A continuing consolidation trend coupled with an influx of strong new players makes this year's Top 100 Mortgage Technology Vendors list look very different from the previous lineup.
Absent this year are some familiar names, most notably Framework, which went out of business in December of last year when it was unable to scale its product to deal with the needs of parent Bank of America. In a final effort to remain alive, Framework tried to market an out-of- the-box solution to smaller lenders but was unable to capture market interest. Disappearing from the scene along with Framework was Financial ServiceSolutions LLC, a companion fulfillment platform created by B of A in partnership with Fidelity National Financial Inc.
WellFound Decade Corp. stands out among recent mergers, bringing together two companies already on our list. Fair Isaac's acquisition of London Bridge creates another entity we will be watching with considerable interest. MortgageHub returns to our list following a quiet period when the company was absorbed in taking care of existing clients.
Our four major criteria for inclusion of eligible vendors on the Mortgage Technology Top 100 list are customer satisfaction, functionality, market share and a viable revenue model. It is crucial that the vendors on our list have satisfied users and show the ability to hold them by keeping those customers apace of the technology deployed by competing lenders. Demonstrating functional value to lenders is our most important criterion.
Below are our 2005 picks for the Top 100 mortgage technology vendors. If you think your company should be on our list, let us know by e-mailing our managing editor, Tony Garritano: Anthony.Garritano
Advectis Inc. www.advectis.com
Alpharetta, Ga.-based Advectis Inc., provides paperless origination, underwriting and archiving solutions for mortgage brokers and lenders. The company's flagship product, BlitzDocs usually is provided as a hosted, on-demand solution and boasts easy implementation and almost no training to use. Its collaborative electronic loan folder mirrors the paper loan folder. Users include Allied Home Mortgage Capital Corp., BankSource Mortgage, NoRedTape.com, and others.
Founded in 2000
a la mode inc. www.alamode.com
Oklahoma City-based a la mode inc. produces electronic document and transaction management software. Over 50% of the nation's real estate appraisers use its WinTotal report production product. Its XSites Network provides LOS integration, nationwide coverage, automated status messaging, pre-delivery underwriting-guideline checks, PDF/XML reports, and HMDA reporting. Its transaction-capable Mortgage XSites are enjoying growing popularity with brokers and loan officers.
Founded in 1985
Appraisal.com www.appraisal.com
Appraisal.com, Buffalo, N.Y., is a provider of real estate appraisal software and Internet-based infrastructure for appraisers and appraisal users. Through the Appraisal.com Nationwide Appraisal Network, and the company's Day One desktop appraisal software, Appraisal.com provides the mortgage and appraisal communities with an end-to-end solution for collateral management and the creation, delivery and use of appraisals via the Internet. The company's VendorRanker technology provides lenders with a streamlined list of appraisers based on lender preference.
Founded in 1997
ARC Systems www.arcsystems.com
Austin, Texas-based ARC Systems, the first company to automate underwriting for the nonprime market, offers the LendTech automated underwriting and decisioning engine as an the Internet-based system being used by a wide variety of lenders for all kinds of loans. For the midtier market, ARC Systems' LoanFinder Express offers lenders the ability to compare over a hundred product and pricing options in less than 10 seconds. It shows which investors' loans can be matched with other investors' and calculates the CLTV for a proposed set of loans.
Founded in 1984
Archive Systems www.archivesystems.com
Archive, a document process outsourcer, offers Archive DPO as a plug-and-play turnkey solution for both paper and electronic records. Archive DPO is offered as a hosted on-demand "source-to-shred" service encompassing Web-based document imaging, document conversion services, workflow automation and off-site hard copy records storage. The system enables documents to be immediately available anywhere and anytime in a securely managed environment, backed-up with redundant, off-site processing and storage.
Founded in 1991
Associated Software Consultants Inc. www.asconline.com
Middleburg Hts., Ohio-based ASC has been specializing in mortgage automation since 1978. ASC offers its Java-based PowerLender loan processing system as a highly-flexible LOS that can be customized without programming and can operate in any environment, including Windows and Linux. Its PowerSeller secondary marketing and risk- management system includes post-closing and data management components and can be used with various databases.
Founded in 1978
C&S Marketing www.csmarketing.net
Offering automated loan-pool analysis technology and other risk- assessment services, Sacramento, Calif.-based C&S Marketing focuses on financial loss prevention. The company boasts handling fraud detection and other functions for more than 55,000 loan transactions per day, equaling 35% of all loans in the nation, catching fraud before it reaches the automation stage. The company recently released an enhanced version of its fraud detection software, HistoryPro.
Founded in 1998
Calyx Software www.calyxsoftware.com
With some 66% of the market for mortgage point-of-sale systems used by originators, San Jose, Calif.-based Calyx Point features open architecture that enables it to partner well with pricing engines and transaction-management systems. The Point Data Server allows loan files to be stored in a central database. The Calyx WebCaster enables clients to log on, submit loan applications and review loan status 24/7.
