Credit Scoring Method Creates Opportunities for Improvement
Murray, Michael
For Ron Litt, president of Houston-based Market Kinetix LLC, increasing borrower credit scores involves a logical approach to algorithms that is not always logical. “The Fair, Isaac [& Co.] algorithm is trying to fit the consumer into a ‘standard credit profile,’” Litt said. “I don’t know if it is fair or not, but it is the system. It is the only objective system we have for evaluating creditworthiness.” In the same manner that an accountant determines tax deductions based on the country’s accounting rules, Market Kinetix’s Deal Maker tool determines how to increase credit scores based on Fair Isaac credit scoring rules. It is less a credit repair tool than it is a tool to guide borrowers and lenders toward the middle score from Experian, TransUnion and Equifax credit bureaus. Deal Maker analyzes a borrower’s total credit picture based on the data reported by the bureaus. According to Market Kinetix, the total credit picture and each individual item are factors to determine the score impact of each individual item on a report. Market Kinetix claims that Deal Maker determines with 92 percent accuracy the point impact of each trade line on a credit report, whether positive or negative, credit score calculations and how different factors affect scores either positively or negatively. “We are not teaching the test, but we are teaching the rules of the game,” Litt said. The scientific analysis tool provides loan originators with a customized step-by-step mortgage action plan (MAP) for borrowers to increase their credit scores in the shortest time possible. It involves opening of at least three revolving credit lines and an installment loan for a borrower with no traditional lines of credit. Litt said the credit bureaus could update a report within 48-to-72 hours. With an emerging market of borrowers and a slowdown in housing, Litt said it becomes increasingly important for originators to understand the rules behind credit scoring and to capitalize on opportunities to salvage every deal. “Borrowers applying do not have the credit score they deserve,” Litt said. “They or the loan officer do not understand the rules.” Even with every bill paid on time, a perfect score is highly unlikely. The Deal Maker product provides long-term approaches toward credit improvement, but also the immediate, short-term recommendations for credit scores to meet underwriting standards, according to Litt. “We are not necessarily interested in getting somebody to a perfect credit score—a mythical 850—the ‘holy grail,’” Litt said. “They don’t need to have perfect credit. They just need to have credit that is good enough.”
(Back To Top)
PRIA Updates eRecording XML Implementation Guide
MBA Staff
The Property Records Industry Association announced that an updated version of its eRecording XML Implementation Guide has been posted on the PRIA web site (www.pria.us) and is available for interested parties for download. The specific additions in this update include a chapter regarding general security recommendations. The iGuide, as it is called, is designed to assist individuals who are implementing PRIA XML standards by providing information and sample XML data. Although it is not intended as an XML tutorial, certain aspects of XML that are important for the proper implementation of the standard are highlighted. The guide will also give a brief background of the PRIA effort, followed by an overview of the data architecture and sample XML data. Individuals interested in additional information regarding the iGuide can email questions to technology@pria.us.
(Back To Top)
Program Targets Consumers Pre-Foreclosure
Palaparty, Vijay
Consumers facing foreclosure can consider taking advantage of Tulsa, Okla.-based William & Williams’ Assisted Sales Auction Program (ASAP), designed to help delinquent borrowers and their secured lenders avoid foreclosure altogether. ASAP provides consumers with an opportunity to sell their home prior to foreclosure, allowing settlement and cost savings for both borrowers and lenders. The program has seen positive response with 80 percent of participating homes being sold. Williams & Williams president and CEO Dean Williams, CMB, said 100 percent of homes reach the market with offers, out of with 80 percent are finally closed on and sold. “What happens in most cases is not that people choose to default on their mortgage payments, but rather unfortunate events occur, and before they know it, they are in a situation they had not planned on being in,” Williams said. “The idea behind ASAP is to provide an actual way out—a way to achieve cost effective as well as responsible private settlement and avoid the long-term negative effects of foreclosure.” According to Williams, speculation is high in the real estate market and the ASAP program aims to help consumers make a timely decision to get market value, preserve or sometimes earn equity, while continuing the involvement of borrowers and lenders as the primary parties responsible for the property. The goal is to settle the obligation without stigma and large financial consequences “Speculation is costly,” Williams said. “And risk has increased as a result of more people leveraging their purchase more than they ever did before. This provides a leadership opportunity to help change how we buy and sell real estate when someone cannot afford the risk of speculation anymore.” The ASAP program has reported that out of the 80 percent of homes sold, 11 percent earned equity at the time of sale. In the program, a live auction is held at the property and the company even offers equity cash assistance towards relocation and affordable housing equal to one percent of the sales price. All parties are provided with actual price value and participation transparency—the buyer and seller both know what the property is worth. “Property value is preserved and the program provides an equitable and transparent solution for the borrower in hardship and their lenders,” Williams said. “In situations of foreclosure, nobody wins—everyone loses. Our program developed out of the question of what we could do differently to help people get out of their homes if they need to and relocate.” The company is also using online technology to conduct business and many of the properties are listed online for investors. Homes are listed with photos, maps and other details for potential investors. The online presence gives more exposure to potential investors beyond the local area. To date, the ASAP program has three servicers working on it and the program has been launched in select Midwestern states and is gearing up for a nationwide release before the end of the year.
