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Vol. 13, No. 4 June 2006 www.mortgage-technology.com
Presenting this year’s best and brightest
mortgage technology vendors.
By Anthony Garritano and Scott Kersnar
T
his year, after much deliberation, we cut our Top 100 list
in half and made it two lists: The top 25 vendors that
license technology per se, and the Top 25 service
providers, that offer technology on a hosted basis and/or pro-
vide other services. Among those on our first list are companies
that also offer products on an ASP basis but primarily get their
revenue from selling software.
Going forward, those players that dabble in both worlds will
likely adopt the service model as the Software as a Service trend
gains more traction. As a result, traditional vendors may go
away as time goes on and the power of the Web is more fully
realized.
Reflected in this year’s list are some notable mergers, like the
merger between WellFound Decade and Lydian Data Services to
form Lydian Technology Group, and some acquisitions like
Fidelity National Financial Inc. acquiring DOCX. Consolidation
like this is expected to continue in the near future as the space
becomes more competitive and big players become even bigger
to stay alive.
Our four major criteria for inclusion of eligible vendors and
service providers on our list are customer satisfaction, function-
ality, market share and viable revenue model. Demonstrating
functional value to lenders is our most important criterion. It is
crucial that the vendors on our list have satisfied users and show
the ability to hold them by keeping those customers apace of the
technology deployed by competing lenders.
Below are our 2005 picks for the Top 25 mortgage technology
vendors. If you think your company should be listed, let us
know by e-mailing our managing editor, Tony Garritano:
Anthony.Garritano@sourcemedia.com. Throughout the year, we
update our list online (www.mortgage-technology.com). Vendors
newly coming to the mortgage arena will want to ask Tony
about being included in the new vendor article in our
November-December issue of MT.
2 Mortgage Technology » June 2006
a la mode inc. Cogent Economics
WWW.ALAMODE.COM WWW.COGENTQC.COM
Oklahoma City-based a la mode inc. produces electronic document The integrated suite of five multi-user tools comprising award-win-
and transaction management software. Over 50% of the nation’s ning CogentQC Systems are used to guide the QC reviews of over
real estate appraisers use its WinTotal report production product. $750 billion in annual mortgage originations and over 4 million
Its XSites Network provides LOS integration, nationwide coverage, servicing records. Last year the company migrated its CogentQC
automated status messaging, pre-delivery underwriting-guideline suite to .NET. Cogent also improved the user interface; added a new
checks, PDF/XML reports, and HMDA reporting. This year the com- drag-and-drop Report Designer tool with graphing; and a new
pany launched SureDocs, which creates a PDF digital file from any Sampling Wizard that simplifies sampling strategies. Cogent’s client
desktop application — including their loan rigination software, list includes over 70 of the top banks, thrifts and mortgage compa-
word processing or spreadsheet software. The digital documents nies in the nation. The integrated suite of CogentQC Systems
are easily stored, retrieved and manipulated. Through a la mode’s included quality control for loan origination, servicing, compliance,
partnership with Wave Systems, SureDocs includes e-signature pre-funding and loan-pool due diligence.
technology.
Founded in 1985
Data-Vision
WWW.D-VISION.COM
Associated Software Mishawaka, Ind.-based Data-Vision Inc. offers LoanQuoter.com, a
Consultants Inc. template website design service and RemoteDocs.com, an
WWW.ASCONLINE.COM Internet-based system that lets borrowers receive disclosures,
Middleburg Hts., Ohio-based ASC offers its Java-based PowerLender enables brokers to submit loans, and enables distribution of all
loan processing system as a flexible loan origination software that other documents between parties. LoanQuoter.com was enhanced
can be customized without programming and can operate in both to include live chat. Through this feature lending institutions can
Windows and Linux environments. ASC updated the product to conduct live, interactive discussions with consumers about any
include enhanced loan pricing and eligibility; enhanced free-form content on their websites. The lending institution uses a control
note-taking; the ability to add electronic attachments to loan panel to monitor incoming requests and traffic. RemoteDocs lets
records; a “linked loan” feature to simplify the processing of loans lenders employ electronic document transfer via automated inter-
with many co-borrowers; and enhanced disconnected processing, face components, on an ASP basis and via XML integration with
enabling an application to be processed without connection to a loan origination systems.
host LOS. ASC has also added a security capability that allows non- Founded in 1993
public data within a database to be obscured before it’s transmit-
ted.
