Automating the Mortgage File
Electronic document companies are working with mortgage technology companies to create a way to complete the entire loan process using an electronic file. Advectis, Inc. and Dexma, Inc. recently announced collaboration on a product that combines the two companies' offerings. The product uses Dexma technology to collect all of the data needed to process loans. It then connects the many parties involved in a transaction, routing the pieces of information those parties need to help a borrower fulfill application requirements. The information is kept in an Advectis-created electronic file that mirrors the paper files now in use.
What that means is that lenders and third party mortgage participants that participate in the system can "talk" to each other and exchange needed data via one electronic file.
Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 10, 12/04
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