(Back To Top)
PriceMyLoan Growth Targets Small, Mid-Tier Lenders
Palaparty, Vijay
Since its release in late 2004, automated underwriting system and loan pricing system PriceMyLoan, Costa Mesa, Calif., has secured a client base of more than 100. PML offers a web-based system for loan origination, processing, decisioning and pricing for small- to mid-tier lenders. The company’s benchmark is accuracy and is integrated with more than 200 credit reporting agencies for data processing, said Linn Cook, PML’s director of marketing. “Our primary goal is to reduce errors in loan approvals—errors dissolve accuracy and could result in borrowers facing default or foreclosure down the road,” Cook said. “Also, loan approvals that don’t match current guidelines or regulation, or those that have incorrect documentation result in problems for both borrower and lender—it costs a lot of money overall.” PML integrates with third-party software such as ProLender Solutions, San Diego, a loan management system, and DocMagic, a loan documentation preparation product from Document Systems Inc., Carson, Calif. The web-based services and products allow users to access the system from virtually anywhere and provide cost savings of up to 70 percent, Cook said. “It’s garbage in, garbage out,” Cook said. “The data input accuracy is critical to the system and to provide accurate outcomes, we ensure a high level of data quality and accuracy from the beginning of the process.” PML clients use the company’s maintenance and service that comes with the software. Because most small- to mid-tier lenders may not have access to IT staff and support, PML offers overall management of the system. And with changing guidelines and regulations, especially at present with subprime lending turmois, Cook said PML ensures implementation of current information into the system that can be instantly deployed systemwide. “It’s not only about speeding up the underwriting process, but also about disseminating current information on lending and the rules and regulations,” Cook said. “Without current information, lenders are at a loss and we want to equip them with what they require to offer to borrowers.” PML runs between 30,000-45,000 loans per month and is experiencing growth in numbers of clients. The company also offers a Platinum Investor Program that aims to strengthen the relationship between PML and investors whose loan products are contained within the system. PIP investors can access the PML system to independently test and verify its accuracy. “We feel what we have is a winning situation here—we are ensuring accuracy and thus ultimately satisfying the borrowers need to get a loan product that is a good match for them—and for everyone along the way as well,” Cook said.
