Residential Briefs

MBA (4/7/2008 ) Palaparty, Vijay
Workway Adds Search Engine, Interactive Capabilities
Workway, Burbank, Calif., a staffing firm specializing in the financial industry, added new features including a job search engine and interactive capabilities to its web site. The search engine provides lists of employment opportunities segmented by geographical areas and categorized by keyword searches. Employers can post jobs directly on Workway’s web site. In situations where employers need to fill positions immediately, the search engine sends web alerts to job seekers.

Workway’s interactive web tools include Workway.TV, an interactive video site that displays video job postings, branch tours and corporate policy updates regarding payroll and vacation for its staff; and Videotag.com, an internet communications site enabling people to record and store personalized video that can be accessed through a hyperlink listed on an e-mail signature.

First Houston Announces Professional Mortgage Services as Net Branch
First Houston Mortgage, Houston, a mortgage-banking firm licensed in 18 states, announced a net branch alliance with Professional Mortgage Services, a mortgage lender serving the San Antonio, Texas area.

Through its affiliation with First Houston Mortgage, the net branch will receive access to an offshore facility, loan pricing and a proprietary paperless lending platform. First Houston began its affiliated net branch program in 2006 and has since grown to 20 branches with more than 250 employees.

Zaio Launches Propertywise Qualified Appraisal Program
Zaio Corp., Scottsdale, Ariz., launched its Propertywise Qualified Appraisal Program. In the appraisal process, Zaio assigns the order to an independent, pre-screened appraiser. When the appraisal is returned to Zaio, it reviews the appraisal and reconciles the value against automated risk indicators. Once completed, the appraisal is delivered to the broker along with a Propertywise Seal of Approval, which indicates to the broker and to investors that the appraisal was independently ordered and reviewed.

GMAC ResCap, Minneapolis, recently began using Zaio’s Propertywise Qualified Appraisal program for mortgages purchased through their Homecomings Financial wholesale channel. Zaio maintains a database of 140 million property records and continues to verify property data, photos and appraisals throughout the United States. The company currently serves 500 lenders in the U.S. with a range of appraisal and valuation services.

Simplifile, Optical Storage Solutions Integrate eRecording Systems
Simplifile LC, Provo, Utah, and Optical Storage Solutions Inc., Lebanon, Pa., formed an alliance to integrate and cooperatively market Simplifile’s eRecording and OSS’ land record information and imaging management system, Landex.

The companies will integrate their respective eRecording and document imaging and archiving systems, allowing documents electronically filed by Simplifile submitter customers to be received, reviewed, recorded and returned to those same submitters by counties utilizing OSS’ Landex System. The accord also provides for Simplifile and Optical Storage Solutions to cooperatively market the alliance and resulting services to their mutual customers.

Wells Fargo Accepts eLynx and Encomia Services
Wells Fargo Funding, San Francisco approved eLynx's uSign and SwiftSign electronic signature services for use by all of its correspondent lenders. Correspondents will now be able to choose uSign and SwiftSign to incorporate eSign capabilities into their lending operations. eLynx, Cincinnati, Ohio, is a provider of an electronic document communications network for the financial services industry.

Wells Fargo Funding will also begin accepting purchase loans originated using Encomia’s eDisclosures and eSign 1003. Houston-based Encomia’s eDisclosures are designed enable borrowers to review and sign their upfront disclosures and loan applications online. The disclosures and application can be sent electronically to borrowers, enabling lenders and brokers to save document shipping and other costs, verify borrower completion of the documents and ensure compliance with applicable laws in a secure environment.

SearchMyLoan.com Partners with Icon Residential Capital
SearchMyLoan.com, Port Washinton, N.Y., a provider of loan search and pricing services for the mortgage industry, announced an alliance with Icon Residential Capital, Newport Beach, Calif., a wholesale lender. The partnership enables Icon’s loan products to be identified and selected by originators through SML’s search and pricing platform.

MRG Upgrades Miracle Online DocPrep System
MRG Document Technologies, Dallas, a provider of compliance and documentation services for the financial industry, upgraded its Miracle Online document preparation system to meet new compliance requirements in both California and Maine.

In California, MRG now provides a completed document to satisfy the California Department of Corporations' requirement to supply a Nontraditional Lending Disclosure when a loan is considered a nontraditional product. In Maine, Miracle will include a screen for completion of the Maine Reasonable, Net Tangible Benefit Disclosure.

Crescent State Bank Completes First eRecording
Crescent State Bank, Cary, N.C., processed and completed its first Level 3 eRecording in Johnston County, N.C., through the use of Laguna Beach, Calif.-based Settleware Secure Services Inc.’s Secure Signing Solution.

CSB prepared the Satisfaction of Mortgage, routed it internally for manager’s approval, eNotarized the document and submitted it electronically to the Johnston County Register of Deeds where it was e-Recorded and returned to CSB.

PCLender.com Receives SAS 70 Type II Certification
PCLender.com Inc., Honolulu, a web-based software and services provider to mid-sized mortgage bankers and financial institutions, completed a service auditor’s review—an SAS 70 Type II audit—of its InHouse Mortgage and PCApproved applications. The audit, completed in January, was performed by SAS 70 Solutions, Tampa, Fla., an independent auditing firm. Included in the scope of the audit were PCLender.com’s customer service control activities, as well as general controls that support these activities.

SAS 70 is an acronym for the American Institute of Certified Public Accountants Statement on Auditing Standard No. 70, Reports on the Processing of Transactions by Service Organizations. SAS No. 70 defines the professional standards used by a service auditor to assess the internal controls of a service organization and issue a service auditor’s report.

Coastal Federal Credit Union Signs Up for IBM Loan Fulfillment Services
IBM Lender Business Process Services, Armonk, N.Y., will provide private-label mortgage loan fulfillment services to Coastal Federal Credit Union, Raleigh, N.C.

Coastal is a not-for-profit, member-owned, financial cooperative with nearly 172,000 members. IBM LBPS will provide Coastal with a range of lending services including loan application processing, underwriting, customer care, vendor management, document preparation and loan closing coordination.

IBM also opened a new 250-seat lender business process services delivery center in Charlotte, N.C. The operations center will provide outsourcing and processing services for mortgage industry clients.