American Savings Bank of Florida recently chose a mortgage-closing software system from Document Processing System Inc. for its flagship mortgage lending office in Chicago.
American, a $3.1 billion-asset federal savings bank serving southern Florida, plans to expand its mortgage and lending operation outside of Florida. It chose Chicago because of its similarity to South Florida in terms of equity size, secondary market, and its geographic significance within the region.
The Teledoc software will process and generate all closing documents, comply with all applicable federal, state, and local requirements, and archive and post all closing information to the bank's central processing center in Miami.
Document Processing Systems Inc. is a mortgage document preparation service based in Farmington Hills, Mich.
