Technology News

Avista Outsources Pricing Functionality May 8, 2008

Columbia, S.C.-based LOS Avista Solutions has launched a new service in which the company will act as an outsourcer of product and pricing automation on behalf of small and mid-tier lenders. The service, called Avista's Managed Product Service, releases in-house human resources from having to validate program guidelines across multiple investor lines and rate sheets, the vendor said at the Mortgage Bankers Association's National Secondary Market Conference & Expo in Boston. Avista's AMPS service automates pricing and feeds the information directly into lenders' Avista Agile LOS/Avista Advisor systems for immediate retrieval and use. The vendor can be found on the Web at http://www.avistasolutions.com.

Sollen, Harland Form Alliance May 8, 2008

Sollen Technologies, a Dallas-based pricing vendor, has integrated with loan origination software vendor Harland Financial Solutions, Lake Mary, Fla., to help lenders get a better handle on loan quality. At the Mortgage Bankers Association's National Secondary Market Conference & Expo, Sollen said the alliance allows loan originators using Harland's Interlinq E3 loan origination system to find a product and price that meets the needs of their borrower in seconds. Through the use of XML and Web services, Sollen's pricing engine and E3 will exchange data in real time over the Internet. Sollen's services will be fully integrated with the E3 workflow. The companies can be found on the Web at http://www.sollen.com and http://www.harlandfinancialsolutions.com.

MRG, Lydian Offer Origination Fulfillment May 8, 2008

MRG Document Technologies, Dallas, and Lydian Data Services, Boca Raton, Fla., have formed an alliance to enable lenders to outsource services spanning from origination to post-closing quality control. The alliance enables MRG to extend its Miracle document preparation system to origination fulfillment customers who use Lydian to supplement or replace their own internal processes. At the Mortgage Bankers Association's National Secondary Market Conference & Expo, the companies said users, through a custom interface, have access to MRG's upfront and interim disclosures and closing documentation through Lydian's Loan Exchange Network. The companies can be found on the Web at http://www.mrgdocs.com and http://www.lydian.com.

Lending Co-op Tech Hikes Member Profitability May 8, 2008

St. Louis-headquartered Lenders One Mortgage Cooperative, the largest alliance of mortgage bankers in the United States, has implemented a productivity system for members. The system, dubbed LoanMax, includes functionality such as satisfying continuing education requirements, marketing, and data mining. Lender One described the product at the Mortgage Bankers Association's National Secondary Market Conference & Expo as a system "that will promote a pattern of behavior and a utilization of technology to help loan officers close more loans." Lenders One will train members on the system to ensure maximum results. The technology is aimed at enabling members to better automate customer retention and online continuing education, and stock marketing materials will be provided that will include a celebrity endorsement yet to be announced, MortgageWire has learned. Lenders One can be found online at http://www.lendersone.com.

Pair Automate Pipeline Risk Management May 8, 2008

Optimal Blue, Plano, Texas, has formed a joint limited liability company with Secondary Interactive, Denver, to offer mortgage pipeline risk management. At the Mortgage Bankers Association's National Secondary Market Conference & Expo, the companies touted the partnership as a way of providing bankers secondary-market services such as loan eligibility and pricing, lock desk management, pipeline risk management, and investor relations. They said this marks the first time a vendor has coupled best efforts and mandatory functionality. Historically, lenders have shied away from mandatory functionality because it requires hedging and complex analytics even though it is more profitable overall. This automation will allow more lenders to enter the mandatory world without having to take on the cost of making hedging and other analytic decisions that might make the strategy cost-prohibitive, the companies said. They can be found on the Web at http://www.optimalblue.com and http://www.secondaryinteractive.com.

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