Mortgage technology providers integrating digital imaging into origination platforms
Amid a heightened emphasis on loan documentation, mortgage technology providers are finding new ways to keep track of every step of the origination process. Two providers, Blueberry Systems and Mortgage Builder Software, have turned to digital imaging. Blueberry Systems on Monday released a new software program that captures loan documents as images and files them in a digital cave. The Manifest Imaging System uses optical character recognition technology to read text from multiple file formats, including PDF files. It then assigns a bar code to each one to index the documents. The imaging system can be integrated into the Blueberry's loan production platform or used as a standalone program, as it does not require any additional hardware. Manifest is integrated directly into the loan production workflow allowing the user automated task management services. Mortgage Builder Software added an upgrade to its existing loan origination system that integrates digital imaging as a paperless solution to loan documentation. It, too, uses a barcoding system to organize loan documents to their respective portfolios. As documents are received by e-mail, FAX or through MBS's private lender portfolio, they are filed according to their digital code. Users can create electronic loan folders and automatically build the file with required documents within the systems. The program is integrated into the Southfield, Mich.-based firm's origination program and is not available as third-party addition to another platform. Technology providers are streamlining and digitizing loan documentation as the government-sponsored enterprises tighten loan requirements and implement more digital methods for loan origination. Fannie Mae recently launched its EarlyCheck system to offer lenders a compliance evaluation system to reduce repurchase requests and application rejections. Freddie Mac and Fannie Mae are integrating their data systems through the Uniform Appraisal Dataset, scheduled for launch in 2011. Write to Christine Ricciardi.