Mortech Inc. released a new product Monday that consolidates and streamlines mortgage origination and underwriting. According to Don Kracl, president of the Nebraska-based technology firm, the Bullseye covers the ground between the functions of a mortgage origination system and product pricing systems. “Analysts are predicting the time between application and closing is going to take even longer during 2011 due to increased regulations and verification processes,” said Kracl. “This solution is going to accelerate the entire loan processing cycle by minimizing duplicate data entry.” Bullseye, which is integrated into the firm’s Marksman Enterprise product, also opens up a communication system through which mortgage originators can connect straight to national credit reporting agencies and receive credit reports. The new product also has a built-in automated underwriting system, which analyzes credit reports while simultaneously examining investor and company loan requirements. It links with Fannie Mae‘s Desktop Underwriter as well as Freddie Mac‘s Loan Prospector to accommodate compliance standards. “The preparatory underwriting events are executed in an automated environment, decreasing fallout ratios and the application processing fees associated with Desktop Underwriter and Loan Prospector,” Mortech said. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.
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