Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
Dexmas paperless mortgage package up and running
PITTSBURGH (3/27/08)--Mortgage company Atlantis Financial Services Inc. has developed a paperless mortgage application process using software developed by a company that provides software for credit unions. Franklin Park, Pa.-based Atlantis tapped Edina, Minn.-based Dexma, which provides software for credit unions, to develop ASAPmortgageonline.com. The site went live in January and can process a mortgage approval in 10 minutes (Pittsburgh Post-Gazette March 19). Borrowers begin the application process with a questionnaire and then the system checks for compliance with U.S. Department of Housing and Urban Development underwriting standards. If the underwriting is approved, the applicant receives an approval letter which can be printed or sent via the Web to the title company. So far, only half of the applications can be completed completely online, Atlantis CEO Dave Nearhoof told the Post-Gazette. Most applications require some interaction with a representative--sometimes more information is needed, or the borrower doesn’t meet the criteria. Not everyone is comfortable with completing a mortgage application completely online, but unlike humans, the computerized system doesn’t miss a day of work, Nearhoof told the newspaper. Electronic application processes have been coming for a long time. In 1999, the National Conference of Commissioners on Uniform State Laws drafted legislation that would allow states to render electronic signatures as valid, the newspaper said. In five to 10 years, all mortgage processing could be online, Harry Gardner, president of the Mortgage Bankers Association, told the newspaper. He noted that a paperless process would not remove the human element and could improve communication between lenders and borrowers.


RSS





print
News Now LiveWire
Registration lottery for #CreditUnion #CherryBlossom Ten Mile Run opens Monday, Dec. 1 http://t.co/AGkKPof5Fy. Race is April 12
1 Day ago
The turkey hasn't even been served and #creditunions are already making plans for #GivingTuesday
1 hours ago
.@bankofamerica's $16.65 billion 'toxic mortgage' settlement finalized http://t.co/BIq1QyImXG
2 hours ago
RT @CUNA: #NussleReport: ICYMI: Revised RBC proposal in January w/a 90-day comment period #Fix RBC http://t.co/T4JcvWBDse
4 hours ago
.@TheNCUA release on Nov. prohibition orders out already. Here: http://t.co/YkA1QIYbYa
4 hours ago