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
Are you going to be naughty or nice to your budget with holiday spending? http://t.co/FcN2YPxCIU
17 minutes ago
Did U miss the July @TheNCUA open meeting? Now a video recording is available on the agency’s website. Go here: http://t.co/cxGs2bkdKt
57 minutes ago
What about creating the Central Bank of #Bitcoin? via @ColoradoBizMag http://t.co/jNOGCxjEEt
1 hours ago
Mo. #creditunion house hosts summer caucus for state Dems #CUHouse @MCUA_news http://t.co/AoKth9ULDs
2 hours ago
La. #creditunion league launches new biz development council #NewsNow http://t.co/XTi6OFWS3Q
2 hours ago