Residential Briefs

MBA (6/16/2008 ) Palaparty, Vijay
Visionet Expands Indian BPO Operations
Visionet Systems, Cranbury, N.J., has expanded its offshore operations in Bangalore, India to accommodate growth in its business process outsourcing operations. The company reports growth in higher-end knowledge-based services such as high-cost lending auditing, tax searches, title policy production, lien release, loan boarding and repurchase management.

Calyx Integrates Hazard Insurance Category into Point
Calyx Software, San Jose, Calif., a provider of loan marketing, originating and processing software, announced a hazard insurance category in the Calyx Network, connecting users of Calyx Point loan origination software with participating hazard insurance vendors. The hazard insurance category is accessed within Point’s services menu.

Through Calyx Point, a loan officer can generate a hazard insurance quote for the borrower, using tools in the services menu. Borrower data are automatically incorporated from the loan file into the insurance quote form. Once the hazard insurance quote is generated, the borrower can purchase coverage online or over the phone. Since no login is required to access the category, loan officers can streamline the process of generating a hazard insurance quote for their customer.

Mortgage Contracting Services Adopts Outsourcing
Mortgage Contracting Services, Tampa, Fla., a provider of property preservation and inspection services to the mortgage industry, has begun to outsource ancillary activities such as accounting and support functions. Currently, the company is outsourcing 8 percent of the work, citing cost benefits, greater efficiencies, improved turnaround times and additional capital that can be re-deployed on existing or new strategies.

Mortgage Cadence Releases Orchestrator 5.1
Mortgage Cadence Inc., Denver, a provider of enterprise lending products and services for the financial services industry, released Orchestrator 5.1, which incorporates more security controls and fraud detection and updated core ELS functionality.

Orchestrator 5.1 was developed by two internal teams individually focused on the user experience and system security. These teams analyzed industry and technology trends, collected input from the customer base via the Mortgage Cadence Advisory Group and drove development for the new product.

Interthinx FraudGUARD Offers Automated Fraud Insurance
Interthinx, Agoura Hills, Calif., a provider of risk mitigation, fraud detection and regulatory compliance tools for the mortgage industry, established alliances with A-rated insurance carriers to offer insurance to lenders to fight mortgage fraud and misrepresentation. The technology is powered by FraudGUARD and made part of the automated underwriting engine.

The insurance carriers, which have validated FraudGUARD results, will imbed results as part of the underwriting engine. The fraud insurance process is automated by integrating Interthinx FraudGUARD scoring system. As part of the underwriting process, loans are eligible to be insured based on receipt of a “passing” FraudGUARD score.

QuestSoft’s Compliance EAGLE Integrates into Loan Energizer
QuestSoft, Laguna Hills, Calif., a provider of compliance software and geocoding services for lenders, integrated Compliance EAGLE, an automated compliance review system, into Loan Energizer, a loan origination system designed by Management Systems Development Inc., Encino, Calif., that provides underwriting and closing support.

Compliance EAGLE combines components of mortgage lending compliance into one system accessible through Loan Energizer. Compliance EAGLE offers compliance monitoring and reporting with Loan Energizer’s LOS to create a rule set that evaluates loan portfolios for possible compliance violations and automates reporting.

Network Funding Adopts Optimal Blue Technology
Network Funding, Houston, chose product eligibility and pricing engine technology from Optimal Blue, Plano, Texas, developer of a web-based platform that couples decisioning technology with content management for the mortgage industry.

Optimal Blue provides configurable technology along with notification and pending alerts.
When an investor makes changes, Optimal Blue notifies its customers, then removes the investor’s program from the system and puts it in a pending state, sending an e-mail to alert customers of impending changes. Once placed in the pending state, the progress of changes can be monitored by the lender in their web site, which can also be shared with originators in their search results. When updates are completed, new information is automatically made available in the system and an e-mail is sent to the lender notifying of the availability.