As Wholesale Bank Volume Grows, So Does Need for Guaranteed Compliant Mortgage Technology
Who: InterBank Mortgage Company, Ilya Shulman, Chief Financial Officer
When: ConformX, including Texas Legal Review, user September 2008
What: In 2007, InterBank Mortgage Company converted from a brokerage to a wholesale mortgage bank. An increase in loan production as a wholesale shop meant InterBank needed to reinvest in technology that could handle large loan volume and was easy-to-use, such as DocuTech’s ConformX. As loan volume continues its upward movement for the wholesale bank, InterBank officials also value the confidence they now have in compliance through tools such as DocuTech’s Texas Legal Review.
From 2002 to 2007, the mortgage industry brain trust behind InterBank Mortgage Company operated as a mortgage brokerage. In 2007, company officials made the transition to wholesale bank, and InterBank loan volume drastically increased. With the bump in production, it became obvious that some technology and systems would not be able to handle the wholesale banker’s future volume.
“Last year InterBank funded $1 billion in loans, and we are projected to fund $1.5 billion this year,” said Ilya Shulman, chief financial officer of InterBank Mortgage Company. “We rely on a staff of only 90, and each increase in production cements our need for mortgage technology that is simple to implement, easy-to-use and can not only keep up with large loan volumes, but also guarantee they are 100 percent compliant.”
InterBank researched four companies in its hunt for technology that could grow with the wholesale bank.
In the end, DocuTech’s ConformX met all of InterBank ‘s needs. ConformX, a Web-based solution that transforms an Internet connection into a 24-hour loan origination or closing office, works with InterBank’s LOS to create documents with minimal screens, automatic data and doc verification. ConformX also securely delivers print, electronic documents from any Internet location around the world.
InterBank also leveraged ConformX’s Texas Legal Review functionality, which makes it greatly streamline the process for the wholesaler to originate loans in the state of Texas. Texas law requires that mortgage loan documentation must be prepared or reviewed by licensed Texas attorneys. Loan packages and other documents related to title have been traditionally sent to Texas attorneys for preparation or review outside of document preparation system. The Texas Legal Review service simplifies this process by using ConformX to facilitate Texas legal requirements without having to switch to another system or do any manual document delivery.
“DocuTech’s ConformX was easy to implement, because of their close working relationship with our LOS,” said Shulman. “We were also able to get our staff trained and using the mortgage document and compliance technology quickly.”
Since implementing ConformX and leveraging DocuTech’s Texas Legal Review, InterBank’s closing department is operating more efficiently and saving time with minimal staff. A long, bulky process for even the most veteran of staff is now easily handled by new closers with guaranteed compliance. In the state of Texas specifically, InterBank can rely on ConformX ““ backed by DocuTech’s legal staff ““ to research regulatory changes and eliminate the need to locate and work with Texas-based attorneys to sign off on documents.
“Anyone funding more than $50 million in loans per month should work with DocuTech,” said Shulman. “Both ConformX and Texas Legal Review have been ideal platforms for our growing business.”
About InterBank Mortgage Company
InterBank Mortgage Company is led by a select team of professionals with extensive experience in the ever-evolving mortgage world. The wholesale mortgage company prides itself on not compromising when it comes to ethics and efficiency and offering approved mortgage brokers the latest technology, mortgage tools and personalized assistance every step of the way to simply close more. For more information, visit www.interbankwholesale.com
About DocuTech Corp.
Since 1991, DocuTech Corp. DocuTech has provided outstanding compliance services and documentation technology for the mortgage industry. DocuTech offers closing documents, initial disclosure documents, borrower doc delivery and integrated compliance checks. They manage and secure all information needed for a loan, guaranteeing accuracy, security and compliance.
For more information, visit www.docutechcorp.com.