Founded in 1991
Clear Capital www.clearcapital.com
Formerly known as BPO Tracker, Truckee, Calif.-based Clear Capital, boasts internal systems that expedite many of the timely and error-prone tasks that plague BPO orders. Typos and timely data entry are eliminated by importing and exporting BPO data directly between BPO's systems and BPO's customers' systems. Online broker tools eliminate faxes and perform data validation when the BPO is being completed. The BTOG database has several levels of screened, Web-savvy brokers nationwide.
Founded in 2002
Click1003.com www.click1003.com
Serving brokers and smaller lenders, Click1003.com offers an online loan application with a host of features and over 80 help files, automatic error-checking, one-click editing, and a color-coded navigation. The system displays a completed, printable 1003 that can be imported into an LOS system. A Spanish version is also available.
Founded in 1999
CBC Companies www.cbc-companies.com
Columbus, Ohio-based CBC provides risk management, software, collaborative commerce tools and other services to more than 50,000 customers nationwide. In March 2005 CBC's Byte Mortgage Software released BytePro as its next-generation LOS system. The firm's Automated Credit Application Processing System (ACAPS 12i) is a browser-based system that handles credit operations in connection with a variety of loan products. CBC also offers flood determination and various screening services.
Founded in 1948
Cogent Economics www.cogentqc.com
The integrated suite of five multi-user tools comprising award- winning CogentQC Systems are used to guide the QC reviews of over $750 billion in annual mortgage originations and over 4 million servicing records. Cogent's client list includes over 70 of the top banks, thrifts and mortgage companies in the nation. The integrated suite of CogentQC Systems included quality control for loan origination, servicing, compliance, pre-funding and loan-pool due diligence.
Commerce Velocity www.cvelocity.com
Irvine, Calif.-based Commerce Velocity is a best-of-breed business automation solutions provider that offers a modularized Web-based decisioning suite to the mortgage and consumer lender. CV's decisioning engines specialize in automating the nonprime and nonconforming lending workflow at the point-of-sale from intelligent lead distribution and management, pricing and pre-qualification, application processing, credit management, automated underwriting to fulfillment.
Founded in 1999
ComplianceEase www.complianceease.com
ComplianceEase was founded as a division of San Francisco-based LogicEase Solutions Inc. The company offers its PredatorAnalyzer AssureCert, as "the industry's first fully-warranted automated compliance solution" to allow originators to comply with high-cost and anti-predatory lending legislation and protect against violations. The company combines that offering with its flagship PredatorAnalyzer automated compliance system, which analyzes loans for all aspects of compliance.
Founded in 2000
CreditXpert www.creditxpert.com
Towson, Maryland-based CreditXpert Inc. offers personalized credit- management tools to help consumers understand, manage, and improve their credit, enabling mortgage lenders like E-Loan to address borrowers' credit questions beyond merely supplying credit reports and scores. Credit-reporting firm CBC Companies, with 50,000 customers nationwide, recently selected CreditXpert's credit management tools and content for its credit reporting services.
Founded in 2001
Data-Vision www.d-vision.com
Mishawaka, Ind.-based Data-Vision Inc. offers LoanQuoter.com, a template website design service and RemoteDocs.com, an Internet-based system that lets borrowers receive disclosures, enables brokers to submit loans, and enables distribution of all other documents between parties. RemoteDocs lets lenders employ electronic document transfer via automated interface components, on an ASP basis and via XML integration with loan origination systems.
Founded in 1993
Data Warehouse Corp. www.dwcleads.com
Boca Raton, Fla.-based Data Warehouse offers direct-marketing, lead- generation services. Boasting the largest open mortgage lead database in the nation, the company has some 52 million unique household records covering 800 counties nationwide. The company leverages its relationship with Equifax to offer real-time, credit-qualified leads for subprime, conventional, government and high-LTV lending.
Founded in 1997
Desert Document Services www.desertdocs.com
Tempe, Ariz.-based Desert Document Services Inc. has provided document software technology to the mortgage industry since 1983. Its family of services include BrokerDocs for third-party originators who want to draw docs via the Web, DesertDocs on the Web for lenders, DesertDocsTeam outsourcing service, and the DesertDocsASP automated enterprise solution for lenders that require customization.
Founded in 1983
Dexma www.dexma.com
Billing itself as the "Next Wave Of Mortgage Lending," Minneapolis- based Dexma boasts that its Transaction Director handled $209 billion in mortgage-loan originations during 2004 for such clients as First Horizon and E-Trade. Dexma builds strategic partnerships with leaders in key market segments and develops business solutions combining Web-based technology and mortgage services. Prime Alliance, Dexma's partnership with Boeing Employees' Credit Union, now claims 40% of the credit union market and Prime Alliance Services offers SOA and favorable pricing on mortgage services.
Founded in 1995
Document Systems Inc. www.docmagic.com
Carson, Calif.-based Document Systems Inc offers its flagship loan document production system, DocMagic as a Windows-based system that allows the processor to locate and correct errors before printing documents and enables remote document printing through the Internet or via fax. DSI calls itself the first to develop a mortgage customer contact management system, LoanMagic, specifically designed to meet the needs of loan officers.
