Residential Briefs

MBA (10/14/2008 ) Palaparty, Vijay
PriceMyLoan Integrates Freddie Mac’s Loan Prospector
PriceMyLoan, Costa Mesa, Calif., released technology that incorporates Freddie Mac's Loan Prospector automated underwriting system. The integration allows originators to obtain decisions from LP from within the PML system.

PML is an automated eligibility and pricing tool that is used by mortgage lenders to provide loan decisions at point of sale. The LP integration provides a method for originators to submit credit report and loan data directly to Loan Prospector system from within PML. LP responses are brought back into PML and are used to generate product and pricing decisions for specific investor loan products.
Home America Mortgage Selects Advantage Systems
Home America Mortgage, Lawrenceville, Ga., a residential mortgage lender that offers financing to consumers throughout the Southeast and in Colorado, selected Accounting for Mortgage Bankers from Advantage Systems, Irvine, Calif.

AMB is an accounting system that was designed for mortgage bankers to provide loan-level detail of accounting transactions. The system provides general ledger, accounts payable and report writing capabilities. A web-based reporting module is also available for branch managers along with a module to calculate commissions, bonuses and overrides.

Salient Business Solutions Establishes U.S. Division
Salient Business Solutions, Gurgaon, India, a provider of business process outsourcing services, created a U.S.–based division, Salient Business Solutions USA Inc., New York. The U.S. division enables Salient to establish a U.S. presence and provide customers with a domestic origination and delivery team, as well as local accountability.

Salient provides BPO services to various vertical markets, including mortgage, healthcare, telecom expense management and financial services. On the mortgage side, Salient provides clients with loan processing services from loan opening to post-close review, as well as processing in reverse and FHA lending. In addition to its vertical market offerings, Salient offers horizontally focused services, including revenue cycle management, data management, finance and accounting, human resources services and information technology services.

Wolters Kluwer Releases Version 2.0 of ComplianceOne, Partners with DPS
Wolters Kluwer Financial Services, Minneapolis, released version 2.0 of ComplianceOne, a technology platform that gives financial institutions ability to manage regulatory and operational risk. Updates to ComplianceOne include integration with Wiz Sentri: RiskID and Secure Document Exchange.

Wolters Kluwer reached agreement with Document Processing Systems Inc., Novi, Mich., to transition DPS’ customers onto its Document Services Platform. DPS provides mortgage lenders and brokers with document preparation services through the company’s DIRECT-DOCS online technology platform. The company announced that it would exit the document preparation services business.

LenderLive Network, Mavent Expand Compliance Validation Services
LenderLive Network Inc., Denver, a business process outsourcing and technology provider for the financial industry, and Mavent Inc., Irvine, Calif., an automated regulatory compliance provider, expanded compliance validation services to all LenderLive clients. Integrating Mavent’s automated compliance into LenderLive’s point-of-sale system and back-office processes is designed to provide LenderLive’s clients with cost efficiencies and risk mitigation.

ValuFinders Survey Finds Varying Appraiser Ordering Processes
More appraisers use technology to fulfill appraisal orders according to a survey conducted by ValuFinders Inc., Culver City, Calif., a provider of valuation services to national lenders, brokers and government agencies. The survey also found limited use of appraisal management companies.

Fifty-eight percent of appraisers said they use e-mail as a primary delivery method of obtaining and delivering appraisal orders and 18 percent use an online service. Forty percent responded that only one-fourth of their clients employ an online ordering system while 32 percent said between one-half and three-fourths of their clients use them;

Fifty-six percent of appraisers surveyed use AMCs for one-fourth or less of their business and 52 percent do not foresee that percentage increasing in the future. Eighty-two percent said they would consider being part of an online network where they could receive appraisal orders.