July 8, 2004

So what do you do with all of the money you made during the refi-boom? Many folks are investing in technology, I'm told. We're bringing you some of their stories. But others are investing in companies. We recently brought you news about First American buying Basis100 and Fidelity buying GeoTrack. But those guys are always buying someone.

Well, they're not the only currently scouring the market for good buys. In today's news read about Siegent, the company that brought you eNeighborhoods, buying up a Florida website developer and a California venture capital firm buying an Internet mortgage lead company.

Are you in the market to buy? Maybe we should make that the subject of our next RETI poll. What, you haven't heard about the new poll yet? It's how we know that about two-thirds of you are considering tossing some electronics out the window in favor of some new technology this year. Check it out.

I spoke to real estate industry consultant Ken Jenny yesterday for my upcoming story on the future of the MLS. This guy is thinking way out ahead of the curve. You'll find his comments in the next issue of RETI.

I've been trading e-mail today with Tony Stewart of Basis100. He was at the Predictive Methods Conference last week. While there, REIPA's Collateral Assessment and Technologies Committee held a meeting. The CATC will be releasing some news from that meeting shortly. Watch the site.

Do you know Tony? This guy cracks me up. He's one of the brightest guys I've met in the AVM space but could also hold his own on Last Comic Standing. If you get the chance to shake his hand at an upcoming conference, take it.

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July 7, 2004

I was glad to see that FrameWork has decided to focus its LendWare offering a bit. I've been reporting on this company for years now and, from the very beginning, I've been impressed with their concept. Unlike a typical LOS that is designed specifically to originate mortgage loans, LendWare is more of a transaction management system for any kind of lending operation. When I first sat down with these folks, I asked them what their software could do. They responded with, "What do you want it to do?"

Being a writer, I know that asking the right questions is the surest way to get to the information you want. Still, I find it troubling to get a question as a response. Especially from a company that hopes I'll write about their offering. That's kind of like saying, "Write what ever you want, Rick, and we'll configure the system to do it."

Now, that's not the say they couldn't do it. I found the FrameWork executives I met to be very knowledgeable. But it certainly made it hard to write about. Well, it's like you being asked to buy something that the vendor says can do whatever you want it to do. It doesn't work very well, which is why I suspect FrameWork has launched a pre-configured version of LendWare, loaded with the best practices of a number of top mortgage professionals. Who are these guys? Well, I don't know that yet; the company didn't say. I'll get back to you with some information.

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July 6, 2004

Hope you all had a great holiday weekend and a much-deserved break. Now, back to work.

Some of you may be scratching you head about seeing a DealerTrack story on the site. As most of you know, DealerTrack is one of the most successful firms working in the automobile financing business. If you've been in the market for a new car recently, you've doubtless come across the system. But the story is really about eOriginal.

This is another example of the technology convergence that RETI talks a lot about. You may recall that back in March, BCE Emergis tapped the company to provide electronic signatures and vaulting capabilities for its eLending platform. Now, another part of the lending business is looking to the company to provide the same services with the same technology.

When RETI talks about convergence, we're generally talking about a technology developed for one part of the real estate business and then used effectively in another, whether that be real estate sales, mortgage lending or settlement services. But occasionally, we'll bring you a story like this to show that the technologies that are coming out now are, because of the way they are being developed, more flexible and more widely applicable.

What does this mean to you? It means you can't look to the same solution providers you've always looked to for tomorrow's solutions. Your options are expanding. This means stiffer competition, which is a good thing when you're shopping for technology.

But it also means that you have more legwork to do. You have to get to know people who have not worked in your business that long. It may mean you have to work with a new vendor to develop a solution that fits your business. Or, I suppose, you could read RETI to find out who has already done that work for you and then send your RFP to the vendor they chose. Thus endeth the sales pitch.

The world is changing out there. Make sure your vision isn't so narrow that you miss it.

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