Founded in 1988
DocuTech Corp. www.docutechcorp.com
Idaho Falls, Idaho, DocuTech, with over 1,500 mortgage clients, provides compliance services and documentation technology that interfaces with a lender's LOS system on an in-house or hosted Web basis. The company's Web-based ConformX system works behind the LOS to create traditional upfront and closing documents as well as MISMO- compliant SMART Docs. Its LenderAdvocate.com website was launched in 2004 as a one-stop compliance resource.
Founded in 1991
DOCX www.docx.com
Alpharetta, Ga.-based DOCX is a pioneer in lien release and assignment outsourcing services. Its flagship products are its national county Recorder Information Database document templates and decision engines. A new and more powerful RID for Servicers offers lenders real time access to over 3,780+ recording jurisdiction fees and requirements. The Web-based version, updated daily, automatically calculates correct recording fees.
Founded in 1993
Dorado www.dorado.com
In March San Mateo, Calif.-based Dorado Corp. launched its Enterprise Lending System (ELS) as the mortgage industry's "first lending solution and service platform that enables unification of all loan channels, products, services, personnel, customers, and fulfillment partners through a single point of sale." ELS encompasses and integrates all Dorado product components, including ChannelMaster, PriceMaster, SourceMaster, .MOR and third-party services to reduce costs and shorten cycle times.
Founded in 1998
Dynatek www.dynatek.com
Dynatek, Livonia, Mich., offers its MORvision as a complete loan origination system that automates everything from point-of-sale and Web origination through processing, underwriting, closing, secondary tracking and delivery. MORvision supports government, conventional and subprime lending, as well as multiple business channels. In December 2004 Dynatek celebrated its 1 millionth transaction using the award- winning MORvision Plug-In Partner Network.
Founded in 1986
Ellie Mae www.elliemae.com
Dublin, Calif.-based Ellie Mae Inc. provides Internet and software solutions for mortgage originators. The company owns Contour's The Loan Handler and Genesis2000 and offers brokers a host of origination services via its ePASS B2B e-commerce platform. The ePASS Gateway now enables integrating services offered through ePASS as Web services. The company offers Encompass as a mortgage processing and management system that automates the loan origination process.
Founded in 1999
eLynx www.elynx.com
Cincinnati-base eLynx Ltd. has offered its secure WPS (Web Posting Service) since 1999 as a system that interfaces with any existing enterprise system to deliver data and documents securely on the Web. Its uSign electronic delivery and approval service allows immediate approval of loan application and disclosure documents.
Founded in 1994
eMagic www.emagic.com eMagic is a Web-based transactional platform created in 2000 by Milwaukee-based MGIC. eMagic's Direct Connections provide the ability to create a completely segregated version of the eMagic application. eMagic hosts single-lender, private-label websites (Direct Connection). Rate Lock Express is eMagic's turnkey pricing and registration system. The Trio system on the eMagic-hosted Direct Connections site automatically gathers online loan documents and creates a shared loan folder.
Founded in 2000
Emergis Inc. www.emergis.com
Emergis eMortgage Solutions, formerly BCE Emergis, offers a set of Web-based services for paperless loan fulfilment, closing and storage to connect business partners in real-time and allows them to perform, manage and track loan processing functions using the same electronic loan file. Fiserv Lending Solutions selected the Emergis Vendor Services Exchange as a private-label component in delivering its new Electronic Partner Connection for ordering and delivery of Fiserv mortgage-related products and services.
Entyre Doc Prep www.entyre.com
Founded in 1987 and acquired by a private investment team headed by Richard Beedon and Chris Eagle, Ann Arbor, Mich.-based Entyre offers broker solutions as well as lender solutions. The company's Web services-based enterprise document-closing system, targeting tier one and tier two lenders, is called eMortgage-X4. Sample X4 packages and white papers are available on the website.
Founded in 1987
Equifax www.equifax.com
Equifax, Atlanta, provides information management, marketing services, direct-to-consumer, commercial and authentication businesses. The company serves customers in the financial services and a number of other industries. Equifax partners with Fair Isaac to operate the myfico.com website, which provides personalized credit information to consumers. It recently introduced a new mortgage score.
Founded 1900, entered fraud market in 2001
Experian www.experian.com
Experian, Costa Mesa, Calif., combines decision-making software and systems with comprehensive databases of information on consumers, businesses, motor vehicles and property. Through its Web-based products and services, Experian enables its clients to conduct secure and profitable e-business and develop CRM systems. The company partners with list brokerage MeritDirect to offer Experian's b2bBase cooperative database solution.
Founded 1974
experITy www.experity.com
Columbia, S.C.-based experITy offers Web-based technology solutions to mortgage lenders of all sizes, particularly solutions that compliment back-end, enterprise systems including origination and servicing. The company offers both complete systems and plug-in modules for e-lending, post closing document tracking, commission management and channel risk management.
