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Credit Technologies launches CTNe.ws Mortgage News Site

In an effort to keep our clients better informed, Credit Technologies has created a news and information site customized for the mortgage banking industry. This new "blog" style site will provide more timely content in an easy to read format.  All content is automatically included in our twitter site (http://www.Twitter.com/CreditTech) enabling the delivery of new information directly to your phone or hand-held device.

CTNe.ws content will include,

  • Product or service updates
  • Technology issues including any service outages
  • Compliance and regulatory updates
  • Any other issues or topics of competitive value to our clients.

You can access our new News Center at http://www.CTNe.ws or simply follow us on Twitter


IRS 4506T Volume Increases

We have been informed by the IRS tax service center that due to unprecedented increases in 4506 volume, typical turn-around times are increasing – and are now approaching 2 business days. This increase in volume is likely a result of more lenders requiring tax and W-2 transcripts be executed on every file.

In an effort to provide the fastest turn times under these new circumstances, we have adjusted our suggested cut off time to 11:00AM Eastern. The IRS is often treating requests received after 11:00 as having been received the following day.

Please try and submit your 4506T requests no later than 11:00AM. This earlier transmittal time gives us the best chance of obtaining your needed tax data within the expected 24 hours time frame. We will continue to monitor the situation and keep you advised of any further changes.

For more information on ordering and pricing, please contact your sales representative or visit http://www.credittechnologies.com/4506_Lender.asp

Please call 800.445.4022 Option 4 should have any further questions or concerns.


Follow Credit Technologies on Twitter

In an effort to get important communications in the hands of our clients faster, we have begun using Twitter as a communication forum. In addition to our existing communication channels, we'll transmit time sensitive data via twitter including product or service updates, technology issues including any service outages, compliance and regulatory updates and any issues of competitive value to our clients.

Below are recent Twitter updates - to Follow Credit Technologies on Twitter, simply click the below link...

    Follow us on Twitter


    TB&W To Require 4506 Executions on Most Submissions

    Taylor, Bean and Whitaker has joined the growing ranks of lenders requiring executed 4506 transcripts. From their 5/28/09 alert...

    Transcript Requirements – Effective with loans locked on or after 10 June, 2009, TB&W will require lenders to provide Tax Transcripts for all loans where income is used to determine eligibility (FHA and VA Streamline refinances are exempt). If the borrower is a W-2 wage earner, the lender must obtain the most recent available one tax year’s tax return transcript. If the borrower is self employed or derives income used for qualifying purposes from commissions, dividends, interest, or other sources besides base pay, the lender must obtain the most recent available two year’s tax return transcripts. 

    Tax return, W-2 and 1099 transcripts are available in about 24 hours - For more information on ordering and pricing - please click here.


    Update May 1, 2009 - The FTC Grants Additional Red Flag Enforcement Delay

    FTC Will Grant Three-Month Delay of Enforcement of ‘Red Flags’ Rule Requiring Creditors and Financial Institutions to Adopt Identity Theft Prevention Programs

    The Federal Trade Commission will delay enforcement of the new “Red Flags Rule” until August 1, 2009, to give creditors and financial institutions more time to develop and implement written identity theft prevention programs.

    For entities that have a low risk of identity theft, such as businesses that know their customers personally, the Commission will soon release a template to help them comply with the law. Today’s announcement does not affect other federal agencies’ enforcement of the original November 1, 2008 compliance deadline for institutions subject to their oversight.

    “Given the ongoing debate about whether Congress wrote this provision too broadly, delaying enforcement of the Red Flags Rule will allow industries and associations to share guidance with their members, provide low-risk entities an opportunity to use the template in developing their programs, and give Congress time to consider the issue further,” FTC Chairman Jon Leibowitz said.

    The Fair and Accurate Credit Transactions Act of 2003 (FACTA) directed financial regulatory agencies, including the FTC, to promulgate rules requiring “creditors” and “financial institutions” with covered accounts to implement programs to identify, detect, and respond to patterns, practices, or specific activities that could indicate identity theft.

    FACTA’s definition of “creditor” applies to any entity that regularly extends or renews credit – or arranges for others to do so – and includes all entities that regularly permit deferred payments for goods or services. Accepting credit cards as a form of payment does not, by itself, make an entity a creditor. Some examples of creditors are finance companies; automobile dealers that provide or arrange financing; mortgage brokers; utility companies; telecommunications companies; non-profit and government entities that defer payment for goods or services; and businesses that provide services and bill later, including many lawyers, doctors, and other professionals. “Financial institutions” include entities that offer accounts that enable consumers to write checks or make payments to third parties through other means, such as other negotiable instruments or telephone transfers.

    During outreach efforts last year, the FTC staff learned that some industries and entities within the agency’s jurisdiction were uncertain about their coverage under the Red Flags Rule. During this time, FTC staff developed and published materials to help explain what types of entities are covered, and how they might develop their identity theft prevention programs. Among these materials were an alert on the Rule’s requirements,
    www.ftc.gov/bcp/edu/pubs/business/alerts/alt050.shtm, and a Web site with more resources to help covered entities design and implement identity theft prevention programs, http://www.ftc.gov/redflagsrule The compliance template will be available on this Web site.

    The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 1,500 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s Web site provides free information on a variety of consumer topics.


    FACTA Red Flag and HVCC May 1st Deadlines Loom

    If not a "Black Friday" - Friday May 1st, 2009 will certainly be "Dark-Gray" for most mortgage brokers and lenders. Two pieces of legislation take affect that will instantly change the way you do business.

    FACTA Red Flag Requirements

    Red Flag requirements take effect May 1, 2009 requiring that more than 2,000,000 entities - virtually all types of lender including banks, credit unions, mortgage brokers and lenders, auto and motorcycle dealers, utility companies and cell phone providers create the required procedures, detection methods, training and documentation to detect and prevent identity theft. Credit Technologies provides a simple, free way to learn how to comply with FACTA section 114 (commonly referred to as the "Red Flag" rules.)

    EasyRedFlag.com - Red Flag Training Made Easy

    EasyRedFlag.com is a fully interactive webinar-style training course designed to dramatically simplify FACTA Red Flag compliance - all provided free of charge to current members. This interactive online course teaches you how to comply with FACTA Red Flag including:

    • Covered accounts - How to develop the required detection, response and mitigation methods
    • Required procedural and training documents - Implementing the annual update requirements
    • Simple online solutions to create the needed documents and processes
    • State and Federal enforcement and penalties for non-compliance

    “Every mortgage professional should attend this webinar to gain an understanding of the requirements and the potential penalties for non-compliance.”

    EasyRedFlag Webinars are held every Tuesday and Thursday and run about 45 minutes with lots of Q&A time at the conclusion to address your specific questions and concerns. Click Here to Register for an Upcoming EasyRedFlag Webinar. For more information on Red Fag compliance, please visit www.EasyRedFlag.com.

    The Home Valuation Code of Conduct (HVCC)

    HVCC is a joint agreement between Freddie Mac and Fannie Mae, the Federal Housing Finance Agency (FHFA), and the New York State Attorney General to "enhance the independence and accuracy of the appraisal process, and provide added protections for homebuyers, mortgage investors and the housing market." Under this new requirement, most appraisals will be ordered by the lender through an Appraisal Management Company (AMC.) This agreement poses many additional challenges to mortgage professionals including;

    ·         Broker contact with an appraiser is now all but eliminated and comp-checks prohibited, it will be much more difficult to obtain an estimated valuation prior to determining if a mortgage is viable for that applicant or property.

