Residential Briefs

MBA (6/24/2008 ) Palaparty, Vijay
Federal Reserve Launches Minority-Owned Bank Program
The Federal Reserve System announced launch of Partnership for Progress, an outreach and technical assistance program for minority-owned and de novo institutions. The program seeks to help institutions confront challenges, cultivate safe and sound practices and compete more effectively through a combination of one-on-one guidance, workshops and a web-based resource and information center, http://www.fedpartnership.gov.
Partnership for Progress provides insight on issues in three distinct stages of a bank's life cycle: Start a Bank, Manage Transition and Grow Shareholder Value. Topics covered include credit and interest rate risk, capital and liquidity and banking regulations. To ensure broad access to the program, all aspects of the training will be available through workshops, online courses and the program's web site.

SigniaDocs Releases eDisclosure Service
SigniaDocs Inc., Houston, a provider of an eMortgage platform, launched its eDisclosure service with Go Financial Solutions, Seattle. The service is offered as a private label web service for client customization and integration. SigniaDocs date and time stamps delivery of documents and maintains an audit trail of activity. The platform also supports full paper delivery.

Mortgagebot Forms Referral Partnership with Harland
Mortgagebot LLC, Mequon, Wis., announced a preferred referral partnership with Harland Financial Solutions Inc., Lake Mary, Fla., a supplier of software and services. Harland Financial Solutions will recommend Mortgagebot’s PowerSite, a web-based loan-origination system, to its clients and prospects.

PowerSite technology offers consumer-direct, internet-based loan origination. The partnership enables PowerSite users to implement automated integration software that enables the application data collected by PowerSite to be automatically transferred to Harland Financial Solutions’ mortgage and loan documentation products, including Interlinq E3, Interlinq MortgageWare and LaserPro Residential Real Estate Mortgage.

Cogent Road Launches AVAIL Prequalifying Service System
Cogent Road, San Diego, a provider of Internet-based applications for the mortgage industry, announced launch of AVAIL, an automated system enabling mortgage originators to provide continuing mortgage-qualifying services to prospective borrowers.

An extension of Cogent Road’s Funding Suite, a credit management service that manages costs and enhances customer retention during the loan origination process, AVAIL enables loan originators to more establish and maintain contact with potential borrowers to create awareness among consumers.

Atlantic Coast Mortgage Group Selects OpenClose
OpenClose, West Palm Beach, Fla., developers of web-based mortgage software, announced that Fort Lauderdale, Fla.-based start-up lender Atlantic Coast Mortgage Group selected OpenClose, a Web-based, end-to-end automated mortgage system, for loan processing.

After transitioning from a brokerage to a mortgage banking company, Atlantic Coast Mortgage determined it needed a loan origination software designed for lenders that provided a true end-to-end system that accepted both branch and broker originations. OpenClose offered Atlantic Coast Mortgage one system to automate key front and back-end operation, including support for underwriting, closing, post-closing, secondary marketing, funding, shipping and reporting.