Tech Roundup: Overture Gets $6 Million Investment

Overture Technologies, the Bethesda, Md.-based provider of software solutions that enable transparent, accurate and responsive lending processes, announced last week it had closed $6 million in funding led by Capital Trust Ventures. The company said financing will be used to support market expansion to meet urgent and increasing demand for the company’s financial decisioning solutions serving the mortgage and education lending industries. “Today’s mortgage and student loan industries require consistent application of complex lending and pricing guidelines and thorough evaluation of ever-changing risk and asset valuation data to meet current and future regulatory requirements,” said Overture CEO Bill Kelvie. “This growth funding from experienced investors during a challenging time further validates our approach and will help us accelerate our reach for the markets we serve.” Partnership aims to make documentation a breeze for lenders Wolters Kluwer Financial Services and Mortgage Dashboard announced last week that they have integrated Wolters Kluwer Financial Services’ Document Services Platform with MortgageDashboard’s loan origination system to provide lenders that use MortgageDashboard’s LOS with access to Wolters Kluwer’s industry-leading VMP Mortgage Solutions compliance documents from within the system. The new integration will enable MortgageDashboard users to generate standard and customized closing and initial disclosure documents through Wolters Kluwer’s Document Services Platform, and then electronically deliver them to borrowers for e-consent and e-signature. The platform also gives lenders the option of completely and securely outsourcing the printing and mailing of paper disclosures when needed or requested by the borrower through Wolters Kluwer Financial Services’ SAS 70-certified mail fulfillment center. Calyx expands mortgage servicing network Calyx Software, a San Jose-based provider of loan originating and processing software for the mortgage industry, announced last week that during 2008 it added 35 new mortgage service providers to the Calyx Network, which enables users of Calyx Software’s Point loan origination software to connect directly with lenders and mortgage service providers, automating data exchange and streamlining the loan origination process. Among the types of service providers that joined the Calyx Network in 2008 were companies offering services for mortgage closing documents, flood certification, title and escrow, hazard insurance, product pricing, and other outsourcing document service companies. “During this turbulent time in the mortgage industry, it is rewarding to know that Calyx is still making a difference in loan origination software and continuing to improve upon the products and services that we offer our customers,” said Dennis Boggs, executive vice president of Calyx Software. “As we move into 2009, we anticipate more change and are dedicated to providing mortgage professionals with flexible, easy-to-use, affordable software that benefits both the service provider and the loan originator from lead to close.” Partnership brings underwriting solutions to Californian originator Loan-Score Decisioning Systems, an enterprise-class pricing and automated underwriting solutions provider, announced today that WestOne Mortgage Corp., a California-based loan originator, will implement Loan-Score’s integrated decision management platform. “Our industry has gone through a tremendous amount of change in a very short period of time and in order to compete in the new mortgage marketplace, lending organizations must change the fundamental way they conduct business and interface with borrowers,” WestOne CEO Patrick Weaver. “From Main Street to Wall Street, drastic changes must be made to restore borrower confidence in our industry. Our partnership with Loan-Score Decisioning Systems is an integral part of our ongoing efforts to deliver unparalleled service to both lenders and borrowers.” Integration with Fiserv makes for faster check clearing process Wells Fargo & Co. (WFC) announced last week it has increased its volume of electronic payments with other financial institutions by clearing checks through image exchange with Fiserv Solutions, Inc. Based in Brookfield, Wis., Fiserv is a leading provider of information technology services to the financial industry. Under the agreement, the Fiserv Clearing Network (FCN) — a nationwide clearing service — sends deposited check images and data to Wells Fargo for least-cost routing through image exchange with settlement through Viewpointe, a provider of check image exchange and archive services. In addition, the agreement allows Wells Fargo to send check images for clearing to Fiserv Clearing Network member banks, bypassing the more expensive clearing through the Federal Reserve. “This relationship accelerates Wells Fargo’s access to clearing items for financial institutions through image exchange,” said Jim Gattman, senior vice president, Clearing and Transportation for Wells Fargo. “Working with Fiserv helps us reduce costs for clearing, couriers, adjustments, and cash letter fees for both of us.” Harland’s integration leads to streamlined mortgage lending compliance process Harland Financial Solutions announced last week that Interlinq E3, the company’s Web-based loan production platform management system, now provides complete integration with Compliance EAGLE, a fully automated compliance review solution developed by QuestSoft. Compliance EAGLE offers Interlinq E3 users an entire mortgage lending compliance process in a single system. The solution’s complete integration with Interlinq E3 significantly reduces delays associated with integrating the platform and minimizes upfront installation costs. Compliance EAGLE uses proprietary rule sets to identify regulatory exceptions. “Harland Financial Solutions has been a valued integration partner of QuestSoft’s for more than ten years,” said Leonard Ryan, president of QuestSoft. “The addition of Compliance EAGLE connectivity is poised to strengthen our relationship with Interlinq E3 customers immeasurably by providing the finest automated compliance solution on the market today.” Write to Diana Golobay at [email protected]. Disclosure: The author held no relevant investment positions when this story was published. Indirect holdings may exist via mutual fund investments. HW reporters and writers follow a strict disclosure policy, the first in the mortgage trade.

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