    ·         The cost concessions demanded by many AMCs and additional work requirements (form 1004mc - Market Conditions Report) are forcing many of the most experienced appraisers out of business. The AMC process rewards those appraisers with the lowest fees and fastest turn time - neither of which supports higher quality work.

    ·         The appraisal will not be available until AFTER the broker has submitted the loan package rendering much of the documentation submitted incomplete or inaccurate. This further complicates loan processing and decisioning. and will significantly increase the work load on already over-burdened lenders. Some project 3 times the number of applications being submitted as the broker cannot effectively weed-out non-viable transactions.

    ·         Increased costs and delays for consumers - It will typically take much longer (weeks) to obtain the property appraisal, which may significantly alter the lending terms. Should a different lender be required - there is a high probability that the new lender may not accept the previous appraisal and require a new appraisal be ordered at significant cost to the consumer and resulting in additional delays.


    The May 1st implementation of the HVCC makes access to quality AVMS critical for all originators.

    Credit Technologies provides online access to the AVM reports used by top mortgage lenders, appraisers, Realtors® and attorneys nationwide including Freddie Mac's Home Value Estimator (HVE), First American CoreLogic HPA, PASS and Fiserv, Inc.'s Case Shiller Weiss CASA AVMs - All delivered in seconds at a fraction of the cost of a traditional appraisal. View a Sample AVM

    Click Here to Enable Access to AVMS Though Your Existing Account – There are no setup costs, and you gain instant, online access to the top AVM appraisals used nationwide.

    Not a client yet - no problem. Click Here to Setup Your Free Account, or to Order a Single AVM

    For more information on Automated Valuation Models, including samples of each, please visit www.EasyAVM.com, contact your sales rep or call 800.445.4922, Option 1.

    Both GSEs provide additional information on HVCC at:

    FNMA - https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/appcode/pdf/hvcc.pdf or

    FMAC - http://www.freddiemac.com/singlefamily/home_valuation.html

     


    Equifax Nationwide Service Outage

    On Sunday 4/26/09 at 11:29AM EST Equifax reported an internal power incident that resulted in Equifax credit data being unavailable nationwide through all sales channels. Service was not restored until Monday at 8:07PM EDT. Any Equifax reports ordered during this outage returned error message stating the bureau is unavailable.

    To avoid additional charges please Do Not Run an New tri-Merge Report

    Once service is restored, Add the missing Equifax file to any existing reports by;

    1) Login to Credit Technologies, locate the desired file(s)

    2) Click the "Add Bureaus" link in the Add On Products section - This will re-run ONLY the Equifax file and blend the data into your existing report.

    The end cost is the same as if you had pulled a tri merge report originally (2 bureau report credited – tri merge charged.)


    Freddie Mac Update – Removal of Credit Reporting Company “Fidelity Information Services” (FIS) & Addition of "Equifax Mortgage Solutions" (EMS)

    Note - These changes apply only to those brokers or correspondent lenders participating in Freddie Mac Loan Prospector (FMAC LP.)  If you do not currently obtain or reissue credit files through FMAC LP, please disregard this message.

    For the purpose of connectivity to FMAC LP, the vast majority of credit reporting agencies nationwide, including Credit Technologies were affiliates of FIS (Fidelity Information Services, Inc.)  On February 29, 2008, Equifax Mortgage Solutions (EMS), a division of Equifax, acquired (FIS). As a result, beginning September 14, 2008 the Credit Reporting Company FIS (4) will no longer appear as an option in Loan Prospector.

    Effective September 14, 1008, when acquiring or reissuing a Credit Technologies report through LP, you will now select the EMS (5) option in place of FIS (4) in the Credit Reporting Company drop down box. All other steps and functionality remain the same. These changes apply only to FMAC LP transactions. For all other GSE transactions including Fannie Mae DO/DU, you will continue to use the Credit Technologies (287) drop down option.  

    The following explains what the user will experience with the different access methods after FIS is removed:

    • Direct Entry: FIS will no longer be an option in the Credit Reporting Company field drop down. For loans previously sent to Loan Prospector using Credit Technologies via the FIS (4) option, the Credit Reporting Company field will be blank. If the user submits the loan prior to selecting EMS (5) as the Credit Reporting Company a “Correct Errors” message will be returned and the user will be directed back to the “Request Services” page in order to select EMS (5) as the Credit Reporting Company.

    • Browser Import: The Credit Reporting Company code of “4”, which represents FIS, will be dropped on import. If the user submits the loan prior to selecting a new Credit Reporting Company a “Correct Errors” message will be returned and the user will be directed back to the “Request Services” page in order to select EMS (5) as the Credit Reporting Company.

    You likely have heard about new secondary use contracting requirements. Equifax (EMS) is requiring that within the next 90 days, any secondary use requester (typically the FMAC lender) be properly credentialed with the CRA that created the original mortgage credit report.

    All Credit Technologies Members Are Already Compliant With These New Requirements - No Further Actions Are Required.

    We continue to work with all lenders participating with FMAC LP to comply with these new requirements and anticipate this being completed within the 90 day time period.

    Please feel free to contact our technical support department if you have any questions regarding this or any other issue. They can be reached via email at TechSupport@CreditTechnologies.com or via phone at 248.313.1000, Option 3.

    Thank you for choosing Credit Technologies. We look forward to helping you close more loans.


    New Secondary Use Requirements

    The repositories have made significant changes in the due diligence requirements regarding secondary use access to consumer credit data (also referred to as "global reissue.") Effective December 14, 2008, a Secondary Use agreement is required by the repositories (Experian, Trans Union and Equifax) prior to allowing any entity with permissible purpose access to consumer credit data as a secondary user. This specifically applies to any lenders accessing consumer credit reports originally acquired by a separate broker or lender and includes files obtained through any automated underwriting system such as Fannie Mae’s Desktop Originator®, Desktop Underwriter® and Freddie Mac Loan Prospector®. More information on secondary Use requirements including the required agreement is available at http://credittechnologies.com/secondaryuse.asp


    Fannie Mae Hits Hard Below 680

    On November 6, 2007, Fannie Mae announced new loan pricing policies that factor “representative”1 credit scores and LTVs into a LLPA (Loan Level Price Adjustment).  Beginning with loans delivered on or after March 1, 2008, borrowers with scores below 680 are subject to price adjustments ranging from .75% for the 660-679 range to 2% for borrowers with sub-620 scores.  While these policies exclude terms of fifteen (15) years or less or loans delivered as Expanded Approval or EA/TPR, all other single loan types are included and all existing pricing adjustments apply.

    With regard to loans with subordinate financing, the  magic number appears to be 720+ as all borrowers with sub-720 scores are hit .25% to price for non interest-only and .5% for interest-only.  720+ borrowers are only hit for interest-only to the tune of .25%.

    These changes prove that more than ever before the ability to quickly and permanently improve your client’s credit score is critical both in terms of affordability to your client and to your bottom-line. Credit Technologies, Inc. pioneered the process of credit rescoring and today our Score ExpressTM process is the quickest and most cost-effective way to improve the quality of your client’s credit profile.  Contact us today to learn how Credit Technologies, Inc. can help you create a competitive advantage.

