaches that will affect this key area of the nation’s economy,” Robbins said. “While there have been excesses and some bad actors in our industry, there are many, many more stories of lenders who have helped borrowers achieve and maintain their homeownership dreams.”

Robbins told subcommittee members that the lending industry shares concerns on Capitol Hill about having better protections for consumers against predatory lending practices. But he pointed out—as did several subcommittee members and others who testified yesterday—that predatory lending practices, which are in most cases perpetuated by outside players in the industry, and subprime lending, which is a legitimate and effective means of providing credit to those who otherwise might not qualify, are two distinct practices.

“When abusive lending happens, it is a stain on the mortgage industry just as it is a burden on our borrowers and communities,” Robbins said. “Foreclosures, likewise, are harmful and can be ruinous to both borrowers and to lenders as well. We do not and will not stand idly by while the dreams of our customers and the hard work of our industry are lost because of the excesses of a few. In the wake of these events, we should not forget that the real estate finance industry has provided homeownership opportunities for the benefit of us all. It is the driving force in establishing communities, creating financial stability and wealth for consumers and fueling the overall economy. Our industry has helped our country reach a near 70 percent homeownership rate.”

To meet these objectives, the industry has created an array of mortgage products to help borrowers get the financing they need to deal with record house prices and to put home equity within their reach.

“Recently, however, because of an increase in delinquency rates, there have been claims that some of these products and financing tools are in themselves bad for consumers and have driven foreclosure rates to a state of crisis. This reaction overlooks the primary reasons for foreclosure—namely employment loss, illness and other significant life events,” Robbins said. “Moreover, eliminating products will only take good financing options out of the hands of homeowners. The effect will be to undermine our mutual goal of putting Americans in homes and keeping them there.”

Problems in today’s subprime market have been driven by a confluence of factors, Robbins noted. “These factors included overcapacity in the mortgage market, to which the capital markets have swiftly responded to by tightening their guidelines,” he said. “It was also driven by a drop in home price appreciation and an increase in unemployment. As a result of these and other changing market dynamics, the concern now is whether there will be adequate liquidity for borrowers who may be seeking to become first time home buyers or are interested in refinancing adjustable rate products going forward. MBA and its lender members are committed to working with investors, advocacy organizations and others to serve these needs.”

Robbins pledged MBA would work with consumers, legislators, regulators and other stakeholders to help ease the pain caused by the current troubles in the subprime market.

"While we must ask what lessons we should learn from our mistakes, it is equally important for those in positions of authority to help current home owners stay in their homes," Robbins said. "Working together, I suggest we must accomplish three things. We must stabilize the subprime mortgage credit system; provide assistance for homeowners facing foreclosure; and finally prevent this from ever occurring again. Sound perspective and a prudent regulatory hand will sooth investors, calm editorial writers and help consumers."

For subprime borrowers who are facing foreclosure, industry and policymakers must partner to help provide options so that as many as possible are able to remain in their home, Robbins said. He noted that Senate Banking Committee Chairman Christopher Dodd, D-Conn., recently called for a summit of all parties to address this problem.

“MBA embraces that idea,” Robbins said. “And we at MBA strongly encourage all borrowers that find themselves unable to continue making payments to contact their lender immediately. Lenders lose money in foreclosure and have a strong desire to make any number of arrangements that will allow a borrower to start making payments again and keep his or her home.

“Lawmakers, regulators and industry must work to ensure that this situation does not occur in the future. An absence of pricing transparency coupled with a daunting and complicated closing process has permitted certain actors to prey on the unsophisticated. The mortgage market is desperate for a rewrite of the nation's settlement laws and a strong uniform lending standard to trap predators and bring them to justice."

Robbins acknowledged that some lenders had made mistakes providing loans to some subprime borrowers. "What I have seen of late troubles me deeply,” he said. “Responsible lenders only extend credit to borrowers who are willing and able to make mortgage payments. They do not trick borrowers into loans that are unsustainable. And they do not hold out something that is only a mirage of the American Dream. Yet bad loans were made. They were not made responsibly or with the best interest of consumers in mind."

