Mortgage Builder Upgrades LOS; Moves Towards Paperless

Mortgage Builder Software, Inc., said Monday that it released version 3.6 of its loan origination software (LOS) package. The upgrade includes 80 new features and over 230 modifications to its current version. Enhancements to the document management system, the addition of many new third-party vendor interfaces, and the ability to execute deeper pricing adjustments in the secondary marketing element of the system improve the LOS significantly.

In keeping with the industry’s “paperless fileâ€? initiative, Mortgage Builder said enhancements have been made to the document management system that will allow the user to automatically attach their Fannie Mae DU findings and credit reports as images to the loan file, which can then be viewed, printed or emailed by the user. Mortgage Builder now has direct interfaces to six of the leading mortgage insurance companies, the company said, which will submit necessary information to a mortgage insurance company via the Internet and return the mortgage insurance certificate directly back to the system. In addition, the mortgage insurance factors, premiums and the certificate number will default into the appropriate fields within the application. Although Mortgage Builder generates closing documents and hosts an extensive document library, it also now supports the use of Doc Magic, if required. Additional interfaces give the user the ability to access Countrywide’s CLUES/CLOUT and RFC’s Assetwise underwriting system, ComplianceEase, Clayton Compliance, as well as additional credit, flood, title, appraisal and lead generation companies. The pricing adjustment functionality has been enhanced to allow for secondary and tertiary pricing adjustments. Users can now set three tiered pricing adjustments on all pricing parameters based on the primary parameter (such as documentation, occupancy or property type, Loan To Value (LTV) and credit score). Additionally, the system now has the ability to automatically import the proper prepayment scenario based on the state in which the loan is originated, helping to ensure the proper penalties are collected on the loan. An “Origination Summary Dashboardâ€? has been created with the loan officer in mind to provide all pertinent information on the loan at a glance. It centralizes all functions needed for the loan officer on just one screen and allows users to view and automatically update qualifying information, submission to various automated underwriting systems, ordering and importing credit, generate the 1003 and upfront disclosures, register and lock loans without having to navigate between screens. “We are constantly adapting to the needs of our users to provide them with the most comprehensive and useable software available in the market,â€? said Keven Smith, president of Mortgage Builder Software. “The mortgage loan process is a difficult one fraught with numerous regulatory and compliance issues. It is our mission to simplify and streamline that process as much as possible for our customers.â€?

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