Residential Briefs

MBA (3/20/2008 ) MBA Staff
(Editor’s Note: Most of the following news items took place at the Mortgage Bankers Association’s National Technology in Mortgage Banking Conference & Expo this week in Dallas.)
NetOxygen Integrates Reverse Mortgages
Gallagher Financial Systems Inc., Brentwood, Tenn., a provider of enterprise loan origination technology, announced that it now supports reverse mortgage products in the newest version of its flagship product, NetOxygen.

As part of its baseline system, NetOxygen will now handle data entry and calculations required of the major reverse mortgage products, including FHA’s Home Equity Conversion Mortgage (HECM). Reverse mortgages integrate into NetOxygen’s workflow, so no additional third-party interfaces are needed. NetOxygen also populates and generates all needed reverse mortgage documents, including the Amortization Schedule, the Uniform Residential Loan Application, the Total Annual Loan Cost Disclosure and the Important Terms Disclosure documents.

The Mortgage Coach Releases ‘Stimulus Package’ for Loan Officers
The Mortgage Coach, Irvine, Calif., announced its Temporary Stimulus Package, a product and service package that provides education and new software tools to help loan officers uncover and originate new loans.

The package includes web-based classroom education, weekly coaching conference calls, a new software release and The Market Crisis Sales Plan, a new special report designed to educate originators on key strategies that will stabilize their business. Additionally, the package includes release of Opportunity Optimizer, a web-based system providing an automated six-step process that helps loan originators diagnose a homeowner’s financial situation and make a sound mortgage recommendation based on each homeowner’s specific needs.



DocuTech, Gallagher Partner on eDoc Services
DocuTech, Idaho Falls, Idaho, a provider of compliance services and documentation technology for the mortgage industry, and South Miami, Fla.-based Gallagher Financial Systems Inc. announced a contract that will integrate DocuTech’s Web-based document service, ConformX, with GFS’s NetOxygen loan origination software.

GFS’s NetOxygen system allows lenders to work with a rules-based, service-oriented platform that provides automated calculations and auditing capabilities throughout the life of the loan. Since ConformX and NetOxygen are fully Web-enabled, users will be able to access loan data and documents from any computer with an Internet connection, enabling lenders to work with traditional paper mortgages, paperless mortgages and e-signed mortgages. ConformX is also compatible with Category 1 SMART® Documents and eSigned PDF documents.

The combined services will provide NetOxygen customers with document services that reduce loan-processing time by automatically generating compliant state and federal documents. In addition to closing documents, lenders will also have access to initial disclosures and processing documents. DocuTech’s ConformX will also enable NetOxygen customers to transfer data from mortgage documents into electronic forms for reporting and filing.

River Funding Selects OpenClose to Automate Lending
OpenClose Solutions, West Palm Beach, Fla., developers of Web-based mortgage software, announced that West Salem, Wis.-based wholesale lender River Funding Corp. selected OpenClose, a single-source-code, end-to-end automated mortgage system, to provide comprehensive loan processing.

The loan origination software creates a single loan database that creates, processes and tracks a loan application from open to close. Key features include a robust banking operations core, condition writing, search and support for underwriting, closing, post-closing, secondary marketing, funding, shipping and reporting.