Tech Roundup: New REO Tech, Birthdays, and More
Mortgagebot, Byte Software announce alliance: Partnerships have become increasingly common in the changing mortgage marketplace, as tech providers realize there is strength in numbers -- and in co-marketing agreements. Mequon, Wis.-based Mortgagebot LLC and Kirkland, Wash.-based Byte Software are the latest two tech providers to announce a marketing alliance that will see Byte recommend Mortgagebot's point-of-sale applications to customers. Byte -- a subsidiary of CBCInnovis -- is an loan origination software provider, and said that the partnership will help its customers "compete in the growing online mortgage channel." Mortgagebot's POS applications enable a borrower to complete a loan application online, and then gives the lender immediate access to the application in Byte Software to accelerate loan processing. (www.bytesoftware.com and www.mortgagebot.com) ForeclosureRadar rolls out updated platform: ForeclosureRadar, a foreclosure data provider focused on the California market, said last week it had rolled out version 2.0 of its online foreclosure platform. Beyond new features, the company's updated platform includes access to two new content partners: Lane Guide, which provides detailed contact information for lenders, including REO departments; and Mortgage Resolution Services, which provides detailed information and ratings on bank and lender short-sale processes. "Easy access to accurate information can mean the difference between a successful transaction and a missed opportunity," said Sean O'Toole, founder and CEO. "Our new release adds practical tools to the serious investor or realtors' belt in a time when the foreclosure market continues to heat up." (www.foreclosureradar.com) Origination tech specialist adds by going in reverse: Mortgage Cadence, Inc. -- which bills itself as an "Enterprise Lending Solution" provider, rather than the better-known LOS acronym -- said last week that it had successfully implemented two of its product platforms at reverse mortgage originator Senior Lending Network, including an LOS and document management platform. (Ed: We've dug through Mortgage Cadence's website, and while we're sure they'll disagree vehemently with us on this, their core platform appears to be essentially an LOS; whatever the marketeers choose to call it, from what our sources tell us, it's a very good product). "This is a marketplace that is expanding exponentially, with more than 6,500 seniors turning 62 each day. There is a tremendous need for the reverse mortgage product and a proven technology solution to support our business as it rapidly grows,” said David Peskin, CEO at Senior Lending Network. "We were looking for someone with the ability to scale our operations in an efficient manner and implement a fully integrated document solution to move our loans swiftly from point of sale to the closing table." Mortgage Cadence CEO Michael Detwiler said in a press statement that his firm has been working to put reverse mortgage functionality into its products for years, a move that right now is likely helping offset contraction in more traditional lending. (www.mortgagecadence.com) FICS turns 25: Financial Industry Computer Systems, Inc. -- FICS to the rest of us -- reached the grand old age of 25 last week, a milestone for any technology company in the mortgage space. The Dallas-based firm provides in-house residential origination and servicing technology and commercial servicing technology. In its first twenty-five years, the company has worked with more than 1,200 mortgage loan origination and servicing operations, according to a company statement. And, my, how times have changed: the company's first product offering was Mortgage Servicer, written in the Basic programming language and operating on a personal computer with a four megahertz processor, 512k of memory, and a ten megabyte hard drive. That system could only handle around 2,000 loans at the time -- but was considered a major advancement in servicing options for small mortgage lenders in comparison to the mainframe servicing technology of the times. Since then the company has carved out a niche in providing technology for smaller lending/servicing outfits, including state housing finance agencies, community banks and credit unions. (www.ficsloanware.com) New REO technology: At HW, we still remember the days when default and REO technology was an afterthought -- these days, it's become critical for servicing shops looking to manage collateral risk and loss experience. Cranbury, New Jersey-based Visionet Systems is the latest to jump into the suddenly-hot REO market; the company announced its VisiREO platform earlier this week, and bills it as "an end-to-end web-based solution to manage pre-foreclosed or lender owned properties." "Most lenders today use third party hosted solutions where they pay direct usage fees or vendors pay the fees which are then passed on to the lenders," the press statement reads, clearly targeting REOTrans, which operates by far the most dominant REO management platform in the space. "With VisiREO, lenders or asset management companies can install the system in their own environment and configure the workflows to suit their needs." A company spokesman said that he beleived the VisiREO platform would help lenders to negotiate lower fees from contractors. (www.visionnetsystems.com) FNC Scores BancorpSouth: Oxford, Miss.-based FNC, Inc. said last week it had landed BancorpSouth, Inc. (BXS) as a new client for its regulatory compliance and appraisal management platform. The bank is the latest to utilize the company's Collateral Headquarters platform, a workflow appraisal management solution designed for regional and community mortgage lenders. BancorpSouth operates roughly 300 banking and retail mortgaeg locations in eight Southeastern U.S. states. (www.fncinc.com) Editor’s note: Tech Roundup runs each week, and offers a look into the various technology that makes the entire mortgage market work -- whether origination or default, to secondary market operations. Write to HousingWire's editorial team at firstname.lastname@example.org.