Who:
Standard Mortgage, New Orleans, La.
Jack Kitchen, Vice President and Director of Operations
Movement Mortgage, Virginia Beach, Va.
Carla Knapp, Closing Manager
When:
Implemented ConformX in December 2012, Standard Mortgage
Implemented ConformX as main compliance solution in 2010, Movement Mortgage
What:
Standard Mortgage and Movement Mortgage each converted to Docutech’s ConformX, a Web-based solution that transforms an Internet connection into a 24 hour closing office, because of the software’s seamless integration with each company’s LOS provider, PCLender. Since implementation in 2012 for Standard Mortgage, and 2010 for Movement Mortgage, ConformX has revamped each lender’s efficiency by significantly reducing the time it takes to close a loan, and eliminating redundant exporting procedures.
One of the keys to successfully running a mortgage business is ensuring that all technology systems work in unison to create a hassle-free loan origination process. This is especially true with mortgage documents and disclosures, which require accurate data and multiple variations to fit each loan’s specific regulatory needs.
Docutech’s ConformX works with all of the industry’s major loan origination software providers to ensure their joint customers can generate compliant documents with the click of a mouse. Their work with two PCLender customers illustrates how lenders of all types can utilize ConformX through their LOS to achieve a more efficient approach to document compliance.
The Challenge: Standard Mortgage
Standard Mortgage is one of the oldest and largest privately held mortgage-banking firms in the South; licensed to operate in more than 10 U.S. states. The New Orleans, La.-based lender has built its practice on a philosophy of timely responses to customer needs and sound business practices, whose staff includes mortgage bankers, real estate brokers, accountants, underwriters and servicers.
In order to meet regulatory guidelines and establish an easy closing process within PCLender, Standard Mortgage selected ConformX as its document and disclosure software to adhere to industry changes and reduce the amount of time spent on documents and document preparation. One of the issues the lender faced was a legacy document system that could not keep up with changing document requirements.
“We were becoming dissatisfied with our past document provider when the Standard team was introduced to Docutech and its team’s capabilities,” said Jack Kitchen, vice president and director of operations for Standard Mortgage. “We sought a solution and team that was instantaneous to respond to our needs and fluid in their abilities to change documents, address our concerns and guarantee compliance.”
The Challenge: Movement Mortgage
Formerly known as New American Mortgage, Movement Mortgage has more than 1,000 employees and was named 2012’s fastest growing mortgage bank in the country by Inc. Magazine. In order for the Virginia Beach, Va.-based REALTOR®-centric mortgage bank to provide the most streamlined mortgage experience for its customers, the lender required a compliance solution that efficiently orchestrated the document and disclosure process with their LOS, PCLender.
To continue the company’s rapid expansion and achieve its goal of closing more loans, Movement Mortgage leveraged a past relationship with Docutech to implement its ConformX software as its main compliance system.
“We used to rely on ConformX as our back-up document and disclosure system, however we established the software as our main system in the beginning of 2010 because of its sheer speed and elimination of having to re-export files from our LOS to another system,” said Carla Knapp, closing manager of Movement Mortgage. “Through ConformX, our staff has been able to exponentially reduce the time spent on exporting files and has forced our system to keep records up-to-date through ConformX’s capabilities.”
The Solution – ConformX
Both lenders required a fluent document and disclosure software integration with PCLender. Standard Mortgage and Movement Mortgage sought out Docutech and ConformX’s capabilities due to the updating and receiving of federal and state documents, elimination of time spent on exporting processes, and cooperation with responsive customer service members that Docutech provided. Through open lines of communication with Docutech’s team, both lenders have been able to reduce the time spent fixing errors within the system and exports to other company systems – guaranteeing accurate documents are current and in compliance before submission.
“The Docutech team is quick to respond to any questions our staff members may have, and we are continually amazed at the support we receive from them,” said Kitchen. “ConformX guarantees appropriate documents for various agencies, federal, state and local requirements – we don’t have to worry anymore because once we enter the data into the software, Docutech takes care of everything else.”
“When we had to export and re-export documents in the past, we found there was too much time being wasted going back and fixing what we had already entered,” said Knapp. “All kinks have been worked out using Docutech so that when we do have to export, there is no time and effort wasted on the possibility of having to re-export.”
The Results: Standard Mortgage Embraces Dynamic Documents
ConformX’s integration with PCLender has enabled the Standard Mortgage staff to decrease the time spent on document requests, as well as improve their customer relationships when Docutech accommodates and responds to each and every staff inquiry concerning a customer.
“Our issues are usually resolved within 15 minutes when one of our staff members calls Docutech with a question or concern,” said Kitchen. “Docutech keeps current with the industry guidelines and regulatory changes on the fly that specifically meet our staff and customer needs.”
ConformX is up-to-date with the newest industry documents, guaranteeing compliance and ensuring the Standard Mortgage staff they are operating with accurate documents.
Eliminating the process of having to call in to submit a request has significantly reduced the amount of time Standard Mortgage associates spend making phone calls and keeping customers waiting.
“Sometimes when you need to change a document, other systems require you to submit a request and wait for a response,” said Kitchen. “We call Docutech with a document change or request, and they have it taken care of in 20 minutes, which means a great deal to our business, borrowers and customers.”
The Results: Movement Mortgage Becomes More Efficient
ConformX’s crucial integration with PCLender has resulted in an increase in the amount of loans the Movement Mortgage staff is able to close monthly; resulting in increased profitability and more satisfied customers.
“We may have a smaller closing department compared to other lenders, but our closing staff operates on a system that is so efficient and quick, that most of them can close loans in the hundreds-range month-to-month,” said Knapp. “The amount of loans we are able to close through ConformX’s integration with PCLender enables us to get things done quickly, which has been huge for us and our company expansion.”
Movement Mortgage has also seen a decrease in the time it takes to export and possibly re-export documents through ConformX’s speed and reliability.
“Re-exporting is such a dread because if you have to do it, there is so much that needs to be redone once you do it, which wastes precious time,” said Knapp. “The 15 or 20 minutes it took to re-export has now been dwindled down to minutes through ConformX – I’ve done exports where I fortunately didn’t have to change or fix anything through Docutech’s system.”
About Docutech
Since 1991, Docutech Corp. (Docutech) has provided outstanding compliance services and documentation technology for the mortgage industry. Docutech’s software interfaces with leading loan origination systems (LOS) and enables mortgage professionals to generate documents locally. Docutech manages and secures all information needed for a loan, guaranteeing accuracy, security and compliance. For more information visit the company’s Web site at www.Docutechcorp.com.
About Standard Mortgage
Since operations first began in 1925, New Orleans, La.-based Standard Mortgage has grown with multiple offices established throughout the South originating, servicing and selling mortgage loans secured by single family, multifamily and senior housing properties. The staff, including mortgage bankers, real estate brokers, accountants, attorneys, appraisers, underwritings and loan servicing specialists, have leveraged relationships with credible investors including Fannie Mae, Freddie Mac, the Federal Housing Administration (FHA) and other various capital sources, to finance all property types, deal structures and tailor financing to meet all client financial needs. For more information, visit www.standardmortgage.com.
About Movement Mortgage
Recently named 2012 fastest growing mortgage bank in the country by Inc. Magazine, Virginia Beach, Va.-based Movement Mortgage, formerly New American Mortgage, focuses on providing the most personalized and most streamlined mortgage experience in the industry for its customers. The premier REALTOR®-centric mortgage bank prides itself on constantly evolving with the industry to intently focus on being number one and constantly on the move. Its staff tailors its efforts to any and all REALTOR® communities across the United States, priding itself on growing professionally and personally.