MBA StaffPennyMac Taps LPS for First Mortgages, HELOCsLender Processing Services Inc., Jacksonville, Fla., a provider of integrated technology and services to the mortgage industry, announced that Private National Mortgage Acceptance Company LLC, Calabasas, Calif., known as PennyMac, a specialty manager of residential mortgage assets, signed a multiyear contract to service its first mortgages and home equity lines of credit using LPS' Mortgage Servicing Package.
MSP supports all areas of PennyMac's servicing, including loan setup and maintenance, cashiering, escrow administration, investor accounting, default management and regulatory reporting. In addition to MSP, PennyMac is using LPS' suite of mortgage services, including valuation products, title decisioning solutions, flood services, workflow management platform (LPS Desktop), risk management, document services and default services.
PriceMyLoan, Del Mar DataTrac Announce IntegrationPriceMyLoan, San Diego, a provider of automated underwriting and loan pricing technology, and Del Mar DataTrac, Costa Mesa, Calif., announced a partnership to deliver an integrated service for mortgage bankers. The integration combines PriceMyLoan's loan decisioning with Del Mar DataTrac's mortgage banking and secondary marketing functions.
PriceMyLoan enables originators to qualify borrowers, price loans and submit rate lock requests directly to lenders. Borrower and loan information is either manually typed in or uploaded from other sources such as loan origination systems and credit report providers. Loans submitted through the PriceMyLoan system are managed within the DataTrac environment.Inlanta Mortgage Adds In-House UnderwritingInlanta Mortgage, Waukesha, Wis., a mortgage banker and broker, added in-house underwriting to its list of support services for loan officers and partner branches. Inlanta can now originate and sell FHA-insured mortgages without prior approval from a sponsoring lender.
The addition of in-house underwriting also gives Inlanta the option to add FHA lenders who do not currently work under sponsorship plans, as well as execution options for VA and USDA loans and third party origination services to banks and credit unions.
IMS Adds ClientsIntegrated Mortgage Solutions, Houston, a collateral protection resource for the mortgage servicing industry, announced two new clients to its Asset Disposition and Management Service Division. The new clients have engaged IMS for borrower outreach and REO management services.
Through ADAM, IMS offer loss mitigation services such as skip tracing, door-knocker, borrower outreach call center, notary service, short sale and REO management, as well as inspections and preservation.
ISGN Enhances LenStar Default NetworkISGN Corp., Bensalem, Pa., a global mortgage technology provider, announced enhancements to its LenStar technology, an attorney and referral communication system for the default management market.
The LenStar network provides servicers access to lenders and attorneys, servicing more than 25 percent of residential loans in the country. LenStar users can share foreclosure and bankruptcy loan information from their desktops, reducing the need for phone calls, faxes and shipping. LenStar also automates the ordering of title, AVM (automated valuation model) and BPO (broker price opinion) evaluations.
Servicers Incorporating Income Verification in Loan Mods, Reducing ForeclosuresLoan servicers are incorporating more borrower verifications, such as those validating income and employment, into the evaluation process when considering borrowers for loan modifications, according to Rapid Reporting, Fort Worth, Texas, a provider of income and identity verification products to the mortgage industry.
“We’ve seen a significant increase in loan servicers that are signing up for income verification for loan modifications, which represents a big change as servicers had previously not been involved with borrower qualifications,” says Jay Meadows, CEO of Rapid Reporting. “This indicates that the servicing industry is learning from industry problems and making definitive changes to ensure higher quality loans.”
Wingspan Portfolio Advisors Selects SigniaDocs eVaulting and eSigningWingspan Portfolio Advisors, a Carrollton, Texas firm specializing in saving seriously delinquent loans from foreclosure, selected SigniaDocs’ eVaulting and eSigning products.
By integrating SigniaDocs eModification technology with Wingspan Portfolio Advisors’ platform, the Wingspan loan resolution specialist can send necessary documentation instantly, while the borrower is still in close contact, is eager to stay in their home and has agreed to a payment plan that will work for them.
ProVest Expands Borrower Location Program ProVest LLC, Tampa, Fla., a national process server management company, said it is working with 16 of the top 20 mortgage servicers as well as a government-sponsored enterprise to locate delinquent homeowners that the companies have been unable to contact. Once the homeowner is located, servicers contact and educate him/her about alternatives to foreclosure and help to save the home from going into foreclosure.
ProVest currently searches for upwards of 100,000 borrowers every month, locating more than 55 percent of individuals. The company said it successfully located a large percentage of “no contact” borrowers in 2008 and is further expanding these efforts in 2009 as the servicing industry leverages additional tools to increase home retention.
Truliant FCU Taps FICS for Mortgage Origination Software Financial Industry Computer Systems Inc., Dallas, a mortgage technology specialist that provides in-house residential origination and servicing technology and commercial servicing technology to the mortgage industry, announced that Winston-Salem, NC - based Truliant Federal Credit Union has purchased its residential loan origination system, Loan Producer.
Truliant FCU, one of the largest credit unions in North Carolina, selected FICS to replace an existing mortgage loan origination system. Loan Producer allows Truliant to grow its portfolio of mortgage loans, integrate technologies, streamline workflow processes and offer enhanced functionality to its users in all member financial centers.
