SAN DIEGO, November 15, 2010 – Rob Katz, president of Del Mar DataTrac, Inc. (DMD), the leading provider of affordable mortgage lending automation solutions, and an industry pioneer in business intelligence, paperless lending, and loan process workflow tools, says that the most important lesson learned by mortgage lenders in 2010 is that loan origination has become the focal point for quality control, salability, and overall loan performance.
“We knew in late 2009 that RESPA was going to create a stir for lenders in 2010,” said Katz. “And it did for some lenders more than others, depending in part on whether their LOS and docs providers had prepared them, and in part on how their loan originators embraced new processes.”
What the industry did not see as clearly was that RESPA would highlight an inherent weakness in the loan origination process – its vulnerability to human error, force of habit, manipulation and fraud by loan originators themselves.
According to Katz, beginning in January lender feedback on RESPA consistently pointed out the challenges created by “rogue originators.” By the time DMD held its annual mid-year client conference, he said, not only was RESPA casting an unflattering light on some point-of-sale processes, but the still fresh concept of Fannie Mae’s Loan Quality Initiative (LQI) was also drawing attention to the downstream impact of flawed originations.
“Even before RESPA, originators’ point of sale practices had gained some negative exposure, especially with regard to broker originations, but in 2010 it became crystal clear that being both profitable and reputable as a mortgage lender will demand closer management of loan originators at the POS,” said Katz. “At our client conference this year it was clear that one of the greatest pain points for mortgage lenders was their existing point or sales tools to provide adequate control to the origination process.”
That’s why, Katz says, DMD burned the midnight oil throughout Q2 and Q3 to completely rebuild its POS solution, known in the marketplace as InTrac, from its flat file architecture to a SQL database. Recently launched as DataTrac Originator, the DMD POS makes the same level of data integrity controls, workflow monitoring and process management available that the flagship DataTrac platform brings to the mortgage ending back office.
“Loan level quality checks are the new reality for investors, whether those investors are government-sponsored or private market,” said Sue Sroka, Vice President of Client Services for DMD. “We made a massive investment in redeveloping the DataTrac POS, to support lenders’ origination needs such as RESPA and MDIA compliance, business-rules-driven policy enforcement, task tracking and alerts to ensure pipeline progress.”
“The growing popularity of paperless mortgage lending operations should not come as a surprise to anyone,” Katz said. “It is clear from the success stories we hear and read about every day that the universal adoption of paperless lending is imminent. The events of 2010 sealed that deal if it was not already sealed.”
For more information on how DMD, Inc - Del Mar DataTrac can help your organizations automation workflow needs, call David Fresquez for more information 858-570-7107.
Monday, December 6, 2010
DMD UNVEILS UPGRADE TO DATATRAC ORIGINATOR POINT-OF-SALE SOLUTION
SAN DIEGO, October 18, 2010 – Del Mar DataTrac, Inc. (DMD), the leading provider of affordable end-to-end mortgage lending automation solutions will unveil and demonstrate its upgraded point of sale (POS) solution at the October 24 – 27 Mortgage Bankers Association’s (MBA) 97th Annual Conference in Atlanta. DMD’s exhibit will be located at booth #307.
Formerly referred to as InTrac, DataTrac Originator is a SQL-based version of the popular loan originator POS solution, with all loan and configuration data stored in a SQL database rather than the flat file system used by most of the leading POS tools available. Targeted for fourth quarter 2010 availability, the new DataTrac Originator will be ready for hands-on demonstrations at the mortgage industry’s largest annual conference in October.
“More than ever, mortgage lenders need powerful point of sale capabilities such as those offered through the DataTrac Suite of products,” said DMD president Rob Katz. “Starting with the superior InTrac feature set, we’ve raised the bar to an even greater level of security and functionality by building the product upgrade on a SQL database.”
According to Katz, DMD’s DataTrac Originator includes field-level security and extensive business rule configurations that ensures a company’s policies are being adhered to from the onset at the point-of-sale.
“In light of new regulations and compliance nightmares, the point-of-sale has become a pain point for many mortgage lenders,” said DMD vice president for client services Sue Sroka. “Lenders are intensely focused on creating the perfect loan process; and that process can’t be perfect if it starts with application and disclosure errors. We solve this problem in an intuitive, user-friendly manner so originators can continue to focus on production.”
The DataTrac Originator client application does not require deployment through Citrix or Terminal Services for off-network users since it can be installed, run, and update itself over the internet. DataTrac Originator database server requirements include either Microsoft SQL Server(r) 2005 / 2008 or SQL Server Express 2005/2008. The upgrade will contain an Admin Utility that will seamlessly upgrade configuration settings, support table information, loan data, and any custom reports or documents which exist in current clients’ InTrac 9.3 environment.
For more information contact David Fresquez, Sales Representative for DMD Inc at 858-570-7107.
Formerly referred to as InTrac, DataTrac Originator is a SQL-based version of the popular loan originator POS solution, with all loan and configuration data stored in a SQL database rather than the flat file system used by most of the leading POS tools available. Targeted for fourth quarter 2010 availability, the new DataTrac Originator will be ready for hands-on demonstrations at the mortgage industry’s largest annual conference in October.
“More than ever, mortgage lenders need powerful point of sale capabilities such as those offered through the DataTrac Suite of products,” said DMD president Rob Katz. “Starting with the superior InTrac feature set, we’ve raised the bar to an even greater level of security and functionality by building the product upgrade on a SQL database.”
According to Katz, DMD’s DataTrac Originator includes field-level security and extensive business rule configurations that ensures a company’s policies are being adhered to from the onset at the point-of-sale.
“In light of new regulations and compliance nightmares, the point-of-sale has become a pain point for many mortgage lenders,” said DMD vice president for client services Sue Sroka. “Lenders are intensely focused on creating the perfect loan process; and that process can’t be perfect if it starts with application and disclosure errors. We solve this problem in an intuitive, user-friendly manner so originators can continue to focus on production.”
The DataTrac Originator client application does not require deployment through Citrix or Terminal Services for off-network users since it can be installed, run, and update itself over the internet. DataTrac Originator database server requirements include either Microsoft SQL Server(r) 2005 / 2008 or SQL Server Express 2005/2008. The upgrade will contain an Admin Utility that will seamlessly upgrade configuration settings, support table information, loan data, and any custom reports or documents which exist in current clients’ InTrac 9.3 environment.
For more information contact David Fresquez, Sales Representative for DMD Inc at 858-570-7107.
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