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| Recent technological innovations include the integration of compliance functions into a widely used loan origination system, the launch of an LOS that converts standard loan files into reverse loan files and the adoption by one mortgage company of a loan search engine with over 12,000 programs.
A+ Mortgage Inc. recently subscribed to SearchMyLoan.com to automate its loan searches and gain access to over 12,500 lending products and programs. A+ said the search engine speeds up the closing process and helps loan officers focus on generating more leads, according to an announcement. Sun West Mortgage touted its new, flagship reverse loan origination system, ReverseSoft, empowers originators to increase revenue by enabling them to capture new reverse mortgage business from conventional, non-reverse loan customers. Originators can import a Fannie Mae DU export file into ReverseSoft and the Import-a-Loan Wizard feature automatically converts it into a reverse mortgage ready to be processed in seconds. “The Import-a-Loan Wizard is a significant advantage for new entrants in the reverse mortgage space as it dramatically reduces the learning curve in originating a reverse mortgage,” Sun West said in an announcement. “Additionally, this platform enables you to integrate with other vendor systems such as credit agencies, flood certificate agencies, and document preparation companies, giving you a truly integrated enterprise-wide solution.” Questsoft announced it integrated its Compliance EAGLE into Calyx Software’s Point and Point Data Server, a move that combines all components of mortgage lending compliance into a single, automated system for Point users. Questsoft’s system tests loan applications against federal, state and local regulations, and allows quick identification and correction of problems. Cypress Software Systems LP announced it achieved record sales in 2007, with revenue growth of 40 percent and earnings jumping 117 percent. The North Richland Hills, Texas-based company touted it closed the year with 26 new customers signing 32 new contracts for its automated loan decisioning software. “Despite an apparent economic slowdown — driven largely by the mortgage crisis in the financial services sector — Cypress has witnessed no ill effect, because our clients, who are largely in the banking and credit union industries, use our software during tough times to ensure quality loan decisions are made, thereby controlling the potential for loan losses,” Cypress President and Chief Executive Stephen G. Sargent said in the announcement. Arizona State Credit Union obtained more services from FirstClose to include flood zone determinations, automated valuation models, legal and vesting reports, limited title searches, and alternative lien service Equiguard. The credit union, which uses the FirstClose Web based bundled service platform and interfaces with its loan origination system, was quoted as saying that the additions reduce fees, make processors more efficient, and allow faster loan closings, though the main benefit is FirstClose’s emphasis on customer service, a news release stated. |
