– RESPA, compliance rules encourage lenders to automate disclosures, documents –
Idaho Falls, Idaho-based DocuTech Corp. (DocuTech), finished 2009 with an increase in market penetration of more than 140 percent. Despite the continued struggles of the housing and mortgage markets, the mortgage document compliance company added 84 new customers and forged key partnerships with loan origination software (LOS) providers to ensure a seamless connection with loan data and loan documents.
A significant portion of the growth came from an increased focus on partnerships with key LOS providers, such as Blueberry Systems (Greenwood Village, Colo.), Commerce Velocity (Irvine, Calif.) and WiPro Gallagher Solutions (Franklin, Tenn.). In addition, the long-standing integration with Del Mar DataTrac (San Diego) was recognized as a finalist for Mortgage Technology’s Mortgage Tech award in the Synergy category.
“True synergy exists when multiple software systems work so well that users cannot tell the difference between them,” said Mike Grego, COO of 1st Advantage Mortgage. “The integration between [our LOS] DataTrac and ConformX enables us to process our closing documents faster, more efficiently and more accurately than ever before.”
According to DocuTech, lenders are seeking tools that integrate seamlessly with their existing LOS platforms to create the feel of a single system for users. The integrations with DocuTech’s ConformX provides lenders with internal compliance and document services, including support for disclosures, enabling users to confidently navigate the large number of regulatory and compliance issues on the books.
“In addition to the regulatory agencies, investors run their own checks to ensure compliance with HCL and predatory lending laws,” Leslie Kromke, mortgage officer at First Bank Mortgage (Augusta, Ga.) said. “PredCheck makes it easy to generate the reports we need to prove compliance on all loans and improve our cash flow with increased sales on the secondary market.”
ConformX securely delivers printed-paper, e-mail and Web-posting options from any Internet location around the world. Lenders can also customize business process rules to meet state and federal requirements, enhance security, require high-cost loan checks and ensure that only the needed documents are printed. DocuTech also offers a disclosure fulfillment center, which automates the generation, distribution, tracking and reporting of initial disclosures.
To combat the increase of regulations governing predatory lending, PredCheck integrates into ConformX, runs checks on the loans, prepares reports and prints them for borrowers, regulators and the lender’s own files.
“Lenders are under tremendous pressure to comply with regulations and close loans under the tightest of margins,” said Ty Jenkins, DocuTech’s CEO. “By providing a simple, cost-effective way to produce compliant disclosures and documents, DocuTech is helping lenders grow their own businesses and leave behind the competition.”
About DocuTech
Since 1991, DocuTech Corp. (DocuTech) has provided outstanding compliance services and documentation technology for the mortgage industry. DocuTech’s software interfaces with leading loan origination systems (LOS) and enables mortgage professionals to generate documents locally. DocuTech manages and secures all information needed for a loan, guaranteeing accuracy, security and compliance. For more information visit the company’s Web site at www.docutechcorp.com.