Residential Briefs

MBA (6/27/2008 ) Palaparty, Vijay
Drexel Lending, MSM Lender Select PriceMyLoan Technology
Drexel Lending Group, Ontario, Calif., and MSM Lender, Rancho Cucamonga, Calif., implemented product and pricing technology from PriceMyLoan, Costa Mesa, Calif. PML technology, primarily designed to screen out loan submissions that will not satisfy investor product guidelines, could help create efficiencies for loan originators.

Industry Titan Interthinx Integrates MERS Data
Interthinx Inc., Agoura Hills, Calif., a provider of risk mitigation, mortgage fraud prevention and regulatory compliance tools for the mortgage industry, integrated MERS data into its FraudGUARD scoring system to detect undisclosed properties, reveal investors claiming owner occupancy and to uncover recently closed loans that could indicate a borrower’s intent to commit mortgage fraud.
Atlantic Coast Mortgage Adopts OpenClose Technology
Atlantic Coast Mortgage Group, Fort Lauderdale, Fla., selected web-based mortgage software from OpenClose, West Palm Beach, Fla., for loan processing. OpenClose’s system automates front and back-end operations, including support for underwriting, closing, post-closing, secondary marketing, funding, shipping and reporting. The software also enables Atlantic Coast Mortgage to originate and process loans from any location, including home-based staff.

Freddie Mac, CUNA Alliance Aids Credit Unions
A renewed alliance agreement between the Credit Union National Association and Freddie Mac, McLean, Va., will continue to provide credit unions with technology services, mortgage products and correspondent lending, such as Freddie Mac's borrower outreach initiatives. The alliance provides execution and mortgage product options, learning opportunities and other technology benefits.

Cascade Mortgage Joins First Houston Network
First Houston Mortgage, Houston, a mortgage-banking firm licensed in 20 states, announced that Cascade Mortgage, Vancouver, Wash., a mortgage lending and financial services firm, joined First Houston’s network of affiliated offices.

As an extension of First Houston, Cascade can integrate First Houston’s suite of products, services and technology into its own business practices. Services include a paperless lending platform, in-house underwriting system, electronic signature capability and a paperless file management system. Cascade Mortgage also gains access to First Houston’s offshore operations facility in India for loan processing assistance.