Inside

Automating the Process

A VETERAN SERVICING behemoth is joining forces with an upstart tobring seamless electronic mortgage transactions nearer to reality. Florida- based Alltel, through an alliance with Data Track Systems of California, is offering clients electronic access to title insurance carriers. Automating the mortgage process could reduce closing times to as little as two days, the companies say. Page 3A

SELLING ON-LINE

THOUGH ENAMORED of alternative lending avenues, the mortgage industry has not fully embraced the Internet's commercial potential. However, one lender, Eastern Mortgage Services of Pennsylvania, is exploiting the on-line environment, not only for marketing, but by processing thousands of applications it took over the Internet. Page 4A

WANING GROWTH

A MINORITY of mortgage companies see technology as strategic to business, a survey finds. Those that have invested in technology for their operations likely are integrating and modifying their systems. So industrywide, plans to expand or install automated systems have subsided from previous years, writes a principal of SSP Associates, which conducted the survey. Page 6A

SOFTWARE A LA CARTE

BUYING SOFTWARE systems off the shelf is the only affordable option for smaller servicers, while larger companies are more likely to design their own. But ready-made systems present particular challenges. Among them: which to choose? Fiserv's Data Link, Excelis MLS, or the market's big fish, Alltel. Page 7A

BACK OFFICE FOCUS

A PIONEER of sophisticated video conferencing is now embellishing its behind-the-scenes technology. Flagstar hopes to establish a comprehensive processing system to enhance communication and efficiency. It's resting its hopes - and its reputation - on Fitech Systems, which provides software applications and consulting services to more than 150 financial institutions. Page 10A

ASSESSING BORROWERS

CREDIT SCORING has become an important tool for lenders. Ann Schnare, senior vice president of corporate relations at Freddie Mac, tells American Banker why the agency believes credit scores belong in the home loan business, and how their use is changing the mortgage industry. Page 12A

CUSTOMIZED TECHNOLOGY

BUILDING A PROGRAM to suit individual company needs is the best route for some institutions. But necessity once again gives birth to invention - or at least to a profitable sideline: Such programs often can be sold to other lenders in need of specialized software. Page 14A

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