Technology

The Air Force uses visual flight simulators to train its pilots for the actual experience. Virtual reality simulation models are used to help people overcome their fears or uneasiness about certain real-life situations. Fannie Mae is applying this same idea to foreclosure prevention. The GSE has unveiled an interactive multi-media tool called WaysHome that allows homeowners to put themselves in real-life situations they can identify with, make financial choices, and immediately see the outcomes of those actions.

Real estate information company Zillow Inc. announced record-breaking online traffic in December with more than 13 million unique visitors logged, a year-over-year traffic growth of 77 percent. Zillow reports that 2010 was a good year for the company. After forming a partnership with Yahoo! Real Estate in July, Zillow now runs the largest online real estate ad network in the country. Nearly 100 million homes are in Zillow's database.

The online loan modification Web portal HOPE LoanPort announced Tuesday that it received a $100,000 grant from Chase Bank to help facilitate mortgage modifications. The Washington, D.C.-based company, developed by the HOPE NOW alliance, is a Web-based instrument that helps simplify the mortgage modification process by allowing HUD-approved housing counselors to collect and then upload modification documents directly to the mortgage servicers and track the applications.

Fannie Mae will utilize eMASON's Web-based Clarifire application to comply with the foreclosure pre-filing mediation process mandated by the Florida Supreme Court. Issued in December 2009, the statewide mediation program aims to open up communication between lenders and distressed borrowers prior to foreclosure proceedings. eMASON says Clarifire works to improve the prospect and cycle times associated with assisting borrowers by offering mediation and related workout options early in the loan's delinquency.

Default servicing software provider Equator has sold more than $100 billion in assets through its platform since 2003, according to an announcement from the company. In addition, since launching its automated short sale solution in November 2009, the company has initiated more than 500,000 short sales. The company plans to offer several new modules later this year that will interface with existing technology to assist servicers with growing inventories of distressed assets.

CoreLogic says its automated valuation models (AVMs) can assist mortgage lenders in complying with the new federal standards on property valuations. The new standards were released December 2 by the five federal bank regulatory agencies, and emphasize the need for risk-focused appraisal reviews, rigorous AVM testing, enhanced documentation of property condition, and valuation updates during the life of the loan.

California-based Ellie Mae announced the launch of its second major release of Encompass360 this week. The mortgage management product includes 24 upgrades designed to make it easier for users to comply with lending regulations and improve business management, productivity, and visibility, according to a statement from the company.

The Federal Trade Commission (FTC) will enact a ban on advance fees charged for loan modification and mortgage assistance rescue services starting January 31, to prevent providers of such services from collecting upfront fees from homeowners without successfully securing a loan modification. The new rule, however, exempts fees charged in advance for loan modification products, such as software systems that produce modification documentation like the technology offered by loss mitigation software provider the Loan Post, Inc.

Bank of Commerce in Oklahoma has selected Wolters Kluwer Financial Services and the company's ComplianceOne solution to document its lending transactions. ComplianceOne is a single, integrated documentation solution that Wolters Kluwer says will allow Bank of Commerce to manage compliance with loan and deposit account transactions faster and more efficiently.

Senior technology leadership is now in place for the Consumer Financial Protection Bureau (CFPB) implementation team, according to an announcement from the Treasury Department. Tim Duncan will lead technology operations, and David Forrest will lead the online engagement team. Currently housed at Treasury, the CFPB will have statutory oversight of mortgage lending and the power to set new rules for home loans and other consumer-facing credit products.