New mortgage technology arrives at MBA
The Mortgage Bankers Association annual conference is a traditional launching pad for new software and gadgets for the industry. According to Xerox, most lenders are accelerating the shift to a fully electronic mortgage operation. Here is a quick look at the new tech unveiled this week in Chicago:
- Blueberry Systems unveiled a mobile app giving users access to current mortgage production statistics. The RelayWatch links up with a custom database. Executives, production managers and loan officers can check production using an iPhone, iPad, Android, BlackBerry and other mobile devices.
- Appraisal software provider Bradford Technologies, software company Schakra and real estate finance tech provider Nasoft partnered to build a submission service for the new Uniform Collateral Data Portal that is powered by Windows Azure. New requirements from Fannie Mae and Freddie Mac took effect Sept. 1 requiring appraisers to submit electronic property data through the UCDP. The software from these three companies can merge with existing systems for lenders and appraisal management companies. By synching it up with Windows Azure, the banks and AMCs can then build out, using the cloud-computing software in a Microsoft datacenter.
- QuestSoft enhanced its compliance software allowing lenders to review mortgage exam files before submitting them to different governing agencies. Users can test compliance with federal, state and investor guidelines. Several states began examining chartered lenders in January with others to begin in 2012, QuestSoft said. This software allows the lenders to check their files before having to submit them and possibly catch errors beforehand.
- Code Violation Services launched a new platform designed to help lenders and investors locate homeowner associations and resolve property demands, avoiding fines and clearing the path for sales.
- Genpact Limited (G) acquired High Performance Partners and its mortgage technology division. Genpact did previously own some investment in HPP but now owns 100% of the company. The HPP Quantum platform automates loan decisions using underwriting data. Roger Hull, the founder of HPP, will become the vice president of Genpact.
- Default servicing tech provider DecisionReady made its compliance software compatible with Android mobile devices. Users can check production numbers, dashboards and other data on a separate layout designed for the smaller screen. DecisionReady said the Android app will not replace the functions of the full desktop software.
- Interthinx enhanced its collateral risk software, allowing users to access Google mapping for comparable sales, interior and exterior multiple listing services photos. The ValueGuard software identifies possible issues with property valuations and its marketability. Interthinx boosted the bandwidth as well for analysis of the shadow inventory of distressed homes. A new section allows users to estimate possible affects of this inventory on their property's area.
- Acris Technology released a new consulting service to help lenders build a cloud-based virtual office. The VCO Airlift allows lenders to move all of the office activity online with remote servers handling the company's IT. Users would not have to change or give up their current applications or software, either. Write to Jon Prior. Follow him on Twitter @JonAPrior.