Titanium Solutions Introduces Expanded Suite of ServicesTitanium Solutions Inc., Salt Lake City, Utah, a provider of homeowner contacting and consulting services, launched an expanded suite of customized services, HomeTouch, that its clients can use to make contact with their customers who are in various stages of delinquency.
HomeTouch features four services levels: Signature, Lite, Classic and Premium. Each level is designed to address homeowners who are in various stages of delinquency, in addition to complementing the outreach efforts of the servicer with in-person communication. Titanium’s Premium service allows the company to provide pre-qualified workout options to customers, in the privacy of their own home, using the investor’s guidelines.
National Quick Sale Expands Short Sale PlatformNational Quick Sale, Jacksonville, Fla., a division of software provider Infusion Technologies, said its web-based short sale technology, designed to help seriously delinquent borrowers sell their homes before the foreclosure process is complete, is reducing damage to borrowers’ credit reports and enabling lenders and investors to replace a defaulting loan with a performing one.
National Quick Sale’s platform enables all parties to react quickly, improving chances of completion before the potential buyer loses interest and the property is sold in foreclosure. The technology can reduce the all-important time from offer submission to receiving an answer down to as little as ten days compared to months, according to National Quick Sale founder and CEO Rich Rollins.
Informative Research Reaches Agreement with LPS for Expanded Flood ServicesInformative Research, Garden Grove, Calif., reached an agreement with Lender Processing Services Inc., Jacksonville, Fla., to expand Informative Research’s flood certification offerings and provide portfolio review options through the support of LPS National Flood.
Informative Research offers Flood Certification services in concert with its other core services, Mortgage Credit, Fraud Prevention and Compliance and Credit Score Management.
Wolters Kluwer Expands Settlement Services Wolters Kluwer Financial Services, Minneapolis, announced it formed a dedicated Settlement Services business unit in its Settlement Services suite, through which the company currently serves more than 1,500 banks and mortgage lenders. The new business unit is investing in human capital, complementary new product offerings and strategic integrations with many of the industry’s loan origination system and ordering platform providers.
Banks, lenders and service providers can access a suite of settlement services through one web site that allows them to pull credit and mortgage reports, generate automated valuation models, perform appraisals, obtain flood determinations, secure title insurance and use other settlement services.
McDonald Computer Corp. Enhances Web/T.I.M.E.McDonald Computer Corp., Southfield, Mich., a provider of automated servicing technology for the mortgage banking industry, announced integration of enhanced servicing capabilities on its Web/T.I.M.E. system.
Users can have more control over accessibility of loan information and ability to log on to the system from anywhere in the world using a secure Virtual Private Network server. Web/T.I.M.E. is a web-based mortgage loan servicing system offered in a service bureau environment. The technology is a fully integrated, on-line, real-time mortgage loan investor servicing system and has the ability to process all loan product types.
eMASON Upgrades Clarifire ApplicationeMASON Inc., Clearwater, Fla., announced upgrades to its Clarifire application, a web-based process automation technology service designed to increase efficiency of workflow and communications among business users, customers and partners.
Clarifire now features certified Fannie Mae loss mitigation business rules within the application for HomeSaver Advance and Preforeclosure Sale workout types, as well as a direct connection to Fannie Mae’s system of record, Home Saver Solutions Network. Loan Modification workout types are set to go live in early March. The direct connection to the organization’s HSSN system allows servicers to reduce or eliminate manual efforts required to submit workout data to the organization for approval.
LPS Launches Lien Monitoring ServiceLender Processing Services Inc., Jacksonville, Fla., a provider of integrated technology and services to the mortgage industry, launched Lien Advisor, a lien monitoring program. It enables first and subordinate lien holders to determine and defend their equity positions.
Leveraging LPS' databases of real estate and public records information, Lien Advisor provides ongoing, online monitoring of specific loans, portfolios or lien positions to alert clients about foreclosure/default activity, tax delinquencies, bankruptcies, ARM resets and other indicators that could impact loan or borrower status.
Open Solutions, IA Systems Release Business Lending ModuleIA Systems, Albany, N.Y., a business unit of Open Solutions Inc., Glastonbury, Conn., announced availability of its new business lending module, designed to integrate to its flagship loan origination system, StreamLend Velocity 2.0.
StreamLend Velocity is a paperless, web-based loan origination system that speeds credit and loan decisioning, integrates sales channels and manages risk for financial institutions.
MDA Lending Solutions Introduces Automated Portfolio Review Tool MDA Lending Solutions, Wilmington, Del., a provider of advanced information services to the mortgage industry, launched ARTAdvisor from MDA MindBox. The platform provides risk management from early risk detection through loss mitigation by automating review, analysis and management of any size portfolio.
ARTAdvisor combines credit analysis with collateral analysis to identify risky loans and to propose resolutions ranging from government-sponsored programs such as FHA's Hope for Homeowners to lender-specific loan modifications. The platform uses a customizable rules engine to review loans based on the organization’s own standards for quality and performance.