Subcommitee Chair Carolyn Maloney, D-N.Y., who called the hearing, indicated that she had “legislation in mind” but said she was willing to see how proposed guidance from federal banking agencies, which currently cover one-fourth of the mortgage market, could be more broadly applied.

“I am interested in knowing how we extend the guidance to the secondary market,” Maloney said. “I think the secondary market should not purchase loans that do not meet the criteria of the guidance, as Freddie Mac recently announced.”

But Ranking Member Paul Gillmor, R-Ohio, worried that proposed legislative and regulatory remedies, while ostensibly aimed at predatory lending practices, could adversely affect the legitimate subprime lending market.

“It’s critical that the committee distinguish between subprime and predatory lending. Some in Congress and the press have blurred the line, but they are distinct problems requiring distinct solutions,” Gillmor said. “America has highest ownership rate, and that’s good…there is pressure on Congress to react quickly, but I think it’s important that we take the time to do it right, and not react quickly and do it wrong.

The full Committee’s ranking member, Rep. Spencer Bachus, R-Ala., said he was reluctant to impose legislation over regulation. “The first line of defense ought to be the regulator,” he said. “The only time I like to see this committee legislate is when the regulators need more regulatory or legislative powers.” But Bachus conceded that he saw “the need for legislation, especially for the unlicensed broker community.”
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MBA Chairman John Robbins, CMB, issued a statement in which MBA stands by its analysis of the subprime mortgage market and its contribution to homeownership rates.

"MBA stands by its analysis on the impact of delinquencies and foreclosures in the subprime market and the contribution subprime loans have made in increasing homeownership. Today, homeownership stands at 69 percent because many people not able to get credit in the past have gotten the opportunity to borrow money. And, our data demonstrates that 87 percent of borrowers with subprime loans are paying their mortgages on time and enjoying the benefits of homeownership.
 
MBA relies on a 43.5 million loan database to track industry trends and statistics.  As a result, MBA has significant credibility for being a source of unbiased data and analysis. Because our members use MBA data and forecasts in their business planning, we put forth a truthful and occasionally painful analysis based on what the data tells us. Our members and the markets trust MBA to provide quality data.  

MBA has a duty to its members, the markets and others to set the record straight as all our data indicates the CRL analysis does not present an accurate view of circumstances in the subprime market."
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Former MBA Chairman John Courson, who served as an MBA officer with Mr. Woodward, recalled him as the right person at the right time in 2000, as MBA went through a leadership transition and a business restructuring.

“His leadership, determination and insight led MBA through earlier difficult times to its position today as the leading industry association,” Courson said. “Andy was always calm, cool and collected, and this demeanor created an environment to craft consensus in difficult situations.”

Mr. Woodward, 60, died in his sleep on March 22. He was retired as CEO of Bank of America Mortgage and served as MBA chairman in 2000-2001. Most recently, he served MBA as chairman of The Council to Shape Change, an MBA-sponsored think tank that in 2006 provided a blueprint for the mortgage industry for the next 20 years.

Regina Lowrie, CMB, immediate past MBA chairman, called Mr. Wooward a "dear friend and mentor." She recruited him out of retirement in 2005 to serve as chair of the Council to Shape Change.

“I asked Andy to chair the Council and he willingly accepted the challenging task,” Lowrie said. “Under his leadership the Council to Shape Change developed an Outlook for the Real Estate Finance Industry, a roadmap for success for our members and the broader housing finance industry. This document will truly be part of his legacy and a gift to our industry for years to come. I am personally honored to have known and worked with him and I know we will all miss him dearly."

Mr. Woodward was born August 7, 1946, in Chester, S.C., the son of Mildred Faley Woodward and the late Andrew Dixon Woodward Sr. He was a graduate of the University of South Carolina and studied at the Arden House of Executive Bank Management School at Columbia University in New York.

In addition to his tenure at Bank of America Mortgage, Mr. Woodward was chairman and CEO of Fleet Mortgage Group Inc. and spent 14 years with Bankers Trust of South Carolina in multiple roles. He was involved in dozens of corporate mergers, acquisitions and sales.

