Monday, August 29, 2011

CompuGain Acquires the Mortgage Division of Overture Technologies

CompuGain Corporation, Herndon, Virginia, a provider of professional business services and IT solutions, has acquired the mortgage division of Overture Technologies, Inc., a provider of software solutions for the mortgage and educational finance industries. The newly acquired division will operate as a wholly-owned subsidiary of CompuGain Corporation and will conduct business as Overture Financial Solutions.

Since 2000, Overture Technologies has developed specialized tools that help loan officers, lenders and banks make informed and sound lending decisions. Its loan decisioning system is used for loan-level and pool risk assessment, eligibility, and pricing of new and seasoned assets.

“Overture’s staff expertise and mortgage product offerings are among the best in the mortgage industry," said Debasish Hota, president and CEO of CompuGain Corporation. "By adding them to our solutions, CompuGain now has the ability to deliver fully integrated, best-in-class services to our mortgage finance clients.”

CompuGain provides professional services and IT solutions to a wide range of companies worldwide, with a growing presence in the mortgage industry. The company's services include contract placement, temp-to-perm, permanent placement, consulting and project-based engagements to help its clients operate more efficiently.

“CompuGain’s past performance as a professional services firm, their financial strength, and the exceptional intellectual capital are huge assets, and we look forward to leveraging them to help current Overture customers realize their business objectives,” said LeRoy Pingho, CEO of Overture Technologies, Inc.

Sunday, August 21, 2011

DecisionReady Solutions Hires Matthew Lichtner, EVP National Sales

DecisionReady Solutions, Irvine, Calif., a provider of default servicing compliance solutions, announces the appointment of Matthew Lichtner to the position of executive vice president, director of national sales and client relations.

In his new role, Lichtner will be responsible for overall direct and indirect sales, marketing strategy, and increasing DecisionReady’s market penetration with mortgage loan servicers, investors, and regulatory agencies. He will also lead the effort to develop new strategic partnerships for joint sales efforts.

Lichtner has over two decades of sales experience in the mortgage industry working for companies such as First American Corporation and Stewart Title Company. Most recently he was senior vice president and national account manager at Stewart Lender Services, charged with overseeing and building executive level relationships with the top 30 national lenders/servicers. Prior to Stewart, Lichtner worked at First American Corporation where he served as senior vice president, regional sales manager and national account director for the Information Solutions and National Lenders Advantage Groups.

“Working for a company as well poised for growth as DecisionReady was an opportunity hard to pass up", says Lichtner. "They have the right technology, at the right time--and their growth and impressive footprint reflect that. The company is in a great position to be an industry leader for the long term and I couldn’t be more thrilled to be a part of the DecisionReady team."

DecisionReady’s technologies help servicers ensure compliance throughout the entire servicing cycle. The platform is currently in use by one of the nation's top two servicers and has been used to ensure compliance on over 1.8 million transactions.

First Guaranty Rolls Out Correspondent Product

First Guaranty Mortgage Corp. (“FGMC”), McLean, Virginia, is introducing its Correspondent’s Edge product line for correspondent lenders. The niche-focused product line will include manufactured housing loans and rehabilitation loans such as the 203k or Fannie Mae HomePath loan. FGMC is a national, full-service mortgage lending firm offering retail and wholesale mortgage solutions to clients of varying income and credit types.

FGMC Senior Vice President Andrew Peters believes that the Correspondent’s Edge program will allow correspondent lenders greater latitude in what they can offer to customers, and expand their reach as well.

“Many of the correspondents we speak with have found themselves limited to fairly vanilla loans, limiting them to a fairly narrow range of potential borrowers,” he said. “Correspondent’s Edge should provide them with additional tools and offerings, and widen the market for many of the newer correspondents making the transition from third party originator to correspondent lender.”

FGMC is also responsible for the “Rebuild the Dream” initiative, which aims to provide incentive to homebuyers and Realtors alike to use rehabilitation loans to increase the value and appeal of REO properties which would often otherwise be marketed in a state of disrepair.

“We believe that there is a need and a demand for non-traditional loans such as the 203k,” said Peters. “Many have backed away from non-traditional lending recently, but with cautious underwriting and an attention to detail, there is no reason to shun these products, which can also play a strong role in accelerating REO re-sales and even neighborhood stabilization.”

You can get more information on this from Peters via e-mail.

Monday, August 15, 2011

WFG National Title Adds Sales VP in Puget Sound Region

WFG National Title Insurance Company (“WFG National Title”), Lake Oswego, Oregon, has appointed Wendy Lunt as Vice President, Sales and Marketing for its newly acquired Puget Sound Division. WFG National Title is a national, full service provider of title insurance and real estate settlement services for lender, commercial and residential transactions. The Williston Financial Group family of title insurers is currently licensed and operating in 40 jurisdictions nationwide.

Lunt’s role with WFG National Title will be to grow the footprint of the national underwriter in the Puget Sound region, including the Seattle and Tacoma markets. She will also work to service and maintain existing relationships.

She comes to the company with 10 years of experience in the title, escrow and real estate services industry, having worked with one of the nation’s largest national underwriters in the western Pierce County community. Before that, she was a Realtor in the North Tacoma marketplace. She remains a member of the Tacoma Pierce County Association of Realtors, and is the Chair Elect for the Affiliate Counsel there. She received her bachelor’s degree from Concordia College in Wisconsin.