     


    Repository Secondary Reissue Policy and Pricing

    The repositories have implemented new policies and pricing regarding the secondary use of credit data. Previously, once a credit report was obtained, brokers and lenders had the ability to reissue that report through a variety of automated underwriting systems (FNMA DO, FMAC LP, AssetWise…) with no additional charge from the repositories (only FNMA reissue fees apply.) As of March 1, 2007 Experian Trans Union  and Equifax begin implementing new rules regarding secondary use of credit data including significant fees each time a credit report is reissued.

    Credit Technologies began incurring these new higher costs as of March 1, 2007. We delayed implementation of these higher fees as long as possible with the hopes an alternative would be found. Effective April 9, 2007 - We are now forced to pass along the actual costs incurred.

    Facts about Secondary Reissue - Updated 4/2/07

    • When - Effective 4/1/07, Repository mandated secondary reissue charges apply each time an existing report is reissued through any automated underwriting system.

    • Applicability – Secondary reissue fees are levied by each repository and effect every tri merge credit report used for mortgage purposes regardless of which credit reporting agency you obtained the report through.

    • Inquiries – With each secondary use of a credit report (reissue), a new secondary use inquiry will be placed on the consumers credit report, this inquiry will not affect the FICO score.

    • FICO score – While Fair Isaac has not announced plans to charge for secondary use of FICO scores, Experian and Trans Union secondary use fees include the cost of the FICO score.

    Credit Technologies is working in concert with the NCRA and NAMB to educate all parties involved about the serious impact this new policy and fee structure could have, especially on first time, non prime and minority home buyers (Read the NAMB position paper on secondary use.)


    Credit Technologies Launches CreditXpert Credit Assure

    Credit Assure™, is an automated process that pre-scans every credit report and identifies opportunities to raise credit scores. Based on CreditXpert technology, Credit Assure does all the work for you automatically. You instantly know if opportunities exist to improve your borrower's credit scores Learn More about Credit Assure. "We're excited about the launch of the Credit Assure product, it dramatically simplifies the process of identifying opportunities to improve borrowers credit scores. Our goal has always been to provide our clients a competitive advantage - Now on every CTI credit report, you instantly know if your borrowers credit score can be raised without taking the time to complete a manual analysis " said Credit Technologies President Thomas Conwell.

    The Credit Assure product is provided to all Credit Technologies clients free of charge through he end of 2006. For more information visit the Credit Assure page at http://www.credittechnologies.com/Credit_Assure.asp or call 800.445.4922 Option 4.


    Barbara Lovejoy Joins The Staff of Credit Technologies

    Credit Technologies is honored to welcome Barbara Lovejoy to our staff of mortgage credit reporting professionals. Barbara, a 20+ year veteran of the credit reporting industry assumes the position of Executive Vice President – National Sales. “I am truly thrilled to welcome Barbara to the Credit Technologies family. Her vast experience and unparalleled commitment to her clients place her among the very elite within the credit reporting industry” said founder and President Thomas Conwell.

    Barbara is the past president of US Credit, Inc. and most recently served as Regional Vice President for Credit Plus, Inc. Making her home in the suburbs of Atlanta Georgia with her husband Michael – Barbara can be reached directly at 404.597.1206, through the national customer service center at 800.445.4922 or via email at BLovejoy@CreditTechnologies.com.

    About Credit Technologies
    Founded in 1990, Credit Technologies is a national credit reporting agency specializing in advanced credit reporting, re-scoring and training for the mortgage lending community. Having processed more than 7 million credit transactions, Credit Technologies pioneered the field of credit re-scoring.  For more information call 800.445.4922 or visit www.CreditTechnologies.com.

     ###


    Repositories Introduce VantageScore™ Credit Scoring Model

    VantageScore™, a new credit scoring model developed jointly by the three national credit reporting companies was introduced today. The Vantage Score models initially appears to be a replacement for the current repository direct-consumer score models, often referred to as Plus™ scores. These scores are sold to consumers through various sales channels including freecreditreport.com. They are not currently used in any capacity within the mortgage industry, nor have we seen any press release indicating FICO is simply going away. Replacing FICO scores in all venues would require the systemic adoption of this new scoring model by FNMA, FMAC and most lenders and their AUS’s – seemingly a huge undertaking. Below are Replies received from both FNMA and FMAC indicate no immediate intention to utilize VantageScore

    • FANNIE MAE: At this time, we have no plans to switch to this new score for our credit evaluation purposes.  The credit repositories are just beginning to talk with us and other industry participants about the new credit score, so it is too early to speculate about what we may do.  However, we will work with the repositories and our industry partners to test the effectiveness and predictive ability of the score.  Finally, please note that Desktop Underwriter's credit assessment is based on a proprietary Fannie Mae model, not on FICO scores
    • FREDDIE MAC: At this time, Freddie Mac has no immediate comment on the use of the VantageScore credit scoring methodology.  As we learn more details from the repositories, we’ll determine our next steps, as appropriate.  We presently do not have any plans to use VantageScore in Loan Prospector or anticipate any changes to Loan Prospector based upon the availability of VantageScore

    More information is available in the VantageScore Press Release and VantageScore Product Sheet

    We will continue to monitor the VantageScore program and provide updates as changes occur, including any use within the mortgage industry.


    January 27, 2006 - Credit Technologies Launches National Mortgage Referral Network 

    Each month more than 50,000 consumers visit CreditTechnologies.com. many of whom are in the process of selecting a mortgage professional, or are looking for a second opinion on an existing mortgage offering.  Credit Technologies new free mortgage referral program matches mortgage applicants with brokers and lenders in their area that are able to provide its advanced credit rescoring solutions. 

    "We're excited to be able to provide consumers direct referrals to our network of rescoring enabled brokers and lenders. Our  mortgage professionals have the training and rescoring expertise that typically enable them to provide lower costs and interest rates than traditional mortgage companies. Our free referral program creates a win-win scenario for both the mortgage applicant and the broker/lender.  This referral program is unlike any other in existence, as it provides total privacy protection for the consumer by eliminating any chance of their contact information being sold as a mortgage lead. From the broker/lender perspective, there is no cost involved and they are not dealing with a lead that has been sold to dozens of other mortgage brokers." stated Thomas Conwell, President of Credit Technologies.

    Brokers and lenders wishing to learn more about the CTI referral program, should visit  http://www.credittechnologies.com/Mortgage_Referrals.asp or call 800.445.4922 option 4.

    Consumers looking for assistance with a current mortgage application, or help choosing a mortgage professional should visit http://www.credittechnologies.com/Consumer_Rescoring.asp

    About Credit Technologies: Founded in 1990, Credit Technologies is a credit reporting agency serving top mortgage lenders and brokers nationwide. In 1997, Credit Technologies introduced ScoreExpress, the first credit rescoring system designed to process updates to consumer credit reports in less than 72 hours. Today ScoreExpress is the most powerful credit report analysis and rescoring system available and can be accessed exclusively through a network of certified mortgage brokers and lenders. For more information on any Credit Technologies product or service, please call 800.445.4922 option 4.