Founded in 1978 Dorado
WWW.DORADO.COM
In March San Mateo, Calif.-based Dorado Corp. launched its
Calyx Software Enterprise Lending System (ELS) as the mortgage industry’s “first
WWW.CALYXSOFTWARE.COM lending solution and service platform that enables unification of
With some 66% of the market for mortgage point-of-sale systems all loan channels, products, services, personnel, customers, and
used by originators, San Jose, Calif.-based Calyx Point features open fulfillment partners through a single point of sale.” ELS encom-
architecture that enables it to partner well with pricing engines and passes and integrates all Dorado product components, including
transaction-management systems. This year Calyx launched an inte- ChannelMaster, PriceMaster, SourceMaster, .MOR and third-party
gration style that is fully MISMO capable and patent pending to services to reduce costs and shorten cycle times. This year the
allow the system to more easily integrate with third-party company introduced ChannelMaster/Production, a new net-
providers. Going further, Calyx DirectConnect and WebConnect worked solution for loan fulfillment. ChannelMaster/Production
products allow vendors to integrate within Point so the user never provides loan fulfillment capabilities including processing, condi-
has to leave Point to link to the vendor or service provider. tions management, underwriting, closing, and funding. Dorado also
LoanBridge and the to-be-released Point SDK allow integrations to partnered with First American Fulfillment Solutions to deliver an
happen seamlessly outside of Point. end-to-end LOS.
Founded in 1991 Founded in 1998
www.mortgage-technology.com 3
Dynatek FileNet
WWW.DYNATEK.COM WWW.FILENET.COM
Dynatek, Livonia, Mich., offers its MORvision as a complete loan FileNet, Costa Mesa, Calif. offers the P8 enterprise content man-
origination system that automates everything from point-of-sale agement (ECM) platform. FileNet P8 is an integrated framework
and Web origination through processing, underwriting, closing, sec- designed to leverage content management, business process man-
ondary tracking and delivery. MORvision supports government, agement and enterprise application connectivity capabilities to
conventional and subprime lending, as well as multiple business speed critical business decision making. Recently, Pyramid
channels. In December 2004 Dynatek celebrated its 1 millionth Solutions used the platform to create a new LOS for the mortgage
transaction using the award-winning MORvision Plug-In Partner industry. Its new Web Site Manager product acts as a Web content
Network. To date Dynatek has applied for and received certifica- management solution that manages the user experience and deliv-
tion for all three MISMO seals available at present, including cred- ers content for large numbers of global websites, all from a single
it, mortgage insurance and automated underwriting. Also, last year platform. Web Site Manager provides content management, allow-
the company received Mortgage Technology magazines Help Desk ing Web content to be personalized and targeted, and electronic
Award. delivery across mortgage channels.
Founded in 1986 Founded in 1982
Ellie Mae Fiserv
WWW.ELLIEMAE.COM WWW.FISERV.COM
Dublin, Calif.-based Ellie Mae Inc. provides Internet and software Fiserv Inc. Brookfield, Wis., provides Windows-based client-server
solutions for mortgage originators. The company owns Contour’s loan origination systems to handle loans from traditional and e-
The Loan Handler and Genesis2000 and offers brokers a host of commerce channels, Its Internet origination solution allows bor-
origination services via its ePASS B2B e-commerce platform. The rowers to apply for a loan online. The Easy Lender and Unifi LOS
ePASS Gateway now enables integrating services offered through systems automate every phase of loan origination and processing.
ePASS as Web services. The company’s MortgageServ servicing system provides immediate
The company offers Encompass as a mortgage processing and man- transaction updates, task tracking, work queuing, and a value-
agement system that automates the loan origination process. The added, private label subservicing functionality. Fiserv recently
company announced plans to take the Encompass product further acquired Del Mar Database. Last year the company launched an API
with the release of Banker Edition late this year. The value proposi- that would tie all of its units together as Web services in a service-
tion is that the product offers a fully customizable solution for oriented architecture. The transition is ongoing.
small and mid-tier lenders. Founded in 1984
Founded in 1999
Gallagher Financial Systems
FICS WWW.GOGALLAGHER.COM
WWW.LOANWARE.COM Coral Gables, Fla.-based Gallagher offers Millennium, which fea-
Headquartered in Dallas, Texas, Financial Industry Computer tures embedded modules for standard mortgage scenarios and mul-
Systems, Inc. specializes in providing flexible, comprehensive resi- tichannel lending. Gallagher’s NetOxygen adds Internet-based func-
dential and commercial technology solutions to the mortgage tionality to Millenium. The sysem allows data to update dynamical-
industry. FICS boasts incorporating innovative imaging and Web- ly, using a standard set of XML controls, client-side JavaScript
based capabilities into its LoanWare suite of products. FICS’s 32-bit libraries, a SOAP listener, a Session Manager and a Data Manager.