Founded in 1997
Fair Isaac Corp. www.fairisaac.com
In 2004 London Bridge Group merged with Minneapolis-based Fair Isaac, which brought together a mix of technologies, services and products for the mortgage banking industry. Fair Isaac now offers a solution set for the mortgage industry that can deliver analytics-driven decision strategies across the entire mortgage customer lifecycle, but can also provide the software and network platform that processes and delivers these decisions. Fair Isaac has now also launched a private- label AU offering targeted for the mid-tier lender and alternative credit scoring for underserved markets.
FICS www.loanware.com
Headquartered in Dallas, Texas, Financial Industry Computer Systems, Inc. (FICS) specializes in providing flexible, comprehensive residential and commercial technology solutions to the mortgage industry. FICS boasts incorporating innovative imaging and Web-based capabilities into its LoanWare suite of products. FICS's 32-bit client/server application supports ODBC relational databases, giving Microsoft Word, Excel and other ODBC compliant systems access to mortgage loan data.
Founded in 1983
Fidelity National Financial Inc. www.fnf.com
Jacksonville, Fla.-based Fidelity National Financial is one of the world's largest providers of information-based technology solutions and processing services to financial institutions and the mortgage and financial services industries. Its lender-related technology and service offerings include loan origination, valuation and appraisal, processing, quality control and servicing. Its Fidelity Information Services subsidiary has processing and technology relationships with 46 of the top 50 U. S. banks and processes nearly 50% of all U. S. residential mortgages, with balances exceeding $3 trillion.
FileNet www.filenet.com
FileNet, Costa Mesa, Calif. offers the P8 enterprise content management (ECM) platform. FileNet P8 is an integrated framework designed to leverage content management, business process management and enterprise application connectivity capabilities to speed critical business decision making. Recently, Pyramid Solutions used the platform to create a new LOS for the mortgage industry.
Founded in 1982
First American Companies www.firstam.com
The various business units of Santa Ana, Calif.-based First American reach into every corner of mortgage technology. In 1991 its tax, credit and flood companies were merged into a new subsidiary, First American Real Estate Information Services Inc., and now includes database products and services, automated title plants, document imaging, appraisals, and software for mortgage brokers. First American boasts being the largest collector and provider of real estate information in the nation.
Fiserv www.fiserv.com
Fiserv Inc. Brookfield, Wis., provides Windows-based client-server loan origination systems to handle loans from traditional and e-commerce channels. Its Internet origination solution allows borrowers to apply for a loan online. The easyLENDER and Unifi LOS systems automate every phase of loan origination and processing, including point-of-sale, application processing, credit approval, document tracking, automated underwriting, closing, and servicing upload. The company's MortgageServ servicing system provides immediate transaction updates, task tracking, work queuing, and a value-added, private-label subservicing functionality. Fiserv recently acquired Del Mar Database.
Founded in 1984
FNC Inc. www.fncinc.com
Oxford, Miss.-based FNC offers its Collateral Management System (CMS) to automate and streamline the collateral fulfillment process with real-time collaboration and simultaneous processing. FNC's Collateral Services Portals (AppraisalPort, TitlePort, FloodPort, and InspectionPort) provide secure worksites for vendors to manage and fulfill service orders. The system is used by a host loan originators, servicers and appraisal management firms.
Founded in 1999
Gallagher Financial Systems www.gogallagher.com
Coral Gables, Fla.-based Gallagher offers Millennium, which features embedded modules for standard mortgage scenarios and multichannel lending. Gallagher's NetOxygen adds Internet-based functionality to Millenium. The system offers to allow data to update dynamically, using a standard set of XML controls, client-side JavaScript libraries, a SOAP listener, a Session Manager and a Data Manager.
Founded in 1985
GHR Systems www.ghrsystems.com
GHR Systems Inc., Wayne, Pa., pioneered product and pricing technology for lenders. The GHR entelligence suite includes software offering to automate virtually every step of the loan origination process, including laptop, website and call center systems, plus a comprehensive data services network. In March 2005 GHR announced release of its workflow system as a stand-alone product.
Guardian Mortgage Documents www.gmd.com
Guardian Mortgage Documents, Lakewood, Colo., provides document preparation, automated management workflow and customized outsource solutions to lenders. Guardian's Web-based TMS product (Transaction Management System) is a centralized and paperless value chain portal that uploads data from LOS systems and coordinates loan activity for all participants in a transaction, letting them view, manage and/or participate in loan activities from any location.
Founded in 1987
Harland/Interlinq www.harlandfinancialsolutions.com
Atlanta-based Harland Financial Solutions offers technology to over 6,000 financial institutions. In March 2004 Harland announced release of the long-awaited INTERLINQ E3 loan production platform to succeed MortgageWare. The E3 Web-based platform features integrated business process management (BPM) and connectivity across the mortgage supply chain.
Founded in 1923
Hyland Software www.onbase.com
Westlake, Ohio-based Hyland offers OnBase for Mortgage Lending as an enterprise content management software system that combines integrated document management, business process management and records management in a single application. The system captures, stores, routes, and retrieves loan documents of all kinds in a single repository. Documents may be accessed through the OnBase client or through a Web-based "thin client" user interface.