    November 8, 2005 - The Mortgage Credit Arsenal™ Published   

    The first issue of the Mortgage Credit Arsenal was released today. The Arsenal is the first publication specifically designed to teach mortgage professionals how to use credit scoring and rescoring to create a competitive advantage. "It's unlike any other mortgage credit publication. We've taken 15 years of credit reporting and rescoring expertise and put it in a format that will benefit every reader" said Thomas Conwell, President of Credit Technologies. Each issue of the Arsenal covers subjects including,

    • Credit reporting & rescoring tools, and training to maximize your results
    • The Secrets of FICO Scoring - rescoring tactics for every lending niche 
    • Legislative changes and new requirements Including OFAC, FACTA, RESPA...
    • Trends in mortgage technology--What works, and what doesn't
    • Q & A  - Answering your credit and scoring questions

    Issue one includes,

    * How to Give Yourself an Unfair Advantage in Every Lending Niche.
    * The Secret to Higher FICO Scores
    * FICO Rescoring Strategies that Really Work
    * FACTA--Are You Out of Compliance?
    * Pre-Employment Screening--What Every Mortgage Broker Should Know
    * Ask The Arsenal - What do when missing one or more FICO scores?

    The Arsenal is designed exclusively for mortgage loan professionals and is provided free of charge to qualified readers. You may cancel at any time and you have our commitment that we will NEVER sell your email address or information to any third party.  Subscribe to the Arsenal Today.

    For more information on the Arsenal, or any Credit Technologies product or service, please contact us toll-free at 800.445.4922, option 4.


    October 21, 2005 - Credit Technologies Launches "Mortgage Alchemy"

    Credit Technologies today released its new web-based credit rescoring program "Mortgage Alchemy". This proprietary education program, available exclusively to Credit Technologies clients, provides invaluable insight into specifics on how credit scoring functions and how to apply these concepts to create a competitive edge in virtually every lending niche. Participants are able to apply the newly learned tactics on live credit files and see the results in real time. 

    "The key to credit rescoring is education and the first step in improving an applicants FICO score is understanding why they have the score they have. This new program teaches our clients how credit scoring works, how to develop effective rescoring solutions and how to apply these strategies on various lending niches from sub-prime to super-jumbo. Our ultimate goal is to remove the mystery and mis-information that prevails about credit scoring and provide Credit Technologies lender and broker clients a competitive advantage." Said Thomas Conwell, President of Credit Technologies.

    About Credit Technologies
    Founded in 1990, Credit Technologies is a national credit reporting agency specializing in advanced credit reporting and  re-scoring solutions for the mortgage industry. Credit Technologies pioneered the field of credit re-scoring in 1997 with the release of the Score Express rescoring engine and has processed more than 7 million credit transactions,   For more information call 800.445.4922 option 4, or visit
    www.CreditTechnologies.com.  


    August 18, 2005 - Credit Technologies Announces Dynatek MORvision Integration  

    Credit Technologies is pleased to announce an agreement to integrate Credit Technologies Data within the Dynatek MORvision™ loan origination system. Dynatek users now have the ability to access Credit Technologies credit reporting services from within MORvision, or import existing credit data and liabilities without having to manually enter credit data.

    Founded in 1986, Dynatek has the distinct honor of being the first company to develop a software solution for the mortgage industry. For nearly two decades we have led the market with time and cost-saving tools for mortgage businesses, commercial banks, credit unions and other full-service financial institutions. For more information contact Dynatek at 800.462.5545, or on the web at www.Dynatek.com


    May 13, 2005 - Credit Technologies Announces GMAC RFC / AssetWise Integration

    Credit Technologies is pleased to announce the integration of Credit Technologies Data through the GMAC-RFC/ AssetWise automated underwriting system. This increases the number of approved lenders, including all lenders utilizing FNMA DO/DU and Credit One.

    Credit Technologies is a nationally approved Fannie Mae and Freddie Mac CRA. All lenders associated with either FNMA DO/DU or FMAC LP accept CT data.

    A complete listing of FNMA lenders is available at ( https://www.efanniemae.com/is/brokcorresp/dosponlenders/index.jsp)

    The FMAC LP list is available at http://www.loanprospector.com/about/wholesaler.html )

    Please note, some lenders, such as Countrywide have deals in place that require brokers to use their CRA (CW owns Landsafe) when ordering credit or submitting deals though their front end (e.g. CLUES - Countrywide's Loan Underwriting Expert System or CLOUT - Countrywide’s Loan Origination and Underwriting Technology.)

    A partial lender and integration partner list is provided below. Please call 800.445. 4922 for questions specific to integration with any lender or platform.

     

    • Acceleron (formally Novastar)

    • Accubank

    • American Guardian

    • Ameritrust

    • ARC Systems / LendTech

    • Aurora Loans

    • Available Mortgage Funding / Mortgage Broker Vision

    • Avista

    • Banker Systems / ARTA

    • BeanStalk / OpenClose

    • Bear Stearns / Bear Direct

    • Calyx / Point

    • Capital Funding

    • CBC Innovis / BytePro

    • Channel Inc

    • Chase /Zippy

    • CitiMortgage

    • Closed First

    • Commerce Velocity

    • Concorde Acceptance Wholesale / Loan Vine

    • CR Pacific

    • Creative Thinking / Creative Visions

    • Criterion Systems / Loan Vision

    • CRMNow / MortgageIQ

    • DelMar Database / DataTrac

    • Delphi Information / Applidocs & Discovery

    • Dexma / Prime Alliance

    • Direct Mortgage Funding / Direct Express

    • Dynatek / MorVision

    • Ellie Mae / Contour, Encompass & Genesis

    • eMagic

    • Encore Credit Corp

    • Fairfield Mortgage

    • Fannie Mae / Desktop Originator and Desktop Underwriter

    • FICS / Loan Producer

    • Fidelity National / Eastern Empower

    • First Greensboro Home Equity / E-valuator

    • First Franklin

    • FlagStar

    • Franklin Financial / Franklin Direct

    • Freddie MAC / Loan Prospector

    • GMAC Residential Funding / AssetWise Direct

    • Greenlight Financial

    • GreenPoint Mortgage / E-Point

    • GN Mortgage / GN Select

    • Harland / E3, LaserPro & MortgageWare

    • Helvetica Group

    • HSBC  

    • Homecomings Financial / AssetWise Direct

    • Home Quest Capital / Approved Point

    • Homeland Mortgage / HomeXpress Online  

    • Impac Funding / iDaslg2

    • IndyMac / eMits

    • Insight Lending / PriceMyLoan

    • Integra / Destiny

    • Kellner Mortgage / Kloser

    • LenderFlex

    • Liberty American Mortgage

    • LoanScore

    • LongBeach Mortgage

    • Maverick Mortgage

    • Mega Loan Officer Officer Machine / MLOM

    • MindBox

    • Mortgage Builder

    • Mortgage Cadence

    • Mortgage Funding / Mortgage Broker Vision

    • Mortgage Software Solutions

    • Mortgage Warehouse / TMW Direct

    • MortgageBot / Powersite

    • MortagegFlex/ LoanQuest

    • MortgageHub / TMO, Diamond, Bridgelink

    • National City Mortgage / ARC

    • NovaStar

    • Nylx

    • Ocwen REALTrans®

    • Ohio Savings

    • Optimum

    • Option One / LPS

    • Overture                         

    • Paragon Home Lending / Paragon Express

    • PCLender

    • Peoples Choice

    • Pinnacle Direct Funding / Flex Express

    • Pipeline Solutions

    • ProLender Solutions

    • Provident Funding

    • Quality Home Loans

    • Quick Loan Funding

    • RAM PowerPak

    • RFC AssetWise Direct / RFC AssetWise

    • SearchMyLoan

    • Sierra Pacific

    • Sound Software / WinMort

    • SunTrust

    • Soluna First / Eclipse

    • SouthStar Funding / StarQual

    • Stone Creek Financial

    • TeraVendo / LoanAce

    • Trust One Direct

    • United Capital Mortgage Corp / UCMC Options

    • VueCentric / Mortgage Dashboard

    • Wachovia / Vertice

    • Washington Mutual

    • Wilmington Finance

    • Winter Group

    • Wells Fargo

    • Xetus / XetusOne

    • XL Dynamic / MortgageSoft

    In addition to accessing the GMAC-RFC/AssetWise system, other system enhancements including ‘

    • Access to CreditXpert (Credit Analyzer and What If Simulator) on all files regardless of FNMA status.
    • All files are FNMA re-issuable without having to select the FNMA checkbox
    • The FNMA re-issue process is simplified – the re-issue number is now the same as the report number.