(Back To Top)
India's IT-BPO Sector Grows Tenfold
Palaparty, Vijay
India’s IT-BPO sector has grown from $4.8 billion in 1997-98 to a $47.8 billion in 2006-07—a tenfold increase in revenues in just one decade. The industry is expected to achieve $60 billion by 2010 with the growing impact of technological innovations and an increase in demand for global sourcing. India maintains a worldwide stronghold on in areas of technology and IT. A recent report by the National Association of Software and Services Cos., “Strategic Review 2007,” forecast a positive outlook for India’s IT and BPO sectors and the country’s critical role in global services trade. “The last decade is testament to the growing impact that the Indian IT industry is having on the global and local economies,” said B. Ramalingam, former chairman of NASSCOM. In 2007, India’s IT-BPO sectors are growing at an estimated 28 percent. Direct employment is likely to reach 1.6 million. Success is primarily a result of India’s service and software exports. Businesses including banking, financial and insurance services and technology comprise 60 percent of exports. Manufacturing, retail, media, utilities and health care are also expected to grow rapidly in the near future. “Potentially high growth opportunities reaffirm the continued confidence and the global competitiveness of the Indian IT sector,” said Kiran Karnik, president of NASSCOM. “We are confident that the industry will achieve its ambitious target of $60 billion in exports in 2010.” IT services account for 55 to 57 percent of total exports and are growing at an estimated 36 percent, expecting to reach $18.1 billion in 2007. NASSCOM reports that India’s value is attibutable to its "abundant talent and young demographic profile." Companies in the IT-BPO sector are providing regular training and professional development for employees and to keep pace with growing fields. The cost advantage of IT-BPO services is also a reason for its major success. Clients regularly report a 25-50 percent savings over the original cost base by outsourcing work to India. The advantage is likely to remain for a considerable period because wage inflation is at a lower dollar value and there is room to further lower infrastructure and overhead costs. "Optimistic market signs indicate that there is more headroom for growth, through large unaddressed areas and the possible unbundling of IT-BPO mega-deals with increasing shares of global delivery. The other positive sign is the maturing of the domestic IT industry,” Karnik said. The size of the domestic market is expected to reach $15.9 billion this year—an increase of 21 percent from last year. Additionally, service and software exports remain the crux of the sector with a 32.5 percent growth estimated to be worth $31.3 billion. India’s IT-BPO sector’s gross domestic product value is reported have risen from 1.2 percent to 5.4 percent in the same period. The sharing of the gains of the IT-BPO sector remains a debate and remains to be a key challenge, according to the NASSCOM report. The benefits and imperatives the sector should determine the pace of its growth in the future.
(Back To Top)
Case Study: Cornerstone Mortgage Saves Time, Money with New Technology
MBA Staff
WHO:
Cornerstone Mortgage Co., Houston, a full-service mortgage banker with more than 40 branches in seven states.
Optimal Blue, Plano, Texas, a provider of product eligibility and pricing engine technology. CHALLENGE:
Founded in 1988, Cornerstone Mortgage Co. has more than 300 mortgage professionals and offers various loan programs to better serve the needs of borrowers across the U.S. The company has always supported leveraging technology for a competitive advantage, particularly to improve efficiencies and increase profitability. In 2001, Cornerstone Mortgage began investigating use of a product eligibility and pricing engine (PPE). Using a technology that aggregated investor information and rate sheets would be of tremendous benefit to the company’s loan originators, who could source, manage and price a loan within minutes. In addition, they searched for a PPE that provided best execution in the secondary markets. SOLUTION:
Cornerstone decided to upgrade its technology in 2004 and looked for PPE technology that had increased functionality. Additionally, they wanted to find a provider who responded more quickly to their needs. Cornerstone selected Plano, Texas-based Optimal Blue and went live in July 2005. Anne Connolly, secondary marketing administrator, was a supporter of Optimal Blue, having previously worked with several key employees of the company. As the secondary marketing system administrator and trainer, Connolly was responsible for overseeing the PPE technology used by 100 loan officers in Cornerstone’s national operations. According to Connolly, there were several key factors involved in the selection of Optimal Blue. Based on previous experience, Connolly wanted a vendor that would respond to issues, even if it were a simple acknowledgement of a request. Equally high in importance was the ease of loan locking, as her department was responsible for locking all the loans for the 40 branches that comprised Cornerstone’s National operations. “Cornerstone’s customers are our number-one priority,” Connolly said. “Our customers depend on us to find solutions, quickly, easily and efficiently. "Our loan originators are able to search thousands of mortgage products from a diverse group of investors. The system immediately tells you where to look, saving valuable time in finding a home for a loan, no matter how difficult the loan may be.” Another benefit Connolly noted was the ability of the system to download investor data directly to their secondary system. This saves significant time in data entry, as Cornerstone does not have to spend time re-keying critical investor data. Optimal Blue’s platform provides technology to make products available to loan officers, but also manages the investor’s product guidelines, pricing and loan level (scenario) risk-based pricing adjustments. This content is monitored and maintained by Optimal Blue in real time throughout the day. If an investor has an intra-day price change, then Optimal Blue gathers that information and makes it available in the system in a matter of minutes. Similarly, Optimal Blue monitors and updates investor’s product guidelines on a daily basis, ensuring that product search results are timely and accurate. RESULTS:
“When one of my loan officers told me that compared to pricing loans the old way we can make 10 to 15 more basis points per loan, I knew that in addition to saving time and improving efficiency, using Optimal Blue also made us money every day,” Connolly said. “And that is a very powerful tool for a mortgage banker.” According to Connolly, the top three benefits of using Optimal Blue’s PPE technology are service, flexibility and reliability. “Optimal Blue’s customer service is complemented by user-friendly yet sophisticated technology. The system allows me to control who has access and create rules based on our specific needs. This ensures accuracy and enables us to optimize workflow. And the system rarely, if ever, goes down, so our loan officers are never without access.” (Has your company solved a work challenge through technology? MBA Tech NewsLink accepts case studies that document challenges, steps taken to address those challenges and documented results. Submit inquiries to Mike Sorohan, editor, at msorohan@mortgagebankers.org. Case studies published in MBA Tech NewsLink do not connote endorsement of any particular product, technology or process and are presented for information purposes as a benefit to MBA members.)