Former MBA Chairman James Murphy, CMB, met Mr. Woodward in 2000, as he entered the MBA leadership ladder. He said despite their diverse backgrounds—Mr. Woodward a “big business, southern gentleman from rural South Carolina and me a small business, South Boston Irish smart aleck"—the two quickly found common ground.

“MBA was in some financial difficulty at the time and [former MBA Chairman] Kit Sumner, Andy and I spent many hours together dealing with tough decisions,” Murphy said. “We found a commonality in core beliefs about family, ethics and fair dealing. Andy was the glue that held it all together for us. The three of us and our wives became close friends.”

Murphy said he felt an “emptiness” in Mr. Woodward’s passing. “I wanted more time to be with him. I love him like a brother,” he said. “We have suffered a great personal loss and the industry has suffered a professional one.”

A memorial service took place on Sunday; Mr. Woodward was buried on Monday. He is survived by his wife of 39 years, Willann; his son Dixon and daughter-in-law Erica; his daughter Alison and son-in-law Arthur Gonzales; a granddaughter, Charlotte Gonzales; and sister and brother-in-law Dixon and Walt Aldridge.

Mr. Woodward’s son Dixon remembered him as a role model who “set the bar pretty high for me.” Dixon Woodward manages a commercial lending group for a bank in South Carolina.

“MBA meant a lot to him,” Dixon Woodward said. “On behalf of myself, my sister, my mom and our family, we appreciate all the prayers and love and support. My father very much valued his colleagues at MBA and in the industry professionally and personally.”

"If you talk to any MBA member—any person that has been touched by Andy—you invariably get the same response: he was rock solid, gracious and fair,” said MBA President and CEO Jonathan Kempner. “Andy had the lead in hiring me at MBA in 2001, and these qualities were key motivators in me accepting the job. His contributions to the association make up quite a litany of achievements and the entire real estate finance industry and, indeed, in a real sense American society, are the beneficiaries."

In lieu of flowers, the Woodward family has asked that contributions be made to Habitat for Humanity and be sent care of: Faye Sheppard, Carolina First Bank, 40 Calhoun Street, Charleston, S.C. 29401 (telephone: 843/727-8450).
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The Market Composite Index stood at 671.0, a decrease of 0.2 percent on a seasonally adjusted basis from 672.1 one week earlier. On an unadjusted basis, the Index decreased 0.2 percent compared with the previous week and was up 16.6 percent compared with the same week one year earlier. The four-week moving average for the seasonally adjusted Market Index is up 1.7 percent to 676.3 from 665.1.

The seasonally adjusted Refinance Index decreased 0.5 percent to 2197.7 from 2208.6 the previous week. The four-week moving average is up 2.9 percent to 2238.2 from 2174.6. The refinance share of mortgage activity decreased to 45.1 percent of total applications from 45.3 percent the previous week.

The seasonally adjusted Purchase Index increased 0.1 percent to 411.1 from 410.6 one week earlier. The four-week moving average is up 0.6 percent to 410.3 from 407.9. The seasonally adjusted Conventional Index decreased 0.4 percent to 993.8 from 997.4 the previous week, and the seasonally adjusted Government Index increased 2.4 percent to 132.8 from 129.7 the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.04 percent from 6.06 percent, with points increasing to 1.33 from 1.30 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.77 percent from 5.79 percent, with points decreasing to 1.14 from 1.17 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year adjustable-rate mortgages decreased to 5.84 percent from 5.88 percent, with points decreasing to 0.72 from 0.73 (including the origination fee) for 80 percent LTV loans. The ARM share of activity decreased to 20.2 percent from 20.9 percent of total applications from the previous week.

The survey covers 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.
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Sierra Capital will service the loans from their offices in Irvine. The loans were underwritten to the 10-year interest-only loan term. Sierra Capital provided the borrower with non-recourse, commercial mortgage-backed securities (CMBS) fixed-rate mortgages, which enabled the borrower to lock their interest rates quickly and close the purchase escrows on schedule. The financing represented nearly 80 percent of the acquisition prices.

