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IMPROVE YOUR BACKROOM EFFICIENCIES
Our company, CPS, represents software solution providers to the mortgage industry. One our vendors provides the most robust business process management solution, which incorporates workflow and work management functionalities. When utilized in conjunction with your existing LOS system, you will be able to dramatically improve the efficiency of your fulfillment and post closing process while reducing your cost of origination.
Among the benefits that you will realize are:
1. Drastic reduction in paper (Paper files are replaced by electronic files)
2. Decreased human involvement (If you do not need a human to perform a task, eliminate them.).
3. Decreased processing time (less fall out)
4. Improved quality of originations (improved portfolio performance, compliance and value of your portfolio).
5. Dramatically improved internal and external communication (more satisfied customers and employees).
6. The ability to utilize a robust management tool that will enable you to most effectively manage your employees. This is a proven software product that has been in operation for twelve years and was developed by a 1.5 billion dollar company. If you have an interest in improving your backroom efficiencies and service, while enhancing your bottom line please respond by email to creis@loanplus.com or contact us directly at 310-804-0711 or 310-601-8104.
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| The Paperless Mortgage |
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Description of More Of Our Eligible Solutions
(a) Application & Disclosure Services . Mortgage originators use this service to electronically present application and disclosure documents such as Good Faith Estimates, Truth in Lending and Rate Lock Agreements. Borrowers are able to review, access educational descriptions, and electronically sign the documents online. They also have the option to print documents for a wet ink signature. It allows the originator to track borrower activity, and provides a version and document receipt audit trail.
(b) Vendor Services Exchange. This workflow management service electronically connects mortgage originators and settlement service providers. It enables online placement, receipt and management of service orders by transmitting loan data and documents in real-time. Mortgage originators use it to order settlement service products from their own national or local service providers, receive status updates, and manage the loan’s orders. Service providers access the same electronic loan file to fulfill and communicate the status of the orders.
(c) Electronic Closing Services. Mortgage transactions are closed electronically in this online environment. It allows sharing of loan data and documents, coordination of the settlement process, and presentment, printing and execution of legally binding documents using digital signatures for all closing parties—including the borrower and seller. Originators and closing agents can transfer closing packages and share documents through mortgage document providers’ integrated systems. After closing, they are able to electronically record the documents with the county recorder and deliver the electronically signed documents to the servicer/investor in real-time.
(d) Electronic Vault Services This secure online repository provides for real-time access, delivery, storage, and control of loan file documents. Acting as a virtual vault, it allows mortgage originators, warehouse lenders, servicers, investors and document custodians to manage and track the storage and transfer of paperless loan files at any time, without the physical barriers of business hours or remote warehouses. It also provides the ability to electronically transfer note ownership and servicing rights, with a life-of-loan audit trail that records the file history.
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Vendor Services Competitive Analysis
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Description
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The CPS Difference
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Industry Solutions
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| Software is served over the web rather than installed on local computers
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Users access and use it from any web browser eliminating the need to go through a time-consuming and expensive implementation.
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| Workgroups
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A tool that allows you to manage your loan files so individuals or specific groups of people can access certain loans.
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Enables lenders to define access rights by user and by branch location
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| ID and Password Login
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Users gain access to Vendor Services by entering a unique ID and Password. Once in the system, core functions such as order placement or modification are stamped with the time, date and User ID.
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Maintains an event log – stamps each event with date and time- but not by user id
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| Data Import
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Imports the LP Version 2 dataset and DU 3.0 dataset
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an upload a 1003 file & a Rec-XML file
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| Document Upload
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Order Requests are fulfilled by vendors’ uploading documents to Vendor Services.
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| No cost to Lender
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Lenders are charged for iSelect – a Vendor Selection engine which is offered as a separate product offering
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| Lenders can enroll their unique and local vendors
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Lenders notify Sales of the vendors they use and we enroll these vendors.
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| Tracking and Order Management
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The system consolidates order management across all loan products and all vendors through pre-defined order stages, automatic updates and notifications that allow the lender to have a snapshot of his outstanding orders at a moments notice.
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