Who: Oceanside Mortgage Company Steve Stone, vice president of Secondary Marketing
When: ConformX with bar code capability, user since 2008
What: Forked River, N.J.-based Oceanside Mortgage Company selected DocuTech and its ConformX solution to remove the risk of compliance issues and provide a simplified process for filing and sending closed loans to investors. ConformX is a Web-based solution that works behind the LOS to create documents with minimal screens, automatic data and doc verification and to transform an Internet connection into a 24-hour loan origination or closing office. In the first year with DocuTech, Oceanside Mortgage has saved time and money, while assuring compliance in 16 states.
Oceanside Mortgage Company is a regional mortgage lender based in Forked River, N.J. As Oceanside expanded services to states outside New Jersey, the company required a mortgage compliance document solution capable of meeting the compliance regulations of each state and a strong integration with the company’s updated loan origination software (LOS).
“Compliance was easy when we operated solely in New Jersey,” said Steve Stone, vice president of Secondary Marketing for Oceanside Mortgage. “As we expanded to other states and changed LOS, we found our existing document provider created a huge hassle by requiring us to reenter all of the data already in our system.”
DocuTech’s ConformX solution not only met the integration and compliance needs of Oceanside, but also offered a warranty that guaranteed compliance in each state in which the company performs loans.
“If you made a mistake with our previous mortgage document system, you were on your own,” said Stone. “However, DocuTech comes with a warranty, which guarantees compliance and presents incredible security. We could not ask for a better value than what DocuTech provides.”
Oceanside Mortgage implemented DocuTech’s ConformX in 2008. The Web-based solution facilitates document creation and enables Oceanside to meet the diverse compliance regulations of multiple states.
“With DocuTech we effectively comply with the constantly changing regulations of the 16 states we operate in,” said Stone. “DocuTech proves invaluable to our business by eliminating the backend work we used to handle. With guaranteed compliance we no longer worry about whether documents will be salable to the investors.”
Oceanside Mortgage also uses the ConformX automated barcode solution to streamline and secure the scanning process. ConformX sets up barcodes in minutes and creates documents that can be scanned immediately without using barcode stickers. ConformX supports several barcode formats and is compatible with most document capture and imaging systems.
“DocuTech’s products interface flawlessly with our upgraded LOS,” said Stone. “Everything is paperless in the mortgage industry, and DocuTech’s barcode feature allows us to ship instantaneously to investors, speeding up the process and saving thousands of dollars in shipping costs.”
After just more than a year, Stone attributes significant savings in terms of both time and money to the company’s implementation of DocuTech’s ConformX. Oceanside closes anywhere from 80 to more than 350 loans each month, and DocuTech saves the company $20 per loan. Furthermore, improved efficiency in the document production process enables Oceanside to operate with a much smaller staff.
“With DocuTech’s ConformX, just three employees can handle 80-300 files per month,” said Stone. “Optimizing efficiency on the backend is the only way to close a reasonable amount of loans, and DocuTech lets us do that, while maintaining a secure document and compliance system.”
By utilizing DocuTech’s ConformX and the barcode feature, Oceanside Mortgage conducts business with the security of a guaranteed and efficient compliance system. By eliminating the risk of human error, Oceanside no longer worries about the possibility of a bad loan going out.
“In addition to offering an incredible product that is simple to use, DocuTech takes pride in providing excellent customer service,” said Stone. “DocuTech staff takes our calls right away and resolves any issue in less than 30 minutes.”
About Oceanside Mortgage
Founded in 1996, Forked River, New Jersey-based Oceanside Mortgage Company now operates in 16 states and is a direct Full Eagle FHA mortgage lender with unconditional Direct Endorsement Approval. Oceanside Mortgage is one of the top FHA lenders in the country, specializing in FHA loans and offering a full array of mortgage products. As a Full Eagle Lender, all loan decisions are made in house, and as a Direct Lender the company minimizes costs and eliminates the “˜middle-man,’ typically providing rates 0.375% to 0.750% lower than competitors. For more information, visit www.oceansidemortgage.net.
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.