(Back To Top)
MISMO Seeks Participation in Secondary Workgroup
Zimmer, Gloria
MISMO, the not-for-profit data standards subsidiary of the Mortgage Bankers Association, seeks members to participate in its Secondary Workgroup. The goal of the Secondary Workgroup is to define a common set of data and a common format to support business interactions in the secondary mortgage market. By participating, MISMO can provide the following benefits to you and your organization: Standardization of data mapping used by the industry for secondary transactions;
Enabling of business with a partner that has implemented a common industry standard;
Reduction in programming currently required for secondary transaction deliveries from multiple business partners;
Improvement of data integrity, thereby minimizing customer impact;
Implementation of a single set of standard values as opposed to multiple sets of proprietary values; and
Use of a common standard transaction set, promoting a high degree of reusability. MISMO asks for your participation in the standards development process in the following ways: Volunteers—participation as a volunteer entails the following: participation in bi-weekly conference calls; attendance and participation at the face-to-face MISMO Trimester Workgroup meetings; and additional opportunities to become more actively involved. Candidate job titles may include Lock Desk Personnel, Secondary Marketing Staff (Analysts, Pricing Analysts, Hedging Analysts, Rating Analysts, etc.), Standards Officer, Technology Staff (Data Analysts, Data Integration Engineers, etc.), CIOs, CTOs and Delivery Staff; Input from Your Organization—currently, the Secondary Workgroup is gathering information and developing standards around pricing and delivery scenarios within the secondary market. If your organization would like to contribute their requirements to this development standard, we are asking for active participation and a regular volunteer. If your organization does not have the resources available to make a volunteer commitment, but would still like to submit input, we are looking for the following set of information: lock sheets (multiple versions if your organization has more than one) for pricing and locking; bulk bid tape specifications (bulk pricing fields); and delivery specifications, including data delivery fields and image delivery specifications We encourage your organization to submit this information to our workgroup to be considered for inclusion in the standards being developed. However, without active participation, it will be difficult to fully or accurately represent your company’s requirements. So, although we are requesting for, and will gladly accept the above input from your organization, we encourage that your send volunteers to be able to proactively engage in the development process, and answer any questions regarding submitted data. Please note that all contributions to the MISMO standards-making process are subject to the MISMO Intellectual Policy Rights (IPR), which can be viewed at:
http://www.mismo.org/About%20MISMO/policiesandprocedures.html. To becoming involved, submit information, or if you have any questions, please feel free to contact Secondary Workgroup Co-Chairs Mark Friend (Mark_Friend@freddiemac.com) or Arsen Ovanessoff (aovanessoff@wltcapital.com). We look forward to your participation in this industry-wide initiative. (MISMO’s mission is to develop, promote and maintain voluntary electronic commerce standards for the mortgage industry. It was established by MBA to coordinate development and maintenance of Internet based Extensible Markup Language (XML) real estate finance specifications. MISMO uses an open and democratic vendor and company-neutral approach to the development and maintenance of a single real estate finance XML transaction repository. The official MISMO web site is http://www.mismo.org.)