client/server application supports ODBC relational databases, giv- Gallagher moved to create a more centralized system with the
ing Microsoft Word, Excel and other ODBC compliant systems release of NetOxygen Authentication Studio, which provides an
access to mortgage loan data. Also, the company’s iNetAp provides extensible, enterprise-wide single sign-on solution for all Gallagher
borrowers with the ability to apply for a mortgage loan via the applications. The product leverages existing NetOxygen technology
Internet and receive instant decision pre-approval. The product with an independent authentication database to centralize all user
also includes administrative tools to better manage the pipeline. sign on activity for Gallagher applications.
Founded in 1983 Founded in 1985
4 Mortgage Technology » June 2006
Harland/Interlinq Integra Software Solutions
WWW.HARLANDFINANCIALSOLUTIONS.COM WWW.INTEGRA-ONLINE.COM
Atlanta-based Harland Financial Solutions offers technology to At a price ranging from $65 thousand and up, Integra Software
over 6,000 financial institutions. In March 2004 Harland announced Systems, Franklin, Tennessee, provides its Destiny LOS software as
release of the long-awaited INTERLINQ E3 loan production plat- the next step up for mortgage lenders needing a comprehensive
form to succeed MortgageWare. The E3 Web-based platform fea- system to handle loan volume through post-closing operations and
tures integrated business process management (BPM) and connec- secondary marketing. It’s WebAgent feature offers seamless inte-
tivity across the mortgage supply chain. While migration to E3 has gration and exchange of information between the Web-server and
been slow, the company did celebrate a milestone this year when back-office systems. Integra also offers a risk-based-pricing engine.
MidFirst Bank, one of the five largest privately held financial insti- Founded in 1996
tutions in the country, become the 100th lender to convert its
mortgage operations to the new Interlinq E3 system.
Founded in 1923 Lydian Technology Group
WWW.LYDIANTECHNOLOGY.COM
On the heels of a merger with Lydian Data Services, WellFound
Hyland Software Decade has morphed into Lydian Technology Group, Jacksonville,
WWW.ONBASE.COM Fla. WellFound Decade, Woodstock, Ga., provides standards-based
Westlake, Ohio-based Hyland offers OnBase for Mortgage Lending business integration software. The company is the result of a merg-
as an enterprise content management software system that com- er between the former WellFound and Decade Corp. Leveraging
bines integrated document management, business process manage- service-oriented software, WellFound Decade’s flagship product,
ment and records management in a single application. The system the Mortgage Integration Foundation, allows companies to inte-
captures, stores, routes, and retrieves loan documents of all kinds grate their current internal systems, users and external partners to
in a single repository. Documents may be accessed through the produce an end-to-end mortgage lending process. Now the newly
OnBase client or through a Web based “thin client” user interface. formed company has closer ties to larger wall Street investors and
Hyland added new features this year that include providing collab- the secondary market via its association with Lydian data Services.
orative workspaces that users can create to collectively work on Founded in 2004
documents, including handling exceptions. These collaborative
interactions can be stored as part of an audit trail of decision mak-
ing to support compliance strategies. MDA MindBox Inc.
Founded in 1991 WWW.MINDBOX.COM
MacDonald, Dettwiler and Associates Ltd. acquired MindBox to cre-
ate synergies between MindBox, DataQuick and its other holdings.
ILOG MDA plans to continue on an acquisition path in the mortgage
WWW.ILOG.COM space. Greenbrae, Calif.-based MindBox LLC, is a technology com-
ILOG, Mountain View, Calif., is a worldwide provider of business pany that automates mortgage cycle processes by creating deci-
rule logic. ILOG’s JRules is widely used by leading financial institu- sioning systems using rule- and case-based reasoning. In the past
tions and insurance companies to enable STP, a major financial year the company has enhanced its Power Editor — a multi-level
services industry initiative enabling automation and management editing application that allows the user to modify or update auto-
of business processes and decisions in real-time beyond simply mated business policies - to include template editing capabilities,
updating rules. ILOG BRMS, policies and practices are expressed as the inclusion of multiple domain files, and the posting of condi-
English-syntax business rules instead of computer code. ILOG’s lat- tional messages.