Founded in 1991
ILOG www.ilog.com
ILOG, Mountain View, Calif., is a worldwide provider of business- rule logic. ILOG's JRules is widely used by leading financial institutions and insurance companies to enable STP, a major financial services industry initiative enabling automation and management of business processes and decisions in real-time beyond simply updating rules. ILOG BRMS, policies and practices are expressed as English-syntax business rules instead of computer code. ILOG's latest version includes .NET support.
Founded in 1987
Integra Software Solutions www.integra-online.com
At a price ranging from $65,000 and up, Integra Software Systems, Franklin, Tennessee, provides its Destiny LOS software as the next step up for mortgage lenders needing a comprehensive system to handle loan volume through post-closing operations and secondary marketing. It's WebAgent feature offers seamless integration and exchange of information between the Web-server and back-office systems. Integra also offers a risk-based-pricing engine.
Founded in 1996
ISO Mortgage Analytics www.iso.com
Parent company ISO acquired fraud prevention vendors Sysdome and AppIntelligence to form one company called ISO Mortgage Analytics. Kevin Coop - president of what was Sysdome - now heads the newly-formed entity. The product offerings of both companies will continue to be supported under the new brand to form a company that offers tools to detect several types of mortgage fraud including data integrity, early payment defaults, broker fraud and predatory issues.
Founded in 2005
Kroll Factual Data www.factualdata.com
Factual Data, Loveland, Colo. is a wholly-owned subsidiary of Kroll Inc., which calls itself the world's leading independent risk consulting company, and is now called Kroll Factual Data. The company operates as a unit of Kroll's Background Screening Group. In this past year KFD has acquired National Flood Research Inc., a national provider of disclosure products to the mortgage, real estate and insurance industry. Headquartered in Boulder, Colo., with a staff of 47, NFR specialized in flood hazard disclosures. KFD also spearheaded the effort that led to the formation of an Anti-Fraud Workgroup within MISMO.
Founded in 2001
LendingTree www.lendingtree.com
Charlotte, N.C.-based LendingTree Inc. matches borrowers with more than 160 banks and other lenders offering home mortgages, credit cards and other loans. In addition, it offers its Lend-X exchange technology to banks, credit unions and other lenders on a private-label basis. The company took an interesting turn this year when it acquired HomeLoanCenter, an online lender that used to operate on its platform. That acquisition in effect makes LendingTree itself an online lender, which may portend a significant shift in the company's business model.
Founded in 1996
Mavent www.mavent.com
Irvine, Calif.-based Mavent is a compliance specialist that first rolled out its 2comply product in 1999. 2comply 2.0 was developed and populated with an exhaustive legal knowledgebase. The 2Comply database includes more than 100,000 compliance decision data points. In the past year the company has signed Homestar Mortgage Services, GreenPoint and National City to its service. Mavent has also integrated with four other vendors on our Top 100 list - ARC Systems, Entyre, Desert Document Services and Guardian Mortgage Documents.
Founded in 1995
Meridianlink www.meridianlink.com
Fountain Valley, Calif.-based MeridianLink Inc. produces Mortgage Credit Link and CreditAPI, a tool for requesting credit data that enables retrieval of up to three merged credit reports in under 15 seconds. XML-based Mortgage Credit Link interfaces with such LOS systems as Contour, Eastern, FICS, Integra and Sound Software. The company introduced features within MCL to support additional ancillary settlement service products, digital signatures and the Settlement Services Worksheet, a method of marketing bundled mortgage service products.
Founded in 2001
Midland Loan Services Inc. www.midlandls.com
Midland Loan Services Inc. is a third-party provider of servicing and technology solutions for the commercial real estate finance industry. Midland's Enterprise! is a technology platform developed to manage the entire commercial mortgage life cycle, fully integrating loan origination, securitization, servicing and portfolio management. Electronic loan file architecture is designed into the browser-based system offering access to data, images and reports.
Founded in 1991
MindBox www.mindbox.com
Greenbrae, Calif.-based MindBox LLC, is a technology company that automates mortgage cycle processes by creating decisioning systems using rule- and case-based reasoning. In the past year the company has enhanced its Power Editor - a multi-level editing application that allows the user to modify or update automated business policies - to include template editing capabilities, the inclusion of multiple domain files, and the posting of conditional messages.
Founded in 2000
Mortgagebot.com www.mortgagebot.com
Cedarburg, Wisc.-based Mortgagebot.com offers transaction-capable retail mortgage websites to banks, credit unions and other lenders. An award-winning consumer interface with advanced functionality, quick time-to-market, private branding, and full compliance with E-SIGN legislation and other regulations make the company's offering impressive. This year the company expanded its product functionality by partnering with HomeSold Inc., a provider of one-stop real estate assistance programs. The new offering pairs HomeSold's network of real estate agents with a loan pre-approval provided through Mortgagebot's PowerSite solution.