(Back To Top)
MISMO Trimester Workgroup Meeting May 21-24
Morrison, Carrie
The Mortgage Bankers Association/MISMO Trimester Meeting sponsored by Fannie Mae, Freddie Mac, PRIA and Wells Fargo, scheduled for May 21-24 in Bethesda, Md., is less than a month away. Please register for the meeting and book your hotel room if you haven’t already. Meeting and hotel information is posted on the MISMO Meetings Page at www.mismo.org. Please check the meeting schedule and decide which workgroup sessions you wish to attend. With Fannie Mae and Freddie Mac as sponsors, the MISMO Secondary Workgroup will gear up their work developing standards around Pricing and Delivery scenarios within the Secondary Market. If your organization is able to attend or contribute requirements to this standard, the Secondary Workgroup is looking for the following sets of information: Lock Sheets (multiple versions if your organization has more than one) for pricing and locking)
Bulk Bid Tape Specifications (bulk pricing fields)
Delivery Specifications
Data Delivery Fields
Image Delivery Specifications MISMO will gladly accept input from your organization, but encourage you to send volunteers to actively engage in the development process and answer any questions regarding submitted data. Once you have decided which meetings you would like to attend, please register. Meeting registration is free for MISMO subscribers; however there is a $395 per person meeting fee for non-subscribers that can be paid with a credit card during the registration process. If your company is not a MISMO subscriber, please consider joining a select group of real estate finance industry companies who are shaping the future of mortgage industry technology. If you are interested in becoming a MISMO subscriber, please download the subscription application form from the MISMO web site and return it to Carrie Morrison. Please follow the instructions carefully so you complete the registration process properly. If you don’t receive a confirmation e-mail, your registration was not captured. To register for the meeting, please go to the MISMO Online Store and click on MISMO May 2007 Trimester Meeting under Upcoming Events. On the following page, please click Register. If you have registered for MBA events before, you will need to enter your username (a seven-digit number) and password previously provided to you. If you are a new online store user, you will have to set-up an account to register. After logging in and selecting the meetings you would like to attend, please press Finish at the bottom of the page. The next page will list the meetings you are registering for and will give you the opportunity to make any updates to your selection. After verifying your choices, please checkout. You will once again be asked to confirm your order and you MUST press SUBMIT at the bottom of the page to complete the registration process. If you do not finish this last step your registration will not be captured. After your registration is complete, you will then receive a confirmation e-mail. Please verify all information is correct and contact me directly if anything is incorrect or if you do not receive an e-mail confirmation. If you plan on registering multiple attendees at once, please contact Carrie Morrison directly before doing so. The system will error out if one or more of the attendees are not already in our database. The room block closes on May 14, so please make sure you reserve your hotel room because there will not be an extension. The room block rate at the Doubletree is $199 per night for a single or a double. You may make reservations by calling either (800) 222-8733 or (301) 652-2000. Please specify you are with MBA to get the group rate. To make hotel reservations online, please go to our customized reservation page. Be sure to Click Here to Make Your Reservations Today and to enter MBA as the group code to get the discounted rate. MISMO is excited about all that the Doubletree has to offer, including free high-speed Internet in the rooms, 24-hour access to the business center and newly renovated conference rooms that are treated with a PURE technology system that eliminates allergens and molds. The hotel will also have a brand new area in the lobby called The Great Room, which includes a Starbucks, as well as wine, gelato and sushi bars. There will be an additional room with a flat screen TV’s and two X-Box 360s. Don’t hesitate to contact Carrie Morrison at 202/557-2797 or cmorrison@mortgagebankers.org with any questions or issues you have registering. MISMO looks forward to seeing you in Bethesda.
(Back To Top)
Tech Briefs
MBA Staff
Ellie Mae, Dublin, Calif., a provider of software and services for the mortgage industry, and First Title and Escrow Inc., Rockville, Md., a provider of title and closing services to mortgage lenders and brokers, announced a collaboration agreement that will enable users of Ellie Mae’s Encompass Mortgage Automation System to receive instant and exact closing fees, directly from First Title, prior to printing the good faith estimate.
The collaboration enables originators to price loans more accurately earlier, streamline the origination process and avoid fee inaccuracies that can result in lost loans or costly compliance violations. The closing fees provided by First Title include abstract fees, title premiums, recording and release fees, closing fees and city, county and state transfer taxes. Encrypted CD/DVD Publishing Functionality Added to Hyland Software’s OnBase
Hyland Software Inc., Cleveland, Ohio, developer of the OnBase enterprise content management (ECM) software suite, announced that OnBase now has encrypted CD/DVD publishing capabilities. The new functionality enables financial institutions to encrypt both the files and the file directory on a CD/DVD, ensuring enhanced security for sensitive files and information.