est version includes .NET support. The company also offers ILOG Founded in 2000
CPLEX, which includes a Conflict Refiner debugging tool, which
can quickly find and correct inaccuracies in any mathematical
model and a Solution Polishing algorithm that provides a range of Metavante/GHR Systems
alternatives for solving the most difficult business operation prob- WWW.GHRSYSTEMS.COM
lems. GHR Systems Inc., Wayne, Pa., pioneered product and pricing tech-
Founded in 1987 nology for lenders. The GHR entelligence suite includes software
www.mortgage-technology.com 5
offering to automate virtually every step of the loan origination and automated underwriting. The program works in such a way that
process, including laptop, website and call center systems, plus a at the point of first borrower contact, Portellus Lending searches all
comprehensive data services network. of the available loan products, determines best-fit prices with con-
In March 2005 GHR announced the release of its workflow system ditions, and includes detailed program maximums for which the
as a stand-alone product. In other news, last year the company was borrower is approved.
acquired by Metavante. Portellus’ Lending Debt Management application determines a cus-
Some of the synergies between the two companies have already tomer’s unique credit situation before submission to the underwrit-
started to show up. For example, at present, GHR has integrated ing process. Portellus also offers a Lending Pricing Engine, Lending
imaging technology from TREEV, another Metavante company, and Compliance Engine and Lending Best Execution Engine to complete
will connect to its parent’s servicing product to create an end-to- its mortgage offering.
end application. This year the company launched a new approach to selling its prod-
uct via the Customer Readiness Lab that allows the user to try out
the technology before purchasing.
Mortgage Cadence Founded in 2001
WWW.MORTGAGECADENCE.COM
Mortgage Cadence offers an Internet-based suite of automated
mortgage services within a single, unified system that includes Veros Software
streamlined, logical document tracking and advanced workflow. WWW.VEROS.COM
The system also enables real-time tracking of borrowers from orig- Irvine, Calif.-based Veros builds decision-support applications for
ination through funding. various industries. Veros’ predictive modeling technology includes
Starting this year the company expects to form alliance partner- AVMs. The company this year launched VeroFI, a risk-based solution
ships with consulting firms to offer specialized plug ins to the core for collateral valuation.
product. The company also plans to introduce a pictorial user The company also offers VeroFORECAST, which provides future
interface in the second half of the year. home price forecasts, using multiple technologies and data mining
In addition, Mortgage Cadence launched its Symphony product, to analyze relationships between house prices and economic vari-
which is an ASP product geared for the midtier that are looking for ables.
a more fully functional out-of-the-box application. Veros recently partnered with Bradford Technologies, developer of
Founded in 1996 ClickFORMS appraisal software. The collaboration of Veros and
Bradford will integrate VeroVALUE with ClickFORMS. Lenders will
be able to incorporate multiple collateral valuation techniques into
MortgageFlex their appraisal reports through the familiar ClickFORMS interface.
WWW.MORTGAGEFLEX.COM Founded in 2001
MortgageFlex Systems, Inc., Jacksonville, Fla., provides software and
systems solutions to the lending industry after originally offering
consulting services. MortgageFlex Systems originally provided con- Virpack
sulting services to the lending industry at large. WWW.VIRPACK.COM
Specifically, MortgageFlex Systems was retained by financial insti- Vienna, Va.-based Virpack provides the VirPack as an electronic
tutions and mortgage bankers to provide data processing and finan- envelope that packages, manages, and delivers data, documents
cial consulting services. and images. VirPack’s barcode and scanning products enable creat-
In January of 1986, MortgageFlex began actively marketing software ing an electronic copy of a loan for transmission within a VirPack
to the lending industry, and now lays claim to $2 trillion in mort- and reception in a VirPackViewer to let receivers extract needed
gages originated with its LoanQuest and other products. Guardian content.
Mortgage Documents announced an alliance with MortgageFlex to The VirPack Enterprise Center is the company’s new document man-
offer lenders greater customization. agement and imaging platform. The company’s VirPack Direct-TPI is
Founded in 1980 a delivery tool specifically designed for integration with third-
party imaging systems. On the heels of the e-delivery frenzy start-
ed when Freddie released its standards, Virpack has started doing e-
Portellus delivery for both Flagstar and Wells Fargo.
WWW.PORTELLUS.COM Founded in 1995 MT
Portellus, Irvine, Calif., develops technology for both origination
6 Mortgage Technology » June 2006
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