Mortgage Information

More than 100 loan modification scams that targeted financially distressed homeowners through online advertisements have been shut down over the past week at the request of federal investigators.

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Fraudulent Loan Mod Ads Shut Down

The Citi 2011 Financial Technology Conference is being held this week in Boston.

The 13th Annual Mortgage Technology Conference is being hosted by Source Media from Nov. 14 through Nov. 16.

Ellie Mae held its Encompass360 Connex 2011 user group event on Nov. 2 at the Georgetown University Hotel & Conference Center in Washington, D.C.

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Technology is Top Topic at Industry Events

Bank of America’s mortgage Web site was ranked as the best-performing online mortgage venue.

The ranking was part of a 75-page report from Change Sciences.

The report focused on first impressions, loan-search functionality and the ability to move a prospect forward in the loan origination process.

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How to Build a Great Origination Web Site

A Web-based application solution has been developed for the LSAMS servicing system, ISGN announced.

An integration of GCC Servicing Systems with Five Brothers promises easy management of property inspections completely from the G/SERV mortgage servicing platform, a statement said.

Fiserv Inc. recently announced that it ranked first in North America and fourth overall in Chartis Research’s RiskTech100 2010.

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Technology Targets Default Servicing

Fannie Mae implemented the Clarifire application as the technology solution for its servicers to use in complying with the foreclosure pre-filing mediation process mandated by the Florida Supreme Court’s administrative order, eMason announced.

The Department of Housing and Urban Development deployed the REO performance evaluation model developed by Walzak Consulting Inc. in its Management and Marketing III program for HUD field service manager and asset manager contractors, an announcement said.

DepotPoint Inc. issued a news release about it new platform for lenders, servicers and asset managers to aggregate and analyze data from multiple sources.

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Default Services Sector Buzzing

LoanLink enables mortgage servicers to provide borrowers with online access to their accounts through iPhone and iPad applications, according to Fiserv.

The service is provided as a LoanServ module.

The single-platform loan servicing system reportedly supports institutions of all sizes, “from entrepreneurial loan servicing operations to the largest financial institutions.”

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iPhone App Available for Small Servicers

Sun West Mortgage Company Inc. launched in 1980.

Since starting business, it has issued more than $6 billion in HECM

The Federal Reserve Board issued a statement that it does not expect to finalize three pending rulemakings under Regulation Z before authority for Reg Z rulemaking is passed on to the Consumer Financial Protection Bureau.

The Truth-in-Lending-Act is implemented by Reg Z.

The CFPB is required to issued its own rule on the matter within 18 months of the transfer of authority.

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Fed Abandons Proposed TILA Rules

Bullseye has been launched as a front-end “loan-management system,” an announcment said.

The platform is connected to Fannie Mae’s Desktop Underwriter and Freddie Mac’s Loan Prospector.

The automated underwriting system is customizable based on business-specific needs and doesn’t require an expert to establish.

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Platform Promises Improved Results

New risk-based pricing rules under the Fair and Accurate Credit Transactions Act of 2003 took effect on Jan. 1.

The rules require lenders to alert borrowers if their credit terms are less favorable than those they provide to other borrowers due to credit-related issues.

Several mortgage compliance service providers have been promoting their solutions to help lenders comply.

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Risk-Based Requirements Among Top Compliance Issues