The encrypted CD/DVD publishing capability uses a proprietary file system encryption driver to encrypt both the database file as well as the documents on the published media. Recipients of published media enter a decryption password as part of the installation process to view the published media. Without the proper password, content is meaningless. This also reduces vulnerability in case the media is delivered to the wrong address or in the event that the media is stolen or lost. LoanWell Financial Taps Mortgage Banking Services Direct for Expansion
Mortgage Banking Services Direct, Horseshoe Bay, Texas, a management-consulting firm that specializes in residential mortgage lending and technology for the lending industry, announced that LoanWell Financial, Clearwater, Fla., selected MBSD to provide consulting services to enable the lender to transition from being a locally based lender into one that provides its services nationwide. LoanWell Financial was founded in May 2006. MBSD is focusing on assisting LoanWell Financial’s executives to further enhance internal efficiencies and marketing processes, deal with compliance issues and offer employment incentives to key staff, such as branch managers. Rapid Reporting Integrates to Calyx Software
Rapid Reporting, Fort Worth, Texas, a provider of income and identity verification products to the mortgage industry, has partnered with San Jose, Calif.-based Calyx Software, a provider of loan origination services for the mortgage industry. The partnership began offering mortgage fraud detection capabilities to users of Calyx’s core group of products and services, including the company’s flagship loan origination service, Calyx Point. As part of the agreement, Calyx Software users can automatically interface to Rapid Reporting’s Web-based IncomeChek and DirectChek tools directly from their Calyx Point loan origination service. Lender E-Source, MRG Combine Daily Guideline Updates, Compliant Documents
Lender E-Source, Vista, Calif., which provides loan guidelines and automated loan pricing to mortgage professionals, and Dallas-based MRG Document Technologies, a provider of document preparation services for the financial industry, announced an alliance that combines Lender E-Source’s automatically managed loan guidelines into MRG’s electronic document systems. The alliance provides MRG’s documents with daily updates from Lender E-Source’s loan guidelines database. The updates give MRG’s document systems up-to-date information. Avista Solutions Integrates with DataVerify’s Anti-Fraud Platform
Avista Solutions, Columbia, S.C., a provider of web-based mortgage loan origination software, completed integration to DataVerify Corp.'s Data Risk Integrity Verification Engine (DRIVE). The integration provides Avista’s customers a web-based anti-fraud decisioning and data verification platform to predict fraud and mitigate losses, including repurchase and early payment default. The integration is available for loan submissions from the Avista Agile LOS Wholesale, Retail and Correspondent mortgage platforms.
eLynx Partners with MortgageDocs for Mobile Notary Service
eLynx, Cincinnati, a provider of electronic document communications networks, announced a strategic partnership with MortgageDocs, Fresno, Calif., a nationwide mobile notary and attorney service provider, to further facilitate use of Hybrid eMortgage. Through eLynx's Automated Package Delivery service, lenders can electronically submit documents to MortgageDocs, which then manages the signing and notarization process from end-to-end. On average, a notary is assigned to an individual borrower within 30 minutes of receipt. Notaries are drawn from a nationwide network of professionals who have been background checked and pre-screened. The network also provides real-time performance history statistics. Veros Expands Propertywise AVM
Veros Real Estate Solutions, Santa Ana, Calif., announced expansion of GMAC-RFC’s Propertywise automated valuation model (AVM) cascade. Propertywise represents GMAC-RFC’s proprietary risk strategy for its acceptance of AVMs. Earlier this year, GMAC-RFC implemented new policies for the acceptance of AVMs and now requires that loans sold to GMAC-RFC on select waived appraisal programs conform to GMAC-RFC’s Propertywise specifications. Lenders that use AVMs in this approved manner also benefit from lower collateral risk and decreased repurchase risk. The Propertywise AVM model runs on VeroSELECT, a collateral risk management system developed by Veros. VeroSELECT gives lenders control of collateral risk strategies with the secure selection, acceptance, and management of services, vendors, users and their own proprietary business processes. Wells Fargo to Use BlitzDocs
Advectis Inc., Atlanta, a provider of electronic mortgage document collaboration, released its BlitzDocs Connector for loan document image delivery to Wells Fargo, Des Moines, Iowa. In addition, Wells Fargo has also joined the BlitzDocs Networked Investor Program. Using BlitzDocs Connector for Wells Fargo, correspondent sellers can deliver imaged mortgage loan documents to Wells Fargo for investor delivery. As a BlitzDocs Networked Investor, Wells Fargo will have access to the BlitzDocs collaborative electronic document network. Wells Fargo can receive electronic loan folders from lenders and correspondent sellers already using BlitzDocs. Hyland Software, Gallagher Announces Alliance
Hyland Software Inc., Cleveland, Ohio, developer of the OnBase enterprise content management (ECM) software suite, announced that it has formed a strategic alliance with Gallagher Financial Systems Inc., Brentwood, Tenn., a provider of enterprise loan origination system technology. As part of the alliance, Hyland will integrate OnBase with GFS’s NetOxygen loan origination system (LOS) to provide additional document management options to GFS’s new and existing customers. Through this integration, NetOxygen users will be able to scan and index loan documents, access those documents from the OnBase repository through NetOxygen and automatically route documents for review and approval based on internal business rules.
