Tuesday, January 26, 2010

Fitzpatrick's new company hires CTO

Joe Klimowicz is the new Chief Technology Officer at Aklero Process Solutions, Inc., Radnor, Pa. The company provides data and document validity assurance for the mortgage industry and is led by industry veteran Brian K. Fitzpatrick.

Klimowicz will be responsible for driving the development of the company's technology solutions and delivering best-in-class services to customers. He has been involved in technology solution development for a variety of industries, including mortgage banking, healthcare logistics, and the legal market and brings a strong background in all aspects of the software development life cycle.

Most recently, Klimowicz served as vice president of technology for SkillSurvey, Inc., where he was responsible for product management, development and infrastructure. His previous experience includes serving as chief technology officer and co-founder of Verilaw, where he was responsible for managing the teams that designed and developed the company’s flagship electronic filing system.

Based in Radnor, Pennsylvania, Aklero Process Solutions offers mortgage loan file deficiency detection solutions that prevent costly loan buy-backs due to insufficient or inaccurate loan data or documentation, while at the same time speeding up the post closing process and reducing interest rate risk.

Nationwide Title Releases new tool for lien release management

Called ReleaseLINK 2.0, a new web service-based tool from Nationwide Title Clearing, Palm Harbor, Fla. (an RGA client company) is making it easier for lenders and servicers to manage a process that everyone is required to do but that no company can really do profitably on their own. In fact, there's no profit in getting liens released properly unless you've built your entire business around it, which NTC has.

The new version of the tool has been working perfectly for NTC’s lien release clients since its soft launch on January 4. The company is now making the new web feature available to all company clients.

"At a time when firms that entered this space to garner other lucrative services are leaving the business, I’m proud that we’re investing in technologies to help our customers be more efficient. This is an important release that adds a lot of functionality to the software and convenience to our customers," said Jeremy Pomerantz, Senior Vice President for Marketing and Sales at NTC. "Our customers now have much more control over their processes and access to better automation. We’re very glad we could enhance our services at no additional cost to our clients."

The company reports that its clients have been most impressed with the newly enhanced Exception Queue feature, which allows NTC lien release clients to view additional types of exception loans mid-process and then allows them to resolve the issue online or flag the loan for various complex curative actions. Clients can also use the new tool to rush an order, place the order on hold or cancel it.

This release will probably catch the attention of some players in the space who have recently seen their contracts with LPS DocX end suddenty as that company vacated the space.

"At a time when firms that entered this space to garner other lucrative services are leaving the business, I’m proud that we’re investing in technologies to help our customers be more efficient," Pomerantz said. "We’ve been in this line of business for almost 20 years. It takes investment and focus on core competencies like this to remain a market leader."

Monday, January 25, 2010

New mortgage tech industry job

For those of you who still think the return of the mortgage business is largely anecdotal, here's a story for you: Mortgage Cadence, Denver, is looking to hire a Senior Sales Executive who will be responsible for managing all aspects of the consultative sales process from the initial identification and follow up on leads through the signing of contracts for the licensing of the Mortgage Cadence products.

In keeping with the current trends in the marketplace, this sales exec will focus on loss mitigation products and services; initially focusing on Loan Modification (HAMP and proprietary program) data analytics, borrower consulting, call center and underwriting workflow, productivity tools, fulfillment/mailing services, document production and Web portal technology.

A complete list of responsibilities is available on LinkedIn. If you can't find the open position announcement by searching by company name, ping me and I'll send you a link.

The company is seeking someone with at least 5 years of mortgage banking experience (10 would be even better), with direct mortgage banking involvement or vendor services acceptable. A thorough understanding of the loss mitigation process is a must. Also, brush up on your use of salesforce.com.

Mortgage Cadence has been providing software to the mortgage industry since 1999 and is best known for its Enterprise Lending Solutions (“ELS”) which employ an extensive financial services data model wrapped with a native rules engine to deliver data-driven workflow automation tools to mortgage banks, lenders, service providers and servicers.

Tuesday, January 19, 2010

Loan-Score passes the 10 year mark

Congratulations to Loan-Score Decisioning Systems, Irvine, Calif. The company announced recently that it is now celebrating its 10-year anniversary. The firm provides an enterprise-class pricing and automated underwriting solution for the mortgage industry.

"Since our inception, we have remained committed to developing leading pricing and automated underwriting solutions that extend to the point-of-sale and integrate with disparate applications," said David P. Colwell, EVP at Loan-Score. "Our rules engine is proven to automate business critical functions at the point-of-sale for loan officers and brokers as well as in the back office for processors, underwriters and secondary marketing mangers. Collectively, the team at Loan-Score is loaded with industry experience to provide our clients with excellence in service. We are proud to be able to say we’ve been doing this now for ten years and we will continue with our best-of-breed approach to integrate with LOS platforms and additional applications from other vendors."

Loan-Score's rules engine was developed in 2000 as a configurable platform for ease of change management thus enabling the company to be able to respond quickly and accurately to market shifts to rates, guidelines and products

Loan-Score straddles the line separating product and pricing engines (PPEs) and automated underwriting systems (AUS) and is in use for retail, wholesale, correspondent and consumer direct lending.

Wednesday, January 06, 2010

Mortgage Cadence hires chief legal officer

Mortgage Cadence, Inc., Denver, provider of enterprise lending solutions (ELS) for the financial services industry, has hired John Levonick to be its Chief Legal and Compliance Officer. Levonick brings over 10 years of Legal and Regulatory Compliance experience to Mortgage Cadence, the company said.

Levonick has been responsible for overseeing the compliance content of vendor technology platforms, including policy tracking, interpretation and rule implementation. As CLO for Mortgage Cadence, Levonick will increase the compliance solutions currently available and those inherent within the product suite, while working closely with Mortgage Cadence clients in identifying and managing compliance risk.

"I am very excited to welcome John Levonick to the Mortgage Cadence family and look forward to the compliance expertise he will offer our clients," said Michael Detwiler, CEO of Mortgage Cadence. "As we continue to expand our overall footprint within the financial services space, John’s extensive knowledge will come in very useful in exponentially increasing our compliance solutions."

You can see the rest of the release here: Mortgage Cadence_JohnLevonick_PR_1_2010.pdf

Monday, January 04, 2010

Mortgage Builder Releases Upgrade

LOS provider Mortgage Builder Software, Southfield, Mich., is the latest mortgage technology vendor to announce a software upgrade to comply with recent RESPA changes. Version 3.9 is fully compliant with the new rules of the Real Estate Settlement Procedures Act (RESPA), according to the comapny.

The updated version includes new Good Faith Estimate (GFE) and HUD-1 form functionality that allows lenders to make certain the specific loan costs shown on the GFE at time of application harmonize with the settlement statement the borrower sees at closing. In the past, the forms routinely differed, causing consumer complaints that led to the new regulations. The software also alerts the lender if verifiable “changes in circumstances” causes the numbers to change and the lender is required to re-disclose and issue a revised Good Faith Estimate.

“Staying compliant with RESPA is of utmost importance to lenders, and we wanted to make sure they were up to speed with Mortgage Builder’s RESPA capabilities so they could hit the ground running on January 1st," said Mortgage Builder CEO Keven Smith.

Mortgage Builder was the winner of Mortgage Technology magazine’s 2008/2009 Help Desk award for outstanding customer service and the industry’s best technical support.