Tech Roundup: Providers Focus on Servicing, Loss Mit
Pricing engine updated: LoanSifter said last week that it has rolled out LoanSifter Prime version 2.0, which the company billed as a "loan pricing and search engine." The company said its searching and pricing platform runs many scenarios simultaneously, allowing loan professionals to review many product types concurrently. LoanSifter Prime runs all combinations of Product Terms, Doc Types, AUS types, Employment Types, and Prepay Options through every search, according to Bruce Backer, president of LoanSifter. (www.loansifter.com) FICS hearts Ginnie: FHA is big, and that means Ginnie is big, as any loan originator worth their salt will tell you. Financial Industry Computer Systems, Inc. -- that's FICS to most of us -- said Monday that its residential mortgage loan servicing system, Mortgage Servicer, and its commercial mortgage loan servicing system, Commercial Servicer, now have the ability to report directly to the Ginnie Mae via a new reporting and feedback system. "The RFS reporting feature allows our customers to easily remain in compliance with Ginnie Mae without having to incur additional expenses to develop customized interfaces," said Susan Graham, president of FICS. "The feature makes for a more efficient and resourceful servicing solution." (www.ficsloanware.com) When mortgage leads aren't enough: Leads360, a lead provider well-known to mortgage brokers in particular, said Monday that it had integrated its platform with debt settlement software provider Prime Debt Soft. The move comes as the lead acquisition and management provider looks to diversify out of a mortgage industry that no longer has a huge third-party origination market -- "while mortgage originations have decreased by 18% in 2008, according to the Mortgage Bankers Association, the debt settlement and consolidation industry is booming," the company said in a press release. The company said it hopes to capitalize on growth in the so-called "debt management" space, an industry term used for borrowers with bad debt and collections on their accounts. The company says it is providing leads to 30 debt settlement companies, which is ironic; the same leads the company once provided to brokers for loans are now the leads given to debt and collection agencies for bad debt.... LenderLive moves into servicing: Everyone's working to get a piece of the loss mitigation pie these days. The latest is LenderLive Network, Inc., which said it has launched a portfolio analysis tool that leverages its product eligibility engine to provide a preliminary indication of the homeownership preservation programs that may be available to homeowners in a loan servicing portfolio. The eligibility engine improves the efficiency of determining the alternative loan product or loan modification most appropriate for borrowers whose mortgages are at risk, according to the company. "Incorporating an eligibility feature into the process of identifying a more manageable loan increases our capability to mitigate losses from foreclosure and better preserve homeownership," said Rick Seehausen, president of LenderLive. "In providing a more accurate selection of modification or refinance choices that actually ease the borrower's financial situation, LenderLive is able to help lenders keep more borrowers in their homes." (www.lenderlive.com) Editor's note: Tech Roundup runs each Monday morning, and offers a look at key tech news and trends from throughout the week. To have your company’s news considered for inclusion here, send an email with your press statement to firstname.lastname@example.org.