(Back To Top)
CampusMBA Presents 'Information Assurance: 5 Steps to Security'
MBA Staff
Your company risks losing $4.8 million each time it experiences a security breach. Can it afford that risk?
CampusMBA, the education arm of the Mortgage Bankers Association, presents Information Assurance: 5 Steps to Security. This program has been developed to address information security solutions across the mortgage industry in a comprehensive and consistent manner. Information Assurance-5 Steps to Security By using a five-step model, Information Assurance provides a larger scope on regulatory compliance directed towards information assurance and information security. It will present how to address your companies' risks and vulnerabilities from a comprehensive perspective as oppose to targeting only individual laws ands risks. For more information or to register, visit the CampusMBA registration site
http://www.campusmba.org/products/default.aspx?product_code=E2701880/REGIS.
(Back To Top)
MBA Tech NewsLink Reprints
MBA Staff
Articles appearing in MBA Tech NewsLink are available as reprints for a nominal fee. Reprints are done on quality paper or can be sent electronically as a .PDF file. Reprints can be distributed to your employees, to illustrate presentations or for other communication purposes. For reprint information on stories in MBA Tech NewsLink, contact Joanna Vulakh at (800) 394-5157, ext. 25.
(Back To Top)
Technology Plays Key Role in Partisan Politics
Sorohan, Mike
WASHINGTON, D.C.—When former Vermont Gov. Howard Dean became head of the Democratic National Committee in 2004, he inherited what he called an undeniable fact—that the Democratic Party was 20 years behind the Republican Party in use of technology. “It was no secret that the Republicans outdid us in targeting voters,” Dean said here last week at the Mortgage Bankers Association’s National Policy Conference. When Dean took over, he made technology upgrade of the DNC infrastructure as a key goal. “I was left with several advantages when I took over as DNC head, including a debt-free balance sheet,” he said. “That gave me a unique opportunity for our party.” Those efforts included substantial market research that enabled the Democrats to learn more about who they were trying to reach and how to tailor the party’s message to them, Dean said. “Today, we can find out what credit card you use, what your spending habits are, and other data,” Dean said. “We now have a technology system that is better than the Republicans, and it helped us predict voter behavior in key races. And our data proved correct in 85 percent of the time in 2006.” Those efforts paid off in the 2006 elections, as Democrats reclaimed control of the House and Senate. “We hoped that we could catch up to the Republicans by 2008,” Dean said. “We’re ahead of schedule.”
(Back To Top)
About MBA Tech Newslink
Publisher: Cheryl Crispen, Senior Vice President - Communications and Marketing
Director of Online Publications: Mike Sorohan
MSorohan@mortgagebankers.org
Deputy Editor: Michael Murray
MMurray@mortgagebankers.org
Senior Staff Writer: Vijay Palaparty 202/557/2904
VPalaparty@mortgagebankers.org
Advertising Opportunities: Bill Farmakis 203/834-8832
bill@jlfarmakis.com
Any reprints or other use of these articles in whole or in substantial part, in
any medium, requires advance written permission from the Mortgage Bankers
Association. For reprint information on stories in MBA Tech Newslink, please
contact Joanna Vulakh at 1-800-394-5157 x25.
MBA Tech Newslink, a weekly electronic publication, is a member benefit free to
employees of MBA member companies, and available by paid subscription to
non-members. For membership information, visit MBA's website at
http://www.mortgagebankers.org/AboutMBA/membership
(Back To Top )
|