    For more information on any integration issue, please contact us toll-free at 800.455.4922


    May 12, 2005 - Credit Technologies Announces Integration with Mortgage Builder™ Software

    Credit Technologies is pleased to announce an agreement to integrate Credit Technologies Data within the Mortgage Builder™ loan origination system. Mortgage Builder users now have the ability to access Credit Technologies credit reporting services from within Mortgage Builder, or import existing credit data and liabilities without having to manually enter credit data.

    Mortgage Builder Software, Inc. (MBSI) is a Southfield, Michigan-based Computer Company that specializes in mortgage software. With more than two decades of mortgage industry experience, MBSI's reputation has been based on solid reliable software backed by dedicated customer support staff. For more information contact mortgage Builder at 800.850.8060, or on the web at www.MortgageBuilder.com.


    April 1, 2005 - Credit Technologies Now Available Through IndyMac e-MITS

    IndyMac Bank and Credit Technologies are pleased to announce a new enhancement that allows approved IndyMac Bank customers to access Credit Technologies services using QuickPricer® and e-MITS®, IndyMac's® online loan prequalification, pricing and decisioning technology. With QuickPricer and e-MITS you'll get up to 25 loan scenarios in less than a minute and access to a comprehensive product menu that includes Alt A, NonPrime, ARMs, HELOC and Jumbo.

    To facilitate quicker processing, you can have your company's e-MITS administrator set up Credit Technologies as your default credit vendor in the 'Default Credit Provider Information' section of the e-MITS Administration page. When entering a loan in e-MITS, you will see the 'Assign Borrowers to Applications' screen. Your default credit provider will be selected and you can either pull a new report or reissue an existing one with your loan submission. Please keep your Credit Technologies account number and password accessible for authentication purposes.

    If you would like to learn more about becoming an approved IndyMac customer, please call 1-888-IndyMac or visit the Web site at
    www.indymacb2b.com. If you have questions regarding Credit Technologies, please feel free to contact us at your convenience at 800.445.4922, or visit us on the web at www.CreditTechnologies.com


    January 25, 2005 - Lee Lovejoy joins The Staff Of Credit Technologies

    Credit Technologies welcomes Lee Lovejoy our staff of mortgage credit reporting professionals. Lee, a veteran of 15 years “hands on” processing, production, and sales support experience, assumes the role of Regional Sales Manager, responsible for Northern California markets. “I have had the privilege of knowing and working with Lee for several years and am excited to welcome her to the Credit Technologies family” said founder and President Thomas Conwell.

    In addition to Lee’s wealth of experience, she has also just completed extensive and advanced training on proprietary credit re-scoring tools and solutions available exclusively to Credit Technologies clients. Making her home in Aptos, California – Lee is an active CAMB member and an officer in the GMBA chapter. Lee can be reached directly at 831.612.1863, through the national customer service center at 800.445.4922 or via email at LLovejoy@CreditTechnologies.com.

    About Credit Technologies  
    Founded in 1990, Credit Technologies is a national credit reporting agency specializing in advanced credit reporting, re-scoring and training for the mortgage lending community. Having processed more than 6 million credit transactions, Credit Technologies pioneered the field of credit re-scoring.  For more information call 800.445.4922 or visit
    www.CreditTechnologies.com.

    ###


    December 1, 2004 - FACT ACT Having Immediate Impact on Mortgage Industry 

    As of December 1st, 2004 a series of regulations were enacted placing additional restrictions and requirements on the use of credit and credit scores. This includes a new requirement that every consumer receive a Credit Score Disclosure each and every time a credit report containing a credit score is obtained for mortgage purposes.

    This means that effective December 1, 2004 - every credit report obtained for mortgage purposes containing a credit score must include a scoring disclosure issued directly to the applicant. This places an additional burden on brokers and lenders as many initial contacts and subsequent credit reports are generated by phone conversations where there is no actual face-to-face meeting with the potential applicant. In this scenario, the law still requires the consumer to be provided with the credit score disclosure within a "reasonable period of time"  (typically interpreted as within 72 hours by US mail.) 

    Credit Technologies has automated the consumer score disclosure process so it can be generated with each credit report for the broker or lender to issue to the consumer(s). We can also handle the compliance completely by providing the required disclosure directly to each consumer via US Mail on the behalf of the broker or lender including the issuance of an ongoing compliance certification.

    This is just one of many new requirements contained in the 92 page FACT ACT that directly impact mortgage lenders. For an overview of what you need to know about your requirements under the FACTA - read our FACTA Notice.

    It is important that all mortgage lenders and brokers understand the requirements of FACTA. This act is especially trying in terms of compliance as it was rushed through congress in 7 months. Many sections of the act still contain unfinished guidelines and there are currently more than 12 outstanding studies yet to be completed. As a result, some sections are not yet enforceable. There are also significant changes in identity theft, medical privacy issues and record retention rules that will also directly affect the day-to-day operations of mortgage lenders and brokers.

    Credit Technologies can conduct a brief review to determine the current level of compliance with not only the FACTA, but also OFAC regulations. The review process begins with a brief questionnaire on the lender or brokers operations, we then provide a customized compliance report designed specifically for each business. The compliance review is provided free of charge.

    In addition, Credit Technologies has released it's "Impact of FACT ACT on the Mortgage Industry" This paper condenses the 92+ pages of the FACT ACT into 20 pages containing the sections specifically pertaining to the mortgage industry along with commentary. It is imperative that all mortgage brokers and lenders familiarize themselves with the FACT ACT as many  of the requirements are already in affect.

    Current clients can access the document through the secure bulletin board feature when logged into CreditTechnologies.com. Non-clients may request a free copy by calling  800.445.4922, Option 4 - or by emailing your request with your name, company name and email address you wish the report sent to CustSvc@CreditTechnologies.com

    We have provided an overview of the pertinent sections below. In summary, the areas that will affect mortgage brokers and lenders include:

    Credit Scoring Disclosure - A credit score disclosure must be provided by the mortgage broker or lender to each applicant that details the consumer’s actual credit score, the source of the credit score and required notice text as defined by the FACT ACT. (Credit Technologies has automated this disclosure (Sample Scoring Disclosure ) – it is currently available from the credit file section of any credit report by selecting Other Reports>Score Disclosure.) Credit Technologies can also handle the creation and mailing of the required disclosure directly to your applicants (additional fee required.)

