New paperless mortgage technology hits the streets
March 30, 2006
A la mode launches SureDocs
Real estate technology company a la mode has launched new paperless mortgage technology for loan originators, according to an announcement today.
A la mode's SureDocs creates a PDF digital file from any desktop application a user can print – including their loan origination system, word processing or spreadsheet software. The digital documents are easily stored, retrieved and manipulated. Loan officers and mortgage brokers manage electronic copies of virtually every paper record in a mortgage deal as simply as printing on paper, the company said.
Through a la mode’s partnership with Wave Systems, SureDocs includes e-signature technology, allowing small businesses to obtain and manage electronically signed documents the way only the largest lenders could previously, a la mode said.
Documents to be e-signed are sent and received securely, in compliance with Gramm-Leach-Bliley. SureDocs soon will also support the MISMO SmartDoc format, said Brad Eaton, vice president of mortgage products with a la mode. MISMO, which stands for Mortgage Industry Standards Maintenance Organization, has established industry standards to help in making mortgages electronic.
"Mission critical loan documents that currently may take days to execute can now be signed real time, online, using GLB compliant technology once only available to the largest brokerages and mortgage originators," Eaton commented. "This results in significant small-business cost savings through the elimination of document transportation, processing and delays in closings."
"But, the true value to the industry as a whole," he added, "lies in the benefit of originating the loan file digitally so upstream lenders don't have to deal with the time and expense of grappling with paper. It doesn't matter how much eMortgage technology is embraced upstream, if the small-business originators and brokers are still sending paper."
The new a la mode product aims to solve the "last-mile" problem in the mortgage transaction chain, Eaton said.
Copyright 2006 Innam News