The portfolio includes  Casas Lindas (144 units), Colonia Del Rio Apartments (176 units), Hacienda Del Rio Apartments (248 units), Pinnacle Heights Apartments (310 units) and Springhill Apartments (224 units), which were not cross-collateralized.

Sierra Capital also closed on more than $8.2 million in financing for the acquisition of Pine Ridge Apartments, a 116-unit apartment complex in Bremerton, Wash.

As a Freddie Mac Program Plus Seller/Servicer, Sierra Capital originated, funded and will service this loan from their offices in Irvine. The loan was closed under the Early Rate Lock program allowing the borrower/purchaser to lock the interest rate 70 days prior to close of escrow to eliminate interest rate risk.

The loan is a fixed-to-float 10 + 1-year term, and provided five years of interest-only payments to enhance the overall cash-on-cash return. The financing represented an 80 percent loan-to-purchaseprice.

Pine Ridge is a three-story 116-unit complex consisting of one, two-bedroom/one-bathroom unit, 68 two-bedroom/two-bathroom units and 47 three-bedroom/two-bathroom units. The property was built in 1993.
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Effectively analyze potential investments by gaining a comprehensive understanding of the components of commercial real estate originations from start to finish. By registering for Commercial Loan Origination 201, you will learn how to:

• Identify origination procedures, such as marketing, networking and tools available to originators;

• Analyze borrower needs and locate appropriate sources of capital; and

• Describe property types and products; as well as compare the characteristics of various borrowers and lenders

Commercial Loan Origination 201
May 16-17
Embassy Suites Hotel San Diego Bay
601 Pacific Highway
San Diego, Calif. 92101

Registrations received with payment by March 31: MBA Members: $806/Nonmembers: $1,208
Registration received with payment after March 31: MBA Members: $895/Nonmembers: $1,343

For more information, visit the course Web Site, http://www.campusmba.org/products/default.aspx?product_code=E2701793/REGIS.

Contact Info:
For registration information, to purchase this course for someone other than yourself, or to enroll multiple individuals, please call (800) 348-8653 (8:30 a.m.-6:00 p.m. ET).

Contact E-mail:
campusmbaeducation@mortgagebankers.org.
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MBA members and others in the mortgage industry have the opportunity to show their commitment to investing in America’s communities. Washington insiders, policymakers and industry authorities will discuss real estate policy; additionally, conference participants will have an opportunity to meet with members of Congress and engage in talks to help shape laws that would impact the future of America’s real estate finance industry. All individuals in the mortgage industry, especially MBA members, are encouraged to attend this important event. 

Featured conference speakers include Mark Shields and Tucker Carlson. Shields is a nationally known columnist and commentator with unmatched credentials as an analyst of the U.S. political system. He is best known for his work as moderator on CNN's Capital Gang where he has debated policy issues with Robert Novak, Al Hunt, Kate O'Beirne and Margaret Carlson, and for his novel about the 1984 presidential campaign, On the Campaign Trail. 

Carlson is the host of MSNBC’s Tucker, a fast paced, no-holds-barred conversation about the day’s developments in news, politics, world issues and pop culture. Carlson joined MSNBC in February 2005 from CNN, where he was the youngest anchor in the history of that network. A longtime magazine and newspaper journalist, Carlson has reported from around the world, most recently from Iraq and Lebanon. He has been a columnist for New York magazine and Reader’s Digest. He currently writes for Esquire, The Weekly Standard and New York Times Magazine.

Final registration date is April 11. For hotel reservations, call the Mandarin Oriental Washington at (888) 888-1778 or (202) 554-8588 and mention you will be attending MBA’s National Policy Conference 2007. Program registrants are responsible for making their own hotel reservations. Contact Travel Inc. at (800) 524-3002, MBA's official travel agency, to take advantage of special discounts on airfare and car rentals. Once you register, a proposed schedule will be sent to you immediately. 

You may also call MBA’s official air carriers and car rental agencies directly—refer to http://events.mortgagebankers.org/npc2007/travel/ for promotional discount codes on airlines and car rental. 

