One way to improve mortgage execution is by smoothing out as many document-related inefficiencies in the origination chain as possible, and Desert Hills Bank is deploying a new management system it hopes will quickly and transparently match the right documents to the proper stage in a loan’s progression.
The $500 million Phoenix-based lender is tapping an Ellie Mae system that automates the tracking of documentation, the transfer of data and allows for adjustments to lending processes as part of regulatory compliance.
The system ensures that the proper documents are in a loan’s “efolder” in order for that loan to progress. And a “conditions management” feature allows underwriters to create conditions related to a loan file, enabling loan officers and processors are gathering the proper documents to fulfill those conditions. “It functions as a virtual ‘assistant’ that alerts users to any pending next-steps needed for each loan to progress through the cycle,” said Cathy Zobel, svp and director of lending administration for Desert Hills Bank, in a written statement to Bank Technology News.
Jonathan Corr, chief strategy officer for mortgage tech vendor Ellie Mae, believes the tightening of mortgage regulations will create an environment friendly to his firm’s document management technology. “Companies that want to succeed increasingly understand the necessity of following the market’s evolution and the growing need for complete visibility, transparency and more intelligent automation,” he says.