THE INTERNET
AND
MORTGAGE LOAN SERVICING
|
|
The Wolf Firm |
McCalla, Raymer, Padrick, Cobb, Nichols & Clark 56 Perimeter Center East N.E., 5th Flr. Atlanta, Georgia 30346 (770) 804-0700 Phone (800) 275-7171 Main (770) 804-2550 Fax E-Mail: ddp@mccalla.com |
What is the
Internet and Why Do We Care?
1. The Concept
a. The History
b. A Connection of
Computers (Over 1,000,000)
c. Very durable (Made
to withstand a nuclear attack)
2. The Hype
a. 100,000,000
plus users
b. 50,000,000
web users
c. A new form
of communication
d. E-Commerce
3. Easy Access
a. Online Services
1)
AOL - 8 million members
2)
Microsoft Network
3)
Compuserve
4)
Prodigy
b. Internet
Service Providers (Literally Thousands)
c. WebTV
4. The Browser/Thin Client
a.
Concept-Interface for all Applications
b. Inexpensive-
It's free!
1. 
2. ![[Image]](pict0.jpg){kind=small}
c. Easy to
maintain
3. Cost is Going
Down/Performance is Going Up
4. Bandwidth
| Speed | Year | Device | Price of Device | Access Fee |
|---|---|---|---|---|
.3 K |
1985 | Modem | $600 to buy | $20 per hour |
| 1.2 K | 1988 | Modem | $500 to buy | $18 per hour |
| 1.4 K | 1991 | Modem | $450 to buy | $15 per hour |
| 28.8 K | 1993 | Modem | $325 to buy | $4 per hour |
| 33.3 K | 1994 | Modem | $100 to buy | $20 per month unlimited access |
| 128.0 K | 1995 | ISDN | $200 to buy | $80 per month unlimited access |
| 1,500.0 K | 1990 | T1 | $3,000 to install | $1,000 per month unlimited access |
| 1,500.0 K | 1996 | DSL | $300 to buy | $100 per month unlimited access |
| 10,000.0 K | 1997 | Cable Modems | $75 to buy | $40 per month unlimited access |
5. This is generally no additional charge
for viewing a web page/the information is free.
6. We're at the same stage as the early
black & white tv's
7. The New Economic Order
a. Disintermediation
b. From Marketplace
to Marketspace-
It no longer makes a difference where the information resides.
What
are we going to discuss?
1 E-Mail
2 Web
Information
a. Provided By Mortgage Servicers
1)
Customer Service Loan Information
2)
Refinance Options
b. Provided For
Mortgage Servicers
1)
Applications
| a) | A Database listing all of the jobs in the Mortgage Banking Industry |
| b) | An application providing interactive online training for a number of Mortgage Servicing areas. |
| c) | A Bookstore listing all Mortgage Banking Related books and allowing you to purchase them online. |
| d) | A Searchable Listing of all the USFN Attorneys. |
| e) | An electronic imaged file of all relevant Loan Documents. |
| f) | Online Foreclosure/Bankruptcy Case Status |
| g) | Online Discussion/Message Board Of Mortgage Servicing Related Questions. |
| h) | A Searchable Database of Articles pertaining to Mortgage Servicing. |
| i) | Online searchable title information and the online ordering and tracking of title information. |
| j) | A Searchable Database helping you to locate an entity which |
| k) | Mortgage Banking Forms which can be filled out online and printed out or e-mailed. |
| l) | Foreclosure Bid instructions from the VA. |
2)
General Informaton
a) Agencies
b) Appraisal Services
c) Bankruptcy
d) Credit Reporting Agencies
e) Federal Government Resources
f) Flood Determinations
g) Force Placed Insurance
h) Hazard Insurance
i) Mortgage Insurance
j) Mortgage Industry- Calendar
k) Mortgage Industry- General
l) Mortgage Industry- News
m) Mortgage Industry-Trade Groups
n) Regulations
o) Title Companies
What are
we trying to achieve?
1. More effective communication
2. Lower cost.
1. The concept-
a. Comparison to Regular Mail
b. Comparison to Fax
c. Comparison to Telephone
2. The format
a. name@domain name
b. (e.g., Alan_Wolf@wolffirm.com and ddp@mccalla.com)
3. How do you find someone's address?
a. No comprehensive site
b. Search engines
1) Switchboard
2) Four11
2) Infoseek
4. Legal Issues in use of e-mail.
a. Electronic Communications Privacy Act
b. Potential waiver of protections- (See
article E-Mail Blues)
1) Attorney-Client
2) Work Product
3) Financial Privacy
4) Trade Secrets
c. Servicers should have a written e-mail policy
c. Encryption
1. Articles of General Interest Relating to Mortgage
Servicers and the Web
a. The
Internet Explodes in the Mortgage Industry - May '97
b. Get
Connected or Get Lost - May '97
c. Security
and the Internet - May '97
Information Provided By Mortgage Servicers
![[Image]](pict2.jpg)
Alltel/CPI
Internet Services
InterChange on the Net is designed to provide clients with a private Internet home page on the world wide web that has direct interaction with information on the CPI MSP systems. Through this interface, mortgagors can obtain current information about their loans. In addition, mortgagors can access ALLTEL's Property and Finance Forum directly from the Internet. This forum contains home lending information with easy navigation facilities through the Internet. The address for the forum is http://www.mortgageuniverse.com.
![[Image]](pict3.jpg)
![[Image]](pict8.jpg)
Applications
Provided For Loan Servicers
Mortgage Banking Jobs Database
A Database listing all of
the jobs in the Mortgage Banking Industry
Mortgage Banking Training
An application providing
interactive online training for a number of Mortgage Servicing areas.
Mortgage Banking Books Sold Online
A Bookstore listing all
Mortgage Banking Related books and allowing you to purchase them online.
USFN Directory of Attorneys
A Searchable Listing of all
the USFN Attorneys.
Online
Document Imaging
An electronic imaged file of
all relevant Loan Documents.
Online Foreclosure/Bankruptcy Case Status of Case
Current Online
Foreclosure/Bankruptcy Case Status
Online Discussion/Message Board Of Mortgage Servicing
Related Questions
Online threaded
Discussions Of Mortgage Servicing Related Questions (an electronic conference).
Articles on Mortgage Servicing
A Searchable Database of Articles
pertaining to Mortgage Servicing.
Online Title Information
See title information online or order it and track the progress of
the order.
Missing Assignment Database
A Searchable Database
helping you to locate an entity which may have failed to record an Assignment.
Mortgage Banking Forms
Mortgage Banking Forms which
can be filled out online and printed out or e-mailed.
VA Foreclosure Bid Instructions
Foreclosure Bid instructions
from the VA.
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