Residential Briefs

MBA (6/30/2008 ) Palaparty, Vijay
EllieMae Releases Encompass Version 3.5
Ellie Mae, Pleasanton, Calif., a provider of software and services for the mortgage industry, released version 3.5 of its standard and professional editions of the Encompass Mortgage Management System.

The system's upgrades aim to simplify data entry, increase system performance and create efficiencies for both brokers and bankers when originating FHA loans.
Virgin Money Acquires Lendia
Virgin Money USA, Cambridge, Mass., acquired the assets of Lendia LLC, Marlborough, Mass., a provider of outsourced products and services for originators of residential mortgages. Lendia's business model is built around Comprehensive Outsource Solutions, a back-office scaleable service.

COS seeks to help customers—including mortgage brokers and originators, banks, credit unions and other real estate professionals—reduce costs, increase profitability and expand capacity. COS is driven by a loan management system, providing real-time, online access to loan status and documents as well as a built-in messaging feature designed to enhance communications.

Radian Expands MI Online Claim Functionality
Radian Guaranty, Philadelphia, the primary mortgage insurance subsidiary of Radian Group Inc., enhanced functionality of its MI Online web-based system for mortgage insurance ordering, servicing and claims submissions.

Designed to streamline the claims process and create an improved online experience, the enhancements now allow clients to view their claims 24/7, review outstanding documentation requirements, access a more detailed explanation of benefits and access real-time information on payment status.

SearchMyLoan Upgrades Loan Pricing, Search Engine
SearchMyLoan.com, Port Washington, N.Y., a provider of loan search and pricing services for the mortgage industry, upgraded its loan pricing and search engine to provide easier navigation and improved accuracy during loan searches.

New features include a welcome screen informing users of enhancements, changes, lender status and general messaging; divided search screens into basic and advanced searching capabilities; and messaging features to assist users in obtaining better results.

iEmergent Releases Demographic Segment Lending
iEmergent, a Des Moines, Iowa-based market research, forecasting and advisory services firm for the financial services, mortgage and real estate industries, introduced demographic mortgage forecast reports that assess lending opportunities and show loan distribution patterns among various homebuyer and loan type segments including ethnicity, race and gender.

iEmergent’s demographics, analytics and segment comparison tools give financial institutions an opportunity to focus their marketing to help communities of homebuyers that are traditionally underserved by the lending community. The reports identify, quantify and compare the size and dynamics of high-potential and profitable demographic segments anywhere in the U.S.

Fiserv Unveils Foreclosure Prevention Technologies
Fiserv Inc., Brookfield, Wis., a provider of information technology services to the financial and insurance industries, released Predictive Risk Index Score Modeling and Home Retention Solutions—technology that enables financial institutions to proactively identify and contact troubled borrowers with customized repayment options.

Fiserv PRISM and Home Retention Solutions focus on helping financial institutions forecast delinquencies, before defaults occur, and provide expanded customer care to proactively offer refinancing and negotiate workable resolutions.

Bank of New England Selects MRG For Document Preparation Services
MRG Document Technologies, Dallas, a provider of compliance and documentation services for the financial industry, announced that Bank of New England, Salem, N.H., selected MRG for its document preparation services.

MRG offers a browser-based system for the preparation and delivery of compliant document packages for mortgage lenders nationwide. It offers customized document packages and delivery options for document packages using e-mail and web site delivery.

LendingTree Selects LoanXEngine for CRM, Loan Pricing Technology
LXE Software Inc., Denver, a software company specializing in lead management, customer relationship management, pricing and point of sale technology for the residential mortgage industry, announced that LendingTree LLC, Charlotte, N.C., an online lending exchange, has selected its LoanXEngine as preferred technology for CRM and automated loan pricing for lenders participating in the LendingTree network.

LoanXEngine manages consumer lead requests and automatically locates fully qualified loans from multiple lender programs. The web-based software also performs lead management and CRM tasks and allows borrowers to watch rates and be notified when a specific interest rate becomes available.

Credit Unions Adopt StreamLend Velocity
IA Systems, Albany, N.Y., an Open Solutions business unit and a provider of lending software and services to financial institutions, announced that Unitus Community Credit Union, Portland, Ore., Gesa Credit Union, Richland, Wash., and Kitsap Credit Union, Bremerton, Wash., have selected its StreamLend Velocity loan origination system.

Open Solutions is a provider of integrated enabling technologies for financial services providers. StreamLend Velocity is a paperless, web-based loan origination system that provides credit and loan decisioning, integrates sales channels and manages risk for financial institutions.

Senior Lending Network Introduces Reverse Loan Products to New York
Senior Lending Network, Melville, N.Y., made its Equity Plus Advantage and Simple60 proprietary products available in New York. Equity Plus Advantage is Senior Lending Network’s jumbo reverse mortgage product, while Simple60 enables seniors age 60 to 62 to obtain a reverse mortgage. Senior Lending Network is also accepting applications for its Equity Plus Advantage product for senior citizens age 60 and older in New York markets.

Equity Plus Advantage enables seniors with higher home values to access larger amounts of their home equity than with traditional reverse mortgage loans. Senior Lending Network’s Simple60 is a reverse mortgage for seniors who are younger than the Home Equity Conversion Mortgage age requirement. Simple60 also allows seniors over the age of 62 to borrow a smaller amount of money with lower closing costs and reduced fees.