Servantis Systems Inc. of Norcross, Ga., has added a group of electronic data interchange transactions for mortgage originations to its existing EDI mortgage offerings.
The EDI formats, included in the new Quik Credit package, have been designed to fit with two of Servantis' mortgage origination systems: DOS- based TMO, with 100 financial industry customers, and Servantis Express, a Windows-based product with 150 customers.
Quik Credit is an expansion of Servantis' existing line of EDI transactions for the mortgage industry, called Servantis Quik.
Servantis Quik includes Quik Claim, an EDI module for electronically processing Department of Housing and Urban Development claims, and Quik Default, an EDI module for electronically processing defaulted HUD loans.
Quik Credit adds the mortgage origination piece. It "brings speed to the origination process, and improves data integrity by dramatically reducing the possibility of keying errors," said Claire Healey, senior vice president of Servantis' mortgage origination group.
"By implementing an EDI strategy, originators can become much more competitive in the marketplace," she said.
Servantis, will be adding other transactions, such as links to mortgage insurance companies, said Ms. Healey.
Quik Credit uses a communications protocol known as X.12, which establishes a common way to exchange information among those using the standard.
Quik Credit transactions are automatically converted to the X.12 format using a translation tool from Telink Systems Inc., Gaithersburg, Md.
The Quik Credit module, available for PC, AS400, and laptop platforms, includes four types of transactions. A request transaction lets mortgage originators request, track, and cancel the investigative credit reports needed to process a mortgage loan.
A result transaction transmits mortgage credit report information back to the mortgage originator. The information can be viewed on-line and then imported directly into an origination data base.
A printed image transaction electronically moves credit report information to a laser printer.
There is also an error report transaction used to report rejects that might occur during credit requests.