Mortech marks LendingTree milestone: Officials at Lincoln, Neb.-based Mortech, a mortgage technology provider, were thrilled and surprised to find out that LendingTree named the company its “Innovator of the Year” at a recent partner summit in Charlotte earlier this month. Company officials told HW they had no idea the company was receiving the award, named after LendingTree’s late chief technology officer Rick Steigler, who created the patented matchmaking software for consumers and lenders before his death in 2004. Mortech president Don Kracl accepted the award, which was given on account of the firm’s Marksman platform, a loan pricing and lead management system that is closely integrated with the LendingTree online platform. “Mortech jumped at the opportunity to create a new technology that helps our lender partners improve their business efficiency and accuracy when working with LendingTree borrowers,” LendingTree chairman and CEO Doug Lebda said. (www.mortech-inc.com) MRG gets compliant, online: Dallas-based MRG Document Technologies, a provider of compliance and documentation services, said last week it had rolled out an e-doc compliance package for mortgage professionals in all 50 states, called “Miracle Online.” We likely don’t need to tell you that due to the current state of heightened defaults and foreclosures, state legislators are hammering out new, more restrictive and complicated policies for mortgage lenders and originators. The browser-based online system rolled out by MRG is meant to ease the pain for lenders and brokers. (www.mrgdocs.com) Loan-Score scores again: Irvine, Calif.-based Loan-Score Decisioning Systems said last week that it will work with newly-acquired Calif.-based wholesale lender Capital Direct Financial — integrating Loan-Score’s product and pricing engine, automated underwriting platform and broker portal with Capital Direct’s own third-party LOS, ProLender. “Most POS and LOS integrations today are just slow batch pushes of data, not an automatic exchange of valuable, time sensitive information,” said Jerry Poole, vice president of Capital Direct Financial. “We tried two different PPE vendors in the past, but neither was able to deliver the depth of value that Loan-Score’s combined PPE and AUS solution brings.” (www.loan-score.com) New wholesale player looks to Mavent: StoneWater Mortgage, a newly-formed wholesale mortgage banking operation, has opted to utilize the automated compliance solutions of Irvine, Calif.-based Mavent Inc.. StoneWater will begin using Mavent to provide automated regulatory compliance for its entire loan production, according to the compliance provider. Stonewater, based out of Tuscon, plans to operate a wholesale mortgage banking platform nationwide by the end of 2009, according to a review of the firm’s website. The company recently implemented Guardian Mortgage Documents for automated document preparation and related professional services, Mavent officials said. Mavent’s platform will ensure that StoneWater’s loans comply with the Truth in Lending Act policies, Home Ownership and Equity Protection Act guidelines, lender and broker licensing and state and consumer credit laws. (www.mavent.com) New LOS partnership announced: Avista Solutions, Inc., an LOS provider out of Columbia, SC, has entered into a partnership with fast-growing Lenders One, a nationwide cooperative comprised of independent mortgage bankers, according to a press statement last week. The arrangement provides members of St. Louis-based Lender One with a discounted rate for Avista’s LOS platform, offering members of the cooperative special rates. The company said it is the first LOS provider to partner with the growing co-op. (www.avistasolutions.com) Calyx hearts FHA: San Jose-based Calyx Software, a well-known provider of loan origination and processing software, said it has released the latest update to its Point LOS platform. Key changes in Point v6.2 include revised forms and worksheets, a return of its one-page Good Faith Estimate and a streamlined display of charges and credits for improved borrower readability. The new version of the application also complies with FHA changes effective for loans beginning in October. (www.calyxsoftware.com) Kelly Curran and Diana Golobay contributed to this report; editing by Paul Jackson Editor’s note: Tech Roundup runs each week; to have your company’s news considered for inclusion here, send an email with your press statement to firstname.lastname@example.org.
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Low rates are making this summer one for the record books. Accordingly, loan officers, underwriters, real estate agents and those working in title and settlement offices are continuing to work the long hours that have become the norm since March. Not that they’re complaining.