    Tightened Rules On Credit Data Furnishers - Prohibit creditors from furnishing information to consumer reporting agencies which the creditor knows or has reasonable cause to know is inaccurate. It requires information furnishers to have in place reasonable procedures to respond to notices of identity theft and to block information. It also requires furnishers of credit data to notify the consumer with a disclosure (to be written by the Federal Reserve Board) within thirty days after reporting negative information. The section also requires the federal agencies to write regulations relating to the circumstances in which information furnishers should be required to reinvestigate disputes made directly to them by consumers. The regulations will also establish accuracy guidelines for the furnishing of information to consumer reporting agencies.

    Non-Conforming Lending Disclosures – New and complex rules for creditors and mortgage lenders to provide a notice to consumers when such creditors grant credit on terms materially less favorable than those available by the creditor to a substantial portion of consumers. These rules will be created by FTC and the Federal Reserve.

    Fraud and Active Military Duty Statements – Additional requirements when a credit report contains either a consumer initiated fraud statement or an Active Military Duty statement to verify the identity of the applicant.

    Identity Theft Disclosures - Any business entity must provide copies of documents regarding any business transaction to both the victim and law enforcement within 30 days of the request.

    Red Flag Restrictions - Additional restrictions on the sale of any accounts where identity theft has been alleged (referred to as “Red Flagged Accounts”) - Primarily designed to prevent the repeated sale or transfer of collection accounts originated through identity theft, but may have implications on the sale of mortgage loans as well – we are unsure as the actual guidelines have not yet been published.

    New rules regarding the disposal of records - Requires Federal enforcement agencies to issue regulations respecting the disposal of consumer information.

    Some of the other changes you will see on every credit report effective 12/01/2004 include:

    Fraud Alerts – Each of the repositories are required to report Active Duty, Initial, and Extended Fraud Alerts. These messages will be passed through on the completed credit report and notated with an appropriate FACTA Message.

    Address Discrepancy – Each of the repositories are required to report any significant difference between the address that the lender used in the inquiry and what they have on file. These messages will be passed through on the completed credit report and notated with an appropriate FACTA Message.

    Inquiry Key Factor Code – This Factor Code is commonly referred to as the “5th credit score factor”. Each repository is now required to send an indicator for any report where the number of inquiries was a factor in the score result. This additional factor will be passed through on the completed credit report in the appropriate repository score section.

    As indicated, some of these new requirements have not yet had the actual guidelines written, and some are still pending the outcome of required studies. Those specific requirements will not be enforced until such time as the FTC completes the unfinished sections however - The credit scoring disclosure is mandatory as of 12/01/2004 .

    For questions regarding any credit reporting issue, please contact us directly at 248.473.7400, or via email at CustSvc@CreditTechnologies.com.

    Thank you for considering Credit Technologies.

    This information is an overview of the FACT ACT and is provided as a courtesy only. This does not contain the complete text of the act, nor can it construed in any way as legal advice. There is no guarantee written or implied as to the accuracy or completeness of the information contained in this document. Credit Technologies cannot provide legal advice on this, or any other matter. Please consult your compliance or legal department to insure your compliance with the FACT ACT.


    October 25, 2004  - Credit Technologies published Credit Scoring Paper 

    Credit Technologies today published "Introduction To Credit Scoring" This article provides consumers and lenders an overview of credit scoring and re-scoring, specifically detailing how credit scores are developed, how they perform, and how they impact the average consumer. Using data developed by Credit Technologies and Fair Isaac & Co., this article will help readers gain a basic understanding on how credit scoring works and details the options available when credit re-scoring is needed. 

    To obtain a free copy of "Introduction to Credit Scoring, please call us toll free at 800.445.4922 Option 4, or send your request via email to CustSvc@CreditTechnologies.com. Be sure to include your name, your company name and return email address your wish the article sent to. 


    September 6, 2004 - Fair Credit Reporting Act - Fair and Accurate Credit Reporting Update (FACT) to impact mortgage brokers and lenders.

    Provisions of the FACT update will require changes in the way mortgage lenders and brokers do business. Credit Technologies strongly recommends you review the changes and additions with your compliance and/or legal departments as soon as possible. Some components of the act are already in force, with many more becoming mandatory December 1, 2004. 

    To assist you in determining how best to comply with the FACT update, we have provided a copy of the entire act complete with red-lining detailing the changes and additions. The FACT update is available at 

     http://credittechnologies.com/fcra_fact_update.pdf.


    April 14, 2004 - Credit Technologies Score Express Establishes New Credit Re-Scoring Record.

    "Few credit reporting agencies will even touch a mixed file, in 72 hours, Credit Technologies was able to take a  consumer from a credit score of 442, to 679 -  a 237 point credit score increase.  We were able to remove 17 trade lines and 32 inquiries."  says Thomas Conwell, President of Credit Technologies.

    Credit re-scoring has become an integral part of mortgage origination, and not only for sub-prime lending. "We are processing many Score Express updates on borrowers with 680+ credit scores. The impact can be especially significant on jumbo loans where even a small credit score increase can have significant cost savings for the borrower according to Mr. Conwell. 

    Credit Technologies invented Credit Re-Scoring in May of 1997 with the introduction of Score Express, now with the added capabilities of CreditXpert, mortgage lenders have the ability to make changes to any borrowers credit report and see the corresponding point score changes in real time. 

    To learn more about how Credit Technologies can help you improve your borrowers credit scores, call toll free 800.445.4922, option 4. We'll walk you through the Score Express process and teach you how to turn hard-to-qualify borrowers into your satisfied clients.


    April 9, 2004 - Credit Technologies and Score Express In The News.

    Credit Re-Scoring Can Increase Production
    Credit agency raises scores hundreds of points


    "Credit scores are the cornerstone of most mortgage loan approvals. And while many loan originators prefer to service borrowers whose credit scores qualify them for a conforming loan, a good deal of applicants with nonconforming credit can immediately increase their scores by using rescoring services.

    A consumer's credit profile can contain inaccurate or outdated derogatory items -- such as collections, judgments, high balances -- that have been satisfied but not reflected on the files of the "Big 3" national credit repositories. Missing updates can result in lower than deserved credit scores.

    But dismissing these potential borrowers can result in a loss of production. Some credit reporting agencies that say their rescoring tools and solutions can erase errors on credit files and increase scores by hundreds of points.

    When a loan is pending, brokers can help more borrowers qualify for a loan and better terms, and at the same time boost their business, by using rapid rescoring services offered by authorized credit reporting agencies. The services can expedite correction on consumer credit files at each of the repositories almost overnight once specific documentation proving the errors is submitted to them.

    However, deciphering which borrowers are good candidates for rescoring can be a tricky process, as sometimes corrections can result in lower scores, Tom Conwell, the president of Credit Technologies Inc. told MortgageDaily.com. For this reason, through its rescoring service, the Michigan-based credit reporting agency provides brokers with a complimentary analysis of the credit report to determine if it has potential to be re-scored up to the lender's expectations. If the potential is there, the service can have files updated within the same day to 72 hours after the documentation is submitted to the national repositories.

    Conwell pointed out that his company has made over six million credit transactions since its founding in 1990, and the company also pioneered credit rescoring in 1997. The average score increase the credit files the company rescores is 30.2 points. The record increase -- 237 points -- happened to a man who had a merged credit report in an Experian file. The individual happened to have a similar name as another family member.