Founded in 1998
Mortgage Builder Software Inc. www.mortgagebuilder.com
Southfield, Mich.-based Mortgage Builder offers a system that handles wholesale and retail production for loans of all types. Built in a 32-bit environment with a three-dimensional database from Informix Software, Mortgage Builder allows the user to have one complete integrated system. The company is now committed to XML and MISMO interfaces having upgraded its DU interface with LP and a system-wide change to come throughout the year.
Founded in 1999
Mortgage Cadence www.mortgagecadence.com
Mortgage Cadence, Denver, Colo., split from 3T Systems Inc. - the company that used to sell the Mortgage Cadence LOS - to form a separate company. Mortgage Cadence offers an Internet-based suite of automated mortgage services within a single, unified system that includes streamlined, logical document tracking and advanced workflow. The system also enables real-time tracking of borrowers from origination through funding. Starting this year the company expects to form alliance partnerships with consulting firms to offer specialized plug ins to the core product. The company also plans to introduce a pictorial user interface in the second half of the year.
Founded in 1996
MortgageFlex www.mortgageflex.com
MortgageFlex Systems, Inc., Jacksonville, Fla., provides software and systems solutions to the lending industry after originally offering consulting services. In January of 1986, MortgageFlex began actively marketing software to the lending industry, and now lays claim to $2 trillion in mortgages originated with its LoanQuest and other products. In March 2004 Guardian Mortgage Documents announced an alliance with MortgageFlex to offer lenders greater customization.
Founded in 1980
MortgageHub www.mortgagehub.com
MortgageHub, which bills itself as the #1 provider of Web services to the mortgage industry, recently emerged from a period of under-the- radar concentration on serving its existing customers. The company's marquee offering is its Web Services Platform, which allows a lender to dynamically "plug in" services as they need. Its new HubDesigner tool allows business personnel to "assemble" and deploy new systems on their own, in real-time. MortgageHub says its platform will replace today's LOS system.
Founded in 1999
MortgageRamp www.mortgageramp.com
Charlotte, N.C.-based MortgageRamp provides outsourced technology solutions for the commercial real estate industry. Its products include DealCentral, a Web-based technology platform that integrates the entire process of originating, packaging, underwriting, pipeline management and reporting, closing and delivering commercial mortgage loans; MultiTrak, for underwriting multi-family loans; and FastTrak, which expedites access to the most commonly used inspection and appraisal services. MortgageRamp created its technology services division (MTS) in May 2002.
Founded in 2000
Mortgage Software Solutions www.mortgagesoftware.to
Mortgage Software Solutions is a provider of loan origination systems for community banks, credit unions and other mortgage lenders. Its marquee product, The Mortgage Solution, is billed as a comprehensive, affordable and easy-to-use tool with "mortgage ergonomics" to improve loan origination, tracking, and closing.
Founded in 1988
Myers Internet Inc. www.myersinternet.com
San Jose, Calif.-based Myers provides website design and hosting, marketing support and lead generation to third-party originators. Myers also provides connectivity for net branches, wholesale networks and other originator networks. The company sold some of its non-mortgage related brands this year to CarsDirect. In addition, Myers has launched Interest-Only rate search functionality on its multi-lender platform.
Founded in 1995
Nexstar www.nexstar.com
Nexstar Financial at this writing was about to be acquired by MBNA Corp. MBNA will break its link with Countrywide as a result of the deal. Countrywide was producing an estimated $60 million a month in loans on a private-label basis for the company. Under the terms of the agreement MBNA takes over Nexstar's assets and management team, which it will market on a private-label basis to its 5,000 affinity partners.
NISYS Inc. www.nisys.com
Indianapolis, Ind.-based NISYS offers its Lifecycle Management Suite as two distinct products, LMS lending platform and LMS post-closing application. The lending platform is offered as a configurable system to automate manual gaps in existing loan processes. The post-closing piece automates the review of a closed loan. NISYS offers to integrate a lender's existing systems with scalable standard and open technologies to support future expansion.
Founded in 1997
ObjectBuilders www.objectbuilders.com
King of Prissia, Pa.-based ObjectBuilders offers LiveSolutions and LiveApp Player. LiveSolutions are packaged business solutions designed to automate reconciliation, salary management, incentive management, partner settlement, licensing and permitting. LiveApp Player allows organizations to assemble and deploy custom business solutions. The company also uses a patented approach called Manufactured Component Software to allow the business user to configure the software without the need for coding of any kind.
Ocwen Technology Xchange www.otx.com
The technology arm of Ocwen Financial Corp., West Palm Beach, Fla.-
based OTX offers a modular servicing system for both commercial and residential mortgage lending and has been an innovator in leveraging offshore resources. This year the company rolled out Vendor Assurance, a Web-based vendor management tool. Vendor Assurance is used in conjunction with REALTrans, Ocwen's Web-based transaction management portal that automates ordering, tracking and fulfilling real estate products and services. The company also offers REALResolution, a system designed for use by prime and subprime mortgage loan servicers.
Founded in 1997
Online Documents www.onlinedocument.com
Concord, Calif.-based Online Documents Inc. is a subsidiary of Stewart Information Services that has introduced its virtual eHUD product this year, which will enable lenders to work with closing agents, assuring Truth-In-Lending and other documents conform to fee changes made at the time of closing. Online's eHUD can also be linked with third-party compliance providers to assure fee changes at closing do not result in high-cost or predatory loans. The company also introduced a cooperative service enabling mutual customers to automatically order flood zone determinations concurrently with initial disclosure packages.
Founded in 1988
Palisades Technology Partners www.ptpusa.com
Palisades Technology Partners, Englewood Cliffs, N.J., provided the technology underpinnings for Ditech.com. In March 2004 PTP announced that Wachovia Mortgage has selected Palisades' Impact Mortgage Services Suite for its new browser-based LOS system, built on an n-tier platform with reusable components that can be shared across a variety of channels. Though Palisades has largely operated under the radar until now, its principals claim has been that it has 20 years of experience building advanced systems.
Founded in 1999
PaperClip Software Inc. www.paperclip.com
PaperClip Software, Hackensack, N.J., develops and markets software products that organize, manage and communicate documents, images and workflow for the mortgage industry. PaperClip has a customer base that includes small and mid-size organizations as well as multi-nationals. PaperClip markets its products through an international network of authorized PaperClip resellers. The company recently partnered with WellFound Decade to enable electronic delivery of both data and documents to Countrywide.
Founded in 1991
PCi Corporation (PCi) www.pciwiz.com
Boston, Mass.-based PCi provides risk management and compliance solutions to more than 90 of the top 100 lenders in the U.S. market, and over 1,000 community banks. The company updated its Home Mortgage Disclosure Act product to include remote access and correction of HMDA data via the Internet. The system gives institutions an automated method to confirm data in the loan file is actually what is in the system.
Founded in 1994
Pipeline Solutions www.pipesoft.com
Pipeline Solutions began as a contract programming operation and now provides technology solutions for loan origination and processing. The company offers Pipeline Loan Officer, a point-of-sale solution; Pipeline Loan Processor, which includes the features of Loan Officer plus loan submission, underwriting, tracking and reporting; and Pipeline Loan Closer, a closing document preparation system. This year the company released version 5.45.06 of the product, which includes IRS 4506, VA Loan Summary, FHA "Get a Home Inspection" notice and other improvements.
Founded in 1987
Portellus www.portellus.com
Portellus, Irvine, Calif., develops technology for both origination and automated underwriting. At the point of first borrower contact, Portellus Lending searches all of the available loan products, determines best-fit prices with conditions, and includes detailed program maximums for which the borrower is approved. Portellus' Lending Debt Management application determines a customer's unique credit situation before submission to the underwriting process. Portellus also offers a Lending Pricing Engine, Lending Compliance Engine and Lending Best Execution Engine to complete its mortgage offering.
Founded in 2001
QRM www.qrm.com
Chicago-based Quantitative Risk Management has a client list including 31 of the top 50 and eight of the top 10 US banks. The company says it provides services that affect over 55% of the mortgages originated in the U.S. The QRM Mortgage Banking System is a secondary marketing solution that allows users to manage interest rate risk. The system allows mortgage bankers to apply option theory to pipeline hedging under a variety of market scenarios.
Founded in 1987
Questsoft www.questsoft.com
Questsoft, Laguna Hills, Calif., offers compliance services, real property geocoding and HMDA Relief. The company was one of the first to offer 2000 U.S. Bureau of Census data. The company makes geocoding available for as few as 10 or up to 10 million records. Using proprietary rule sets to identify regulatory exceptions, QuestSoft's new Compliance EAGLE product offers end-to-end, fully automated compliance review that integrates with leading LOS systems to eliminate the need for rekeying to keep compliant.
Founded in 1987
Rapid Reporting www.rapidreporting.com
Rapid Reporting, Ft. Worth, Texas, offers an identity fraud check tool called Identity Verification System, which includes three components, SSA, Death Master and OFAC Check products. SSA Check offers a match/no match of the authorized social security numbers to the SSA database. Death Master Check provides access to the SSA Death Master List. OFAC Check sends back a match or no match result on the list of known terrorists or terrorist groups as provided by the Office of Foreign Assets Control. The company also distributes its Income Verification System designed to eliminate applicants with less than accurate financial information.
Founded in 1998
S1 Corp. www.s1.com
A provider of e-finance solutions for credit unions, Atlanta-based S1 provides a suite of products based on its Open eFinance Architecture. As an n-tier, component-based architecture, the framework uses common industry standards to integrate third-party solutions and existing systems. S1's Enterprise software solutions deliver a transactionable, customer-centric view across all delivery channels. The company has acquired U.K.-based Mosaic Software Holdings Limited, a global provider of solutions that drive ATMs and electronic payments.
Founded in 1996
Sharper Lending LLC www.sharperlending.com
In February 2004 Spokane, Wash.-based Synergistic Software renamed itself SharperLending to align itself with its Web-based platform, which traces its beginning back to 1989, with the automation of the mortgage credit process. The company now bills its platform as the leading independent purveyor of bundled services. SharperLending has over 100 value-added resellers serving some 17,000 customers.
Founded in 1989
Silanis www.silanis.com
With over 1,000 customers worldwide, McLean, Va.-based Silanis specializes in business approval processes. Significantly involved in the MISMO effort, Silanis also supports the MERS eNote Registry. Lenders are able to register mortgage notes with the MERS eNote Registry using the Silanis ApproveIt Transferable Records Manager, which also can be used to manage mortgage notes throughout their lifecycle with the product's eVaulting functions.
Founded in 1994
SourceCorp www.srcp.com
SourceCorp's applications for the mortgage industry include technology to support loan origination and servicing, improvements to loan document processes and Web access at any point in the loan document lifecycle. The company focuses on integrating mailroom, high-speed document imaging, mortgage-specific workflows, branch scanning support, management and labor automation. The company's workflow application is an ASP. The company's Web-based paper-to-repository application allows the user to store, retrieve and workflow any files desired.
Founded in 1994
Swiftview Inc. www.swiftview.com
SwiftView Inc., Portland, Ore., offers SwiftSend, a secure Web-based service enabling lenders to start paperless and stay paperless from origination to closing and archiving. SwiftSend LoanDocs, eDisclosures, and eLoanFolder eliminate inefficiencies and extra handling associated with unnecessary paper throughout the lending workflow.
Founded in 1985
The Turning Point www.turningpoint.com
The Turning Point, Sedona, Ariz., bills itself as the first company to offer banks, brokers and loan originators automated marketing solutions to customer relationship management. Powered by an Oracle database engine, The Turning Point's range of turnkey services offer to create loyal customers, generate referrals, cross-sell complementary services and stimulate Realtor and other third-party business.
Founded in 1998
ValuAmerica www.valuamerica.com
ValuAmerica, Pittsburgh, is a national provider of settlement services and lending supply-chain solutions. The company operates three basic businesses: the delivery of settlement services, building RESPA compliant VMCs, and licensing its ValuNet technology. The ValuNet platform allows lenders, VMCs and title companies to order and deliver settlement services. A neutral platform, it gives users access to more than 35,000 vendors nationwide.
Veros Software www.veros.com
Irvine, Calif.-based Veros builds decision-support applications for various industries. Veros' predictive modeling technology includes AVMs. The company this year launched VeroFI, a risk-based solution for collateral valuation. The company also offers VeroFORECAST, which provides future home price forecasts, using multiple technologies and data mining to analyze relationships between house prices and economic variables.
Founded in 2001
Virpack www.virpack.com
Vienna, Va.-based Virpack provides the VirPack as an electronic envelope that packages, manages, and delivers data, documents and images. VirPack's barcode and scanning products enable creating an electronic copy of a loan for transmission within a VirPack and reception in a VirPackViewer to let receivers extract needed content. The VirPack Enterprise Center is the company's new document management and imaging platform. The company's VirPack Direct-TPI is a delivery tool specifically designed for integration with third-party imaging systems.
Founded in 1995
Visionet Systems www.visionetsystems.com
Visionet Systems is a privately-held, employee-owned company that offers software, consulting and business process outsourcing. The company claims to excel in developing workflow and rules driven solutions that allow utilization of existing legacy system data and processing. The offerings are engineered with task-based tracking and work distribution management to manage critical mortgage processes such as post-closing and loan-boarding audits (VisiCompliance), lien release and mortgage assignments (VisiRelease), and escrow setup (VisiEscrow).
VMP Mortgage Solutions www.vmpforms.com
Following its purchase by Bankers Systems Inc., Fraser, Mich.-based VMP Mortgage Forms now extends its franchise beyond traditional forms creation and delivery, as its browser-based vmpdelivers service delivers additional products and services. VMP now offers an XHTML-driven document solution that allows lenders to benefit from paperless e- mortgage transactions. The company has also expanded into emerging markets to partner with Freddie Mac to offer docs in Spanish.
Founded in 1968
VueCentric www.vuecentric.com
Based in Austin, Texas, VueCentric offers a Web-based software solutions for the mortgage lending industry. The company's MortgageDashboard is an end-to-end, ASP-based LOS. The company also offers the BundleOne product, which allows users to build their own electronic partner networks. It was specifically designed to allow lenders of any size to create a bundle of services from different vendors of their choice. All VueCentric software applications have a Microsoft .NET framework.
Founded in 2000
WellFound Decade www.wellfounddecade.com
WellFound Decade, Woodstock, Ga., provides standards-based business integration software, with a primary focus on the financial services industry. The company is the result of a merger between the former WellFound and Decade Corp. Leveraging service-oriented software, WellFound Decade's flagship product, the Mortgage Integration Foundation, allows companies to integrate their current internal systems, users and external partners to produce an end-to-end mortgage lending process that goes from origination through closing, to servicing, secondary markets and default management.
Founded in 2004
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