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DocuTech and Dorado Form Strategic Alliance
New Web Service Provides Easy Access to SMART-Doc Enabled Document System
Idaho Falls, Idaho and San Mateo, California—March 10, 2003—DocuTech Corporation (DocuTech) and Dorado Corporation (Dorado) today announced the formation of a strategic partnership that delivers the first end-to-end mortgage document system as an easily accessible Web service. Integrating DocuTech’s ConformX online loan-closing system as a Dorado .MOR™ Web Service, the result provides upfront disclosure documents, traditional closing documents and compliant SMART Docs.
Available in the second quarter of 2003, the ConformX-.MOR integration adapter offers a ready-made solution for lenders preparing to implement an eMortgage strategy today. Supported by top industry leaders at the Mortgage Industry Standards Maintenance Organization (MISMO)—which develops electronic commerce standards for the mortgage industry—eMortgages have established the potential to greatly reduce costs and streamline the loan process. Since MISMO’s new industry guidelines for eMortgages are based around SMART Docs, most industry experts agree that the SMART Doc is a key first step in implementing electronic mortgage capabilities.
“This partnership gives customers a simple and immediate way to begin taking advantage of the time and cost savings offered by SMART Docs,” says Tim Anderson, executive vice president of eMortgage solutions at DocuTech. “By delivering SMART Docs through the easy access of Dorado’s Web services platform, customers will be able to rapidly and cost-effectively integrate them into their existing systems.”
Today’s lender is estimated to be spending between $800 and $1,000 to process, underwrite, and close/fund a loan, according to the 2002 Mortgage Bankers Association of America/STRATMOR Peer Group Roundtable study. In addition, estimates state that post-close, shipping and quality control steps alone are costing $130 to $175 per loan. The SMART Doc, which contains data and document in one updateable file, stands to save lenders thousands by eliminating most of the manual data and documentation validation steps. Up until now, implementation has been a concern for many lenders.
“SMART Docs eliminate the need for repeated checking, keying and validating throughout the entire loan process,” says Anderson. “And now, it couldn’t be easier to take advantage of this technology. Through our partnership with Dorado, customers will be able to access SMART Docs online at any point in the origination or closing process, thereby increasing data accuracy, accelerating validations and creating a cheaper, faster loan.”
“Dorado leverages MISMO 2.1 to deliver plug-and-play .MOR Services,” adds Joseph W. Jennings, president, Dorado. “By delivering DocuTech’s electronic Document and eMortgage capabilities as a .MOR Web Service, customers will now be able to access, view, and print SMART Docs at the point-of-sale. Accessing SMART Docs as a seamless part of the origination process will greatly reduce communication costs and contribute to a faster close by saving days of processing time.”
In addition to compliant SMART Docs, the new partnership will offer traditional closing documents as well as upfront disclosure services.
“With the impending RESPA changes, it’s going to be even more critical that information disclosed at time of application is revalidated and confirmed at time of closing,” says Anderson. “With our new re-disclosure service, customers can check loans for compliance by electronically exporting the data from Dorado’s ChannelMaster™ or other loan origination systems (LOS) through the Dorado .MOR Server. They’ll receive validated disclosures online in minutes. In states where brokers have to close in the lender’s name, this is going to be of great value.”
About DocuTech
DocuTech Corporation is a leading provider of compliance services and documentation technology, serving over 1,000 clients in the mortgage industry. By leveraging advances in digital data and document delivery, DocuTech enables lenders and their partners to exchange, process, review and close loans in record time. Since 1991, DocuTech has empowered its clients to quickly and accurately produce compliant loan packages for wholesale, retail, correspondent and affinity channels. 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. Interfacing with leading loan origination systems and based on the latest XML technology, compatible with MISMO and SMART DOC technology standards, DocuTech’s software programs can be accessed online or can reside on a customer’s desktop. DocuTech is the only leading provider with technology designed in native XML, enabling seamless communication between partners. For more information on DocuTech, visit the company’s web site at www.DocuTechCorp.com.
Dorado Corporation
Dorado Corporation is the leader in Demand Chain Management software applications 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
Press contacts:
Melinda Mattei
Dorado Corporation
650-227-7329
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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