Tech Roundup: Interthinx Targets Prohibited Fees

Lien release me: CT Lien Solutions — formerly UCC Direct, and part of Wolters Kluwer — said Monday that it had upgraded its Mortgage Document Processing System (MDPS), a Web-based software application that processes the time-intense tasks of mortgage releases. It is now available for commercial, partial and residential releases, according to a company statement. “Loan providers are under constant pressure to lower costs while managing very manual processes under significant time constraints,” said Gene Lasky, vice president and general manager. “Providing them with automation tools such as our MDPS streamlines their processes.” No kidding. Now, about that loss mitigation problem most servicers have…. (www.ctlegalsolutions.com) Calyx adds two: San Jose-based Calyx Software, a well-known LOS provider, said that it had updated its Point network interface to include a new connection to to additional mortgage service providers. In addition to Henderson, Nevada-based DeedPro, a deed and doc prep specialist, Calyx said it added Lending Club — a personal lending site based around social networking. Updates are automatically installed into Calyx Point, and new providers are added to the application on a bi-monthly basis. The Calyx Network Interface update is automatically installed into Point versions 5.4 and higher when users open their software and connect to the Internet. (www.calyxsoftware.com) Mavent adds one: Irvine, Calif.-based Mavent Inc., a provider of automated regulatory compliance solutions to the mortgage industry, said last week that StoneWater Mortgage Corp., a national mortgage banker, had implemented Mavent’s core compliance management platform. Stonewater is a new entrant into the mortgage space, and plans to operate in 30 states. StoneWater will begin using Mavent to provide automated regulatory compliance for its entire loan production; specifically, Mavent’s platform will review StoneWater loans to ensure that they comply with Truth in Lending Act policies, Home Ownership and Equity Protection Act guidelines, lender and broker licensing and state and consumer credit laws, the company said. (www.mavent.com) Interthinx identifies prohibited fees: Bottom line, origination loans in today’s market requires more local diligence than ever, to keep up with a growing mass of legislation designed to prevent borrower abuse; towards that end, Agoura Hills-based Interthinx said it had rolled out a platform designed to flag fees that may drive a future buyback. The company’s news Prohibited Fees and Usury Tests feature within its PredProtect Regulatory Compliance Suite can test a loan in all 50 states and warn users when a fee found on either the GFE or HUD-1 exceeds state law fee limitations. The new Usury Test also warns users when the interest rate or APR exceeds state law rate limitations. “In the last year, we have made key advances to our PredProtect system, including the development of a new APR calculator and a new prepayment penalty test,” said Roger Fendelman, vice president of compliance. “These advances, when taken together with our new Prohibited Fees and Usury Tests and existing high-cost loan testing, make our system a true one-stop automated regulatory compliance suite.” (www.interthinx.com) Red flag this!: Assurant Specialty Property and National ID Recovery said Monday that the companies have launched a Red Flag ID fraud detection, notification and protection program for financial institutions and credit unions. Red Flag ID Fraud Solutions is a collaborative identity theft solution created in response to the need for all financial institutions to comply with the FACTA Identity Theft Red Flag Rules by Nov. 1. Section 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003, also known as the Red Flag Rules, require that all financial institutions and creditors that hold any customer transaction accounts offer basic, complimentary identity theft protection to all new and existing account holders within their portfolios. Affected institutions must provide for the identification, detection and response to “red flags” that could indicate identity theft. Assurant and NIDR said their solution is the lowest-cost option for financial firms looking to get in compliance by the deadline. (www.assurantredflag.com) Editor’s note: Tech Roundup runs each Monday morning, and offers a look at key tech news and trends from throughout the week. To have your company’s news considered for inclusion here, send an email with your press statement to [email protected]. Disclosure: The author was long FRE when this story was published; indirect holdings may exist via mutual fund investments, as well. HW reporters and writers follow a strict disclosure policy, the first in the mortgage trade.