The mortgage technology firm Capsilon has improved a product to allow banks to transfer loans to financial firms and government-sponsored entities, it said Tuesday.
Capsilon's DocVelocity system now allows companies to send loans individually or in groups to seven institutions, it said. The financial firms that the loans can be sent to are Citigroup (NYSE: C), JPMorgan Chase (JPM), Flagstar (FBC) and Wells Fargo (WFC), and government-affiliated entities Fannie Mae, Freddie Mac and the Federal Housing Authority.
DocVelocity allows the loans to be automatically transferred in the format prescribed by each entity, Capsilon said.
"Our network delivery capability improves the way loan documents are submitted to GSEs and prominent financial institutions," said Capsilon chief executive Sanjeev Malaney in the news release. "This capability empowers lenders of all sizes to seamlessly meet the complicated formatting and transmission requirements of these large institutions."