Tech Roundup: CompliSource Tracks Pending Legislation

Wolters Kluwer Financial Services announced last week that its CompliSource solution now includes CompliTrack functionality to help finance companies and other lenders track pending legislation affecting the financial industry. CompliSource, which previously reported on enacted legislation only, will pair its technology with content from State Net, which monitors and reports on the legislative and regulatory actions of state and federal government, to power the new CompliTrack tool. “By providing a heads-up on pending legislation, CompliTrack helps finance companies, banks and other lenders understand and prepare for changes that could have a significant impact on their business,” said Kevin Kopp, vice president and general manager of Indirect Lending at Wolters Kluwer Financial Services.   www.complisource.com Automated Analysis Protects Against Origination Errors Agoura Hills, Calif.-based Interthinkx now offers a fully automated analysis within its regulatory compliance solution to provide clients with an additional level of defense from costly Federal Housing Administration loan origination mistakes, the company said in a press release last week. The analysis is meant to provide an easy way to help lenders comply with HUD’s fee limitations on FHA loans and reduce overall quality control costs. “When excessive fees are found, the PredProtect system automatically alerts loan processing personnel,” stated Roger Fendelman, vice president of compliance for Interthinx. “Once the violation has been corrected, the process then resumes quickly and automatically, preventing costly errors before loan funding.” The analysis automatically warns users when it identifies tax-service fees and/or loan-origination fees exceeding 1 percent of the loan amount on the HUD-1 settlement statement. The system can also alert users to violations of the “Tiered Pricing Rule,” which limits variations in customary lender fees to no more than 2 percent in a geographic area.   www.interthinx.com www.iso.com Do-it-yourself Loan Mod Tool A team of industry professionals has developed LoanModDVD, an affordable do-it-yourself tool that provides borrowers with step-by-step instructions, patented online software and all the necessary forms needed to apply for a loan modification themselves. LoanModDVD.com was created with the intention of making the loan modification process easy and affordable, according to a press release issued by the creators. “Our goal, not only as the creators of LoanModDVD but also as industry professionals, is to help halt the ongoing foreclosure rate that is hurting this country so much,” said Amir Fathi, co-founder, LoanModDVD. “We are committed to providing troubled home owners with the necessary information and tools needed to successfully obtain a loan modification without paying thousands of dollars they can’t afford.” LoanModDVD costs $99 and includes a step-by-step DVD Guide to modifying your loan, online “LoanMODulator” software that helps with loan modification calculations and provides the new proposed interest rate you will need to offer your lender, sample “Hardship Letter” and Loan Proposal Worksheet, individually customized Income & Expense Worksheet and tips on exercising your legal rights without consulting attorneys. The creators said LoanModDVD will teach you how to submit a professional loan modification proposal that “goes directly to a loss mitigation underwriter, not just a customer service representative.”  www.loanmoddvd.com Online Service Helps Homeowners Find the “Best” Mortgage At the DEMO 09 conference Monday, Home-Account, Inc. launched its web-based service in effort to help America’s 75 million homeowners take control of their largest asset. With the mission to help consumers, just like a Consumer Reports for mortgages, Home-Account said it helps consumers improve their financial situations to get the best mortgages. Home-Account’s service helps consumers by grading and analyzing the homeowner and his or her current mortgage, presenting scenarios to improve their financial situation, and, from its extensive database, pinpointing the best, realistic mortgage options that each consumer is qualified for, explained the company’s press statement – the consumer then chooses what’s best for them. For lenders, Home-Account’s service has a unique twist. Consumers cover the cost of the service. There is no lead-generation, no commission, and no expense for the lender to participate. The lender is introduced to the pre-qualified current or prospective homeowner and given 48 hours to make contact. The customer then goes through the bank’s normal origination process.   www.home-account.com Enhanced Web Service Improves Access & Security Palm-Harbor, Fla.-based Nationwide Title Clearing, a document and services provider, launched Monday a new Web services Secure Client Access portal on its website, which according to the company, improves client interaction and increases functionality. Clients can now create, manage and control their own users and the access levels each user is granted for any given service. New enhancements include modularization of multiple functions and services enabling clients to easily search and cross-reference orders and loans across multiple services and provide customized access to each web service for each individual user’s login. The new services are provided to clients for no additional cost beyond their existing service fees the company said. New NTC clients will automatically receive ntcLINK features as a value added benefit as well for no additional cost.   nwtc.com Write to Kelly Curran at [email protected]. Editor’s note: Tech Roundup runs every Monday, and offers a look into the various technology that makes the entire mortgage market work — whether origination or default, through to secondary market operations. If you’ve got a tech bit that we should know about, email the reporter above.