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DocuTech and Dorado Produce Up-Front Docs Via the Web; Implement Solution for Northern Lights Mortgage
Lenders Can Now Offer Compliant Disclosures Through Web-based Service
Idaho Falls, Idaho—October 20, 2003—DocuTech Corporation, a leading provider of documentation technology for the mortgage industry, and Dorado Corporation, the leader in Web Services-based systems for home lending, today announced the rollout of up-front documents and disclosures via an integrated Web services-based solution. The new system enables lenders, brokers, and other loan originators to order Good Faith Estimates, Truth-in-Lending disclosures, and other initial documents through a Web service.
Northern Lights Mortgage, one of the Midwest’s largest brokerage firms and an active lender in Minnesota, is the first customer to use the new service. DocuTech’s Web-based XML document solution, ConformX, integrates with Dorado’s ChannelMaster™ platform, enabling Northern Lights to access up-front documents through the Dorado ChannelMaster Web-based origination platform. ChannelMaster delivers all of the available loan data to ConformX, which provides options to create either traditional or MISMO-compliant SMART docs. Northern Lights avoided the hassles of changing systems or applications and will save money with the integrated electronic delivery and validation.
Using the .MOR™ Web Services platform, Dorado has also enabled ConformX as a stand-alone Web service that can be integrated directly into any configuration of existing legacy systems. As a Web service, ConformX leverages industry-standard protocols to make integration with other applications and services faster and cheaper to build as well as easier to maintain.
“A company our size relies on key partners for our compliance and technology needs,” said Tony Barranco, Chief Operating Officer at Northern Lights. “This Web-based system provides us with loan documentation that’s flexible and adaptable, plus we can see great advantages to our customers in document review and modification as more advanced electronic loan procedures come into place.”
“DocuTech partnered with Dorado early this year, and this rollout with Northern Lights clearly demonstrates the benefits,” said Tim Anderson, Executive Vice President of eMortgage Solutions for DocuTech. “Offering ConformX as a Web service will simplify the integration process for many lenders and give them a much easier path to producing accurate initial disclosures online. With the pending new RESPA regulations promising tighter control and increased lender responsibilities, producing reliable up-front documents and disclosures is more important than ever. We’re making it easier to fulfill that obligation through this new service.”
“We are thrilled to see this implementation of our partnership with DocuTech,” said Dain Ehring, chief executive officer, Dorado. “By enabling up-front docs as a Web service and moving access to the point of sale, Dorado’s Web services platform will reduce costs and save days of processing time.”
About DocuTech
Founded in 1991, DocuTech Corporation is a leading provider of compliance services and documentation technology. By leveraging advances in digital data and document creation and delivery, DocuTech enables lenders and their partners to exchange, process, review and close loans in record time. From the point of sale to closing to investor delivery, DocuTech manages and secures all information needed for a loan, guaranteeing accuracy, data integrity, delivery, security and compliance. Systems interface with leading loan origination systems and are compatible with MISMO and SMART DOC technology standards. The only leading provider with technology designed in native XML, DocuTech provides solutions that can be accessed online or reside on a customer’s desktop. For more information on DocuTech, visit the company’s web site at www.DocuTechCorp.com
Dorado Corporation
Dorado Corporation is the leader in Web services-based systems for U.S. home lending banks. Dorado’s mortgage, home equity, and real estate products integrate business customers and consumers into lending processes. Dorado’s Web services-based solutions increase flexibility and efficiency and enable the up- and cross-sale of financial products and services. www.dorado.com
About Northern Lights
Established in 1999, Northern Lights Mortgage has rapidly become one of the Midwest's largest brokerage firms and an active lender in Minnesota, North Dakota, and Iowa. Focusing solely on the residential mortgage industry, Northern Lights offers the buying power of a larger institution with the personalized attention of a small independent broker. Northern Lights' dedicated, experienced mortgage professionals take pride in the company's Hi-Tech, Hi-Touch approach to loan origination, often working at a client's home or business to guide borrowers smoothly through the loan process. For more information, please visit www.nlmco.com.
Copyright © 2003 Dorado Corporation. All rights reserved. Dorado, the Dorado logo, Dorado ChannelMaster, Dorado PriceMaster, and Dorado .MOR are trademarks of Dorado Corporation. Other company and/or product names may be trademarks or registered trademarks of their respective companies.
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Press contacts:
Tim Anderson
DocuTech Corporation
904-230-8482
tima@docutech.com
Melinda Mattei
Dorado Corporation
650-227-7329
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