“Wendy personifies WFG’s approach to collaborating with our customers, and she will be a strong presence in our market” said Lynn Riedel, President and manager of the Puget Sound division. “She has a knack for hearing what the customer needs, and working within the customer’s framework to fulfill those requests.”

Wednesday, August 10, 2011

New Vendor Manager for Independent Title Agents

Although 2011 has witnessed a good deal of market volatility and consolidation, a new contender has announced its intentions in the title industry. NITA Solutions (“NITA”), Boise, Idaho, is a network of independent title agencies unified at a central point of contact to distribute title and escrow orders to any market in the country through an electronic “dashboard.” NITA stands for National Independent Title Agents.

The Boise-based company serves as the lynchpin between independent agencies and mortgage lenders, asset managers, title agencies and others placing title orders in any geographic market. While NITA maintains the communications and logistical process, the independent agency fulfills the order. The key is a proprietary technology dashboard which provides transparency to the client at all times, while freeing the local agency to focus on finalizing the title order quickly and effectively.

President Doug Brigham notes that the strength of NITA’s unique business model depends upon the independent agency. “We have built a web portal that allows independent agents to exchange transactions. NITA also serves as a single point of contact for lenders and asset managers, allowing them to locate agents anywhere in the country.”

The process begins when the customer places an order through NITA’s web dashboard at www.NITASolutions.com. There is no charge for the order. The transaction is then automatically forwarded to the appropriate agent in the market where the property is located.

“If you’re a national, regional or local lender, asset manager, real estate broker, or a title agent; why should you spend time finding a title agent in thousands of cities across the country? “ said Brigham. “Moreover, locally-based agencies have proven time and again that they offer the highest quality service and the best turnaround times. NITA gives those agents the ability to combine their coverage to create a nationwide footprint which can compete for national accounts.”

In the early stages of its existence, NITA has already placed over $100 million of transactions for its agent network.

Although NITA has agent coverage in all 50 states, Brigham says that the company continues to seek additional independent title agents. To learn more, go to www.NITAsolutions.com.

Wednesday, August 03, 2011

DataTrac Product Suite Gets Updates

Del Mar DataTrac, Inc. (DMD), San Diego, a provider of end-to-end mortgage lending automation solutions, has released its DMD 10.0 Product Suite. The DMD 10.0 release includes multiple enhancements to every product in the DMD product line, including the official release of its re-architected point of sale (POS), DataTrac Originator.

The company says the DMD 10.0 Product Suite release includes 240 enhancements developed in conjunction with hundreds of DMD mortgage banker clients to enable more effective adaptation to the “compliance first and foremost” mortgage lending market place. Some of the upgrades to DMD’s flagship automated workflow platform, DataTrac, include changes required by Dodd-Frank such as an updated Statement of Credit Denial (Adverse Action Notice); new risked-based pricing fields; loan originator compensation calculators; enhanced task management; and improving the flow of data throughout loan origination.

Datatrac Originator (“DTO”) is a point-of-sale solution for loan officers that leverages robust field-level security, business rules, and the ability to automate data entry based on conditional statements. DTO provides mortgage bankers unprecedented control over the application, disclosure, and processing functions. The lender’s data is exclusively stored in a SQL database, eliminating "folder management" and dramatically accelerating performance as compared with "flat file" architectures.

Other DTO features include: a Security Manager that provides centralized administration of tasks including maintaining organizations, security profiles, users, object permissions, the processing log, validation rules, statuses, roles, and parties; field level security-fields for “read-only” or “editable” per security profile; a “sandbox mode,” where loan data can be manipulated for different loan scenarios without changes saving to the loan file; process visibility via audit and print logs; and dynamic data integration throughout the loan origination lifecycle.

DMD’s paperless lending solution, DataTrac EDM, has been upgraded to improve annotations management, to increase speed/performance of Investor bundle deliveries; and other efficiency improvements to streamline and shave time from the loan origination process.

DMD’s Vendor Services Platform (VSP) upgrade includes a new interface with DocMagic XL; added customizable fee/impound mapping to ComplianceEase administration; and an enhanced ComplianceEagle interface to return additional flood request/response information to the DataTrac system of record.

ISGN Hires Scott Slifer as President of Sales and Marketing

ISGN Solutions Inc. brought on a new executive last month. The company, which provides end-to-end technology solutions and services to the U.S. mortgage industry, has hired Scott Slifer as its new president of sales and marketing. Slifer brings over 22 years of financial services industry experience, including 16 years in housing finance and technology. He is the third senior executive to be hired by ISGN in the past several months, as the company advances its expansion plans for the remainder of the year and into 2012.

In his new role, Slifer will oversee ISGN’s client relationship, business development and marketing activities for the company’s entire line of product and service offerings. He was previously senior vice president of business development and marketing with Altisource Portfolio Solutions, a provider of knowledge process services for the mortgage industry, where he oversaw business development and marketing activities for the company’s mortgage services and technology products segments.

Prior to his work with Altisource, Slifer was a senior executive in sales management for organizations that include Citi and ABN AMRO, where he was responsible for market growth, business development, profit and loss management, marketing strategy and overall delivery of customer service. He also worked for Freddie Mac, where he oversaw and directed the organization’s customer management and business development efforts for their largest single family residence division. He is an accredited Certified Mortgage Banker (CMB) and a member of the Mortgage Bankers Association.