For more information on conference, registration, and travel, visit http://events.mortgagebankers.org/npc2007/default.html.
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Among the topics to be explored and reported:

• How do your servicing shop's revenues and expenses compare to your peers?
• How does your product mix influence your bottom line?
• In what areas do you excel?
• What major factors are affecting your direct servicing costs?

Operational practices are tied to direct servicing costs—allocated to 16 functional areas for large servicers and nine functional areas for smaller servicers. Included are benchmarks on outsourcing, cross-sell, call center operations, borrower communications and payment methods, investor reporting and default practices.

In addition to highly detailed output reports comparing your firm to peers for the year 2006, a summary presentation provides servicing trends over time and analyses of the aggregated results.

New in 2007, there will be two separate operations forums: one for single-family prime servicers and one for subprime servicers. The forums will take place in Washington, D.C. over a three-day period combined: June 13-15. Companies who decide to participate in both the prime and subprime studies may attend both forums.

For more information on the study and a registration form, including detailed components of the study as well as a list of 2006 participants, visit http://events.mortgagebankers.org/marketing/SOSF_FinalforWeb.pdf.

If you have any questions, please contact Marina Walsh at mwalsh@mortgagebankers.org or 202/557-2817 or Stephanie Giannori at sgiannori@mortgagebankers.org or 202/557-2879.
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Industry analysts speaking here at the Mortgage Bankers Association’s National Technology in Mortgage Banking Conference & Expo said county electronic eRecordings save time and costs and are spread around the United States.

“It is amazing what has been done in this industry, but developing data standards for e-mortgages and eRecording is one thing, driving market place implementation and adoption of standards is another,” said Mark Monacelli, president of the Property Recording Industry Association (PRIA).

Carmelo Bramante, managing director at cdb Consultancy and board director of PRIA, said scanned paper (images) with XML data is the favorite of three eRecording models. The other models are scanned paper, or images, and an electronic presentation (eDoc format) with XML data. PRIA has been working with MISMO’s XML data standards for the mortgage industry for the past five to six years to standardize data for eRecordings.

“We are lock-step with MISMO so that whatever lenders create, they are able to send it to county recorders,” Bramante said. He cited the unofficial “80-20 rule” or, more precisely, the “80-10 rule:” nearly 10 percent of e-recording jurisdictions handle 80 percent of loan originations. In this case 230 eRecording counties handle nearly 40 percent of the volume.

“The number is higher [than 230] right now,” Bramante said. “We just have not verified them.” Nearly 68 counties are in the eRecording development stage at this time, he said.

For those counties that have adopted eRecordings, the feedback has been positive. In the Bexar County Clerk Office in San Antonio, Betty Aguilar, chief deputy of Bexar County, said the county processes 316,000 documents per year with eRecordings nearly 40 percent of all document types. Since January 2005, 66,530 documents were eRecorded and nearly 104,590 documents were eRecorded in 2006. More than 15,000 were recorded electronically this year.

“We adopted eRecording and are loving it,” Aguilar said.

“We are doing it every day—tens of thousands going through—and the error rate is less than 1 percent,” said Alan Cellura, president and CEO of Landata Technologies Inc., San Antonio. “Technology is there. It does work. We can provide correct fees. The fee structure is done automatically.”

In some states, counties need to record mortgages prior to “table funding”—immediate funding for mortgages. A loan can fund with an electronic promissory note, delivered to an investor, without an e-recording. However, eRecordings can also prevent identity theft by recording a loan almost immediately. 

Cellura said county clerks can receive title documents anytime during the day. Most county clerk offices can process documents from 8:00 a.m. to 4:30 p.m., but closing agents and lenders can send title documents to the county recorder at anytime. The eRecordings reduce the mailing and shipping process.

"This is a significant savings," Cellura said. “The quality control process reduces the number of rejection documents and going the eRecording process actually validates again the accuracy of documents before the documents go out to the county.”

Under law, eNotarization does not require digital certificates for the notary’s eSignature—it is one point that is not a myth but that notaries can use any type of electronic signature under E-SIGN, UETA (Uniform Electronic Transaction Act) and URPERA (Uniform Real Property Electronic Reporting Act).

