Tech Roundup: Solidifi Launches National Appraiser Network

Solidifi builds national appraiser network: Chicago-based Solidifi Inc., a provider of collateral valuation and risk management services to the mortgage lending industry, said that a company-wide expansion to nationwide appraiser coverage is progressing well ahead of schedule. Response from experienced appraisers coast-to-coast since Solidifi launched its registration process less than two weeks ago has well surpassed initial goals, leading the company to immediately launch its national appraisal management services. Solidifi’s model allows appraisers to set their full fee, a difference Jason Smith, CEO of Solidifi, says sets the company apart. “Solidifi’s full fee business model attracts the kind of expert independent appraisers sought by our lender clients in these turbulent times,” he said. “Lenders are provided with all of the performance and report quality information required to manage their risk effectively while ensuring appraiser independence.” (www.solidifi.com) From the compliance automation front: We’ve been seeing quite a bit of movement on the tech front from compliance providers, underscoring the need originators have to automate as much of the basic origination process as possible (snark: it’s a big change from recent years, where no such verification was going on at all). Laguna Hills, Calif.-based QuestSoft, a leading provider of compliance software and services for lenders, is the latest to announce compliance automation; the company now offers automated income tax return analysis and tax verification services through its Cipher1 Tax Suite. Cipher1 simplifies and improves the accuracy rate for the time-consuming task of determining an applicant’s ability to repay debt or lease obligations. Included in this new offering are two distinct yet integrated products – Cipher1 Qualifying Income Analyzer and Cipher1 4506T Services. “Proposed government regulations now require lenders to be responsible for making a determination on the suitability of a loan to a borrower, and this software enables them to maintain that compliance without adding additional resources,” said Leonard Ryan, founder and president of QuestSoft. “The Cipher1 Income Analyzer tool enables any member of the lending team to make a quick and accurate determination on a borrower to repay the loan.” (www.questsoft.com) RynohLive touts escrow administration automation: As the National Settlement Agency reels from fraud conducted during disbursements, Virginia Beach-based RynohLive touted what it called an “industry-first automated solution” for the management of closing and settlement processing. The solution provides ongoing transactional verification, reducing opportunities for fraud, error and omission. Currently the accepted industry standard for account reconciliation of settlement funds is 30 days, and it is not uncommon to allow funds to sit in escrow untracked during this period. “There are examples of settlement agents losing tens of thousands of dollars as interest accrues on monies that they have failed to track,” says RynohLive President Dick Reass. “This sends all parties involved into a scramble to locate and correct the error, resulting in loss of confidence, time and money.” Automation of transaction tracking is key because it reduces human interaction, Reass said. RynohLive sends immediate notifications when a check has not been deposited or is sent to the wrong account, thereby eliminating costly penalties and interest for nonpayment. No other product to date addresses this need, the company asserted. (www.rynoh.com) Zaio gains post-closing audit reach: Appraisal tech firm Zaio Corp. said it has signed an agreement with Quality Professionals, Inc. to provide valuation products for use in its quality control services. Quality Professionals is a post-funding audit company for the mortgage banking industry. Quality Professionals performs the quality control function to meet the requirements of Fannie Mae (FNM), Freddie Mac (FRE), Federal Bank Regulatory Agencies, the Department of Housing and Urban Development and the Veteran’s Administration. The company also serves institutional investors, private mortgage insurance companies and financial service related entities. (www.zaio.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 editor@housingwire.com. 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.