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Here is the second half of our list of the biggest technology vendors in the mortgage lending arena.
In this issue we finish listing our selections for the Top 100 Mortgage Technology vendors. Our three major criteria for inclusion are: customer satisfaction, excellent functionality and credible market share. What we hope to do here is help our readers identify the companies that best help to streamline the mortgage process through technology. We excluded from consideration the GSEs, mortgage insurers, trade organizations, consultants, data providers, credit bureaus and title companies per se - unless they have units with a central business focus of providing technology products and services, as is true for eMagic, Ignition and TransUnion Settlement Solutions.
Some say our list is too long. Many mortgage professionals and observers told us that, given the uncertainty of the present technology business climate, there are no more than 50 vendors with a secure place as leaders.
We made our list more inclusive, though the effects of attrition and mergers may shorten our list in the future. Here is the second half of this year's picks:
Geotrac
Norwalk, Ohio-based Geotrac is a national provider of flood compliance services that offers online ordering and tracking of flood zone determinations on its website (www.geotrac.com). Geotrac offers flood-compliance protection by monitoring FEMA map revisions and changes in NFIP community status. The company recently expanded its online ordering options to offer life-of-loan service plus re- certifications at no charge for orders already covered by full life- of-loan service. The service also allows transferring full life-of- loan service to a new mortgage servicer. Geotrac's management has partnered with a investment group to buy the company from its parent company, Florida-based IMSG.
GHR Systems
GHR Systems, Inc., Wayne, Pa., pioneered providing product and pricing technology to online lenders. Since then, the company has expanded its offering to include private-label versions of its technology to companies like Radian, wholesale website software and other technology to Washington Mutual and laptop loan origination software to First Nationwide Mortgage Co. Within the first 12 weeks of use, FNMC was able to process 100% of loan submissions electronically using the GHR system. The Radian eUnderwriting system developed with GHR technology allows submitting loans electronically to Radian for contract underwriting.