Laptop mortgage system gets Windows.

Computer Power Inc. has revamped its laptop mortgage origination system to run in a Windows-based environment.

The new system makes it possible for mortgage originators to input sophisticated pre-qualification data and print out a Uniform Residential Loan Application - the required first step in all mortgage loan originations.

The application is also integrated with Microsoft Office, a suite of office automation applications including the word processor named Word, the spreadsheet Excel, and presentation and electronic mail functions.

The company also has established CPI Interchange, an information network that enables customers to send and receive data in a standardized format.

A Problem in Past

According to John Wolf, executive vice president, efficient data exchange between loan originators and brokers has been a problem. "If a lender has data and the broker needs it, the question is: how to send it? Are they going to dial the lender individually? Will they set up their own network or use a popular commercial network?" he asked.

"CPI Interchange is devoted to the mortgage industry. By routing information on our exchange, users can receive data and consolidate it into one loan program," he added.

The system can be accessed from laptop computers through the use of wireless technology, according to Mr. Wolf. "Much like a cellular phone, the laptop |answers itself' and receives the transmission while it appears to be turned off " he said. "When the user turns the laptop on a message queue appears, to show what was sent."

He pointed out that cellular transmission makes it easier for mortgage brokers to travel "untethered" to the point of sale and eliminates the need to use a customer's phone line.

Voice Recognition Weighed

Computer Power Inc. is also evaluating other emerging technologies to support the laptop system. At a recent users' meeting, the firm showed how voice recognition could be used with the system when installed on an International Business Machines Corp. Thinkpad laptop.

Voice recognition technology enables the user to complete the Uniform Residential Loan Application by speaking through a microphone connected to the computer rather than typing the information into the keyboard.

A division of Systematics Information Services Inc., Jacksonville, Fla.-based Computer Power develops mortgage loan automation systems and processes more than 15 million loans, representing over $1 trillion in current principal balances.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER