Technology News

Ellie Mae Targets Loan Modification Market November 20, 2008

Ellie Mae, a provider of loan processing software, is creating and updating loan modification closing packages for several top ten lenders, the company said. Ellie Mae said clients are currently using the service to process more than 5,000 loan modifications per week. The service creates loan modification packages with Web-based data entry that requires no re-keying of data. All documents are compliant with Fannie Mae, Freddie Mac and MERS requirements, Ellie Mae said. The service assesses the needs of the lender's workflow, accommodates lender-specific workout plans, and handles all recording, notary, and compliance monitoring needs, the company said.

First American Offers Reverse Mortgage Score November 17, 2008

The First American Corp., Santa Ana, Calif., said it has introduced what it believes is the first "reverse mortgage score," a data-based numerical value designed to help servicers quantify the likelihood that struggling senior borrowers can avoid foreclosure on their current loans by qualifying for government-insured Home Equity Conversion Mortgages. The score, introduced at the National Reverse Mortgage Lenders Association conference in Los Angeles, examines factors specific to the government reverse mortgage program such as the new $417,000 HECM national loan limit, the number of borrowers on the loan and their ages, living trusts and powers of attorney. It also examines homeowner and property information from First American's data repository. The combined examination of these factors results in a weighted average score ranging from one to five in which "one" indicates the borrower is "least likely" to qualify for a HECM and "five" indicates the loan is "most viable," an external spokesman said. The spokesman also said score may be helpful to originators as well as servicers.

Consolidation in Title Industry: FNF Buying LFG November 7, 2008

Title insurance giant Fidelity National Financial has agreed to purchase one of its top competitors, LandAmerica Financial Group, for $126 million in stock. The sale announcement comes a day after LandAmerica said it would delay its third quarter earnings release. The purchase is subject not only to shareholder approvals but needs to be sanctioned by the antitrust division of the Justice Department. The two companies say they will save at least $400 million in expenses by reducing their combined debt loads by $250 million and cutting another $150 million in costs. Fidelity, a large player in servicing technology, is based in Jacksonville, Fla. LandAmerica is headquartered in Richmond, Va. Shareholders of LandAmerica, the nation's third largest title insurer, will receive 0.993 shares of Fidelity common stock for each share held.

Weichert Feeds Zillow Listings November 6, 2008

Zillow.com and Weichert Realtors have formed a partnership, which enables Weichert to automatically feed all of its listings to Zillow.com on a regular basis. Weichert joins the hundreds of partners participating in the Zillow Listings Feed program, which launched in November 2007 and has grown to more than 3.2 million listings today. Each listing Weichert feeds to Zillow includes a description of the property with multiple photos and contact information for the listing agent, including links back to the Weichert website where Zillow users can find more information and connect with a Weichert sales associate to guide them through the home buying and selling process.

CREDCO Updates E-Commerce Website November 3, 2008

First American CREDCO has replaced eCREDCO.com, the company's dedicated e-commerce site, with an all new integrated online ordering and marketing website. The new site features expanded functionality that allows customers to order and track products more efficiently and the company to develop and deliver new products faster. The newly upgraded platform-www.CREDCO.com-features a totally improved customer purchasing experience, supported by Direct-Connect customer support, simplified account administration and real-time product tracking. The new CREDCO.com features include streamlined ordering, direct-connect with customer support, access to multiple accounts with one sign-in, electronic document uploading, access to detailed pricing and transactions, search functions, free credit report reprints, real-time product tracking, simplified account administration and a credit card payment option.

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