Lenders go for ride in Tomorrow Land

March 11, 2003

ASC, eLynx, QuestSoft release new software at mortgage bankers expo

By Marcie Geffner
Inman News Freatures

Mortgage lenders looking for new technology products should have their eyes wide open this week at the Mortgage Banker Association of America's technology conference and expo.

The conference theme, "Tomorrow Land Tech," is in keeping with the location--the Walt Disney World Dolphin in Orlando, Fla. Conference sessions will focus on e-mortgage technology, electronic data standards, Web services, transaction security and mortgage technology economics, among other topics.

Associated Software Consultants, eLynx and QuestSoft, were among the many vendors scheduled to release new or updated products at the event that opened yesterday and will continue through Wednesday.

Associated Software Consultants, a loan automation software company, took advantage of the expo to release a new version of its loan origination and processing system.

The PowerLender Phase II system uses the Java Data Base Connectivity standard application to give users more flexibility over PowerLender database options, according to John Liston, senior PowerLender developer for the company.

Liston said PowerLender Phase II is a "natural progression" from Phase I.

"We merged a system with re-engineered setup routines, a customizable GUI screen builder and offline processing mode with Java Data Base Connectivity, making it an effective tool to help loan originator's be more efficient and cost-effective," he said.

Cincinnati-based eLynx used the MBA event to release uSign, an electronic mortgage document delivery system for lenders and borrowers.

uSign enables lenders to deliver earlier disclosure packages and loan documents to the home buyer without incurring costly mail and courier fees or experiencing delays in the receipt of signed documents. Home buyers can review, electronically approve and submit documents and disclosures to the lender in a matter of minutes, according to eLynx President Phillip Huff.

Huff said the technology will accelerate the mortgage industry's adoption of electronic signatures.

uSign is powered by electronic signature technology from Silanis Technology and is compliant with standards promulgated by the Mortgage Industry Standards Maintenance Organization (MISMO) and the Standards and Procedures for Electronic Records and Signatures (SPeRS).

Laguna Hills, Calif.-based QuestSoft released an upgrade of its Instant Geocodera Plus software for federal Home Mortgage Disclosure Act (HMDA) compliance and marketing.

The software uses demographic information from the 2000 U.S. Census to help lenders and brokers determine a potential loan's HMDA and Community Reinvestment Act (CRA) compliance value and marketability before a loan quote is issued. The system allows users to cross-reference cities with corresponding ZIP codes and contains more information about counties, median income and federal empowerment zones.

Verifying loans at the point of origination allows brokers and lenders to determine whether a loan is being originated in a low- to moderate-income census tract and negotiate premium pricing from institutions in need of CRA-qualified mortgage loans, according to QuestSoft.

The company also released an upgrade of its Windows-based HMDA compliance software at the MBA conference and expo.

QuestSoft President Leonard Ryan said HMDA Relief 7.0 customers won't have to learn a new system to submit HMDA reports based on "monumental upcoming changes in government rules" in 2004.

The software summarizes the user's HMDA situation to assure the submission meets government requirements and reduces the number of screens required for data entry.

Current customers will get a free automatic upgrade to HMDA Relief within a few weeks, the company said.

Copyright: Inman News Service

Contact ALTA at 202-296-3671 or [email protected].