Tech Roundup: Online Post-closing Docs Reduce Costs
First American Document Solutions announced in a press release late last week the availability of ePostClosing.com, its new online portal designed to help lenders and servicers reduce their post-closing document management costs while improving investor compliance. The new platform enables lenders and servicers to handle all of their document retrieval, trailing document, lien release and assignment tasks through a single online system. The portal will offer "instant access" to more than 4 billion imaged records and access to a nationwide network of abstractors and field researchers. "By utilizing ePostClosing.com, servicers will be able to accelerate the delivery of data and documents, centralize post-closing document management and eliminate the need for overlapping document and quality control functions that exist within many institutions," the release said. Second Generation of Commission Calculation Module Irvine, Calif.-based Advantage Systems, a provider of accounting and contract management tools, announced last week the release of its newest Commission Calculation Module, which will provide lenders with "greater flexibility to define how commissions and bonuses are calculated," according to the press release. "The menu-based functionality, algebraic style and depth of options available of our Gen2 module satisfy almost any potential calculation, without custom programming, for most wholesale or retail mortgage organizations," said Brian Lynch, president of Advantage Systems. "The labor savings are significant in companies with complex commission structures." The enhanced module takes advantage of the loan-level accounting capability of the AMB software to minimize input and provide a higher level of confidence that commission calculations are correct, the release said. (www.mortgageaccounting.com) Company Slashes Costs with Encompass Banker Edition Ellie Mae announced last week that 1-800-EAST WEST Mortgage, an internet and call center-based mortgage banker with volume of $600-700 million per year, reduced labor costs and improved both response times and profitability by utilizing Ellie Mae's Encompass Mortgage Management Solution Banker Edition. Encompass Banker Edition, which has been implemented by more than 200 companies since its release about 18 months ago, is a complete mortgage banking solution, according to the press release, specifically designed for banks and lenders of all sizes to manage their business from acquisition to loan fulfillment. The Marlborough, Massachusetts-based mortgage banker deployed Encompass as part of its plan to expand to four additional states beyond its current foothold in New England and Florida. "Even though Encompass Banker has many more capabilities than our previous system, it's also easier to use," said Dave Bernotas, president of 1-800-EAST WEST Mortgage. "Plus with the dashboard function, we get an up-to-the-minute overview of our entire operations with just a few mouse clicks." (www.elliemae.com) (www.eastwestmortgage.com) Write to Kelly Curran at firstname.lastname@example.org. Editor’s note: Tech Roundup runs every Monday, and offers a look into the various technology that makes the entire mortgage market work — whether origination or default, through to secondary market operations. If you’ve got a tech bit that we should know about, email the reporter above.