AUSTIN, Texas, (PRWEB) September 21, 2005
VueCentric, Inc., developer of the MortgageDashboardÂ paperless loan origination system, has released version 2.5 of it's Web-based platform, adding functionality that allows everyone involved in the mortgage transaction to track the status of the deal from application to close.
The new version of the company's popular Point-of-Sale loan origination software allows mortgage companies to provide real-time loan status information to real estate agents and borrowers; provides fast and easy Business Rules Management capabilities for managing workflow; and provides a new quick application tool for faster prequalifications.
ÂWe found that Realtors were demanding more information and mortgage brokers wanted to provide it but couldn't afford to field the calls,Â said Jorge Sauri, CEO for VueCentric. ÂIn fact, some Boards of Realtors are calling this kind of information exchange a best practice. It's already happening in Arizona and we expect it to spread across the country. Real estate agents need this kind of information and now MortgageDashboard has the tools to give everyone the information they need, quickly and easily.Â
Better information leads to more Realtor business
Originators are working hard to forge relationships with real estate agents, but the Real Estate Settlement Procedures Act makes it difficult to reward Realtors for sending the customer to the broker. Brokers are finding that providing better information incents real estate agents to send more business their way.
With the new Loan Status Update functionality built into MortgageDashboard, loan originators can provide a login and password that allows real estate agents to access complete information about every loan they have referred to the broker. Similar to the broker's pipeline report, the real estate agent can see every event that has occurred on every loan referred to the originator. E-mail alerts let them know when things change.
It's easy for borrowers to log in to the MortgageDashboard application, too. There are fewer calls to answer because borrowers know exactly what's happening on their loan applications at all times.
Quick application gets more business faster
Feedback from brokers using MortgageDashboard in the field indicated that a quick method of prequalifying a loan was essential, so version 2.5 includes this functionality. The new tool allows a loan officer to enter minimal information about the borrower, pull credit and get a speedy prequalification.
With MortgageDashboard, the quick application can even be hosted on the real estate agent's website, sending data directly back to the loan origination system whenever a borrower completes it.
Whether its made available on the broker's website or one of the real estate agents that sends her business, the quick application tool will let the loan officer know if the borrower qualifies in just a matter of minutes.
Customizing loan processing workflow provides better control
Many net branch operations currently use MortgageDashboard as it removes the heavy IT overhead and makes it possible to easily track the performance of the various branches. But when new loan products are added to the menu, companies wanted more control over exactly how those loans were originated and processed.
New functionality in version 2.5 makes it easy for business managers and loan processing supervisors to set up custom workflows using Business Process Management. Workflows can be established in a matter of minutes that will be implemented each time any loan officer in the company loads an application for that particular loan program.
An internal task management system allows users to assign tasks to anyone in the enterprise. The assignee is notified via MortgageDashboard's internal messaging system and an internal audit system records the assignment and tracks progress. Quick reports let managers know who is accountable for what parts of the process and what work is still pending on each loan.
A checklist is updated each time a task is completed in the custom workflows, letting everyone know at a glance exactly where the loan is in the process.
ÂOver the five years that we've been offering our loan origination software as a hosted service, we've learned a lot about what loan officers, Realtors and borrowers want out of technology. With this version, we're providing it,Â said Sauri. ÂWith the new version of MortgageDashboard, loan originators will close more business with less work and get more referrals.Â
Designed from the ground up for straight through processing of all-electronic mortgages, MortgageDashboard features pipeline tracking, bundled settlement services and electronic fulfillment in a convenient Web-based system served up using the software as a service model. The system is flexible enough to work for a single loan officer, a branch or a nationwide lender and priced to be affordable to players at any of these levels.
About VueCentric, Inc.
VueCentric, Inc. is a privately held Application Service Provider offering MortgageDashboard -- a flexible, easy-to-use, secure and high-performance web-based solution for the mortgage industry. Based on the Mortgage Industry Standards Maintenance Organization's (MISMO) data standards and e-Mortgage guidelines, MortgageDashboard is a targeted solution for Mortgage Banks, Net Branch Providers and Banks. The platform enables paperless mortgage loan processing in real-time, allowing for greater productivity and lower origination costs. VueCentric, Inc. 800-209-8812, http://www.vuecentric.com.