    While low credit scores tend to be associated to consumers with nonconforming credit, even high-income homeowners who have never been delinquent on any of their accounts can have their credit score severely affected for a variety of reasons, Conwell added. Anything from having a name similar as another person to the number and types of open credit lines, loan balances and the age of credit lines can trigger a low score outcome.

    Conwell said that another "very slick" tool Credit Technologies provides brokers with is a two-component software solution; the first component analyzes a credit file and checks whether there are dollars available to improve the relationship between the balance and the credit limit. Paying off an account, paying it down, and even establishing a new account can help raise a credit score. The automated analysis provides brokers with step-by-step recipe to generate the most positive score change based upon the amount of dollars that are available.

    The second component is the What-if Simulator, which does thousands of calculations in real time to let lenders know exactly by how much a credit score can improve if a certain derogatory or incorrect item is removed from a credit file, according to Conwell.

    "Credit scores were initially described as being an additional aid in underwriting a loan," Conwell said. But what has happened is they have become a "go, no-go tool;" most of the automated underwriting programs all have some target scores, and if a consumer's score is higher, its approved, and if not -- it can be turned down. The executive said that in many cases, lenders aren't reading the entire report but looking at the score and the decision's made purely based upon the score."

    Excerpted from an article written by Coco Salazar and published April 9th, 2004 in the Mortgage Daily (www.MortgageDaily.com )



    January 14, 2004 - Credit Technologies Processes it's 6,000,000th Credit Transaction

    Credit Technologies today reached a milestone in it's 14 year history by processing it's six millionth transaction.  


    December 16, 2003 Credit Technologies now offers Basis100 AVM products

    Basis 100 services the top 20 commercial banks in the nation today including Washington Mutual, IndyMac Bank, and Country Wide. PASS and HPA cover over 1300 counties in 45 states.  An AVM, or Automated Valuation Model is a computer generated residential property appraisal report. Created instantly, an AVM report is accepted by most lenders in lieu of a physical appraisal for second mortgages and HELOCs. AVM's can significantly reduce the time it takes to obtain an estimate of value and reduce the costs associated with the traditional property appraisal process. Credit Technologies has teamed up with two of the nations leading Automated Valuation providers.  http://www.credittechnologies.com/Automated_Valuation_Models_AVM.asp


     

    December 10, 2003 Credit Technologies integrates with Fiserv

    Credit Technologies has created an interface between its Mortgage Credit Link credit reporting system and the easyLENDER ® family of loan origination and processing software solutions from Fiserv Lending Solutions (a business unit of global financial software leader Fiserv, Inc.). The new interface enables easyLENDER software users to gain instant, online access to borrower credit data through Credit Technologies Online.

     


     

    October 20, 2003  - CASA® Automated Valuation Model now available.

    Credit Technologies in partnership with FISERV CSW, Inc. is pleased to announce the CASA Automated Valuation Model (Automated Appraisal) is now available through Credit Technologies Online.

    CASA® is the market-leading automated valuation model (AVM) for accurate, fast value estimates and predictive collateral scores for residential properties across the U.S.

    Eight of the top ten lenders trust CASA for applications that include automated underwriting and origination, collateral scoring, appraisal QC, loss mitigation, portfolio valuations, marketing programs and more.

    Within seconds, automated appraisals complete with comp valuations are delivered to your desktop. To learn more about CASA and to view a sample report, please visit;

    http://www.credittechnologies.com/Automated_Valuation_Models_AVM.asp

     


     

    October 1, 2003 - OFAC compliance Requirements

    Effective Oct 1, 2003 most every financial institution (including mortgage brokers) are required to comply with the US Department of the Treasury OFAC (Office of Foreign Assets Control) rules that require most any applicant be screened against the OFAC list of SDN's (Specially Designated Nationals.)

    Credit Technologies can automate most of the OFAC compliance process, an OFAC search can be added to any credit report, alerting you to any potential name match with little or no additional work on your part.

    If a match occurs, you are required to notify The Treasury Department using a special 800 phone number. Depending on the outcome at that phone call, OFAC may require the transaction be frozen or denied.

    More information on OFAC, requirements is available at the US Department of the Treasury's OFAC web site at
    http://www.treas.gov/offices/eotffc/ofac/sdn/index.html


    To activate OFAC monitoring on your account or to learn more about OFAC solutions - just give us a call toll free at 800.445.4922, Option 4. We can have an OFAC compliance solution in place for you in as little as 24 hours of your request.


     

    April 29, 2003 CreditXpert report added to Credit Technologies Online


     

    April 01, 2003 Standard 1003 loan form added to Credit Technologies Online
    Customers that are not using an LOS but require a Uniform Residential Loan Application (URLA) can instantly create a 1003 form from their Mortgage Credit Link credit file and print it. This 1003 form will include borrower information and all liabilities associated with their credit report and can be edited to include other information required for document submission.


     

    March 10, 2003  Spanish and Chinese versions of the Consumer Copy Report available
    Help your customers save time and enhance their ability to reach out to different communities. Credit Technologies now offers the Consumer Copy of the credit report in two languages, Spanish and Chinese! These new products add tremendous value to your services and ensures that borrowers who are not fluent in English understand their credit rights as consumers, saving your customers time and money.


     

    March 1, 2003 Credit Technologies announces support for Next Generation Credit Scoring

    Credit Technologies online now supports all Next Generation credit scoring models including Experian Advanced Risk Score (Fair Isaac 2), Trans Union Precision and Equifax Pinnacle

     


     

    January 3, 2003 - PowerPak LOS interface now available

    Credit Technologies has released it's interface for the PowerPak Loan Origination Software. Information on  using this as well as all other LOS interfaces is available in the Docs section of the Credit Technologies Online Desktop. this release brings the total number of LOS interfaces to 18 including;

     

    • Loan Officer Plus
    • Calyx's POINT
    • Contour's Loan Handler
    • Byte's TQS Plus
    • Genesis 2000
    • Loansoft Works
    • MortgageFlex's LoanQuest
    • Mortgage Software Solutions
    • Criterion Systems Development's LoanVision
    • FICS's Loan Producer
    • Pipeline Solutions
    • Dynatek's Morvision
    • PowerPak
    • Delphi Discovery
    • Sound Mortgage System
    • Eastern Empower!
    • Integra Destiny
    • Interlinq's MortgageWare

     

    December 15, 2002 Credit Technologies unveils "Agent X" 

    Agent X allows Calyx Point users to generate new ‘Point’ files and export them from Credit Technologies website saving the time and hassle of first creating a borrower within Point prior to importing credit data.


     

    November 1, 2002 Microsoft Excel Export capabilities added to Credit Technologies Online

    Credit Technologies Online users now have the ability to export all accounting functions as Microsoft Excel files. This greatly simplifies the month end accounting functionality, allowing all billing details including individual report data to be imported into any accounting package that supports the Microsoft Excel file format. 

     


     

    September 30, 2002 Credit Technologies Online interfaces with Calyx’s POINT new embedded interface!


     

    July 25, 2002 - New Quick Start guide available

    Credit Technologies has just released it's new Quick Start Guide, a simple reference card to allow new users to quickly learn how to take advantage of the many options available to Credit Technologies members. To download a copy of the Quick Start Guide click Here.

     


     

    July 23, 2002 - Create Custom Invoices Instantly

    Credit Technologies clients now have the ability to create a custom invoice for each separate user allowing branches to track and  easily invoice individual loan officers. 

