Lenders Improve Imaging

But first, a recent analysis announced by TowerGroup showed that a growing number of consumer lending institutions are using enterprise business rules management systems and specialized applications with embedded business rules engines over legacy architectures controlled by information technology departments. For example, in mortgage lending, such are incorporated for determining loan product eligibility, setting base pricing and making pricing adjustments, and evaluating workout opportunities for borrowers in default.

While the systems may allow a lender to gain speed and reduce cost by moving business rules to professionals in the line of business rather than to IT specialists, TowerGroup advised lenders to implement appropriate controls to reduce the risk of errors that comes with such a shift.

“Institutions must ensure that the move to a business-configured system is more streamlined than the traditional IT-driven development process and involves key people in the organization,” TowerGroup said in the announcement. “Ultimately, the balancing act a lender must perform is to figure out what controls are needed without bogging down the process of changing the business rules.”

HomeStreet Bank will utilize Mortgage Cadence’s Orchestrator solution, a press release said. HomeStreet hopes the task automation and comprehensive support of the solution will help it double its FHA production this year.

MortgageHub announced it opened a Construction Lending Services Division, which it says is the “only all-inclusive, scalable outsourced solution for construction lenders.” The division’s major offerings include origination fulfillment options such as underwriting and project review, draw administration and fund control. Noting that many construction lenders use fragmented and complex solutions to complete multi-faceted construction lending processes, MortgageHub said lenders can achieve cost savings of up to 35 percent by leveraging the division’s services.

Next month will hold the launch of LoanSifter Prime, according to an announcement from LoanSifter. The search engine is customized with all of a broker’s wholesale lending partners and was developed in conjunction with a Beta program used by over 1,200 brokers and loan officers.

SearchMyLoan.com has agreed to now feature the rates, pricing and loan program information of Flagstar Bank, a news release stated.

Amcat’s customer contact system was combined with CRMnow’s Mortgage iQ system to provide a “ground-breaking level” of customer and prospect management for mortgage brokers and bankers, according to an announcement. The mortgage marketing solution coordinates customer preferences and loan data with inbound and outbound customer.

In the world of electronic imaging, Wells Fargo & Co. announced it electronically captured and cleared more than one million check images and more than $2 billion in deposits in a single day. The activity was enabled when the “Check Clearing for the 21st Century Act” was signed into law on Oct. 28, 2004 — allowing special digitally scanned check images, instead of original paper checks.

PCLender.com said it added integrated imaging and document management to its InHouse Mortgage Enterprise Lending System. The Web-based system enables its customers to load, track and view loan documents from prequalification to post closing. The system links the stored documents with the loan status and specific conditions.

Software Earnings partnered with IBM to offer Commerce Bank N.A. a comprehensive image-exchange-based payment strategy. Commerce’s implementation of the this infrastructure will help it meet the requirements of the new Check 21 environment.

Countrywide Home Loans Inc. will reportedly utilize RealEC Technologies Inc.’s Web-based closing platform for mortgage refinance and home equity lending transactions, RealEC announced. The service enables borrower to schedule and participate in a closing from any geographic location.