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The success of WebTrac Pro and the migration of the accompanying technology to .NET architecture is only the beginning of wszeesat we plan to bring our clients in 2004. Throughout the remainder of the year, we will launch several new releases ranging from DataTrac enhancements to new product modules. The following information presents a brief overview of what’s coming. We encourage you to contact your DMD Sales Representative for a demo and additional details.
DocumentTrac
On June 30 th DMD introduced DocumentTrac, an electronic document management solution (EDM) that will provide you with the ability to electronically image, archive, retrieve and distribute all paper documents. In addition, you’ll be able to distribute all documents in their specified stacking order to your investor.
DocumentTrac improves efficiency by eliminating the need to locate physical loan docs. Users can fax, scan, upload, or print documents to the EDM file archive. The solution reduces costs associated with processing, shipping, copying, faxing, and storage.
DocumentTrac’s sophisticated File Room associates documents to loans and utilizes form recognition to automatically identify document types. File retrieval is simplified as the function is fully integrated to DataTrac, allowing single-click access to any loan doc. Bundling capabilities reduce shipping errors with automatic detection of missing documentation, while investor-specific stacking orders increase performance.
DocumentTrac is an onsite software solution utilizing Del Mar Database’s new .NET architecture. The solution is browser-based and optimized for performance over your network. To expedite implementation, we are working with a third-party hardware provider to bundle a turn-key solution of DocumentTrac with a robust and affordable server.
WebTrac Pro 1.2
One of the chief advantages of our new platform architecture is the ability to quickly and easily respond to requests to incorporate additional features and enhancements. To continue to encourage the rapid adoption of WebTrac Pro, WebTrac Pro 1.2 builds on the features of WebTrac 1.1 (released last March). On June 30 th we released WebTrac Pro 1.2 which includes:
- New Loan Duplicate Check: This function allows you to create a new loan rather than be required to update an existing loan. In addition, the duplicate check will display all possible matches, not just the first possible match. You can choose to update one of the existing loans or register the information as a new loan.
- Read/ Write Notes: DataTrac users will now be able to flag a note to be shared with WebTrac Pro users. WebTrac Pro users will also be able to add notes. These notes will store the date and time the user created the note (based upon server time), the user who created the note, and then store the note in the general group. When a WebTrac Pro user creates a note it will also be displayed in DataTrac.
Front Office Integration
DMD’s best-of-breed approach to loan origination delivers the benefits of an enterprise back-office application while avoiding costly and time-consuming LOS implementations that typically require you to overhaul all existing processes. An important component of DMD’s approach relies on our interfaces to front-office applications such as Calyx Point®.
As part of the summer release, DMD delivered an enhanced single-step Calyx Point import. The new import provides a complete transfer of all loan, borrower, and co-borrower data while eliminating the need to import the Fannie Mae DU file. In addition to pulling more data, our fall release will leverage the improved import and DataTrac security infrastructure to ensure that locked fields are not updated, depending on the loan status and user permissions. This streamlined process removes the need to re-key data, eliminating errors and ensuring consistent data across systems.
Later in the year, we will also provide an intuitive and easy-to-use loan browser to let you search for Calyx files by borrower name, file name, rep name, or contact date; as well as automated loan monitoring and enhanced duplicate checking.
Combined with the new automated underwriting connectivity and early disclosures, your staff will now spend less time switching between applications and checking data—and more time funding loans.
Integrating with Your Business Partners
In 2004, DataTrac will improve your access to your key business partners— and do it from a single, seamless mortgage loan management platform. You will save time, improve loan quality, and maximize loan profitability through reduced errors.
DMD is working with leading mortgage business partners to extend their services directly from within DataTrac. The first of these services will be introduced this summer, with additional partners added on a regular basis. You’ll find some of the services soon to be released on these pages.
Investor Delivery
This electronic data exchange between you and your investors gives you the ability to collapse the delivery time on loans, reduce documentation requirements at time of purchase, minimize errors and the need for re-work, accelerate your funding turn time, and reduce your warehouse line expenses.
Document Creation
With this new service, you’ll be able to create consistent quality closing doc sets directly from DataTrac. Your closing team will be more efficient and your loan files will be more accurate.
Automated Underwriting
Our AU integrations will give you the ability to easily re-run evaluations as loan data changes. DataTrac will automatically update the conditions in the underwriting module from the AUS response.
Automated Calculation of Rate Spread
This new feature automatically determines the appropriate rate spread for HMDA reporting. It will save you time by eliminating a tedious task, while reducing the risk of even a small mistake that could cost you in fees and penalties for reporting errors.
MERS
Later this year, DMD will provide a new enhancement to DataTrac that gives you the ability to seamlessly interface to MERS. This new functionality will allow you to register a loan with a single step, eliminating the need to go to the MERS web site to do the transaction. You will also enjoy a one-step process in transferring the loan once it has been purchased by the investor. Another key feature will be the ability to batch transactions on a daily basis.
This enhancement may save you three to five minutes per loan, as you won't have to key in the information requested by the MERS web site.
Secondary Market Enhancements
In the following months, Del Mar Database plans to release secondary market enhancements and new functionality in two phases.
1. During the summer, we will include additional fields in the program set-up table to manage and track the applicable adjustments per product code offered by the client. These fields will automatically populate the applicable adjustment fields immediately when the file is uploaded from your LOS system. This will create immediate and accurate adjustments. DataTrac will alert the user and secondary marketing department when a loan is locked and whenever a field changes that affects the adjustments.
A new feature in phase one is a store of the daily best price per each product offered. This will allow you to let DataTrac calculate the total price with automatic adjustment. All clients on WebTrac Pro will be able to offer automated locking with automatic confirmation sent to the originator. In addition to reducing manual errors, these enhancements will greatly improve the speed and efficiency of your loan locking procedures.
2. Phase two will be released later this year and will consist of a more comprehensive product pricing and eligibility engine. This will allow you to have automatic pricing and program eligibility rules built and interfaced seamlessly with DataTrac.
Predatory Lending
We are integrating predatory lending evaluation services directly into DataTrac, so you can proceed with your business knowing that your loans do not violate predatory lending regulations.
Warehouse Funding
Most of the warehouse banks that will be exposed in DataTrac are offering later cut-off times to request funds. Direct integration with DataTrac will simplify your ability to close.
DataTrac 7.5 and 7.6 Releases
DMD is pleased to announce our most recent DataTrac releases—version 7.5 (posted on the SupportTrac on March 25, 2004) and version 7.6 (posted June 30, 2004). These releases represents new functionality and several enhancements to the previous version 7.4.32. As always, we encourage you to keep your systems current to ensure operational efficiency, data integrity and system security.
What’s New
- Automatic Payment Application
- User License Management
- Multiple Branch Licensing Management
- Branch Approved State Management
- FHA Maximum Loan Limit
- 1003/1008 Enhancements
- Many more miscellaneous application enhancements
For more information on the latest DataTrac enhancements, please visit: www.delmardb.com/diamond.asp
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