Tech Roundup: Ocwen Awarded Invoicing System Patent

Ocwen Financial Corporation (OCN: 9.58 -8.15%), a subprime mortgage servicer in West Palm Beach, Fla., received a patent for its e-commerce invoicing system, called REALRemit, last week. The technology, originally designed for the sale and management of real estate owned properties, now encompasses expense tracking, electronic ordering, invoice presentment and payment.

“Subprime servicing is a high-volume transaction processing business,” chairman William C. Erbey said in a press statement. “We developed REALRemit system to more efficiently manage all of our intricate e-commerce activity with the many thousands of third party vendors in our distributed network.” (http://www.ocwen.com)

Data transfer system eliminates need for manual entry: Denver-based Mortgage Cadence, Inc., a solutions provider for the financial services industry, announced last week the integration of its Mortgage Cadence Finale with Ibis Software’s Reverse Mortgage Originator (RMO) product offering. The integration will provide RMO customers with Mortgage Cadence’s document solution system, decreasing the risk of data entry error associated with manual entry efforts.

“Mortgage Cadence Finale will provide Ibis RMO customers with 100 percent data transfer into required documents while nearly eliminating the need to manually complete missing files,” said Mortgage Cadence CEO Michael Detwiler in a press statement. (http://www.mortgagecadence.com)

Software splits into four tiers: West Palm Beach-based OpenClose, a mortgage lending software provider, announced Monday the expansion of its Decision Assist suite into four separate products.  The suite, which helps mortgage originators pair borrowers with appropriate loan products, now offers Decision Assist Broker for individual users, Express for small groups, Professional for mid-sized companies and Enterprise for large companies. OpenClose also announced it will waive the product set up fee for clients who purchase the software before October 15. (http://www.openclose.com)

Integration makes for easy data transfer: PCLender.com announced Monday the complete integration of its In-House Mortgage lending platform with The PMI Group, Inc. (PMI: 2.34 +4.93%) and CMG Mortgage Insurance Company, both private mortgage insurers. The integration allows the transfer of data from PCLender’s origination platform directly into the insurers’ rate quote and application portals.

“As new compliance guidelines and related industry best practices emerge, we want our current and future customers to have the tools they need to increase efficiency and accuracy when ordering private mortgage insurance,” said PCLender CEO Lionel Urban in a media statement. (http://www.pclender.com)

Warranted valuations will shield against mortgage lending risk: LandAmerica Financial Group, Inc. (LFG: 5.22 0.00%), a Richmond-based real estate transaction services provider, announced its partnership with Flagstar Bank last week. The subsidiary of Troy, Mich.-based Flagstar Bancorp (FBC: 0.77 -3.75%) selected LandAmerica as a primary national provider of warranted valuations, a solution lenders sometimes use to shield against financial loss associated with defective real estate valuations. LandAm’s warranted valuations are an option on both traditional appraisals as well as automated valuation products. (http://www.landam.com)

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