Bramante said loan volumes—not budgetary issues—prevented eRecordings from county recorders because current eRecording counties have implemented solutions without having budgetary issues. He said recordings will not necessarily lead to a “hybrid world,” unless table funding stalls in particular municipalities not allowing e-recordings.

“We all need to manage in this transition from paper to electronic,” Bramante said.
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“eMortgage is a new way of thinking and an opportunity for all of us in the industry to rework old processes,” said Harry Gardner, senior director of industry technology at the Mortgage Bankers Association and a vice president with MISMO, speaking here MBA’s National Technology in Mortgage Banking Conference & Expo. “It’s not just simply making paper electronic—it’s more complex than that. Creating powerful tools in this industry, using technology, will yield great benefits.”

MISMO, a wholly owned subsidiary of MBA, recently completed initiatives including the eMortgage Guide v2.0, which offers guidance on legal issues, documents and delivery; eMortgage Closing Guide v1.0, which offers support on the electronic closing process; eMortgage Vaulting Guide v3.0, which advises on legal, technology and implementation issues on electronic vaults; eMortgage ROI – Cost-Benefit Analysis; eMortgage Glossary; SMART Doc 1.1 Specification, which gives an overview of documentation on how a SMART Doc is structured; data and document mapping and eSigned PDF guidance.

Current eMortgage workgroup initiatives include release of SMART Doc Version 2.0. The application will allow for better eRecording and users will also have the option to modify document views after the tamper-seal is applied. The new version is also expected to allow for documents with attachments and other compound document formats. 

The newer version will have greater flexibility, allowing its use with any version of MISMO data and will adhere to V3 of MISMO, Gardner said. The eMortgage Closing Interface Transactions (eMCIT) will allow for exchanging documents and data before and after closing and better defines closing interface transactions. It will also adhere to V3 of MISMO.

MISMO is also working with the Property Records Industry Association (PRIA) to improve technical recording guidance for lenders, vendors and county recorders. The workgroup is creating guidelines for existing and future formats including SMART Doc instruments and PDF instruments.

Additionally, the eMortgage Vaulting Regulatory Reference Guide (eMVRRG) provides regulatory guidance around storing electronic documents.  Some regulators, include the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency and the Securities and Exchange Commission. In terms of mapping documents and data, MISMO officials are going through the paper form to identify required data and will translate their findings into electronic documents that include these standard data elements. 

Adobe Systems Inc. and MISMO this week announced release of guidelines for standardization of electronically signed PDF documents in the mortgage process on. The guidelines are intended to help standardize the implementation of PDF and electronically signed PDF documents across the mortgage banking industry, moving the industry to a new level of interoperability with PDF for end-to-end electronic mortgage workflows.

MISMO’s eMortgage efforts “make the mortgage process cost-effective, faster and optimal,” said Patrick Hartford, director of eMortgage standards at Quicken Loans Inc., Cleveland, Ohio. “The electronic data becomes the document in the eMortgage lending process. And having good systems means alleviating issues of fraud detection, improving compliance, lowering risks and overall improving consumer experience.”
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Mortgage Banking Services Direct Selected by First Capital Financial
Mortgage Banking Services Direct, Horshshoe Bay, Texas, a management consulting company specializing in mortgage banking, warehouse lines of credit, mortgage broker licensing and technology for the lending industry, announced that First Capital Financial, Burbank, Calif., is using MBSB to guide its growth and development as a financial organization.

First Capital Financial provides house purchasing, refinancing and home improvement loans for borrowers with all types of credit situations.

More information: www.mbsdgroup.com.

Universal Mortgage Returns to Mortgage Builder Software
Mortgage Builder Software Inc., Southfield, Mich., a provider of an end-to-end mortgage banking software service, announced that Troy, Mich.-based Universal Mortgage has returned to using MBS’s preferred loan origination software package, Mortgage Builder. 

Universal Mortgage, which handles $100 million in loan volume each year, was acquired by People’s State Bank, which tested another LOS and during the testing switched back to Mortgage Builder. 

Mortgage Builder also announced that Howard Hanna, Pittsburgh, selected the company as its LOS platform.

More information: www.mortgagebuilder.com.

