Who: Pinnacle Capital Mortgage Corp., Roseville, Calif.
Ed Coker, senior vice president of Corporate Operations
When: Pinnacle Capital implemented ConformX and HCL/Predcheck in July 2008.
What: Roseville, Calif.-based Pinnacle Capital Mortgage Corp. selected DocuTech and its ConformX and HCL/Predcheck solutions to automatically generate compliant mortgage loan documents and to detect and correct high cost and predatory loans. With DocuTech software Pinnacle Capital easily and efficiently fulfills compliance requirements.
The Challenge
Pinnacle Capital Mortgage Corp. was founded in early 2008 and is now a top 200 lender operating in 10 states across the Western and Rocky Mountain regions of the United States. When the new lender was preparing to open in 2008, they sought a complete mortgage document system to offer precise document packages, guarantee compliance and integrate seamlessly with their loan origination software (LOS), Del Mar DataTrac.
“Prior to joining Pinnacle, I owned a mortgage company and constantly struggled with other document providers that either focused heavily on technology or compliance, but not both,” said Ed Coker, senior vice president of Corporate Operation for Pinnacle Capital. “After switching to DocuTech with my prior company it made document vendor selection simple. Upon joining Pinnacle, DocuTech was our first choice to provide a harmonious blend of compliance, legal and technological expertise.”
Coker added that the lender needed a document system that would provide strong data integrity, eliminate data re-entry from the LOS and keep the lender up-to-speed with all compliance requirements. DocuTech’s ConformX was selected to provide all of those needs.
The Solution
Pinnacle implemented DocuTech’s ConformX and HCL/Predcheck solutions in 2008 to streamline the process of preparing the company’s large volume of mortgage loan documents, which averages 1,500 loans per month. ConformX pulls precise document packages, down to the county level based on the lender’s specific requirements. The software facilitates the creation of document packages including closing documents, initial disclosures and loan modification agreements. The system also warrants that all documents are compliant with federal and local laws.
HCL/Predcheck’s flexible technology integrates with ConformX to run customizable, state-specific compliance tests. The program ensures the protection of customer information and reduces the risks associated with high cost and predatory loans.
Together, ConformX and HCL/Predcheck offer sophisticated, yet user-friendly technology. Users can access the Web-based solutions from any Internet connection 24 hours a day, seven days a week to provide the greatest convenience to lenders.
“DocuTech has the ability to handle our volume of 1,200 to 2,000 loans per month,” said Coker. “As opposed to other mortgage document programs that I have used, DocuTech always provides accurate information, processes the documents quickly and works seamlessly with our LOS.”
The Result
Implementing ConformX and HCL/Predcheck solutions delivered immediate advantages to Pinnacle’s day-to-day procedures. The company experiences the greatest benefits from the operational efficiencies facilitated by DocuTech software.
“The greatest benefit of DocuTech is time-savings””we never have to go back into the system to rework pieces of a doc set or click through 10 tabs to generate docs,” said Coker. “The program eliminates tedious data reentry and truly becomes second nature to work with.”
Another benefit has been the customization needed to only print and produce the documents needed for each loan. Coker said too many other providers provide a library of documents and require the lender to select the proper ones.
“ConformX is incredibly easy to precisely generate only the documents we need, no matter where the loan is being originated or which investor is buying it,” Coker added. “All it takes is clicking through a few screens, updating fees, reviewing HCL/Predcheck and you are all set.”
Coker is especially pleased with DocuTech’s guidance in terms of changing industry regulations. Pinnacle values their constant customer service and highly regards the knowledge and opinions of the company’s staff.
“DocuTech was extremely helpful in assisting with new Good Faith Estimate (GFE) requirements. The company ensured that the system worked to fit our needs and comply with HUD’s intent,” said Coker. “DocuTech is exceptionally responsive and always there to assist us with any question or concern.”
About Pinnacle Capital Mortgage Corp.
Pinnacle Capital Mortgage Corp. was founded in 2008 with the knowledge and efforts of highly experienced lending professionals, with excellent reputations in the mortgage banking field. Pinnacle Capital is headquartered in Roseville, California, with production centers located in Concord, Folsom Lake Oswego, Oregon and Phoenix, Arizona. The company currently lends in Arizona, California, Colorado, Hawaii, Idaho, Nevada, New Mexico, Oregon, Utah and Washington. For more information, visit the lender’s website at www.pcmloan.com.
About Pinnacle Capital Mortgage 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.