     


     

    June 24, 2002 Credit Technologies Online now interfaces with Criterion Systems Development's LoanVision

     


     

    April 30, 2002 - Access Credit Technologies through eMAGIC.

    Credit Technologies is pleased to announce an agreement with eMAGIC allowing all lenders accessing Desktop Originator or Desktop Underwriter using the eMAGIC system to access credit reporting services through Credit Technologies.  A sample screen shot is available showing the credit report order screen.

     


     

    April 18, 2002 - Dynatek Interface Released

    Lenders using the Dynatek MorVision LOS now have the ability to order and import credit reporting data directly into the 1003.  The Morvision users guide is available in our Document Library

     


     

    March 7, 2002 - Instant View Implemented 

    Users of Credit Technologies Online systems now have the ability to allow lenders and correspondents to view any credit report online in seconds. Instant view eliminates the hassle of printing then faxing or mailing credit reports to other parties involved in the lending process.  To use Instant View, simple click on the Instant View link on the login page, then enter the file number and password listed on the bottom of the credit report to view the report in a secure environment.

     


     

    December 12, 2001 Credit Technologies Online now interfaces with FICS loan origination system


     

    November 6, 2001 - Credit Technologies Processes it's 5,000,000th Credit Report

    Credit Technologies today reached a milestone in it's eleven year history by producing Credit report number five million.  

     


     

    July 12, 2001 - Automated Consumer Derogatory Letter and Credit Scoring Notice

    Today, Credit Technologies released it's automated letter generator allowing for the creation of customized derogatory explanation letters in seconds from any existing credit report. Click here for a sample Derogatory Letter  Also available is the ability to create a credit scoring disclosure letter. This letter complies with the California state law requiring disclosure of credit scoring information to all borrowers, To view a sample Credit Scoring Notice, click here. Both services are available in seconds via the Internet and are provided at no cost to Credit Technologies Members.

     


     

    July 2, 2001 - Delphi Interface Released

    Credit Technologies Online now supports direct interface with Delphi Applidocs and Discovery platforms. Delphi users can now order credit reports from within Delphi and import the credit report data directly into the 1003. In addition, users can pull credit reports in seconds directly from CreditTechnologies.com and then later import the credit report data into Delphi. For additional information, More  information on the Delphi platforms is available at http://www.delphicorp.com/

     


     

    June 22, 2001 - Byte / TQS Interface Released

    Now Credit Technologies members using Byte loan origination system can order credit reports from with Byte and import the credit report data directly into the 1003 within Byte. In addition, you can pull credit reports in seconds directly from CreditTechnologies.com and then later import the credit report data into Byte. For additional information, please refer to the  Byte Interface guide 

     


     

     

    May 24, 2001 - Instant "Mortgage Rating Only" Reports

    As a new enhancement to our Un-Merge technology, Credit Technologies Members now have the ability to create Mortgage Rating Only (MRO) reports instantly from any existing infile or merged infile. Selecting the Mortgage Rating Only option from the credit report summary screen instantly creates a new credit report containing only the mortgage references(s) - now the reports you need for streamline refi's are a single mouse click away, and best of all, the MRO option is FREE. 

     


     

    May 11, 2001 - Credit Technologies announces acquisition of *RealNames Keyword CTI

    Navigating to the Credit Technologies website is now as simple as typing CTI into your Internet Explorer browser. Effective today, Credit Technologies has acquired the rights to the RealNames Keyword CTI. To reach Credit Technologies on the web, simply type CTI into the address bar in any Microsoft Internet Explorer, no http:// or www needed.

     

    *RealNames, the RealNames logo and the Keywords by RealNames logo are service marks of RealNames Corporation.


     

    May 2, 2001 - Credit Technologies Partners with Ellie Mae / ePASS

    Credit Technologies in partnership with Ellie Mae today announced the availability of Credit Technologies credit reporting services through the Ellie Mae ePASS system. This allows the estimated 30,000 nationwide lenders participating  in the ePASS platform seamless access to a full suite of credit reporting services provided by Credit Technologies. More... 

     


     

    April 16, 2001 - Fannie Mae Desktop Originator and Desktop Underwriter Interface Released

    Credit Technologies in partnership with Fannie Mae has released an automated interface with DO/DU. All users of the Fannie Mae MORNETPlus system now have full access to the comprehensive suite of credit reporting services provided by Credit Technologies. Credit technologies appears on the Fannie Mae Desktop Originator /  MORNETPlus drop down menu as Credit Technologies, Inc. (181).

     


     

    April 11, 2001 - Contour Loan Handler Interface Released 

    Today, Credit Technologies, Inc. announced the release of it's automated interface with the Contour Mortgage Banker / Loan Handler loan origination software platform. Contour users now have the ability to order and receive a wide variety of credit reporting services, seamlessly from within the Contour software application. For more information on Contour and The Loan Handler visit their web site at http://www.contoursoft.com/

     


     

    February 7, 2001 - Credit Technologies unveils CTI Un-Merge™ technology 

    Credit Technologies, Inc. today launched CTI Un-Merge, an automated utility allowing members to un-merge any merged credit report in seconds. This exciting tool provides lenders the ability to run all three credit bureaus in a single file, then un-merge any of the bureaus to obtain the combination desired for any specific lending program. In seconds any lender can determine the contents on all three credit repositories, then select and print only the combination of bureaus desired at no additional charge. For more information on CTI Un-Merge, visit the merged infile product page

     


     

    February 1, 2001 - Credit Technologies introduces CTI NetPay™ Rapid Debt Payoff System

    CTI NetPay provides lenders and borrowers the ability to pay off items appearing on any Credit Technologies credit report by FAX and have the report updated and delivered in a matter of minutes. No more over-nighting money orders or waiting days for personal checks to clear. CTI NetPay, powered by Credit Technologies Network, helps lenders close loans faster  with less work required. Visit the  CTI NetPay website for more information.  

     


    January 22, 2001 - Credit Technologies announces online credit reporting and flood certificates
     

    Credit Technologies today launched Credit Technologies Online, a proprietary online credit reporting and flood zone determination system. CTI Online represents the state-of-the-art in mortgage credit solutions, providing lenders nationwide easy access to a powerful collection of credit reporting and flood service tools available 7/24 from any 128-bit web browser. To learn more about Credit Technologies Online solutions visit our products and services page.

     


     

    January 21, 2001 - Credit Technologies receives Internet approval from Experian, Trans Union and Equifax.

     

    Credit Technologies has received approval from all three national credit repositories for the order and delivery of credit reporting services via the Internet. These certifications were awarded after an in depth review of both hardware and software security standards and internal procedures. Credit Technologies is pleased to be among the few national credit reporting agencies approved to date for Internet delivery. 

     

     


     

    November 26, 1997 - Credit Technologies introduces Score Express - the first Credit Re-Scoring Tool for lenders.

     

    Today, Credit Technologies launched Score Express - allowing lenders nationwide to update Experian, Trans Union and Equifax and receive the updated report and revised credit score in as little as 48 hours.  Score Express will revolutionize the way lenders work with credit scores - enabling the creation of revised FICA, Beacon and Empirica score in hours instead of weeks.

     

    For more information on any program or product offered by Credit Technologies, click on the Live Help Icon on top of any page or call us toll-free at 800.445.4922 Option 4.  

     

     

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