MRG Selected by Greenlight Financial for Doc Prep Services
MRG Document Technologies, Dallas, a provider of document preparation services for the financial industry, announced that Greenlight Financial, an Irvine, Calif. mortgage lender, has selected MRG to provide compliance documents, disclosures and closing document packages for its lending products.

MRG’s technology solutions offer a system for preparation and delivery of document packages. Specific needs of individual lenders receive customized document packages, designed by in-house legal professionals and IT specialists. MRG also offers delivery options for the document packages using e-mail and Web site delivery. 

More information: www.mrgdocs.com.

Sollen Shortens Mortgage Rate Acquisition Process
Sollen Technologies, Dallas, an Internet-based application services provider of product, pricing and best execution capabilities, said substantial improvements to its rate acquisition procedure and processing performance significantly improved the time to market for its customers’ rate sheets and online pricing.

Sollen also announced it enhanced its guidelines department by increasing staffing and by improving internal technology to better serve evolving industry demands. The IT department at Sollen constructed a new products management tool, which will replace the existing version of adding programs to its system.

UBS Home Finance Approves DocuTech as Doc Provider
DocuTech Corp., Idaho Falls, Idaho, a provider of compliance services and documentation technology for the mortgage industry, announced that UBS, a global financial services firm, has made UBS-approved loan closing documents available to its correspondent through DocuTech and its ConformX product.

Based on eXtensible Markup Language (XML) and MISMO specifications, ConformX can adapt to any loan origination software, saving users from mistaken data entry. 

DocuTech Corp. also announced a strategic alliance with Mountain View, Calif.-based Xetus Corp. The alliance integrates DocuTech’s compliant documents with Xetus’ collaborative loan operating system.

Xetus’ loan operating system, XetusOne, can be scaled for both individual brokers and large banks and delivers real-time electronic loan folder sharing to all parties working on a loan.

More information: www.docutechcorp.com

GMAC Mortgage Selects Dorado for Personalized Web Sites
GMAC Mortgage LLC, Horsham, Pa., selected Dorado Corp., San Mateo, Calif., to provide a personalized web site for its retail loan officer network. GMAC Mortgage loan officers can use their personalized web sites to attract and better serve prospects and borrowers online.

The sites are designed to enable easy-to-use, personalized marketing for the loan originator, while maintaining corporate control over branding, messaging and policy. Each loan officer can personalize his/her site with photographs, welcome messages, contact information, biography, certifications, testimonials, product offerings calculators and links to other information. Once reviewed and published, the personalized web site can be used by potential borrowers to view both corporate- and originator-defined content, to communicate with their loan officer and to apply for a loan.

Dorado also announced that Aegis Home Equity, Mesa, Ariz., selected Dorado’s Enterprise Lending System, an integrated software suite that includes ChannelMaster and PriceMaster products, for its wholesale home equity channel.

The products create a networked, on-demand service to streamline program selection, pricing and file submission to Aegis by its brokers.

More information: www.dorado.com.

First American Intros New Settlement Services Dashboard
The First American Corp., Santa Ana, Calif., announced launch of a new settlement services technology for the lending industry that streamlines workflow management and processes associated with closing mortgage loans. First American’s Transaction Management Dashboard is an Internet application.

Transaction Management Dashboard enables status information provided by any party involved in the transaction to create a new action plan or dynamically modify the existing action plan for the lender.

More information: www.firstam.com.

Adobe, Wolters Kluwer Team to Deliver Mortgages Electronically
Adobe Systems Inc., San Jose, Calif., and Wolters Kluwer Financial Services, Minneapolis, announced an agreement to provide lenders with a new option for delivering mortgages electronically. The companies will work together to provide integration between Wolters Kluwer Financial Services’ Expere Integrated Enterprise service and Adobe LiveCycle interactive process management software.

Expere IE serves as a central repository for data comprising a mortgage institution’s documents. When data are added, deleted or changed in the repository, appropriate updates are automatically made to all of the documents—allowing an institution to use a single document library instead of multiple ones. Wolters Kluwer Financial Services plans to deliver its Expere IE content with support for PDF.

More information: www.wolterskluwer.com.
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